# EDGAR Filing Document

**Accession Number:** 0002011641
**File Stem:** 0002011641-26-000030
**Filing Date:** 2026-5
**Character Count:** 134579
**Document Hash:** 44fd8a7e635d83c9b1051bf5241175df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002011641-26-000030.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0002011641-26-000030

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**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:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42200
- **FILM NUMBER:** 26941983

**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-20260331

**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 March 31, 2026** 

**☐** **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-20260331_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 April 28, 2026, the number of outstanding shares of common stock was 193,937,826.

------

**TABLE OF CONTENTS**

 PAGE

---

| | |
|:---|:---|
| <u>[CERTAIN TERMS](#i425c6729f85d45ada20280a7ee72938b_10)</u> | <u>[1](#i425c6729f85d45ada20280a7ee72938b_10)</u> |
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i425c6729f85d45ada20280a7ee72938b_13)</u> | <u>[1](#i425c6729f85d45ada20280a7ee72938b_13)</u> |
| <u>[PART I – FINANCIAL INFORMATION](#i425c6729f85d45ada20280a7ee72938b_16)</u> | <u>[3](#i425c6729f85d45ada20280a7ee72938b_16)</u> |
| <u>[Item 1. Financial Statements](#i425c6729f85d45ada20280a7ee72938b_19)</u> | <u>[3](#i425c6729f85d45ada20280a7ee72938b_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Earnings](#i425c6729f85d45ada20280a7ee72938b_22)</u> | <u>[3](#i425c6729f85d45ada20280a7ee72938b_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Comprehensive Income](#i425c6729f85d45ada20280a7ee72938b_25)</u> | <u>[4](#i425c6729f85d45ada20280a7ee72938b_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets](#i425c6729f85d45ada20280a7ee72938b_28)</u> | <u>[5](#i425c6729f85d45ada20280a7ee72938b_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Stockholders' Equity](#i425c6729f85d45ada20280a7ee72938b_31)</u> | <u>[6](#i425c6729f85d45ada20280a7ee72938b_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows](#i425c6729f85d45ada20280a7ee72938b_34)</u> | <u>[7](#i425c6729f85d45ada20280a7ee72938b_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to the Condensed Consolidated Financial Statements](#i425c6729f85d45ada20280a7ee72938b_37)</u> | <u>[8](#i425c6729f85d45ada20280a7ee72938b_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1: Summary of significant accounting policies](#i425c6729f85d45ada20280a7ee72938b_37)</u> | <u>[8](#i425c6729f85d45ada20280a7ee72938b_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2: Segment and net sales information](#i425c6729f85d45ada20280a7ee72938b_40)</u> | <u>[10](#i425c6729f85d45ada20280a7ee72938b_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3: Weighted average shares](#i425c6729f85d45ada20280a7ee72938b_43)</u> | <u>[12](#i425c6729f85d45ada20280a7ee72938b_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4: Income tax](#i425c6729f85d45ada20280a7ee72938b_46)</u> | <u>[12](#i425c6729f85d45ada20280a7ee72938b_46)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5: Debt](#i425c6729f85d45ada20280a7ee72938b_49)</u> | <u>[13](#i425c6729f85d45ada20280a7ee72938b_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6: Assets and liabilities at fair value](#i425c6729f85d45ada20280a7ee72938b_52)</u> | <u>[14](#i425c6729f85d45ada20280a7ee72938b_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7: Commitments and contingencies](#i425c6729f85d45ada20280a7ee72938b_55)</u> | <u>[14](#i425c6729f85d45ada20280a7ee72938b_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8: Accumulated other comprehensive loss](#i425c6729f85d45ada20280a7ee72938b_58)</u> | <u>[14](#i425c6729f85d45ada20280a7ee72938b_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9: Retirement benefit obligations](#i425c6729f85d45ada20280a7ee72938b_61)</u> | <u>[15](#i425c6729f85d45ada20280a7ee72938b_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10: Stockholders' equity](#i425c6729f85d45ada20280a7ee72938b_64)</u> | <u>[15](#i425c6729f85d45ada20280a7ee72938b_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11: Share-based compensation](#i425c6729f85d45ada20280a7ee72938b_67)</u> | <u>[15](#i425c6729f85d45ada20280a7ee72938b_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1](#i425c6729f85d45ada20280a7ee72938b_73)[2](#i425c6729f85d45ada20280a7ee72938b_73)[: Restructuring expenses](#i425c6729f85d45ada20280a7ee72938b_73)</u> | <u>[18](#i425c6729f85d45ada20280a7ee72938b_73)</u> |
| <u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i425c6729f85d45ada20280a7ee72938b_76)</u> | <u>[19](#i425c6729f85d45ada20280a7ee72938b_76)</u> |
| <u>[Item 3.](#i425c6729f85d45ada20280a7ee72938b_94)[Quantitative and Qualitative Disclosures About Market Risk](#i425c6729f85d45ada20280a7ee72938b_94)</u> | <u>[27](#i425c6729f85d45ada20280a7ee72938b_94)</u> |
| <u>[Item 4. Controls and Procedures](#i425c6729f85d45ada20280a7ee72938b_97)</u> | <u>[27](#i425c6729f85d45ada20280a7ee72938b_97)</u> |
| <u>[PART II - OTHER INFORMATION](#i425c6729f85d45ada20280a7ee72938b_100)</u> | <u>[28](#i425c6729f85d45ada20280a7ee72938b_100)</u> |
| <u>[Item 1. Legal Proceedings](#i425c6729f85d45ada20280a7ee72938b_100)</u> | <u>[28](#i425c6729f85d45ada20280a7ee72938b_100)</u> |
| <u>[Item 1A. Risk Factors](#i425c6729f85d45ada20280a7ee72938b_103)</u> | <u>[28](#i425c6729f85d45ada20280a7ee72938b_103)</u> |
| <u>[Item](#i425c6729f85d45ada20280a7ee72938b_106)[2. Unregistered Sales of Equity Securities and Use of Proceeds](#i425c6729f85d45ada20280a7ee72938b_106)</u> | <u>[28](#i425c6729f85d45ada20280a7ee72938b_106)</u> |
| <u>[Item 5. Other Information](#i425c6729f85d45ada20280a7ee72938b_533)</u> | <u>[28](#i425c6729f85d45ada20280a7ee72938b_533)</u> |
| <u>[Item 6. Exhibits](#i425c6729f85d45ada20280a7ee72938b_109)</u> | <u>[29](#i425c6729f85d45ada20280a7ee72938b_109)</u> |
| <u>[SIGNATURES](#i425c6729f85d45ada20280a7ee72938b_112)</u> | <u>[30](#i425c6729f85d45ada20280a7ee72938b_112)</u> |

---

![Ferguson_PMS2188.jpg](ferg-20260331_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.

In connection with its fiscal year-end change from July 31st to December 31st, the Company filed audited financial statements for the five-month transition period from August 1, 2025 to December 31, 2025, on a Transition Report on Form 10-KT (the "Transition Report"). The condensed consolidated financial statements on this Quarterly Report should be read in conjunction with the financial statements and related notes thereto included in the Transition Report filed with the SEC on February 27, 2026. Except as otherwise specified or the context otherwise requires, references to years indicate the calendar year ended December 31st of the respective year. For example, references to the "first quarter of 2025" refer to the three months ended March 31, 2025.

**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 or agentic 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-20260331_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, including the failure to quickly adapt our strategy to emerging technologies;

&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 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 as set forth under the heading "Risk Factors" in our Transition 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-20260331_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** |
| | **March 31,** | **March 31,** |
| **(In millions, except per share amounts)** | **2026** | **2025** |
| Net sales | $7472 | $7213 |
| Cost of sales | (5154) | (4997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 2318 | 2216 |
| Selling, general and administrative expenses | (1607) | (1565) |
| Restructuring expenses | (2) | (51) |
| Depreciation and amortization | (97) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit | 612 | 507 |
| Interest expense, net | (45) | (46) |
| Other (expense) income, net | (7) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 560 | 469 |
| Provision for income taxes | (146) | (124) |
| Net income | $414 | $345 |
| Earnings per share - Basic | $2.13 | $1.74 |
| Earnings per share - Diluted | $2.13 | $1.73 |
| Weighted average number of shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 194.6 | 198.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 194.8 | 199.0 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Condensed Consolidated Statements of Comprehensive Income**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Net income | $414 | $345 |
| Other comprehensive (loss) income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension adjustments, net of tax impacts of ($1) and ($3), respectively | 4 | 5 |
| Total other comprehensive (loss) income, net of tax | (7) | 5 |
| Comprehensive income | $407 | $350 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Condensed Consolidated Balance Sheets**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions, except share amounts)** | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $820 | $557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowances of $24 and $25, respectively | 3669 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4676 | 4588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 961 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 39 | 48 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total current assets** | 10165 | 9536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 1931 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 1893 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | 125 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 2481 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 653 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 541 | 553 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets** | $17789 | $17152 |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $3677 | $3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 148 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 465 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 1395 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale | 13 | 13 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities** | 5698 | 5125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 3979 | 3978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term portion of operating lease liabilities | 1489 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 749 | 756 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities** | 11915 | 11295 |
| **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 | 1011 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 7403 | 7167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares, 7,214,742 and 6,291,666 shares, respectively at cost | (1501) | (1274) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1039) | (1032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 5874 | 5857 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity** | $17789 | $17152 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Condensed Consolidated Statements of Stockholders' Equity**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions, except per share data)** | **2026** | **2025** |
| **Common stock:** |  |  |
| Balance at beginning of period | $— | $— |
| Common stock issued |  |  |
| Balance at end of period |  |  |
| **Paid-in capital:** |  |  |
| Balance at beginning of period | 996 | 908 |
| Share-based compensation expense | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | 1011 | 918 |
| **Retained earnings:** |  |  |
| Balance at beginning of period | 7167 | 5887 |
| Net earnings | 414 | 345 |
| Cash dividends declared of $0.89 and $0.83, respectively | (173) | (165) |
| Shares issued under employee stock plans |  | (2) |
| Other | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | 7403 | 6065 |
| **Treasury shares:** |  |  |
| Balance at beginning of period | (1274) | (407) |
| Share repurchases | (227) | (204) |
| Shares issued under employee share plans, net |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | (1501) | (610) |
| **Accumulated other comprehensive loss:** |  |  |
| Balance at beginning of period | (1032) | (955) |
| Total other comprehensive (loss) income | (7) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | (1039) | (950) |
| Total stockholder's equity | $5874 | $5423 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**Ferguson Enterprises Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| **(In millions)** | **Three months ended** | **Three months ended** |
| **(In millions)** | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $414 | $345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 97 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 16 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in deferred income taxes | 38 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in inventories | (92) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in receivables and other assets | (275) | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in accounts payable and other liabilities | 543 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in income taxes payable | 29 | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | 2 | 1 |
| **Net cash provided by operating activities** | 772 | 874 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of businesses acquired, net of cash acquired | (10) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (92) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | 8 | 12 |
| **Net cash used in investing activities** | (94) | (211) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury shares | (236) | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt |  | (775) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt |  | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in bank overdrafts |  | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | (174) | (166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (3) | (22) |
| **Net cash used in financing activities** | (413) | (814) |
| Change in cash, cash equivalents and restricted cash | 265 | (151) |
| Effects of exchange rate changes | (2) | 9 |
| Cash, cash equivalents and restricted cash, beginning of period | 581 | 773 |
| Cash, cash equivalents and restricted cash, end of period | $844 | $631 |
| **Supplemental Disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $78 | $180 |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | 22 | 19 |
| &nbsp;&nbsp;&nbsp;Accrued capital expenditures | 12 | 6 |
| &nbsp;&nbsp;&nbsp;Accrued dividends | 173 | 165 |
| &nbsp;&nbsp;&nbsp;Lease assets obtained in exchange for new operating lease liabilities (non-cash) | 183 | 158 |

---

See accompanying Notes to the Condensed Consolidated Financial Statements.

![Ferguson_PMS2188.jpg](ferg-20260331_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 of essential water and air solutions, serving the specialized professional in the residential and non-residential North American construction markets. 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. We sell through a common network of distribution centers, branches, counter service and expert 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 Transition Report. The financial results for the interim period may not be indicative of the financial results for the entire annual 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)** | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $820 | $557 |
| Restricted cash | 24 | 24 |
| Total cash, cash equivalents and restricted cash | $844 | $581 |

---

![Ferguson_PMS2188.jpg](ferg-20260331_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 $64 million and $49 million as of March 31, 2026 and December 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 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-20260331_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 Transition 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** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| **Net sales:** |  |  |
| &nbsp;&nbsp;&nbsp;United States | $7146 | $6904 |
| &nbsp;&nbsp;&nbsp;Canada | 326 | 309 |
| Total net sales | 7472 | 7213 |
| **Cost of sales:** |  |  |
| &nbsp;&nbsp;&nbsp;United States | (4915) | (4772) |
| &nbsp;&nbsp;&nbsp;Canada | (239) | (225) |
| **Operating costs:** |  |  |
| &nbsp;&nbsp;&nbsp;United States | (1575) | (1521) |
| &nbsp;&nbsp;&nbsp;Canada | (82) | (78) |
| **Adjusted operating profit:** |  |  |
| &nbsp;&nbsp;&nbsp;United States | 656 | 611 |
| &nbsp;&nbsp;&nbsp;Canada | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment adjusted operating profit | 661 | 617 |
| Central and other costs<sup>(1)</sup> | (14) | (20) |
| Restructuring activities<sup>(2)</sup> | (2) | (51) |
| Amortization of acquired intangible assets | (33) | (39) |
| Interest expense, net | (45) | (46) |
| Other (expense) income, net | (7) | 8 |
| &nbsp;&nbsp;&nbsp;**Income before income taxes** | $560 | $469 |

---

(1)Primarily includes SG&A that is not related to a segment.

(2)See Note 12, *Restructuring expenses* for further information.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

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

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| **Capital expenditures:** |  |  |
| United States | $90 | $72 |
| Canada | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total capital expenditures** | $92 | $73 |
| **Depreciation and amortization:** |  |  |
| United States | $92 | $89 |
| Canada | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total depreciation and amortization**<sup>(1)</sup> | $97 | $93 |
| <sup>(1)</sup> Includes amortization of acquired intangible assets of $33 million and $39 million in the three months ended March 31, 2026 and 2025, respectively. These amounts are not included in segment adjusted operating profit. | <sup>(1)</sup> Includes amortization of acquired intangible assets of $33 million and $39 million in the three months ended March 31, 2026 and 2025, respectively. These amounts are not included in segment adjusted operating profit. | <sup>(1)</sup> Includes amortization of acquired intangible assets of $33 million and $39 million in the three months ended March 31, 2026 and 2025, respectively. These amounts are not included in segment adjusted operating profit. |

---

Assets by segment included:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **March 31, 2026** | **December 31, 2025** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;United States | $15872 | $15444 |
| &nbsp;&nbsp;&nbsp;Canada | 929 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment assets | 16801 | 16390 |
| &nbsp;&nbsp;&nbsp;Corporate | 988 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $17789 | $17152 |

---

Long-lived assets are as follows:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **March 31, 2026** | **December 31, 2025** |
| **Long-lived assets:** | | |
| &nbsp;&nbsp;&nbsp;United States | $1887 | $1865 |
| &nbsp;&nbsp;&nbsp;Canada | 44 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-lived assets** | $1931 | $1911 |

---

![Ferguson_PMS2188.jpg](ferg-20260331_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** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **Customer Group** |  |  |
| &nbsp;&nbsp;&nbsp;Waterworks | 23% | 22% |
| &nbsp;&nbsp;&nbsp;Ferguson Home | 21% | 22% |
| &nbsp;&nbsp;&nbsp;Commercial/Mechanical | 16% | 14% |
| &nbsp;&nbsp;&nbsp;Residential Trade Plumbing | 15% | 16% |
| &nbsp;&nbsp;&nbsp;HVAC | 11% | 11% |
| &nbsp;&nbsp;&nbsp;Industrial | 7% | 7% |
| &nbsp;&nbsp;&nbsp;Facilities Supply | 4% | 5% |
| &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** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Weighted average number of shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average shares | 194.6 | 198.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive shares<sup>(1)</sup> | 0.2 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average shares | 194.8 | 199.0 |
| Excluded anti-dilutive shares |  | 0.1 |

---

(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** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| Effective tax rate | 26.1% | 26.4% |

---

During the three months ended March 31, 2026, there were no material changes to the Company's unrecognized tax benefits when compared to those items disclosed in the Transition Report.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**Note 5: Debt**

The Company's debt obligations consisted of the following:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **March 31, 2026** | **December 31, 2025** |
| **Fixed-rate debt:** | | |
| &nbsp;&nbsp;&nbsp;Private placement notes | 300 | 300 |
| &nbsp;&nbsp;&nbsp;Unsecured senior notes, due April 2027 - October 2034 | 3850 | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $4150 | $4150 |
| Less: current maturities of debt | (148) | (148) |
| Unamortized discounts and debt issuance costs | (21) | (22) |
| Interest rate swap - fair value adjustment | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt | $3979 | $3978 |

---

*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 Purchase Agreement"). Pursuant to an Omnibus Amendment and Consent to the Receivables Purchase Agreement dated March 13, 2026, the Maximum Net Investment, as defined in the Receivables Purchase Agreement, was reduced by $15 million. As a result, the Receivables Facility now consists of funding for up to $900 million, terminating on October 29, 2027. The Company maintains 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 March 31, 2026, 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 March 31, 2026, no borrowings were outstanding under the Revolving Facility.

On April 2, 2026, the Company extended the stated maturity date of the commitments under the Revolving Facility from April 2, 2030 to April 2, 2031 by utilizing one of the two extension options available in the Revolving Credit Agreement.

*Private Placement Notes*

In November 2026, $150 million of private placement notes will mature.

*Other*

The Company was in compliance with all debt covenants that were in effect as of March 31, 2026.

![Ferguson_PMS2188.jpg](ferg-20260331_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 March 31, 2026 and December 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 March 31, 2026 and December 31, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **(In millions)** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Unsecured senior notes | $3829 | $3781 | $3828 | $3833 |
| Private placement notes | 300 | 299 | 300 | 300 |

---

**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, fleet incidents 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 December 31, 2025 | ($456) | ($576) | ($1032) |
| Other comprehensive (loss) income before reclassifications | (11) |  | (11) |
| Amounts reclassified from accumulated other comprehensive loss |  | 4 | 4 |
| **Other comprehensive (loss) income** | (11) | 4 | (7) |
| Balance at March 31, 2026 | (467) | (572) | (1039) |

---

---

| | | | |
|:---|:---|:---|:---|
| **(In millions, net of tax)** | **Foreign currency translation** | **Pensions** | **Total** |
| Balance at December 31, 2024 | ($491) | ($464) | ($955) |
| Other comprehensive income before reclassifications |  | 2 | 2 |
| Amounts reclassified from accumulated other comprehensive loss |  | 3 | 3 |
| **Other comprehensive (loss) income** |  | 5 | 5 |
| Balance at March 31, 2025 | (491) | (459) | (950) |

---

![Ferguson_PMS2188.jpg](ferg-20260331_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** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Amortization of actuarial losses | $5 | $4 |
| Tax benefit | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss | $4 | $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** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Interest cost | ($18) | ($15) |
| Expected return on plan assets | 17 | 16 |
| Amortization of net actuarial losses | (5) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net periodic cost** | ($6) | ($3) |

---

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

**Note 10: Stockholders' equity**

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

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **Common stock:** |  |  |
| Balance at beginning of period | 201343253 | 201343253 |
| Common stock issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | 201343253 | 201343253 |
| **Treasury shares:** |  |  |
| Balance at beginning of period | (6291666) | (2035323) |
| Share repurchases | (926015) | (1180465) |
| Treasury shares used to settle share-based compensation awards | 2939 | 7452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | (7214742) | (3208336) |
| Total shares outstanding at end of period | 194128511 | 198134917 |

---

*Share Repurchases* 

As of March 31, 2026, the Company had completed $4.7 billion in share repurchases under a September 2021 program that authorized up to $5.0 billion. In April 2026, the board of directors authorized a new share repurchase program of up to $2 billion in aggregate purchases of common stock, replacing the prior program.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**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 October 2024 cliff vest, typically at the end of three years. RSU awards granted in October 2024 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 the Company's performance against pre-determined goals for 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. The assumptions used in the Monte Carlo simulations for the rTSR granted in 2026 were as follows:

---

| | |
|:---|:---|
| | **Three months ended**<br>**March 31,** |
| **rTSR Fair value assumptions:** | **2026** |
| Expected annualized volatility | 29.48% |
| Risk free interest rate | 3.75% |
| Simulation period | 2.8 years |
| Grant date fair value of rTSR awards | $237.16 |

---

The following table summarizes the share-based incentive awards activity for the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | **Number of shares** | **Weighted average grant date fair value** |
| **Outstanding as of December 31, 2025** | 712184 | $191.67 |
| &nbsp;&nbsp;&nbsp;RSU awards granted | 234808 | 219.73 |
| &nbsp;&nbsp;&nbsp;PSU-EX granted | 89457 | 225.54 |
| &nbsp;&nbsp;&nbsp;Share adjustments based on performance | (21836) | 255.62 |
| &nbsp;&nbsp;&nbsp;Vested | (2860) | 169.26 |
| &nbsp;&nbsp;&nbsp;Forfeited | (6492) | 198.34 |
| **Outstanding as of March 31, 2026** | 1005261 | $199.74 |

---

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

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Share-based compensation expense (within SG&A) | $15 | $9 |
| Income tax benefit | 4 | 2 |

---

Total unrecognized share-based compensation expense for all share-based payment plans was $152 million at March 31, 2026, which is expected to be recognized over a weighted average period of 2.4 years.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**Stock Options**

The Company grants stock option awards to certain members of management 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. When determining expected volatility, the Company considers the historical volatility of the Company's stock price. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, based on the options' expected term. The expected term of the options was estimated using the "simplified method" as permitted under Staff Accounting Bulletin 110. We consider the use of the simplified method appropriate due to the lack of sufficient historical data.

The assumptions used in the Black-Scholes option-pricing model in 2026 were as follows:

---

| | |
|:---|:---|
| | **Three months ended**<br>**March 31,** |
| **Stock option fair value assumptions used:** | **2026** |
| Expected annualized volatility | 32.14% |
| Dividend yield | 1.54% |
| Risk free interest rate | 3.89% |
| Expected term | 6 years |
| Grant date fair value of stock option awards | $75.22 |

---

Stock option activity in 2026 is summarized in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of shares** | **Weighted average exercise price per share** | **Aggregate intrinsic value** <br>**(*in millions*)** | **Weighted average remaining contractual life (years)** |
| **Outstanding as of December 31, 2025** | 83316 | $211.52 |  |  |
| &nbsp;&nbsp;&nbsp;Granted | 61416 | 231.63 |  |  |
| **Outstanding as of March 31, 2026** | 144732 | $220.06 | $2 | 9.3 |
| **Exercisable as of March 31, 2026** | 19793 | $201.38 | $1 | 8.5 |

---

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**Note 12: Restructuring expenses**

The Company's restructuring expenses are summarized below:

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Corporate restructuring expenses | $2 | $— |
| Business restructuring expenses |  | 51 |
| &nbsp;&nbsp;&nbsp;Restructuring expenses | $2 | $51 |

---

*Corporate restructuring expenses*

In the first quarter of 2026, corporate restructuring expenses primarily related transition activities following the establishment of our parent company's domicile in the United States. The Company does not expect further charges to be material.

*Business restructuring expenses*

In the first quarter of 2025, the Company implemented targeted actions to streamline operations, enhancing speed and efficiency to better serve customers and drive further profitable growth. As a result of these actions, non-recurring business restructuring expenses of $51 million were incurred in the quarter, primarily in the United States. The charges primarily related to severance costs of $36 million, as well as $15 million of non-cash branch and facility costs, mainly related to lease impairments.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

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**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 March 31, 2026 and 2025, 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 Transition 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 of essential water and air solutions, serving the specialized professional in the residential and non-residential North American construction markets. 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** |
| | **March 31,** | **March 31,** |
| **(In millions, except per share amounts)** | **2026** | **2025** |
| Net sales | $7472 | $7213 |
| Operating profit | 612 | 507 |
| Net income | 414 | 345 |
| Earnings per share - diluted | 2.13 | 1.73 |
| Net cash provided by operating activities | 772 | 874 |
| **Supplemental non-GAAP financial measures:**<sup>(1)</sup> |  |  |
| Adjusted operating profit | 647 | 597 |
| Adjusted earnings per share - diluted | 2.28 | 2.09 |

---

(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](#i425c6729f85d45ada20280a7ee72938b_88)</u>."

For the first quarter of 2026, net sales increased by 3.6% compared with the first quarter of 2025, primarily due to price inflation and incremental sales from acquisitions, partially offset by lower volume.

For the first quarter of 2026, operating profit increased by 20.7% (adjusted operating profit increased 8.4%), compared with the first quarter of 2025. The year-over-year change was driven by higher sales and the associated gross profit, partially offset by higher variable operating costs.

For the first quarter of 2026, diluted earnings per share was $2.13 (adjusted diluted earnings per share: $2.28), increasing 23.1% (9.1% on an adjusted basis) compared with the first quarter of 2025 due to higher net income and the impact of share repurchases.

Net cash provided by operating activities decreased to $772 million in the first quarter of 2026 compared with $874 million in the first quarter of 2025, primarily reflecting an increased investment in working capital, partially offset by higher net income after adjusting for non-cash items.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

**Results of Operations**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Net sales | $7472 | $7213 |
| Cost of sales | (5154) | (4997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 2318 | 2216 |
| Selling, general and administrative expenses | (1607) | (1565) |
| Restructuring expenses | (2) | (51) |
| Depreciation and amortization | (97) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit | 612 | 507 |
| Interest expense, net | (45) | (46) |
| Other (expense) income, net | (7) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 560 | 469 |
| Provision for income taxes | (146) | (124) |
| Net income | $414 | $345 |

---

**Net sales**

For the first quarter of 2026, net sales were $7.5 billion, an increase of $0.3 billion, or 3.6%, compared with the first quarter of 2025. The increase in net sales was primarily driven by mid-single digit price inflation and incremental sales from acquisitions of 0.8%, partially offset by lower sales volume. 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 first quarter of 2026 increased $102 million, or 4.6%, compared with the first quarter of 2025, primarily reflecting increased net sales. Gross profit as a percentage of sales was 31.0% in the first quarter of 2026 compared with 30.7% in the first quarter of 2025. The increase of 0.3% primarily reflected solid execution across the business.

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

SG&A expenses in the first quarter of 2026 increased $42 million, or 2.7%, compared with the first quarter of 2025. SG&A as a percentage of sales was 21.5% in the first quarter of 2026 compared with 21.7% in the first quarter of 2025. The decrease in SG&A as a percentage of sales primarily reflects improved productivity and operating leverage of the Company's cost base.

**Income tax**

Income tax expense was $146 million in the first quarter of 2026, an increase of $22 million, or 17.7%, compared with the first quarter of 2025 due to higher income before income taxes. The Company's effective tax rate of 26.1% in the first quarter of 2026 was generally in-line with 26.4% for the first quarter of 2025.

**Net income**

Net income was $414 million in the first quarter of 2026, an increase of $69 million, or 20.0%, compared with the first quarter of 2025, primarily due to the various elements described in the sections above.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

***Segment results***

**United States**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Net sales | $7146 | $6904 |
| Adjusted operating profit | 656 | 611 |

---

Net sales for the United States segment were $7.1 billion in the first quarter of 2026, an increase of $242 million, or 3.5%, compared with the first quarter of 2025. The increase in net sales was primarily driven by mid-single digit price inflation and incremental sales from acquisitions of 0.6%, partially offset by lower sales volume. Net sales in non-residential markets, representing approximately half of revenue in the United States, increased approximately 8% compared with the first quarter of 2025. This increase was driven by commercial/mechanical, industrial and waterworks, including large capital project activity. Net sales in residential markets decreased approximately 1% compared with the first quarter of 2025 in light of weak new construction activity, along with soft repair, maintenance and improvement ("RMI") work.

Adjusted operating profit for the United States segment was $656 million in the first quarter of 2026, an increase of $45 million, or 7.4%, compared with the first quarter of 2025, primarily reflecting higher sales and the associated gross profit, partially offset by higher variable operating costs.

**Canada**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| Net sales | $326 | $309 |
| Adjusted operating profit | 5 | 6 |

---

Net sales for the Canada segment were $326 million in the first quarter of 2026, an increase of $17 million, or 5.5%, compared with the first quarter of 2025. This increase in net sales was primarily driven by incremental sales from acquisitions of 5.8%, the impact of foreign currency exchange rates of 4.6% and low to mid-single digit price inflation. These increases were partially offset by lower volume and the impact of a non-core business divestments of 4.6%.

Adjusted operating profit for the Canada segment decreased by $1 million in the first quarter of 2026, compared with the first quarter of 2025 due to higher operating costs, partially offset by higher gross profit.

![Ferguson_PMS2188.jpg](ferg-20260331_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** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| **Net income** | $414 | $345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 146 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net | 7 | (8) |
| **Operating profit** | 612 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate restructuring expenses<sup>(1)</sup> | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business restructuring expenses<sup>(2)</sup> |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangibles | 33 | 39 |
| **Adjusted operating profit** | $647 | $597 |

---

(1)For the three months ended March 31, 2026, 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.

(2)For the three months ended March 31, 2025, business restructuring expenses primarily related to the Company's implementation of targeted actions to streamline operations, enhancing speed and efficiency to better serve customers and drive further profitable growth.

![Ferguson_PMS2188.jpg](ferg-20260331_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** |
| | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
| **(In millions, except per share amounts)** | **2026** | **2026** | **2025** | **2025** |
|  |  | *per share*<sup>(1)</sup> |  | *per share*<sup>(1)</sup> |
| **Net income** | $414 | $2.13 | $345 | $1.73 |
| &nbsp;&nbsp;&nbsp;Corporate restructuring expenses<sup>(2)</sup> | 2 | 0.01 |  |  |
| &nbsp;&nbsp;&nbsp;Business restructuring expenses<sup>(3)</sup> |  |  | 51 | 0.26 |
| &nbsp;&nbsp;&nbsp;Amortization of acquired intangibles | 33 | 0.17 | 39 | 0.20 |
| &nbsp;&nbsp;&nbsp;Discrete tax adjustments<sup>(4)</sup> | 4 | 0.02 | 3 | 0.02 |
| &nbsp;&nbsp;&nbsp;Tax impact on non-GAAP adjustments<sup>(5)</sup> | (9) | (0.05) | (23) | (0.12) |
| **Adjusted net income** | $444 | $2.28 | $415 | $2.09 |
| &nbsp;&nbsp;&nbsp;Diluted weighted average shares outstanding | 194.8 | 194.8 | 199.0 | 199.0 |

---

(1)Per share on a dilutive basis.

(2)For the three months ended March 31, 2026, 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 March 31, 2025, business restructuring expenses primarily related to the Company's implementation of targeted actions to streamline operations, enhancing speed and efficiency to better serve customers and drive further profitable growth.

(4)For the three months ended March 31, 2026 and 2025, discrete tax adjustments were mainly related to interest on uncertain tax positions.

(5)For the three months ended March 31, 2026, the tax impact on non-GAAP adjustments primarily related to the amortization of acquired intangibles. For the three months ended March 31, 2025, the tax impact on non-GAAP adjustments related to the restructuring expenses and 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 capital expenditures, acquisitions, dividend payments, share repurchases, required debt payments and other contractual obligations through the next several 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 and other purchase obligations. The nature and composition of such existing cash requirements have not materially changed from those disclosed in the Transition Report other than items updated in this Quarterly Report.

**Cash flows**

As of March 31, 2026 and December 31, 2025, the Company had cash and cash equivalents of $820 million and $557 million, respectively. In addition to cash, the Company had $2.4 billion of available liquidity from undrawn debt facilities as of March 31, 2026.

As of March 31, 2026, 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-20260331_g1.jpg)

------

*Cash flows from operating activities*

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $772 | $874 |

---

Net cash provided by operating activities was $772 million and $874 million for the three months ended March 31, 2026 and 2025, respectively. The $102 million decrease was mainly due to an increased investment in working capital compared with the prior year, partially offset by higher net income (adjusted for non-cash items) and lower cash tax payments due to timing. The increase in working capital was primarily driven by an increase in receivables due to the timing of collections year-over-year, higher inventory purchases in consideration of customer demand, the timing of vendor payments compared with the prior year and the change in timing of cash incentive payouts in light of the Company's change to a calendar year-end.

*Cash flows from investing activities* 

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | ($94) | ($211) |

---

Capital expenditures totaled $92 million and $73 million for the three months ended March 31, 2026 and 2025, 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 $10 million and $150 million in new acquisitions for the three months ended March 31, 2026 and 2025, respectively.

*Cash flows from financing activities* 

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| **(In millions)** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | ($413) | ($814) |

---

Dividends paid to shareholders were $174 million and $166 million for the three months ended March 31, 2026 and 2025, respectively.

Share repurchases under the Company's September 2021 share repurchase program were $236 million and $207 million for the three months ended March 31, 2026 and 2025, respectively.

Net payments from debt transactions were $300 million for the three months ended March 31, 2025 due to net repayments under the Receivables Facility. The Company did not have any debt transactions in the first quarter of 2026.

**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)** | **March 31, 2026** | **December 31, 2025** |
| Short-term debt | $148 | $148 |
| Long-term debt | 3979 | 3978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | $4127 | $4126 |

---

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

------

*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 March 31, 2026, $300 million in Private Placement Notes remain outstanding.

In November 2026, $150 million of private placement notes will mature.

*Unsecured Senior Notes*

The Company has issued $3.85 billion in various issuances of unsecured senior notes.

*Receivables Securitization Facility*

The Company maintains a Receivables Securitization Facility with an aggregate total available amount of $900 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 March 31, 2026, 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 March 31, 2026, no borrowings were outstanding under the Revolving Facility.

*Other*

The Company was in compliance with all debt covenants that were in effect as of March 31, 2026.

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 Transition 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 March 31, 2026.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

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*Guarantor Disclosures*

Ferguson Enterprises Inc. (the "Issuer") is the issuer of the 4.350% Senior Notes due 2031 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 Transition Report.

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **(In millions)** | **March 31, 2026** | **December 31, 2025** |
| Current assets | $44 | $46 |
| Non-current assets | 2 | 2 |
| Current liabilities | 203 | 214 |
| Non-current liabilities | 1503 | 1500 |
| Due (to)/from non-guarantor subsidiaries, net | (51) | 370 |

---

---

| | |
|:---|:---|
| | **Three months ended**<br>**March 31,** |
| **(In millions)** | **2026** |
| Net sales | $— |
| Gross profit |  |
| Operating loss | (12) |
| Net loss | (37) |
| Other interest income, net from non-guarantor subsidiaries | 16 |
| Other loss, net from non-guarantor subsidiaries<sup>(1)</sup> | (32) |

---

(1)Includes income from intercompany transaction with non-guarantor subsidiaries, primarily from non-cash dividend transactions.

**Critical accounting policies and estimates**

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

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

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**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 Transition 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 March 31, 2026. 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 March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

![Ferguson_PMS2188.jpg](ferg-20260331_g1.jpg)

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**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 Transition 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 first quarter of 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(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> |
| January 1- January 31, 2026 | 350471 | $241.22 | 350471 | $475 |
| February 1 - February 28, 2026 | 294531 | $259.55 | 294531 | $399 |
| March 1 - March 31, 2026 | 281013 | $227.93 | 281013 | $335 |
|  | 926015 |  | 926015 |  |

---

&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 March 31, 2026, the Company had completed $4.7 billion in share repurchases under the 2021 authorization. In April 2026, the board of directors authorized a new share repurchase program of up to $2 billion in aggregate purchases of common stock, replacing the prior program.

**Item 5. Other Information**

**Insider trading arrangements**

None.

![Ferguson_PMS2188.jpg](ferg-20260331_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. (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 and Consent, dated March 13, 2026, 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.](exhibit101fergusonomnibusa.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-march 2026.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit312-march 2026.htm)</u> |
| 32.1\*\* | <u>[Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit321-march 2026.htm)</u> |
| 32.2\*\* | <u>[Certification of Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit322-march 2026.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

† Certain portions of this exhibit (indicated by "[\*\*\*]") have been omitted pursuant to Item 601(b)(10) of Regulation S-K.

![Ferguson_PMS2188.jpg](ferg-20260331_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.

May 5, 2026

---

| | |
|:---|:---|
| **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-20260331_g1.jpg)

## Exhibit 10.1

**Exhibit 10.1**

Certain portions of this Exhibit have been redacted pursuant to Item 601(b)(10) of Regulation S-K and, where applicable, have been marked with "[\*\*\*]" to indicated where redactions have been made.

**Omnibus Amendment**

**and Consent** 

**(Ferguson Receivables, LLC)**

This **Omnibus Amendment and Consent** (this *"Amendment"*) is entered into by the undersigned parties as of March 13, 2026, 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. This Amendment is also executed by BNP Paribas (*"BNP"*), and Starbird Funding Corporation (*the "Terminating Conduit Purchaser"*), solely for the purpose of acknowledging termination of their respective roles under the Existing Receivables Purchase Agreement.

**Preliminary Statements**

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;BNP, in its capacity as Facility Agent for the BNP Purchase Group, has notified the other parties to the Existing Receivables Purchase Agreement that the BNP Purchase Group desires to terminate its members' roles in the Existing Receivables Purchase Agreement, and the other parties to the Existing Receivables Purchase Agreement are willing to agree to such termination and its consequences, all as provided herein; and

(2) &nbsp;&nbsp;&nbsp;&nbsp;Ferguson has notified the Seller, the Administrative Agent, and the Facility Agents that S.G. Torrice, LLC ("SGT") no longer has external accounts receivable and related rights and interests on its books and will not originate additional external accounts receivable and related rights and interests. The parties therefore desire to remove SGT as an Originator under the Purchase and Contribution Agreement and as a party to the Receivables Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;The Seller and Ferguson have requested the right to deem certain Receivables reconveyed as "Reassigned Receivables" (as defined in Section 2.01A of the Receivables

------

Purchase Agreement) if the Servicer believes that legal action against the Obligor of that Receivable will maximize recovery on that Receivable, and the Facility Agents are willing to consent to that request.

&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto desire to amend (a) the Existing Receivables Purchase Agreement to (i) terminate the BNP Purchase Group's (and each of its members') rights and obligations under the Existing Receivables Purchase Agreement, (ii) reduce the Maximum Net Investment, (iii) change the Purchase Group Percentages of the remaining Purchase Groups, (iv) terminate SGT as an Originator party thereto, (v) provide for the deemed reconveyance of certain Receivables and (vi) reflect changes in Schedule II – Schedule of Depositary Banks, Accounts and Lockboxes and (b) the Existing Purchase and Contribution Agreement to (i) terminate SGT as an Originator thereunder, (ii) provide for the deemed reconveyance to an Originator of certain Receivables, (iii) reflect changes in Schedule III– Schedule of Depositary Banks, Accounts and Lockboxes and (iv) make a certain conforming change.

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;Termination and Release of BNP Purchase Group; Reduction of Maximum Net Investment; Changes in Purchase Group Percentages**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;On the Amendment Effective Date (as defined in Section 6.1 below), upon receipt by BNP, on its own behalf and on behalf of the Terminating Conduit Purchaser, of the termination payments specified in the flow of funds prepared by the Administrative Agent attached as Annex A, BNP and the Terminating Conduit Purchaser shall relinquish all of their respective rights under, and with respect to, the Existing Receivables Purchase Agreement and the other Transaction Documents and shall be released by the Seller and the Servicer from their respective obligations thereunder. By executing this Amendment, each member of the BNP Purchase Group acknowledges that its Aggregate Unpaids have been paid in full and that its

------

rights and obligations under, and with respect to, the Existing Receivables Purchase Agreement and other Transaction Documents are terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;In connection with the termination of the rights and obligations of the BNP Purchase Group provided in preceding clause (a), the other parties hereto agree to (i) the reduction of the Maximum Net Investment to $900,000,000 and (ii) change the Purchase Group Percentages of the remaining Purchase Groups as set forth on Schedule I hereto, which Schedule I shall be deemed to revise and replace Schedule I to the Existing Receivables Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto (other than BNP and the Terminating Conduit Purchaser) agree that on the Amendment Effective Date, (i) the new Maximum Net Investment shall be $900,000,000, and (ii) new Purchase Group Percentages resulting from the termination and release of the BNP Purchase Group above shall be specified on revised Schedule I hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;BNP shall pay to the Seller [\*\*\*], which is the unearned portion of the Upfront Fee previously paid by the Seller to BNP. On the Amendment Effective Date, the Seller shall pay each Facility Agent an Upfront Fee equal to [\*\*\*] on the amount by which its related Purchase Group Maximum Investment is increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt by the Seller of the fee specified in Section 1.4, on the Amendment Effective Date, by execution of this Amendment, each of the Seller and the Servicer acknowledges that all members of the BNP Purchase Group are released from their respective obligations and liabilities under the Existing Receivables Purchase Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.&nbsp;&nbsp;&nbsp;&nbsp;Removal of SGT as Originator**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;Effective as of the Amendment Effective Date (defined below), the Purchase and Contribution Agreement is amended to remove S.G. Torrice, LLC as an Originator party to the Purchase and Contribution Agreement. From and after the Amendment Effective Date, (i) SGT shall be released from all of its obligations and liabilities under the Purchase and Contribution Agreement and (ii) the Seller shall be released from all of its obligations and liabilities to and with respect to SGT under the Purchase and Contribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and the Seller hereby authorize the filing of, and shall, at the expense of the Servicer, promptly on and after the Amendment Effective Date, provide such UCC-3 amendments and terminations as the Servicer or SGT may reasonably request in order the release the interests of the Purchasers, the Facility Agents and the Administrative Agent in receivables originated by SGT evidenced by the UCC-1 financing statement filed against SGT naming the Administrative Agent as assignee secured party.

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

Effective as of the Amendment Effective Date (as defined in Section 6.1 below), the Receivables Purchase Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;**Amendments of Definition of Maximum Net Investment**. To reflect the amendment in Section 1(b) of this Amendment, the first sentence of the definition of "Maximum Net Investment" in Section 1.01 of the Receivables Purchase Agreement is hereby amended to read as follows:

*"Maximum Net Investment"* shall mean $900,000,000, unless such amount shall be reduced as provided in Section 2.15 or the next sentence or following the termination of a Purchase Group pursuant to Section 11.08 hereof or increased as provided in Section 2.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;**Addition of Reconveyance of Receivables for Legal Action**. Section 2.01A of the Receivables Purchase Agreement is hereby amended to allow for the reconveyance of certain Receivables and reads as follows:

*&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01A.Certain Reconveyances.* (a)&nbsp;&nbsp;&nbsp;&nbsp;If the Servicer determines in its reasonable judgment that (i) the filing of a mechanics lien or the making of a claim on a payment bond is necessary or advisable in order to collect a Receivable that is due from an Obligor, (ii) it desires to recover any sales or similar tax paid with respect to a Receivable, or (iii) legal action against an Obligor of a Receivable is necessary or desirable in order to collect on such Receivable, the Servicer shall prepare the necessary documentation for filing and pursuing such lien claim, tax refund or legal action for, and on behalf of, the applicable Originator which originated such Receivable. Immediately prior to the execution of such documentation, and without any further action hereunder (unless notice is required pursuant to subsection (b) of this Section 2.01A), the Administrative Agent (on behalf of the Facility Agents and their respective Purchase Groups) shall be deemed to have sold and assigned to the Seller and released its security interest in each such Receivable (each such Receivable, a *"Reassigned Receivable"*) and pursuant to the Purchase and Contribution Agreement, the Seller shall be deemed to have simultaneously sold all of its right, title and interest in each such Receivable to the applicable Originator. The purchase price paid by the applicable Originator for each sale of a Reassigned Receivable under the Purchase and Contribution Agreement shall be in the form of the Seller's retention of a Participation Interest in such Reassigned Receivable, which shall entitle the Seller to receive from such Originator (by deposit into any Blocked Account) all Collections subsequently received with respect to such Reassigned Receivable, but only to the extent actually received. Upon each reconveyance of a Reassigned Receivable pursuant to this Section, the Administrative Agent shall receive a security interest in the Participation Interest

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relating to such Reassigned Receivable and in any security interest obtained by the Seller in such Reassigned Receivable. In the Monthly Report for the last Calculation Period in each calendar quarter, the Servicer shall report the aggregate Outstanding Balance of Reassigned Receivables (in each case determined as of the date of reconveyance) for (i) such Calculation Period and the two (2) preceding Calculation Periods in such calendar quarter and (ii) for the related Lookback Period. In the event that a Monthly Report indicates that the aggregate Outstanding Balance of Reassigned Receivables reconveyed under this <u>Section 2.01A</u> during the related Lookback Period exceeded 1% of the aggregate Outstanding Balance of the Receivables generated during such Lookback Period, then no further reconveyances of Receivables shall be permitted under this <u>Section 2.01A</u> until a Monthly Report reporting Reassigned Receivables pursuant to this Section demonstrates that the aggregate Outstanding Balance of Reassigned Receivables over the related Lookback Period reflected on such Monthly Report is less than 1% of the aggregate Outstanding Balance of Receivables generated during such Lookback Period.

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) If, on any day, the Servicer determines to effect a reconveyance of Receivables pursuant to this Section 2.01A, and the Outstanding Balance of Receivables proposed to be reconveyed on such day would exceed $10,000,000, the Servicer will not effect such reconveyance until it has notified the Administrative Agent and the Facility Agents of such proposed reconveyance and of the Outstanding Balance of Receivables proposed to be reconveyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;**Amendment of Schedule II – Schedule of Depositary Bank, Accounts and Lockboxes**. To reflect the addition of a new Account and Lockbox, as to which the Servicer previously provided notice in accordance with Section 4.10 of the Receivables Purchase Agreement, <u>Schedule II</u> to the Receivables Purchase Agreement is hereby amended to read as provided in revised <u>Schedule II</u> to this Amendment.

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

Effective as of the Amendment Effective Date (as defined in Section 6.1 below), the Purchase and Contribution Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;**Amendment of Definition**. The definition of "Permitted Liens" in Section 1.01 of the Purchase and Contribution Agreement is hereby amended to read as follows:

*&nbsp;&nbsp;&nbsp;&nbsp;"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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;**Addition of Reconveyance of Receivables for Legal Action**. Section 2.01A of the Purchas and Contribution Agreement is thereby amended to allow for the reconveyance of certain Receivables and reads as follows:

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01A&nbsp;&nbsp;&nbsp;&nbsp;Certain Reconveyances.&nbsp;&nbsp;&nbsp;&nbsp;* If Ferguson, as Servicer of the Receivables under the Receivables Purchase Agreement, determines in its reasonable judgment that (i) the filing of a mechanics lien or the making of a claim on a payment bond is necessary or advisable in order to collect a Receivable that is due from an Obligor, (ii) it desires to recover any sales or similar tax paid with respect to a Receivable, or (iii) legal action against an Obligor of a Receivable is necessary or desirable in order to collect on such Receivable, Ferguson shall notify the Purchaser and the Originator which originated such Receivable and shall prepare the necessary documentation for filing and pursuing such lien, claim, tax refund or legal action for, and on behalf of, such Originator. Immediately prior to the execution of such documentation, and without any further action hereunder, the Purchaser shall be deemed to have sold all of its right, title and interest in and to such Receivable to such Originator (immediately following the Purchaser's purchase thereof from the Administrative Agent pursuant to the Receivables Purchase Agreement) (each such Receivable, a *"Reassigned Receivable"*) and such Originator shall be deemed to have repurchased such Receivable for a purchase price equal to a Participation Interest in such Reassigned Receivable (which such Originator shall be deemed to have sold), which shall entitle the Purchaser to receive from such Originator (by deposit into the Concentration Account or other Account subject to a Blocked Account Agreement) all Collections subsequently received with respect to such Reassigned Receivable, but only to the extent actually received. Notwithstanding the foregoing, no further reconveyances of Receivables by the Purchaser to any Originator shall be permitted during any period when Receivables are not permitted to be reassigned under Section 2.01A of the Receivables Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;**Amendment of Schedule III – Schedule of Depositary Bank, Accounts and Lockboxes**. To reflect the addition of a new Account and Lockbox, as to which Ferguson previously provided notice in accordance with Section 6.02 of the Purchase and Contribution Agreement, <u>Schedule III</u> to the Purchase and Contribution Agreement is hereby amended to read as provided in revised <u>Schedule III</u> to this Amendment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&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;(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;(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;(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;**VI.&nbsp;&nbsp;&nbsp;&nbsp;Conditions To Effectiveness**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;The effectiveness of this Amendment shall occur on the date (the "Amendment Effective Date") when (a) 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 and (b) each Facility Agent shall have received its Upfront Fee as specified in Section 1(d) above.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&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;**VIII.&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&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;8.3&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]

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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.

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| | |
|:---|:---|
| **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 |

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[*Signature Page to Omnibus Amendment March 2026*<br>*(Ferguson Receivables, LLC)*]

------

---

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

---

[*Signature Page to Omnibus Amendment March 2026*<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 March 2026*<br>*(Ferguson Receivables, LLC)*]

------

---

| | |
|:---|:---|
| **ROYAL BANK OF CANADA,** as a  | **ROYAL BANK OF CANADA,** as a  |
| &nbsp;&nbsp;Committed Purchaser, a Facility Agent and Administrative Agent | &nbsp;&nbsp;Committed Purchaser, a Facility Agent and Administrative Agent |
| By: | /s/ Veronica L. Gallagher |
|  | Name: Veronica L. Gallagher |
|  | Title: Authorized Signatory |
| By: | /s/ Kimberly L. Wagner |
|  | Name: Kimberly L. Wagner |
|  | 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 March 2026*<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/ Anthony Ballard  |
|  | Name: Anthony Ballard |
|  | Title: Vice President |

---

*[Signature Page to Omnibus Amendment March 2026*<br>*(Ferguson Receivables, LLC)*]

------

---

| | |
|:---|:---|
| **SUMITOMO MITSUI BANKING CORPORATION,** as a Committed Purchaser | **SUMITOMO MITSUI BANKING CORPORATION,** as a Committed Purchaser |
| &nbsp;&nbsp;&nbsp;and a Facility Agent | &nbsp;&nbsp;&nbsp;and a Facility Agent |
| By: | /s/ Jun Ashley  |
|  | Name: Jun Ashley |
|  | Title: Director |

---

[*Signature Page to Omnibus Amendment March 2026*<br>*(Ferguson Receivables, LLC)*]

------

---

| | |
|:---|:---|
| Solely for the purpose of Acknowledging Termination of their Rights and Obligations under the Receivables Purchase Agreement and the effect thereunder: | Solely for the purpose of Acknowledging Termination of their Rights and Obligations under the Receivables Purchase Agreement and the effect thereunder: |
| **STARBIRD FUNDING CORPORATION** | **STARBIRD FUNDING CORPORATION** |
| By: | /s/ Damian A. Perez |
|  | Name: Damian A. Perez |
|  | Title: Vice President |
| **BNP PARIBAS** | **BNP PARIBAS** |
| By: | /s/ Carl Spalding |
|  | Name: Carl Spalding |
|  | Title: Managing Director |
| By: | /s/ Jeffrey Orr |
|  | Name: Jeffrey Orr |
|  | Title: Managing Director |

---

[[*Signature Page to Omnibus Amendment March 2026*<br>*(Ferguson Receivables, LLC)*]

------

**ANNEX A - FLOW OF FUND** 

------

**Schedule II to Receivables Purchase Agreement (Revised)**

**Schedule III to Purchase and Contribution Agreement (Revised)<br>Schedule of**

D**epositary Banks,** 

**Accounts and<br> Lockboxes**

**(As of March 13, 2026)**

------

**Revised Schedule I<br>to<br>Receivables Purchase Agreement<br>(As of March 13, 2026)**

## 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: May 5, 2026 | /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: May 5, 2026 | /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 March 31, 2026 (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: May 5, 2026

---

| | |
|:---|:---|
| /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 March 31, 2026 (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: May 5, 2026

---

| | |
|:---|:---|
| /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>