Ferguson Q2 sales +3% to $6.9B; adjusted op margin misses; FY guide cut to 8.3%-8.8%

Ferguson Enterprises Inc. /DE/

2025-Q2 EPS reported $3.72 vs consensus $2.06 ▲ beat (+80.5%)

Sales $6.9B (+3%); volume up 5%, deflation ~2%; adjusted EPS $1.52 vs $1.74 last year.
Adjusted operating margin 6.5% in Q2 (down 130 bps); FY guidance reduced to 8.3%-8.8% from 9.0%-9.5%.
Dividend raised 5% to $0.83/share; $1B added to share repurchase program; $252M repurchased in Q2.
Completed Templeton/TEMSCO acquisition; signed definitive agreement to buy Independent Pipe & Supply.
US revenue +3% (non-residential +4%); Canada +3.2% (ex-FX); net debt/EBITDA 1.2x.

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