# EDGAR Filing Document

**Accession Number:** 0002011641
**File Stem:** 0002011641-25-000059
**Filing Date:** 2025-12
**Character Count:** 134095
**Document Hash:** 35982e1cf5967725136b53e2b206fd63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002011641-25-000059.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0002011641-25-000059

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ferguson Enterprises Inc. /DE/
- **CENTRAL INDEX KEY:** 0002011641
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-HARDWARE & PLUMBING & HEATING EQUIPMENT & SUPPLIES [5070]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42200
- **FILM NUMBER:** 251558310

**BUSINESS ADDRESS:**
- **STREET 1:** 751 LAKEFRONT COMMONS
- **CITY:** NEWPORT NEWS
- **STATE:** VA
- **ZIP:** 23606
- **BUSINESS PHONE:** 757-874-7795

**MAIL ADDRESS:**
- **STREET 1:** 751 LAKEFRONT COMMONS
- **CITY:** NEWPORT NEWS
- **STATE:** VA
- **ZIP:** 23606

?xml version='1.0' encoding='ASCII'? ferg-20251031

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 **For the quarterly period ended October 31, 2025** 

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 **For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;to**

**Commission File Number: 001-42200&nbsp;&nbsp;&nbsp;&nbsp;**

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

**Ferguson Enterprises Inc. (Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **38-4304133** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |

---

**751 Lakefront Commons** 

 **Newport News, Virginia 23606** 

**+1-757-874-7795**

---

| | | |
|:---|:---|:---|
| **(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** | **(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** | **(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** |
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **Title of Each Class:** | **Trading Symbol:** | **Name of Each Exchange on Which Registered:** |
| Common Stock, par value $0.0001 per share | FERG | The New York Stock Exchange |
|  |  | London Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;☒Yes&nbsp;&nbsp;&nbsp;&nbsp;☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company | ☐ |
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of December 2, 2025, the number of outstanding shares of common stock was 195,545,957.

------

**TABLE OF CONTENTS**

 PAGE

---

| | |
|:---|:---|
| <u>[CERTAIN TERMS](#iab5727375e314c908d1b31f9af3369b3_10)</u> | <u>[1](#iab5727375e314c908d1b31f9af3369b3_10)</u> |
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#iab5727375e314c908d1b31f9af3369b3_13)</u> | <u>[1](#iab5727375e314c908d1b31f9af3369b3_13)</u> |
| <u>[PART I – FINANCIAL INFORMATION](#iab5727375e314c908d1b31f9af3369b3_16)</u> | <u>[3](#iab5727375e314c908d1b31f9af3369b3_16)</u> |
| <u>[Item 1. Financial Statements](#iab5727375e314c908d1b31f9af3369b3_19)</u> | <u>[3](#iab5727375e314c908d1b31f9af3369b3_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Earnings](#iab5727375e314c908d1b31f9af3369b3_22)</u> | <u>[3](#iab5727375e314c908d1b31f9af3369b3_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C](#iab5727375e314c908d1b31f9af3369b3_25)[ondensed C](#iab5727375e314c908d1b31f9af3369b3_25)[onsolidated Statements of Comprehensive Income](#iab5727375e314c908d1b31f9af3369b3_25)</u> | <u>[4](#iab5727375e314c908d1b31f9af3369b3_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C](#iab5727375e314c908d1b31f9af3369b3_28)[ondensed C](#iab5727375e314c908d1b31f9af3369b3_28)[onsolidated Balance Sheets](#iab5727375e314c908d1b31f9af3369b3_28)</u> | <u>[5](#iab5727375e314c908d1b31f9af3369b3_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C](#iab5727375e314c908d1b31f9af3369b3_31)[ondensed C](#iab5727375e314c908d1b31f9af3369b3_31)[onsolidated Statements of Stockholders' Equity](#iab5727375e314c908d1b31f9af3369b3_31)</u> | <u>[6](#iab5727375e314c908d1b31f9af3369b3_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C](#iab5727375e314c908d1b31f9af3369b3_34)[ondensed C](#iab5727375e314c908d1b31f9af3369b3_34)[onsolidated Statements of Cash Flows](#iab5727375e314c908d1b31f9af3369b3_34)</u> | <u>[7](#iab5727375e314c908d1b31f9af3369b3_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to the Condensed Consolidated Financial Statements](#iab5727375e314c908d1b31f9af3369b3_37)</u> | <u>[8](#iab5727375e314c908d1b31f9af3369b3_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1: Summary of significant accounting policies](#iab5727375e314c908d1b31f9af3369b3_37)</u> | <u>[8](#iab5727375e314c908d1b31f9af3369b3_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2: Revenue and segment information](#iab5727375e314c908d1b31f9af3369b3_40)</u> | <u>[10](#iab5727375e314c908d1b31f9af3369b3_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3: Weighted average shares](#iab5727375e314c908d1b31f9af3369b3_43)</u> | <u>[12](#iab5727375e314c908d1b31f9af3369b3_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4: Income tax](#iab5727375e314c908d1b31f9af3369b3_46)</u> | <u>[12](#iab5727375e314c908d1b31f9af3369b3_46)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5: Debt](#iab5727375e314c908d1b31f9af3369b3_49)</u> | <u>[13](#iab5727375e314c908d1b31f9af3369b3_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6: Assets and liabilities at fair value](#iab5727375e314c908d1b31f9af3369b3_52)</u> | <u>[14](#iab5727375e314c908d1b31f9af3369b3_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7: Commitments and contingencies](#iab5727375e314c908d1b31f9af3369b3_55)</u> | <u>[14](#iab5727375e314c908d1b31f9af3369b3_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8: Accumulated other comprehensive loss](#iab5727375e314c908d1b31f9af3369b3_58)</u> | <u>[14](#iab5727375e314c908d1b31f9af3369b3_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9: Retirement benefit obligations](#iab5727375e314c908d1b31f9af3369b3_61)</u> | <u>[15](#iab5727375e314c908d1b31f9af3369b3_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10: Stockholders' equity](#iab5727375e314c908d1b31f9af3369b3_64)</u> | <u>[16](#iab5727375e314c908d1b31f9af3369b3_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11: Share-based compensation](#iab5727375e314c908d1b31f9af3369b3_67)</u> | <u>[16](#iab5727375e314c908d1b31f9af3369b3_67)</u> |
| <u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#iab5727375e314c908d1b31f9af3369b3_76)</u> | <u>[18](#iab5727375e314c908d1b31f9af3369b3_76)</u> |
| <u>[Item 3.](#iab5727375e314c908d1b31f9af3369b3_94)[Quantitative and Qualitative Disclosures About Market Risk](#iab5727375e314c908d1b31f9af3369b3_94)</u> | <u>[26](#iab5727375e314c908d1b31f9af3369b3_94)</u> |
| <u>[Item 4. Controls and Procedures](#iab5727375e314c908d1b31f9af3369b3_97)</u> | <u>[26](#iab5727375e314c908d1b31f9af3369b3_97)</u> |
| <u>[PART II - OTHER INFORMATION](#iab5727375e314c908d1b31f9af3369b3_100)</u> | <u>[27](#iab5727375e314c908d1b31f9af3369b3_100)</u> |
| <u>[Item 1. Legal Proceedings](#iab5727375e314c908d1b31f9af3369b3_100)</u> | <u>[27](#iab5727375e314c908d1b31f9af3369b3_100)</u> |
| <u>[Item 1A. Risk Factors](#iab5727375e314c908d1b31f9af3369b3_103)</u> | <u>[27](#iab5727375e314c908d1b31f9af3369b3_103)</u> |
| <u>[Item](#iab5727375e314c908d1b31f9af3369b3_106)[2. Unregistered Sales of Equity Securities and Use of Proceeds](#iab5727375e314c908d1b31f9af3369b3_106)</u> | <u>[27](#iab5727375e314c908d1b31f9af3369b3_106)</u> |
| <u>[Item 6. Exhibits](#iab5727375e314c908d1b31f9af3369b3_109)</u> | <u>[28](#iab5727375e314c908d1b31f9af3369b3_109)</u> |
| <u>[SIGNATURES](#iab5727375e314c908d1b31f9af3369b3_112)</u> | <u>[29](#iab5727375e314c908d1b31f9af3369b3_112)</u> |

---

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**CERTAIN TERMS**

Unless otherwise specified or the context otherwise requires, the terms "Company," "Ferguson," "we," "us," and "our" and other similar terms used in this Quarterly Report on Form 10-Q (this "Quarterly Report") refer to Ferguson Enterprises Inc. and its consolidated subsidiaries. As previously announced, our board of directors approved a change in our fiscal year end from July 31st to December 31st. The term "transition period" refers to the five-month period from August 1, 2025 to December 31, 2025 as the Company transitions from a July 31st fiscal year end to a December 31st fiscal year end. References to the "current quarter" refer to the three months in the transition period ended October 31, 2025. Prior to the transition period, our fiscal year was the year ending on July 31 of the corresponding calendar year. For example, references to "fiscal 2025" or similar references refer to the fiscal year ended July 31, 2025, and references to "the first quarter of fiscal 2025" refer to the quarter ended October 31, 2024. Our fiscal year 2026 will commence on January 1, 2026.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain information included in this Quarterly Report is forward-looking, including within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, statements or guidance regarding or relating to our future financial position, results of operations and growth, plans and objectives for the future including our capabilities and priorities, risks associated with changes in global and regional economic, market and political conditions, ability to manage supply chain challenges, ability to manage the impact of product price fluctuations, our financial condition and liquidity, legal or regulatory changes, and other statements concerning the success of our business and strategies.

Forward-looking statements can be identified by the use of forward-looking terminology, including terms such as "believes," "estimates," "anticipates," "expects," "forecasts," "intends," "continues," "plans," "projects," "goal," "target," "aim," "may," "will," "would," "could" or "should" or, in each case, their negative or other variations or comparable terminology and other similar references to future periods. Forward-looking statements speak only as of the date on which they are made. They are not assurances of future performance and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Therefore, you should not place undue reliance on any of these forward-looking statements. Although we believe that the forward-looking statements contained in this Quarterly Report are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those contained in such forward-looking statements, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weakness in the economy, market trends, uncertainty and other conditions in the markets in which we operate and the macroeconomic impact of factors beyond our control (including, among others, inflation/deflation, recession, labor and wage pressures, trade restrictions such as tariffs, sanctions and retaliatory countermeasures, interest rates, and geopolitical conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to rapidly identify or effectively respond to direct and/or end customers' wants, expectations or trends, including costs and potential problems associated with new or upgraded information technology systems or our ability to timely deploy new omni-channel capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased demand for our products as a result of operating in highly competitive industries and the impact of declines in the residential and non-residential markets and our ability to effectively manage inventory as a result;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in competition, including as a result of market consolidation, new entrants, vertical integration or competitors responding more quickly to emerging technologies (such as generative artificial intelligence ("AI"));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of a key information technology system or process as well as payment-related risks, including exposure to fraud or theft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• privacy and protection of sensitive data failures, including failures due to data corruption, cybersecurity incidents, network security breaches or the use of AI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ineffectiveness of or disruption in our domestic or international supply chain or our fulfillment network, including delays in inventory availability at our distribution facilities and branches, increased delivery costs or lack of availability due to loss of key suppliers;

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to effectively manage and protect our facilities and inventory or to prevent personal injury to customers, suppliers or associates, including as a result of workplace violence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unsuccessful execution of our operational strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to attract, retain and motivate key associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure of associates, contractors, customers, suppliers and other individuals to health and safety risks and fleet incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with acquisitions, partnerships, joint ventures and other business combinations, dispositions or strategic transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with sales of private label products, including regulatory, product liability and reputational risks and the adverse impact such sales may have on supplier relationships and rebates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to achieve and maintain a high level of product and service quality or comply with responsible sourcing standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to renew leases on favorable terms or at all, as well as any remaining obligations under a lease when we close a facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, interpretations of, or compliance with tax laws and accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our access to capital, indebtedness and changes in our credit ratings and outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in product prices/costs (e.g., including as a result of the use of commodity-priced materials, inflation/deflation, trade restrictions and/or the failure to qualify for or maintain supplier rebates) and foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• funding risks related to our defined benefit pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal proceedings in the ordinary course of our business as well as any failure to comply with domestic and foreign laws, regulations and standards, as those laws, regulations and standards or interpretations and enforcement thereof may change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of unforeseen developments such as litigation, investigations, governmental proceedings or enforcement actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to comply with the obligations associated with being a public company listed on the New York Stock Exchange ("NYSE") and London Stock Exchange ("LSE") and the costs associated therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs and risk exposure relating to sustainability matters and disclosures, including regulatory or legal requirements and disparate stakeholder expectations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties set forth under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended July 31, 2025 filed with the Securities and Exchange Commission ("SEC") on September 26, 2025 (the "Annual Report") and in other filings we make with the SEC in the future.

Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with our legal or regulatory obligations, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Part I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**Ferguson Enterprises Inc.**

**Condensed Consolidated Statements of Earnings**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions, except per share amounts)** | **2025** | **2024** |
| Net sales | $8169 | $7772 |
| Cost of sales | (5663) | (5432) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 2506 | 2340 |
| Selling, general and administrative expenses | (1641) | (1585) |
| Depreciation and amortization | (94) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit | 771 | 665 |
| Interest expense, net | (46) | (46) |
| Other (expense) income, net | (13) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 712 | 624 |
| Provision for income taxes | (142) | (154) |
| Net income | $570 | $470 |
| Earnings per share - Basic | $2.91 | $2.34 |
| Earnings per share - Diluted | $2.90 | $2.34 |
| Weighted average number of shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 196.2 | 200.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 196.6 | 201.3 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Condensed Consolidated Statements of Comprehensive Income**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| Net income | $570 | $470 |
| Other comprehensive (loss) income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (9) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension adjustments, net of tax impacts of ($1) and ($2), respectively | 2 | 5 |
| Total other comprehensive income (loss), net of tax | (7) | (2) |
| Comprehensive income | $563 | $468 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Condensed Consolidated Balance Sheets**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions, except share amounts)** | **October 31, 2025** | **July 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $526 | $674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowances of $24 and $24, respectively | 3807 | 3964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4613 | 4492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 1025 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 56 | 71 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total current assets** | 10027 | 10146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 1886 | 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 1841 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | 136 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 2464 | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 704 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 636 | 559 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets** | $17694 | $17729 |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $3468 | $3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt |  | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 461 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 1397 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale | 13 | 26 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities** | 5339 | 6028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 4124 | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term portion of operating lease liabilities | 1434 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 741 | 750 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities** | 11638 | 11897 |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.0001; 500,000,000 shares authorized; 201,343,253 issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 990 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 7117 | 6776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares, 5,447,701 and 4,759,053 shares, respectively at cost | (1073) | (899) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (978) | (971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 6056 | 5832 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity** | $17694 | $17729 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Condensed Consolidated Statements of Stockholders' Equity**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions, except per share data)** | **2025** | **2024** |
| **Ordinary shares:** |  |  |
| Balance at beginning of period | $— | $30 |
| Treasury shares canceled |  | (4) |
| Ordinary shares canceled |  | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period |  |  |
| **Common stock:** |  |  |
| Balance at beginning of period |  |  |
| Common stock issued |  |  |
| Balance at end of period |  |  |
| **Paid-in capital:** |  |  |
| Balance at beginning of period | 926 | 864 |
| Share-based compensation expense | 64 | 20 |
| Ordinary shares canceled |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | 990 | 910 |
| **Retained earnings:** |  |  |
| Balance at beginning of period | 6776 | 9589 |
| Treasury shares canceled |  | (3932) |
| Net earnings | 570 | 470 |
| Cash dividends declared of $0.83 and $0.79, respectively | (163) | (158) |
| Shares issued under employee stock plans | (66) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | 7117 | 5889 |
| **Treasury shares:** |  |  |
| Balance at beginning of period | (899) | (3936) |
| Treasury shares canceled |  | 3936 |
| Share repurchases | (210) | (261) |
| Shares issued under employee share plans, net | 36 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | (1073) | (211) |
| **Accumulated other comprehensive loss:** |  |  |
| Balance at beginning of period | (971) | (931) |
| Total other comprehensive loss | (7) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | (978) | (933) |
| Total stockholder's equity | $6056 | $5655 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| **(In millions)** | **Three months ended** | **Three months ended** |
| **(In millions)** | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $570 | $470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 94 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 64 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in deferred income taxes | 87 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in inventories | (118) | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in receivables and other assets | 49 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in accounts payable and other liabilities | (371) | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in income taxes payable | 46 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | 9 | (7) |
| **Net cash provided by operating activities** | 430 | 345 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of businesses acquired, net of cash acquired | (21) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (118) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | 7 |  |
| **Net cash used in investing activities** | (132) | (99) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury shares | (208) | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (1475) | (1550) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt | 1447 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in bank overdrafts | (2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | (164) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (46) | (33) |
| **Net cash used in financing activities** | (448) | (214) |
| Change in cash, cash equivalents and restricted cash | (150) | 32 |
| Effects of exchange rate changes | (2) | (3) |
| Cash, cash equivalents and restricted cash, beginning of period | 707 | 625 |
| Cash, cash equivalents and restricted cash, end of period | $555 | $654 |
| **Supplemental Disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $9 | $— |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | 75 | 74 |
| &nbsp;&nbsp;&nbsp;Accrued capital expenditures | 11 | 7 |
| &nbsp;&nbsp;&nbsp;Accrued dividends | 163 | 158 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Notes to the Condensed Consolidated Financial Statements**

**(unaudited)**

**Note 1: Summary of significant accounting policies**

**Background**

Ferguson Enterprises Inc. (including subsidiaries, the "Company") (NYSE: FERG; LSE: FERG) is a Delaware corporation. Ferguson is a value-added distributor serving the water and air specialized professional in the residential and non-residential North American construction market. We help make our customers' complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, HVAC, appliances, and lighting to PVF, water and wastewater solutions, and more. Ferguson is headquartered in Newport News, Virginia. We sell through a common network of distribution centers, branches, counter service and specialist sales associates, showroom consultants and e-commerce channels. The corporate headquarters of the Company is located at 751 Lakefront Commons, Newport News, Virginia 23606.

**Basis of presentation**

The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements are presented in accordance with the rules and regulations of the SEC and accounting principles generally accepted in the United States of America ("U.S. GAAP"), but do not include all disclosures normally required in annual consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented.

These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report. The financial results for the interim period may not be indicative of the financial results for the entire fiscal period.

**Use of estimates**

The preparation of the Company's interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions affecting certain reported amounts in the interim condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.

**Cash and cash equivalents**

Cash and cash equivalents include cash on hand, deposits with banks with original maturities of three months or less and overdrafts to the extent there is a legal right of offset and practice of net settlement with cash balances. Cash equivalents also include amounts due from third-party credit card processors as they are both short-term and highly liquid in nature and are typically converted to cash within a few days of the sales transaction.

Restricted cash primarily consists of deferred consideration for business combinations, subject to various settlement agreements. These amounts are recorded in prepaid and other current assets and other non-current assets in the Company's condensed consolidated balance sheets.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **October 31, 2025** | **July 31, 2025** |
| Cash and cash equivalents | $526 | $674 |
| Restricted cash | 29 | 33 |
| Total cash, cash equivalents and restricted cash | $555 | $707 |

---

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Supplier finance program**

The Company maintains a supplier financing program with a third party financial institution wherein certain of the Company's shipping and logistics providers in the United States can opt to receive early payment from the third party financial institution at a nominal discount. Such payment terms are independently negotiated between the third party financial institution and the shipping and logistics providers. The Company's obligations to suppliers are unchanged and payment terms are consistent with the Company's normal payment terms. All outstanding payables related to the supplier finance program are classified within accounts payable within our condensed consolidated balance sheets and were $63 million and $62 million as of October 31, 2025 and July 31, 2025, respectively.

**Recently issued accounting standard updates ("ASU")**

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This ASU requires new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions, including information about purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each relevant expense caption on the face of the income statement. Per ASU No. 2025-01, the amendments under ASU No. 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The ASU No. 2024-03 can be adopted either prospectively or retrospectively. The Company is currently evaluating the ASU to determine the impact on its disclosures.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This ASU provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. The impact to the Company's consolidated financial statements and related disclosures is not expected to be material.

In September 2025, the FASB issued ASU No. 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)." The amendments in this update remove all references to the previously existing software development project stages and require entities to start capitalizing software costs when management has authorized and committed funding to a software project and it is probable that the project will be completed with its intended functionality. The new standard is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted and can be applied prospectively, retrospectively, or utilizing a modified transition approach. The Company is currently evaluating the ASU to determine the impact on its consolidated financial statements.

Recent accounting pronouncements pending adoption that are not discussed above are either not applicable, or will not have, or are not expected to have, a material impact on our consolidated financial condition, results of operations or cash flows.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Note 2: Segment and net sales information**

The Company reports its financial results of operations on a geographical basis in the following two reportable segments: United States and Canada. Each segment generally derives its revenues in the same manner as described in Note 1, Summary of significant accounting policies included in the Annual Report. The Company uses adjusted operating profit as its measure of segment profit. Certain income and expenses are not allocated to the Company's segments and, thus, the information that management uses to make operating decisions and assess performance does not reflect such amounts.

This segment structure reflects the financial information and reports used by the Company's management, specifically its chief operating decision makers ("CODM"), to make decisions regarding the Company's business, including resource allocations and performance assessments, as well as the current operating focus in compliance with ASC 280, Segment Reporting. The Company's CODM are the Chief Executive Officer and the Chief Financial Officer.

The significant expenses reviewed by the CODM include operating costs and costs of sales. The operating costs evaluated by the CODM are primarily SG&A, including depreciation expense on long lived assets and software amortization expense.

The CODM use segment adjusted operating profit to evaluate performance and allocate resources (including employees, property, and financial or capital resources) in conjunction with the annual budget process, as well as during periodic business reviews.

Segment results were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| **Net sales:** |  |  |
| &nbsp;&nbsp;&nbsp;United States | $7757 | $7369 |
| &nbsp;&nbsp;&nbsp;Canada | 412 | 403 |
| Total net sales | 8169 | 7772 |
| **Cost of sales:** |  |  |
| &nbsp;&nbsp;&nbsp;United States | (5361) | (5136) |
| &nbsp;&nbsp;&nbsp;Canada | (302) | (296) |
| **Operating costs:** |  |  |
| &nbsp;&nbsp;&nbsp;United States | (1590) | (1536) |
| &nbsp;&nbsp;&nbsp;Canada | (94) | (84) |
| **Adjusted operating profit:** |  |  |
| &nbsp;&nbsp;&nbsp;United States | 806 | 697 |
| &nbsp;&nbsp;&nbsp;Canada | 16 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment adjusted operating profit | 822 | 720 |
| Central and other costs<sup>(1)</sup> | (14) | (14) |
| Corporate restructuring expenses | (2) | (3) |
| Amortization of acquired intangible assets | (35) | (38) |
| Interest expense, net | (46) | (46) |
| Other (expense) income, net | (13) | 5 |
| &nbsp;&nbsp;&nbsp;**Income before income taxes** | $712 | $624 |

---

(1)Primarily includes SG&A, including depreciation expense on long lived assets and software amortization expense that is not related to a segment.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

Capital expenditures and depreciation and amortization by segment were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| **Capital expenditures:** |  |  |
| United States | $114 | $76 |
| Canada | 4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total capital expenditures** | $118 | $77 |
| **Depreciation and amortization:** |  |  |
| United States | $89 | $85 |
| Canada | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total depreciation and amortization**<sup>(1)</sup> | $94 | $90 |
| <sup>(1)</sup> Includes amortization of acquired intangible assets of $35 million and $38 million in the three months ended October 31, 2025 and 2024, respectively. These amounts are not included in segment adjusted operating profit. | <sup>(1)</sup> Includes amortization of acquired intangible assets of $35 million and $38 million in the three months ended October 31, 2025 and 2024, respectively. These amounts are not included in segment adjusted operating profit. | <sup>(1)</sup> Includes amortization of acquired intangible assets of $35 million and $38 million in the three months ended October 31, 2025 and 2024, respectively. These amounts are not included in segment adjusted operating profit. |

---

Assets by segment included:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **October 31, 2025** | **July 31, 2025** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;United States | $15914 | $15757 |
| &nbsp;&nbsp;&nbsp;Canada | 990 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment assets | 16904 | 16765 |
| &nbsp;&nbsp;&nbsp;Corporate | 790 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $17694 | $17729 |

---

Long-lived assets are as follows:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **October 31, 2025** | **July 31, 2025** |
| **Long-lived assets:** | | |
| &nbsp;&nbsp;&nbsp;United States | $1836 | $1795 |
| &nbsp;&nbsp;&nbsp;Canada | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-lived assets** | $1886 | $1846 |

---

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

*Net sales disaggregation*

A disaggregation of net sales by customer group in the United States is as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
|  | **October 31,** | **October 31,** |
|  | **2025** | **2024** |
| **Customer Group** |  |  |
| &nbsp;&nbsp;&nbsp;Waterworks | 25% | 23% |
| &nbsp;&nbsp;&nbsp;Ferguson Home | 21% | 21% |
| &nbsp;&nbsp;&nbsp;Commercial/Mechanical | 15% | 13% |
| &nbsp;&nbsp;&nbsp;Residential Trade Plumbing | 14% | 16% |
| &nbsp;&nbsp;&nbsp;HVAC | 11% | 13% |
| &nbsp;&nbsp;&nbsp;Industrial | 7% | 7% |
| &nbsp;&nbsp;&nbsp;Facilities Supply | 4% | 4% |
| &nbsp;&nbsp;&nbsp;Fire & Fabrication | 3% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total United States** | 100% | 100% |

---

The Company does not disaggregate sales for Canada based on materiality. No sales to an individual customer accounted for more than 10% of net sales during any of the periods presented.

The Company is a value-added distributor in North America, providing a wide range of products from plumbing, HVAC, appliances, and lighting to PVF, water and wastewater solutions, and more. We offer a broad line of products, and items are regularly added to and removed from the Company's inventory. Accordingly, it would be impractical to provide sales information by product category due to the way the business is managed, and the dynamic nature of the inventory offered.

**Note 3: Weighted average shares**

The following table shows the calculation of diluted shares:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| Weighted average number of shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average shares | 196.2 | 200.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive shares<sup>(1)</sup> | 0.4 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average shares | 196.6 | 201.3 |
| Excluded anti-dilutive shares | 0.1 | 0.2 |

---

(1)Represents the potential dilutive impact of share-based awards.

**Note 4: Income tax**

The Company's tax provision for each period presented was calculated using an estimated annual tax rate, adjusted for discrete items occurring during the applicable period to arrive at an effective tax rate. The effective income tax rates for the relevant periods were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| | **2025** | **2024** |
| Effective tax rate | 19.9% | 24.7% |

---

During the three months ended October 31, 2025, there were no material changes to the Company's unrecognized tax benefits, beyond the release of benefits following the lapse of statute of limitations, when compared to those items disclosed in the Annual Report.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Note 5: Debt**

The Company's debt obligations consisted of the following:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **October 31, 2025** | **July 31, 2025** |
| **Variable-rate debt:** | | |
| &nbsp;&nbsp;&nbsp;Receivables Facility | $— | $375 |
| **Fixed-rate debt:** |  |  |
| &nbsp;&nbsp;&nbsp;Private placement notes | 300 | 700 |
| &nbsp;&nbsp;&nbsp;Unsecured senior notes, due April 2027 - October 2034 | 3100 | 3100 |
| &nbsp;&nbsp;&nbsp;2031 Senior Notes, 4.35% due March 2031 | 750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $4150 | $4175 |
| Less: current maturities of debt |  | (400) |
| Unamortized discounts and debt issuance costs | (23) | (19) |
| Interest rate swap - fair value adjustment | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt | $4124 | $3752 |

---

*Receivables Securitization Facility*

The Company maintains a Receivables Securitization Facility (the "Receivables Facility") which is primarily governed by the Receivables Purchase Agreement, dated July 31, 2013, as amended from time to time. The Receivables Facility consists of funding for up to $915 million. The Company has the ability to increase the aggregate total available amount under the Receivables Facility up to a total of $1.5 billion, subject to lender participation. As of October 31, 2025, no borrowings were outstanding under the Receivables Facility.

*Revolving Credit Facility*

The Company, pursuant to a revolving credit agreement (the "Revolving Credit Agreement"), maintains a revolving credit facility that has aggregate total available credit commitments of $1.5 billion (the "Revolving Facility"). The Revolving Credit Agreement provides the Company with the ability to increase the aggregate capacity of the facility by $500 million under certain conditions, including the receipt of additional or increased lender commitments. As of October 31, 2025, no borrowings were outstanding under the Revolving Facility.

*Private Placement Notes*

In September 2025, the Company repaid $400 million related to the 3.73% private placement notes that matured.

*2031 Senior Notes*

In September 2025, the Company issued and sold $750 million aggregate principal amount of unsecured senior notes, maturing in March 2031 (the "2031 Senior Notes"). The 2031 Senior Notes bear interest at a rate of 4.35%, payable semi-annually. The obligations of the Company under the 2031 Senior Notes are fully and unconditionally guaranteed by Ferguson UK Holdings Limited, an indirect subsidiary of the Company.

The 2031 Senior Notes may be redeemed, in whole or in part, (i) at 100% of the principal amount on the notes being redeemed plus a "make-whole" prepayment premium at any time prior to one month before the maturity date (the "Notes Par Call Date") or (ii) after the Notes Par Call Date at 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest on the principal being redeemed. The 2031 Senior Notes include covenants, subject to certain exceptions, which include limitations on the granting of liens and on mergers and acquisitions.

*Other*

The Company was in compliance with all debt covenants that were in effect as of October 31, 2025.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Note 6: Assets and liabilities at fair value**

The Company has not changed its valuation techniques for measuring the fair value of any financial assets or liabilities during the periods presented. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and other debt instruments, such as the Receivables Facility due to its variable interest rate, approximated their fair values as of October 31, 2025 and July 31, 2025.

The Company's derivatives (interest rate swaps which are considered fair value hedges) and investments in equity instruments are carried at fair value on the condensed consolidated balance sheets (Level 2 and Level 3 fair value inputs, respectively) and are not material. The notional amount of the Company's outstanding fair value hedges was $150 million as of October 31, 2025 and July 31, 2025.

Carrying amounts and the related estimated fair value of the Company's long-term debt were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **October 31, 2025** | **October 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **(In millions)** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Unsecured senior notes | $3827 | $3829 | $3081 | $3033 |
| Private placement notes | 300 | 300 | 700 | 698 |

---

**Note 7: Commitments and contingencies**

The Company is, from time to time, involved in various legal proceedings considered to be normal course of business in relation to, among other things, the products that we supply, contractual and commercial disputes and disputes with employees. Provision is made if, on the basis of current information and professional advice, liabilities are considered probable. In the case of unfavorable outcomes, the Company may benefit from applicable insurance protection. The Company does not expect any of its pending legal proceedings to have a material adverse effect on its results of operations, financial position or cash flows.

**Note 8: Accumulated other comprehensive loss**

The change in accumulated other comprehensive loss was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(In millions, net of tax)** | **Foreign currency translation** | **Pensions** | **Total** |
| Balance at July 31, 2025 | ($463) | ($508) | ($971) |
| Other comprehensive (loss) income before reclassifications | (9) | (1) | (10) |
| Amounts reclassified from accumulated other comprehensive loss |  | 3 | 3 |
| **Other comprehensive (loss) income** | (9) | 2 | (7) |
| Balance at October 31, 2025 | (472) | (506) | (978) |

---

---

| | | | |
|:---|:---|:---|:---|
| **(In millions, net of tax)** | **Foreign currency translation** | **Pensions** | **Total** |
| Balance at July 31, 2024 | ($461) | ($470) | ($931) |
| Other comprehensive (loss) before reclassifications | (7) | 2 | (5) |
| Amounts reclassified from accumulated other comprehensive loss |  | 3 | 3 |
| **Other comprehensive (loss) income** | (7) | 5 | (2) |
| Balance at October 31, 2024 | (468) | (465) | (933) |

---

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

Amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items include the related income tax impacts. Such amounts consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| Amortization of actuarial losses | $4 | $4 |
| Tax benefit | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss | $3 | $3 |

---

**Note 9: Retirement benefit obligations**

The Company maintains pension plans in the U.K. and Canada. The components of net periodic pension cost, which are included in Other (expense) income, net in the condensed consolidated statements of earnings, were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| Interest cost | ($17) | ($16) |
| Expected return on plan assets | 16 | 16 |
| Amortization of net actuarial losses | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net periodic cost** | ($5) | ($4) |

---

The impact of exchange rate fluctuations is included in the amortization of net actuarial losses line above.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Note 10: Stockholders' equity**

The following table presents a summary of the Company's share activity:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| | **2025** | **2024** |
| **Ordinary shares:** |  |  |
| Balance at beginning of period |  | 232171182 |
| Treasury shares canceled |  | (30827929) |
| Ordinary shares canceled |  | (201343253) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period |  |  |
| **Common stock:** |  |  |
| Balance at beginning of period | 201343253 |  |
| Common stock issued |  | 201343253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | 201343253 | 201343253 |
| **Treasury shares:** |  |  |
| Balance at beginning of period | (4759053) | (30827929) |
| Treasury shares canceled |  | 30827929 |
| Share repurchases | (901308) | (1310163) |
| Treasury shares used to settle share-based compensation awards | 212660 | 248690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | (5447701) | (1061473) |
| Total shares outstanding at end of period | 195895552 | 200281780 |

---

*Share Repurchases* 

The Company is currently purchasing shares under an authorization that allows up to $5.0 billion in share repurchases. As of October 31, 2025, the Company had completed $4.2 billion in share repurchases under the authorized program.

*Ordinary Shares and Treasury shares*

As of August 1, 2024, the Company canceled all ordinary shares in connection with its completion of the transaction to establish a new corporate structure to domicile our parent company in the United States. As a result, in the first quarter of fiscal 2025, 30,827,929 ordinary shares held in treasury were canceled, 201,343,253 of outstanding ordinary shares not held in treasury were canceled and 201,343,253 shares of common stock were issued as consideration therefor.

**Note 11: Share-based compensation**

The Company grants share-based compensation awards that can be broadly characterized by the underlying vesting conditions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Time vested, restricted stock units ("RSU") vest over time. RSU awards granted prior to fiscal 2025 cliff vest, typically at the end of three years. RSU awards granted in fiscal 2025 and beyond will vest in equal, annual installments over three years. The fair value of these awards is based on the closing share price on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multiple metric performance stock units granted to certain members of management ("PSU-EX") typically vest following three-year performance cycles. The number of shares issued will vary based upon adjusted EPS growth (diluted), return on capital employed ("ROCE") and relative total shareholder return ("rTSR"). The fair value of awards vesting based upon EPS growth (diluted) and ROCE are equal to the closing share price on the date of grant and the fair value of rTSR awards are determined using a Monte-Carlo simulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single metric performance stock units ("PSU") typically vest following three-year performance cycles. The number of shares issued will vary based upon the Company's performance against an adjusted operating profit measure. The Company did not issue new PSUs in the current quarter.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

The following table summarizes the share-based incentive awards activity for the three months ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Number of shares** | **Weighted average grant date fair value** |
| **Outstanding as of July 31, 2025** | 636239 | $159.58 |
| &nbsp;&nbsp;&nbsp;RSU awards granted | 95641 | 234.31 |
| &nbsp;&nbsp;&nbsp;PSU-EX granted | 34884 | 282.98 |
| &nbsp;&nbsp;&nbsp;Share adjustments from modification<sup>(1)</sup> | 193618 | 224.13 |
| &nbsp;&nbsp;&nbsp;Share adjustments based on performance | 84585 | 199.13 |
| &nbsp;&nbsp;&nbsp;Vested | (338550) | 176.54 |
| &nbsp;&nbsp;&nbsp;Forfeited | (7652) | 172.21 |
| **Outstanding as of October 31, 2025** | 698765 | $190.20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)In September 2025, the Company's Compensation Committee used discretion to adjust the payout percentage for certain performance stock awards granted in fiscal 2023 that were not probable of vesting such that they became probable of vesting. This modification resulted in $43 million of share-based compensation expense and impacted approximately 530 grantees.

The following table relates to RSU, PSU and PSU-EX awards activity:

---

| | |
|:---|:---|
| | **Three months ended**<br>**October 31,** |
| **(In millions, except per share amounts)** | **2025** |
| Fair value of awards vested | $80 |
| Weighted average grant date fair value per share granted | $247.32 |

---

The following table relates to all share-based compensation awards:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| Share-based compensation expense (within SG&A) | $64 | $11 |
| Income tax benefit | 16 | 3 |

---

Total unrecognized share-based compensation expense for all share-based payment plans was $96 million at October 31, 2025, which is expected to be recognized over a weighted average period of 2.1 years.

**Stock Options**

In October 2025, the Company granted 25,135 stock options with an exercise price equal to the closing share price of the Company's common stock on the last trading day prior to the date of grant. These options vest and become exercisable over three years, in equal, annual installments beginning one year from the date of grant, and expire 10 years from the date of grant. The fair value of the Company's stock options was estimated on the date of grant using the Black-Scholes option-pricing model. As of October 31, 2025, the Company had 63,523 total stock options outstanding. The share-based compensation expense of stock options is not material.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

Management's discussion and analysis of financial condition and results of operations ("MD&A") is intended to convey management's perspective regarding the Company's operational and financial performance for the three months ended October 31, 2025 and 2024, respectively. This MD&A should be read in conjunction with the unaudited condensed consolidated financial statements and related notes appearing in "Item 1. Financial Statements" of this Quarterly Report (the "Condensed Consolidated Financial Statements") and the consolidated financial statements and related notes in "Item 8. Financial Statements and Supplementary Data" of the Annual Report.

The following discussion contains trend information and other forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those referred to in "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" and elsewhere in this Quarterly Report.

**Overview**

Ferguson is a value-added distributor serving the water and air specialized professional in the residential and non-residential North American construction market. We help make our customers' complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, HVAC, appliances, and lighting to PVF, water and wastewater solutions, and more. Ferguson is headquartered in Newport News, Virginia.

The following table presents highlights of the Company's performance for the periods below:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions, except per share amounts)** | **2025** | **2024** |
| Net sales | $8169 | $7772 |
| Operating profit | 771 | 665 |
| Net income | 570 | 470 |
| Earnings per share - diluted | 2.90 | 2.34 |
| Net cash provided by operating activities | 430 | 345 |
| **Supplemental non-GAAP financial measures:**<sup>(1)</sup> |  |  |
| Adjusted operating profit | 808 | 706 |
| Adjusted earnings per share - diluted | 2.84 | 2.45 |

---

(1) The Company uses certain non-GAAP measures, which are not defined or specified under U.S. GAAP. See the section titled "<u>[Non-GAAP Reconciliations and Supplementary Information](#iab5727375e314c908d1b31f9af3369b3_88)</u>."

For the three months ended October 31, 2025, net sales increased by 5.1% compared with the first quarter of fiscal 2025, primarily due to price inflation, incremental sales from acquisitions and higher sales volume, partially offset by the impact of foreign exchange rates and an immaterial divestment in Canada.

For the current quarter, operating profit increased by 15.9% (adjusted operating profit increased 14.4%), compared with the first quarter of fiscal 2025. The year-over-year change was driven by higher sales and the associated gross profit, partially offset by higher variable costs.

For the current quarter, diluted earnings per share was $2.90 (adjusted diluted earnings per share: $2.84), increasing 23.9% (15.9% on an adjusted basis) compared with the first quarter of fiscal 2025 due to higher net income and the impact of share repurchases.

Net cash provided by operating activities increased to $430 million in the current quarter compared with $345 million in the first quarter of fiscal 2025, primarily reflecting higher net income after adjusting for non-cash items.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Results of Operations**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| Net sales | $8169 | $7772 |
| Cost of sales | (5663) | (5432) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 2506 | 2340 |
| Selling, general and administrative expenses | (1641) | (1585) |
| Depreciation and amortization | (94) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit | 771 | 665 |
| Interest expense, net | (46) | (46) |
| Other (expense) income, net | (13) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 712 | 624 |
| Provision for income taxes | (142) | (154) |
| Net income | $570 | $470 |

---

**Net sales**

For the three months ended October 31, 2025, net sales were $8.2 billion, an increase of $0.4 billion, or 5.1%, compared with the first quarter of fiscal 2025. The increase in net sales was primarily driven by price inflation of approximately 3%, incremental sales from acquisitions of 1.0% and higher sales volume, partially offset by 0.1% from the combined impacts of foreign exchange rates and an immaterial divestment in Canada. The Company's increase in net sales was driven by growth in non-residential markets in its United States segment.

**Gross profit**

Gross profit in the current quarter increased $166 million, or 7.1%, compared with the first quarter of fiscal 2025, primarily reflecting increased net sales. Gross profit as a percentage of sales was 30.7% in the current quarter compared with 30.1% in the first quarter of fiscal 2025. The increase of 0.6% primarily reflected specific management actions to better capture the value provided to customers.

**Selling, general and administrative ("SG&A") expenses**

SG&A expenses in the current quarter increased $56 million, or 3.5%, compared with the first quarter of fiscal 2025. SG&A as a percentage of sales was 20.1% in the current quarter compared with 20.4% in the first quarter of fiscal 2025. The decrease in SG&A as a percent of sales primarily reflects operating leverage of the Company's cost base, partially offset by the impact of performance driven variable incentive costs.

**Income tax**

Income tax expense was $142 million in the current quarter, a decrease of $12 million, or 7.8%, compared with the first quarter of fiscal 2025. The Company's effective tax rate was 19.9% in the current quarter compared with 24.7% for the first quarter of 2025. These decreases were mainly related to the release of uncertain tax positions due to the lapsing of the statute of limitations offset by the tax impact of increased income before income taxes in the current fiscal period.

**Net income**

Net income was $570 million in the current quarter, an increase of $100 million, or 21.3%, compared with the first quarter of fiscal 2025 due to the various elements described in the sections above.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

***Segment results***

**United States**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| Net sales | $7757 | $7369 |
| Adjusted operating profit | 806 | 697 |

---

Net sales for the United States segment were $7.8 billion in the current quarter, an increase of $388 million, or 5.3%, compared with the first quarter of fiscal 2025. The increase in net sales was due to price inflation of approximately 3%, incremental sales from acquisitions of 0.9% and higher sales volume. Net sales in non-residential markets, representing approximately half of revenue in the United States, increased approximately 12% compared with the first quarter of fiscal 2025. This increase was driven by waterworks and commercial/mechanical, including large capital project activity. Net sales in residential markets decreased approximately 1% compared with the first quarter of fiscal 2025 in light of weak housing starts and permit activity, along with soft repair, maintenance and improvement ("RMI") work.

Adjusted operating profit for the United States segment was $806 million in the current quarter, an increase of $109 million, or 15.6%, compared with the first quarter of fiscal 2025, primarily reflecting higher sales and the associated gross profit, partially offset by higher operating costs.

**Canada**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| Net sales | $412 | $403 |
| Adjusted operating profit | 16 | 23 |

---

Net sales for the Canada segment were $412 million in the current quarter, an increase of $9 million, or 2.2%, compared with the first quarter of fiscal 2025. This increase in net sales was primarily driven by incremental sales from acquisitions of 4.6% and price inflation of approximately 4%. These increases were partially offset by lower volume, the impact of foreign currency exchange rates of 1.6% and the impact of a non-core business divestment of 1.5%.

Adjusted operating profit for the Canada segment decreased by $7 million compared with the first quarter of fiscal 2025 due to higher operating costs, partially offset by higher gross profit.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Non-GAAP Reconciliations and Supplementary Information**

The Company reports its financial results in accordance with U.S. GAAP. However, the Company believes certain non-GAAP financial measures provide users of the Company's financial information with additional meaningful information to assist in understanding financial results and assessing the Company's performance from period to period. These non-GAAP financial measures include adjusted operating profit, adjusted net income and adjusted earnings per share ("adjusted EPS") - diluted. Management believes these measures are important indicators of operations because they exclude items that may not be indicative of our core operating results and provide a better baseline for analyzing trends in our underlying businesses, and they are consistent with how business performance is planned, reported and assessed internally by management and the Company's Board of Directors. Such non-GAAP adjustments include amortization of acquired intangible assets, discrete tax items, and any other items that are non-recurring. Non-recurring items may include various restructuring charges, gains or losses on the disposals of businesses which by their nature do not reflect primary operations, as well as certain other items deemed non-recurring in nature and/or that are not a result of the Company's primary operations. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These non-GAAP financial measures should not be considered in isolation or as a substitute for results reported under U.S. GAAP. These non-GAAP financial measures reflect an additional way of viewing aspects of operations that, when viewed with U.S. GAAP results, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review the Company's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

*Reconciliation of net income to adjusted operating profit*

The following table reconciles net income (U.S. GAAP) to adjusted operating profit (non-GAAP):

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| **Net income** | $570 | $470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 142 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | 13 | (5) |
| **Operating profit** | 771 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate restructuring expenses<sup>(1)</sup> | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangibles | 35 | 38 |
| **Adjusted operating profit** | $808 | $706 |

---

(1)For the three months ended October 31, 2025 and 2024, corporate restructuring expenses primarily related to incremental costs in connection with transition activities following the establishment of our parent company's domicile in the United States.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

*Reconciliation of net income to adjusted net income and adjusted EPS - diluted*

The following table reconciles net income (U.S. GAAP) to adjusted net income and adjusted EPS - diluted (non-GAAP):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** | **October 31,** | **October 31,** |
| **(In millions, except per share amounts)** | **2025** | **2025** | **2024** | **2024** |
|  |  | *per share*<sup>(1)</sup> |  | *per share*<sup>(1)</sup> |
| **Net income** | $570 | $2.90 | $470 | $2.34 |
| &nbsp;&nbsp;&nbsp;Corporate restructuring expenses<sup>(2)</sup> | 2 | 0.01 | 3 | 0.01 |
| &nbsp;&nbsp;&nbsp;Amortization of acquired intangibles | 35 | 0.18 | 38 | 0.19 |
| &nbsp;&nbsp;&nbsp;Discrete tax adjustments<sup>(3)</sup> | (39) | (0.20) | (7) | (0.04) |
| &nbsp;&nbsp;&nbsp;Tax impact on non-GAAP adjustments<sup>(4)</sup> | (9) | (0.05) | (10) | (0.05) |
| **Adjusted net income** | $559 | $2.84 | $494 | $2.45 |
| &nbsp;&nbsp;&nbsp;Diluted weighted average shares outstanding | 196.6 | 196.6 | 201.3 | 201.3 |

---

(1)Per share on a dilutive basis.

(2)For the three months ended October 31, 2025 and 2024, corporate restructuring expenses primarily related to incremental costs in connection with transition activities following the establishment of our parent company's domicile in the United States.

(3)For the three months ended October 31, 2025, discrete tax adjustments mainly related to the release of uncertain tax positions following the lapse of statute of limitations and tax treatment of certain compensation items that are not material. For the three months ended October 31, 2024, discrete tax adjustments mainly related to the tax treatment of certain compensation items that are not material.

(4)For the three months ended October 31, 2025 and 2024, the tax impact on non-GAAP adjustments primarily related to the amortization of acquired intangibles.

**Liquidity and Capital Resources**

The Company believes its current cash position coupled with cash flow anticipated to be generated from operations and access to capital should be sufficient to meet its operating cash requirements for the next 12 months and will also enable the Company to invest and fund acquisitions, capital expenditures, dividend payments, share repurchases, required debt payments and other contractual obligations through the next several fiscal years. The Company also anticipates that it has the ability to obtain alternative sources of financing, if necessary.

The Company's material cash requirements include contractual and other obligations arising in the normal course of business. These obligations primarily include debt service and related interest payments, operating lease obligations, required pension obligations and other purchase obligations. The nature and composition of such existing cash requirements have not materially changed from those disclosed in the Annual Report other than items updated in this Quarterly Report.

**Cash flows**

As of October 31, 2025 and July 31, 2025, the Company had cash and cash equivalents of $526 million and $674 million, respectively. In addition to cash, the Company had $2.4 billion of available liquidity from undrawn debt facilities as of October 31, 2025.

As of October 31, 2025, the Company's total debt was $4.1 billion. The Company anticipates that it will be able to meet its debt obligations as they become due.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

*Cash flows from operating activities*

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $430 | $345 |

---

Net cash provided by operating activities was $430 million and $345 million for the three months ended October 31, 2025 and 2024, respectively. The $85 million increase was mainly due to higher net income (adjusted for non-cash items), partially offset by the net increase in working capital compared with the prior year. The increase in working capital was primarily driven by a decrease in payables due to the timing of vendor payments compared with the prior year, partially offset by lower inventory purchases in order to appropriately manage customer demand, along with lower receivables due to the timing of collections year-over-year.

*Cash flows from investing activities* 

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | ($132) | ($99) |

---

Capital expenditures totaled $118 million and $77 million for the three months ended October 31, 2025 and 2024, respectively. These investments were primarily for strategic projects to support future growth, such as new market distribution centers, our branch network and new technology. In addition, the Company invested $21 million and $22 million in new acquisitions for the three months ended October 31, 2025 and 2024, respectively.

*Cash flows from financing activities* 

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **October 31,** | **October 31,** |
| **(In millions)** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | ($448) | ($214) |

---

Dividends paid to shareholders were $164 million for the three months ended October 31, 2025. The Company generally pays dividends in the fiscal quarter following the fiscal quarter in which the dividend was declared. However, the dividends declared in the fourth quarter of fiscal 2024 were also paid in the fourth quarter of fiscal 2024 in connection with the transaction to establish a new corporate structure to domicile our parent company in the United States. As such, no dividends were paid in the first quarter of fiscal 2025.

Share repurchases under the Company's announced share repurchase program were $208 million and $256 million for the three months ended October 31, 2025 and 2024, respectively.

Net payments from debt transactions were $28 million compared with net proceeds of $71 million for the three months ended October 31, 2025 and 2024, respectively. In the current quarter, the Company received $747 million from the issuance of the 2031 Senior Notes (as defined below). These proceeds were partially offset by debt repayments of $400 million in connection with the maturity of certain Private Placement Notes and net repayments of $375 million under the Company's Receivables Facility (each, as defined below). In the first quarter of fiscal 2025, the Company received $746 million in net proceeds from the issuance of 2034 Senior Notes, partially offset by the repayment of the Company's $500 million Term Loans and $175 million in net repayments under the Receivables Facility.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Debt facilities**

The following section summarizes certain material provisions of our long-term debt facilities and current obligations. The following description is only a summary, does not purport to be complete and is qualified in its entirety by reference to the documents governing such indebtedness.

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **October 31, 2025** | **July 31, 2025** |
| Short-term debt | $— | $400 |
| Long-term debt | 4124 | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | $4124 | $4152 |

---

*Private Placement Notes*

In June 2015 and November 2017, Wolseley Capital, Inc., a wholly-owned subsidiary of the Company, privately placed fixed rate notes (the "Private Placement Notes"). As of October 31, 2025, $300 million in Private Placement Notes remain outstanding.

In September 2025, the Company repaid $400 million related to the 3.73% private placement notes that matured.

*Unsecured Senior Notes*

The Company has issued $3.9 billion in various issuances of unsecured senior notes (collectively, the "Unsecured Senior Notes"), including the September 2025 issuance of $750 million aggregate principal amount of unsecured senior notes due March 2031 (the "2031 Senior Notes").

*Receivables Securitization Facility*

The Company maintains a Receivables Securitization Facility with an aggregate total available amount of $915 million (the "Receivables Facility"). The Company has the ability to increase the aggregate total available amount under the Receivables Facility up to a total of $1.5 billion from time to time, subject to lender participation. As of October 31, 2025, no borrowings were outstanding under the Receivables Facility.

*Revolving Credit Facility*

The Company, pursuant to a revolving credit agreement (the "Revolving Credit Agreement"), maintains a revolving credit facility that has aggregate total available credit commitments of $1.5 billion (the "Revolving Facility"). The Revolving Credit Agreement provides the Company with the ability to increase from time to time the aggregate capacity of the facility by $500 million under certain conditions, including the receipt of additional or increased lender commitments. As of October 31, 2025, no borrowings were outstanding under the Revolving Facility.

*Other*

The Company was in compliance with all debt covenants that were in effect as of October 31, 2025.

See Note 5, *Debt* to the Condensed Consolidated Financial Statements and the notes to the consolidated financial statements in "Item 8. Financial Statements and Supplementary Data" of the Annual Report for further details regarding the Company's debt.

There have been no significant changes to the Company's policies on accounting for, valuing or managing the risk of financial instruments during the three months ended October 31, 2025.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

*Guarantor Disclosures*

Ferguson Enterprises Inc. (the "Issuer") is the issuer of the 2031 Senior Notes and 5.000% Senior Notes due 2034. The obligations under both series of senior notes are unsecured and are fully and unconditionally guaranteed on an unsecured basis by Ferguson UK Holdings Limited (the "Guarantor" and together with the Issuer, the "Obligor Group").

The Issuer is a holding company that primarily repurchases shares and pays dividends, issues and services third-party debt obligations, and engages in certain corporate and headquarters activities, as well as holds an investment in its direct subsidiary, that primarily holds investments in and borrows from the Guarantor. The Guarantor is a holding company that primarily issues and services third-party debt obligations and holds investments in, borrows from and lends to non-guarantor subsidiary operating companies. These activities are generally funded by non-guarantor subsidiaries. The Guarantor is a private limited company incorporated under the laws of England and Wales and an indirect subsidiary of the Issuer.

*Summarized Financial Information of Obligor Group*

The following tables present the summarized financial information specified in Rule 1-02(bb)(1) of Regulation S-X for the Obligor Group on a combined basis, after elimination of intercompany transactions and balances between the Obligor Group, and excluding the investments in and equity in the earnings of any non-guarantor subsidiaries. The summarized financial information has been prepared in accordance with Rule 13-01 of Regulation S-X. The summarized financial information should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included herein and the audited consolidated financial statements and notes thereto included in the Annual Report.

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **October 31, 2025** | **July 31, 2025** |
| Current assets | $35 | $284 |
| Non-current assets | 83 | 25 |
| Current liabilities | 197 | 201 |
| Non-current liabilities | 1485 | 740 |
| Due from non-guarantor subsidiaries | 158 | 9283 |

---

---

| | |
|:---|:---|
| | **Three months ended**<br>**October 31,** |
| **(In millions)** | **2025** |
| Net sales | $— |
| Gross profit |  |
| Operating loss | (13) |
| Net loss | (31) |
| Other interest income, net from non-guarantor subsidiaries | 156 |

---

**Critical accounting policies and estimates**

There have been no material changes to our critical accounting policies as disclosed in the Annual Report.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

There have been no material changes to the quantitative and qualitative disclosures about market risk disclosed in the Annual Report.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

As of the end of the period covered by this Quarterly Report, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has carried out an evaluation of the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), as of October 31, 2025. The term "disclosure controls and procedures" means controls and other procedures that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding our required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well conceived and operated, can only provide reasonable assurance that the objectives of the disclosure controls and procedures are met.

Based on their evaluation as of the end of the period covered by this Quarterly Report, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at a reasonable assurance level.

*Changes in Internal Control over Financial Reporting*

There were no changes in our internal control over financial reporting during the quarter ended October 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

The Company is from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to such lawsuits, claims and proceedings, the Company records reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not expect any of its pending legal proceedings to have a material adverse effect on its results of operations, financial position or cash flows. The Company maintains liability insurance for certain risks that are subject to certain self-insurance limits.

**Item 1A. Risk Factors**

As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our Annual Report. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Issuer purchases of equity shares**

The following table presents the number and average price of shares purchased in each month of the current quarter:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In millions, except share count and per share amount)** | **(a) Total Number of Shares Purchased** | **(b) Average Price Paid per Share** | **(c) Total Number of Shares Purchased as Part of Publicly Announced Program**<sup>(1)</sup> | **(d) Maximum Value of Shares that May Yet Be Purchased Under the Program**<sup>(1)</sup> |
| August 1 - August 31, 2025 | 252337 | $228.31 | 252337 | $912 |
| September 1 - September 30, 2025 | 265255 | $224.72 | 265255 | $852 |
| October 1 - October 31, 2025 | 383716 | $238.53 | 383716 | $761 |
|  | 901308 |  | 901308 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)In September 2021, the Company announced a program to repurchase up to $1.0 billion of shares. Since the initial authorization, the Company has announced from time-to-time various increases, bringing the total authorized share repurchase program to $5.0 billion. As of October 31, 2025, the Company had completed $4.2 billion in share repurchases.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**Item 6. Exhibits**

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report.

(a) Exhibits

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of Ferguson Enterprises Inc. (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K (File No. 001-42200) filed by Ferguson Enterprises Inc. with the SEC on August 1, 2024).](https://www.sec.gov/Archives/edgar/data/2011641/000119312524190512/d866383dex31.htm)</u> |
| 3.2 | <u>[Amended and Restated Bylaws of Ferguson Enterprises Inc.](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000025/exhibit31amendedandrestate.htm)[(incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K (File No. 001-42200) filed by Ferguson Enterprises Inc. with the SEC on September 16, 2025).](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000025/exhibit31amendedandrestate.htm)</u> |
| 10.1\* | <u>[Omnibus Amendment to Receivables Purchase Agreement and Purchase and Contribution Agreement, dated November 10, 2025, among Ferguson Receivables, LLC, as seller, Ferguson Enterprises, LLC, as servicer, the originators, the lenders as conduit purchasers and committed purchasers, letters of credit banks and facility agents party each thereto, Royal Bank of Canada, as administrative agent, and Ferguson Enterprises Inc. as parent, amending the Receivables Purchase Agreement and the Purchase and Contribution Agreement.](exhibit101-threemonthsende.htm)</u> |
| 10.2+ | <u>[Form of Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1056rsuawardagreeme.htm)[p](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1056rsuawardagreeme.htm)[ursuant to the Ferguson Enterprises Inc. 2023 Omnibus Equity Incentive Plan, approved by the Compensation Committee September 10, 2025 (incorporated by reference to Exhibit 10.56 of the Annual Report on Form 10-K (File No. 001-42200) filed by Ferguson Enterprises Inc. with the SEC on September 26, 2025).](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1056rsuawardagreeme.htm)</u> |
| 10.3+ | <u>[Form of Performance Award Unit Agreement](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1057performanceawar.htm)[p](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1057performanceawar.htm)[ursuant to the Ferguson Enterprises Inc. 2023 Omnibus Equity Incentive Plan, approved by the Compensation Committee September 10, 2025 (incorporated by reference to Exhibit 10.5](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1057performanceawar.htm)[7](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1057performanceawar.htm)[of the Annual Report on Form 10-K (File No. 001-42200) filed by Ferguson Enterprises Inc. with the SEC on September 26, 2025).](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1057performanceawar.htm)</u> |
| 10.4+ | <u>[Form of Stock Option Agreement](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1058stockoptionagre.htm)[p](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1058stockoptionagre.htm)[ursuant to the Ferguson Enterprises Inc. 2023 Omnibus Equity Incentive Plan, approved by the Compensation Committee September 10, 2025](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1058stockoptionagre.htm)[(incorporated by reference to Exhibit 10.5](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1058stockoptionagre.htm)[8](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1058stockoptionagre.htm)[of the Annual Report on Form 10-K (File No. 001-42200) filed by Ferguson Enterprises Inc. with the SEC on September 26, 2025).](https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/exhibit1058stockoptionagre.htm)</u> |
| 22.1 | <u>[List of Subsidiary Guarantors (incorporated by reference to Exhibit 22.1 of the Registration Statement on Form S-3 (File No. 333-282398) filed by Ferguson Enterprises Inc. and Ferguson UK Holdings Ltd with the SEC on September 30, 2024).](https://www.sec.gov/Archives/edgar/data/2011641/000114036124042260/ny20036127x1_ex22-1.htm)</u> |
| 31.1\* | <u>[Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit311-threemonthsende.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit312-threemonthsende.htm)</u> |
| 32.1\*\* | <u>[Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit321-threemonthsende.htm)</u> |
| 32.2\*\* | <u>[Certification of Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit322-threemonthsende.htm)</u> |
| 101.INS\* | Inline XBRL Instance Document—this instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith

\*\* Furnished herewith

+ Indicates a management contract or compensatory plan or arrangement

The Registrant agrees to furnish to the SEC, upon request, copies of any instruments that define the rights of holders of long-term debt of the Registrant that are not filed as Exhibits to this Quarterly Report.

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

December 9, 2025

---

| | |
|:---|:---|
| **Ferguson Enterprises Inc.** | **Ferguson Enterprises Inc.** |
| | /s/ William Brundage |
| Name: | William Brundage |
| Title: | Chief Financial Officer |
| | (Principal Financial Officer and Duly Authorized Officer) |

---

![Ferguson_PMS2188.jpg](ferg-20251031_g1.jpg)

## Exhibit 10.1

**Exhibit 10.1**

**Omnibus Amendment<br>and Consent<br>(Ferguson Receivables, LLC)**

This **Omnibus Amendment and Consent** (this "*Amendment*") is entered into by the undersigned parties as of November 10, 2025, and amends the Receivables Purchase Agreement dated as of July 31, 2013, as previously amended, supplemented or modified prior to the date hereof (the "*Existing Receivables Purchase Agreement*"; as amended by this Amendment, the "*Receivables Purchase Agreement*"), among FERGUSON RECEIVABLES, LLC, a Delaware limited liability company (the "*Seller*"), FERGUSON ENTERPRISES, LLC (formerly Ferguson Enterprises, Inc., "*Ferguson*"), a Virginia limited liability company (the "*Servicer*"), the Originators party thereto from time to time, the Conduit Purchasers listed on Schedule I thereto from time to time, the Committed Purchasers listed on Schedule I thereto from time to time, the LC Banks listed on Schedule III thereto from time to time, the Facility Agents listed on Schedule I thereto from time to time, ROYAL BANK OF CANADA, as the administrative agent (in such capacity, the "*Administrative Agent*") and FERGUSON ENTERPRISES INC. (successor to Ferguson plc, formerly Wolseley plc), a Delaware corporation (the "*Parent*") and the Purchase and Contribution Agreement dated as of July 31, 2013, as previously amended, supplemented or modified prior to the date hereof (the "*Existing Purchase and Contribution Agreement*"; as amended by this Amendment, the "*Purchase and Contribution Agreement*"), among the Seller, Ferguson and the other Originators.

**Preliminary Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Seller and Ferguson have requested amendments to the Existing Receivables Purchase Agreement and the Existing Purchase and Contribution Agreement to (i) reflect certain changes in the manner in which the Seller and Ferguson track losses on Receivables and (ii) exclude certain Receivables from the Facility, and the Facility Agents are willing to consent to such amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto desire to amend (a) the Existing Receivables Purchase Agreement to (i) reflect changes in the manner in which the Seller and Ferguson track losses on Receivables and a Termination Event relating thereto, (ii) exclude certain Receivables from the Facility and (iii) make certain other changes and (b) the Existing Purchase and Contribution Agreement to exclude certain Receivables from the sale thereunder.

Therefore, the parties hereto agree as follows:

**Defined Terms; References**. Unless otherwise defined in this Amendment or set forth herein, each capitalized term used but not otherwise defined herein has the meaning given such term in the Receivables Purchase Agreement, as amended by this Amendment. The Receivables Purchase Agreement and the Purchase and Contribution Agreement are sometimes collectively referred to herein as the "*Amendment Documents*". Unless the context of this Amendment otherwise clearly requires, references to the plural include the singular, references to the part include the whole and the words "include", "including" and "includes" shall be deemed to be followed by "without limitation". Each reference to "hereof", "hereunder", "herein" and "hereby", and similar terms in this Amendment refer to this Amendment as a whole and not to any particular provision of this Amendment. All references to an Amendment Document in any other document or instrument shall be deemed to mean the applicable Amendment Document, as amended by this Amendment. This Amendment shall not constitute a novation of either Amendment Document, but shall constitute an amendment to each of them. The parties hereto agree to be bound by the terms and obligations of the Amendment, as amended by this Amendment, as though the terms and obligations of each Agreement were set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. &nbsp;&nbsp;&nbsp;&nbsp;Amendments to Receivables Purchase Agreement**

Effective as of the Amendment Effective Date (as defined in Section 5.1 below), the Receivables Purchase Agreement is amended as follows:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 &nbsp;&nbsp;&nbsp;&nbsp;**Amendments of Definitions**. The following amendments are made to Section 1.01 of the Receivables Purchase Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;The definition of "*Credit Agreement*" in Section 1.01 of the Receivables Purchase Agreement is hereby amended to read as follows:

"*Credit Agreement*" shall mean (i) the $1,500,000,000 Revolving Facility Agreement dated as of April 2, 2025, between the Parent, the Guarantors party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Swingline Lender and an Issuing Bank and the other Issuing Banks party thereto, as the same may from time to time be amended, restated, supplemented or otherwise modified from time to time, or (ii) any credit agreement between the Parent and/or any Ferguson Party and a group of lenders which replaces the Credit Agreement in preceding clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The definition of "*Excluded Receivables*" in Section 1.01 of the Receivables Purchase Agreement is hereby amended to read as follows:

"*Excluded Receivables*" shall mean (i) the indebtedness and payment obligations owed by Obligors arising in connection with the sale of merchandise or rendering of services by the divisions of Ferguson known as "Lincoln Products/Ferguson Parts and Packaging" and "Ferguson International", (ii) on and after November 10, 2025, the indebtedness and payment obligations owed by Bristol-Myers Squibb Co. to Ferguson arising in connection with the sale of merchandise or rendering of services by Ferguson, (iii) Designated Excluded Receivables, and (iv) Acquisition Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The definition of "*Permitted Liens*" in Section 1.01 of the Receivables Purchase Agreement is hereby amended to read as follows:

"*Permitted Liens*" shall mean, on any day, any Liens (i) securing the obligations of any Originator in connection with inventory financing and (ii) of a consignor in its consigned goods (and proceeds thereof) in the ordinary course of business, which in the aggregate for all Originators of clauses (i) and (ii) do not exceed 0.25% of the aggregate Outstanding Balance of Receivables on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;The definition of "*Related Security*" in Section 1.01 of the Receivables Purchase Agreement is hereby amended to read as follows:

"*Related Security*" shall mean with respect to any Receivable:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Contracts with respect to such Receivable (other than any parts of such Contracts to the extent they relate to Excluded Receivables);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all of the applicable Originator's interest, if any, in the goods (including returned goods) sold by such Originator and which gave rise to such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;all other security interests or Liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements signed by an Obligor describing any collateral securing such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;all guarantees, indemnities, letters of credit, insurance or other agreements or arrangements of any kind from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise (other than any parts of such supporting agreements or arrangements to the extent they relate to Excluded Receivables);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;all Records relating to, and all service contracts and any other contracts associated with, such Receivable, the related Contracts or the related Obligors (other than any parts of such Records to the extent they relate to Excluded Receivables); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;all Proceeds of the foregoing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;A new definition of "*Loss-to-Liquidation Ratio*" is hereby added to Section 1.01 of the Receivables Purchase Agreement in the appropriate alphabetical place to read as follows:

"*Loss-to-Liquidation Ratio*" shall mean a ratio (expressed as a percentage) calculated on any day, for the preceding Calculation Period, of (i) the aggregate gross write-offs of all Receivables during such Calculation Period to (ii) the aggregate amount of Collections received during such Calculation Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;The definition of "*Annual Gross Write-Off Ratio*" in Section 1.01 of the Receivables Purchase Agreement is hereby deleted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 &nbsp;&nbsp;&nbsp;&nbsp;**Amendment of Termination Event**. The Termination Event specified in clause (m) (Annual Gross Write-Off Ratio) of Section 9.01 of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with new clause (m) (Loss-to-Liquidation Ratio) and reads as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;3-month rolling average Loss-to-Liquidation Ratio exceeds 0.60%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. &nbsp;&nbsp;&nbsp;&nbsp;Amendments to Purchase and Contribution Agreement**

Effective as of the Amendment Effective Date (as defined in Section 5.1 below), the Purchase and Contribution Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 &nbsp;&nbsp;&nbsp;&nbsp;**Amendments of Definitions**. The following amendments are made to Section 1.01 of the Purchase and Contribution Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;The definition of "*Excluded Receivables*" in Section 1.01 of the Purchase and Contribution Agreement is hereby amended to read as follows:

"*Excluded Receivables*" shall mean (i) the indebtedness and payment obligations owed by Obligors arising in connection with the sale of merchandise or rendering of services by the divisions of Ferguson known as "Lincoln Products/Ferguson Parts and Packaging" and "Ferguson International", (ii) on and after November 10, 2025, the indebtedness and payment obligations owed by Bristol-Myers Squibb Co. to Ferguson arising in connection with the sale of merchandise or rendering of services by Ferguson, (iii) Designated Excluded Receivables, and (iv) Acquisition Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The definition of "*Related Security*" in Section 1.01 of the Purchase and Contribution Agreement is hereby amended to read as follows:

"*Related Security*" shall mean with respect to any Receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;all Contracts with respect to such Receivable (other than any parts of such Contracts to the extent they relate to Excluded Receivables);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;all of the applicable Originator's interest, if any, in the goods (including returned goods) sold by such Originator and which gave rise to such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;all other security interests or Liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements signed by an Obligor describing any collateral securing such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;all guarantees, indemnities, letters of credit, insurance or other agreements or arrangements of any kind from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise (other than any parts of such supporting agreements or arrangements to the extent they relate to Excluded Receivables);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;all Records relating to, and all service contracts and any other contracts associated with, such Receivable, the related Contracts or the related Obligors (other than any parts of such Records to the extent they relate to Excluded Receivables); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;all Proceeds of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. &nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 &nbsp;&nbsp;&nbsp;&nbsp;In order to induce the Facility Agents, the Purchasers and the Administrative Agent to execute, deliver and perform this Amendment, each of the Ferguson Parties, as to itself (and, if so specified, its Subsidiaries) hereby represents and warrants to the other parties to this Amendment as of the Amendment Effective Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;prior to and after giving effect to this Amendment, the representations and warranties of such Person (other than those representations and warranties that were made only on and as of a specified date and then as of such specified date) set forth in the Receivables Purchase Agreement and the Purchase and Contribution Agreement are true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;this Amendment has been duly authorized, executed and delivered by such Person and constitutes a legal, valid and binding obligation of such Person enforceable in accordance with its terms (subject to usual and customary bankruptcy exceptions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;prior to and immediately after giving effect to this Amendment, no Termination Event or Potential Termination Event exists on and as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. &nbsp;&nbsp;&nbsp;&nbsp;Authorizing of UCC Filing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent and the Seller hereby authorize the filing of, and shall, at the expense of Ferguson, on or about the Amendment Effective Date, file a UCC-3 amendment to the UCC-1 filing naming Ferguson as debtor and the Collateral Agent as assignee secured party, in order to exclude, as of the Amendment Effective Date, from the security interests of the Seller, the Purchasers, the Facility Agents and the Administrative Agent, the receivables owing to Ferguson by Bristol-Myers Squibb Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. &nbsp;&nbsp;&nbsp;&nbsp;Conditions To Effectiveness**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 &nbsp;&nbsp;&nbsp;&nbsp;The effectiveness of this Amendment shall occur on the date (the "*Amendment Effective Date*") when the Administrative Agent and the Facility Agents shall have received (i) duly executed counterparts of this Amendment from each party hereto and (ii) all necessary credit approvals of their respective Purchase Groups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. &nbsp;&nbsp;&nbsp;&nbsp;Affirmation Of Ratification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.1 &nbsp;&nbsp;&nbsp;&nbsp;The Parent hereby (a) agrees and acknowledges that the execution, delivery, and performance of this Amendment shall not in any way release, diminish, impair, reduce, or, except as expressly stated herein, otherwise affect its obligations under the Transaction Documents to which it is a party, which Transactions Documents shall remain in full force and effect, (b) ratifies and affirms its obligations under the Receivables Purchase Agreement as amended hereby and the other Transaction Documents to which it is a party, and (c) acknowledges, renews and extends its continued liability under the Receivables Purchase Agreement as amended hereby and the other Transaction Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 &nbsp;&nbsp;&nbsp;&nbsp;Article and Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. Except as expressly amended hereby, the Receivables Purchase Agreement and the Purchase and Contribution Agreement remain in full force and effect in accordance with their respective terms and this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Receivables Purchase Agreement or the Purchase and Contribution Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;This Amendment and the rights and obligations of the parties under this Amendment shall be governed by and construed in accordance with the laws of the State of New York. The provisions of Section 11.17 (Governing Law; Submission to Jurisdiction) of the Receivables Purchase Agreement are hereby incorporated by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 &nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Amendment by emailed pdf, facsimile transmission or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart hereof. The parties acknowledge and agree that they may execute this Amendment and any Transaction Document and any variation or amendment to the same, by electronic instrument. The parties agree that the electronic signatures appearing on the document shall have the same effect as handwritten signatures and the use of an electronic signature on this Amendment and any Transaction Document shall have the same validity and legal effect as the use of a signature affixed by hand (to the extent permitted by applicable law) and is made with the intention of authenticating this Amendment and any such Transaction Document, as applicable and evidencing the parties' intention to be bound by the terms and conditions contained herein and therein. For the purposes of using an electronic signature, the parties authorize each other to the lawful processing of personal data of the signers for contract performance and their legitimate interests including contract management.

[Remainder of Page Left Intentionally Blank; Signatures Follow]

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the day and year first above written.

---

| | |
|:---|:---|
| **FERGUSON RECEIVABLES, LLC,** as Seller | **FERGUSON RECEIVABLES, LLC,** as Seller |
| By: | /s/ Brenda L. Crowder |
|  | Name: Brenda L. Crowder |
|  | Title: Treasurer |
| **FERGUSON ENTERPRISES, LLC,** as an  | **FERGUSON ENTERPRISES, LLC,** as an  |
| Originator and Servicer | Originator and Servicer |
| By: | /s/ Brenda L. Crowder |
|  | Name: Brenda L. Crowder |
|  | Title: Assistant Treasurer |
| **ENERGY & PROCESS CORPORATION,** as an  | **ENERGY & PROCESS CORPORATION,** as an  |
| Originator | Originator |
| By: | /s/ Brenda L. Crowder |
|  | Name: Brenda L. Crowder |
|  | Title: Assistant Treasurer |
| **FERGUSON FIRE DESIGN, LLC,** as an  | **FERGUSON FIRE DESIGN, LLC,** as an  |
| Originator | Originator |
| By: | /s/ Brenda L. Crowder |
|  | Name: Brenda L. Crowder |
|  | Title: Assistant Treasurer |

---

[Signature Page to Omnibus Amendment November 2025<br>(Ferguson Receivables, LLC)]

------

---

| | |
|:---|:---|
| **FERGUSON FIRE & FABRICATION, INC.,** as an | **FERGUSON FIRE & FABRICATION, INC.,** as an |
| Originator | Originator |
| By: | /s/ Brenda L. Crowder |
|  | Name: Brenda L. Crowder |
|  | Title: Assistant Treasurer |
| **S.G. TORRICE, LLC,** as an | **S.G. TORRICE, LLC,** as an |
| Originator | Originator |
| By: | /s/ Brenda L. Crowder |
|  | Name: Brenda L. Crowder |
|  | Title: Assistant Treasurer |

---

[Signature Page to Omnibus Amendment November 2025<br>(Ferguson Receivables, LLC)]

------

---

| | |
|:---|:---|
| **FERGUSON ENTERPRISES INC.,** as Parent  | **FERGUSON ENTERPRISES INC.,** as Parent  |
| By: | /s/ Shaun McElhannon |
|  | Name: Shaun McElhannon |
|  | Title: Treasurer |

---

[Signature Page to Omnibus Amendment November 2025<br>(Ferguson Receivables, LLC)]

------

---

| | |
|:---|:---|
| **ROYAL BANK OF CANADA,** as a  | **ROYAL BANK OF CANADA,** as a  |
| &nbsp;&nbsp;&nbsp;Committed Purchaser, a Facility Agent and Administrative Agent | &nbsp;&nbsp;&nbsp;Committed Purchaser, a Facility Agent and Administrative Agent |
| By: | /s/ Veronica L. Gallagher |
|  | Name: Veronica L. Gallagher |
|  | Title: Authorized Signatory |
| **THUNDER BAY FUNDING, LLC,** as a | **THUNDER BAY FUNDING, LLC,** as a |
| &nbsp;&nbsp;&nbsp;Conduit Purchaser | &nbsp;&nbsp;&nbsp;Conduit Purchaser |
| By: Royal Bank of Canada, is Attorney-in-Fact | By: Royal Bank of Canada, is Attorney-in-Fact |
| By: | /s/ Veronica L. Gallagher |
|  | Name: Veronica L. Gallagher |
|  | Title: Authorized Signatory |

---

[Signature Page to Omnibus Amendment November 2025<br>(Ferguson Receivables, LLC)]

------

---

| | |
|:---|:---|
| **TRUIST BANK,** as a | **TRUIST BANK,** as a |
| &nbsp;&nbsp;&nbsp;Committed Purchaser and a Facility Agent | &nbsp;&nbsp;&nbsp;Committed Purchaser and a Facility Agent |
| By: | /s/ Paul Cornely  |
|  | Name: Paul Cornely |
|  | Title: Director |

---

[Signature Page to Omnibus Amendment November 2025<br>(Ferguson Receivables, LLC)]

------

---

| | |
|:---|:---|
| **SMBC NIKKO SECURITIES AMERICA, INC.,** as a | **SMBC NIKKO SECURITIES AMERICA, INC.,** as a |
| &nbsp;&nbsp;&nbsp;Facility Agent | &nbsp;&nbsp;&nbsp;Facility Agent |
| By: | /s/ Brandon Grant  |
|  | Name: Brandon Grant |
|  | Title: Managing Director |
| **SUMITOMO MITSUI BANKING CORPORATION,** as a | **SUMITOMO MITSUI BANKING CORPORATION,** as a |
| &nbsp;&nbsp;&nbsp;Committed Purchaser | &nbsp;&nbsp;&nbsp;Committed Purchaser |
| By: | /s/ Jun Ashley  |
|  | Name: Jun Ashley |
|  | Title: Director |

---

[Signature Page to Omnibus Amendment November 2025<br>(Ferguson Receivables, LLC)]

------

---

| | |
|:---|:---|
| **Starbird Funding Corporation,** as a | **Starbird Funding Corporation,** as a |
| &nbsp;&nbsp;&nbsp;Conduit Purchaser | &nbsp;&nbsp;&nbsp;Conduit Purchaser |
| By: | /s/ David V. DeAngelis |
|  | Name: David V. DeAngelis |
|  | Title: Vice President |
| **BNP Paribas,** as a | **BNP Paribas,** as a |
| &nbsp;&nbsp;&nbsp;Committed Purchaser and a Facility Agent | &nbsp;&nbsp;&nbsp;Committed Purchaser and a Facility Agent |
| By: | /s/ Carl Spalding |
|  | Name: Carl Spalding |
|  | Title: Managing Director |
| By: | /s/ Chris Fukuoka |
|  | Name: Chris Fukuoka |
|  | Title: Director |

---

[Signature Page to Omnibus Amendment November 2025<br>(Ferguson Receivables, LLC)]

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Principal Executive Officer <br>Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a), <br>as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Kevin Murphy, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Ferguson Enterprises Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: December 9, 2025 | /s/ Kevin Murphy | /s/ Kevin Murphy |
| | Name: | Kevin Murphy |
| | Title: | President & Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Principal Financial Officer <br>Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a), <br>as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, William Brundage, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Ferguson Enterprises Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: December 9, 2025 | /s/ William Brundage | /s/ William Brundage |
| | Name: | William Brundage |
| | Title: | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Principal Executive Officer <br>Pursuant to 18 U.S.C. Section 1350, <br>as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (the "Act"), I, Kevin Murphy, the President & Chief Executive Officer of Ferguson Enterprises Inc. (the "Company"), hereby certify, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Quarterly Report on Form 10-Q for the period ended October 31, 2025 (the "Report") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 9, 2025

---

| | |
|:---|:---|
| /s/ Kevin Murphy | /s/ Kevin Murphy |
| Name: | Kevin Murphy |
| Title: | President & Chief Executive Officer |

---

This certification accompanies the Report pursuant to Section 906 of the Act and shall not, except to the extent required by the Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Principal Financial Officer <br>Pursuant to 18 U.S.C. Section 1350, <br>as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (the "Act"), I, William Brundage, the Chief Financial Officer of Ferguson Enterprises Inc. (the "Company"), hereby certify, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Quarterly Report on Form 10-Q for the period ended October 31, 2025 (the "Report") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 9, 2025

---

| | |
|:---|:---|
| /s/ William Brundage | /s/ William Brundage |
| Name: | William Brundage |
| Title: | Chief Financial Officer |

---

This certification accompanies the Report pursuant to Section 906 of the Act and shall not, except to the extent required by the Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

<br>