Ferguson Enterprises Inc. /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Ferguson Enterprises Inc. /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	28,566	29,734	29,635	30,762
Cost of revenue	19,810	20,709	20,582	21,327
Gross profit	8,756	9,025	9,053	9,435
Selling, general and administrative	5,635	5,920	6,038	6,376
Selling and marketing	389	403	380	376
Operating income	2,820	2,659	2,652	2,606
Interest expense	111	184	179
Other non-operating income	-1	-11	-9	7
Pre-tax income	2,708	2,464	2,464	2,423
Income tax	609	575	729	567
Income from continuing operations	2,099	1,889	1,735
Net income	2,122	1,889	1,735	1,856
EBITDA	3,121	2,980	2,987	2,979
EPS, basic	9.75	9.15	8.55	9.33
EPS, diluted	9.69	9.12	8.53	9.32
Shares, basic (weighted)	218	206	203	199
Shares, diluted (weighted)	219	207	204	199
Dividend per share	2.51	4.16	3.12	3.28

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	771	601	571	674
Receivables		3,597	3,602	3,964
Inventory		3,898	4,188	4,492
Other current assets		953	1,020	945
Total current assets		9,077	9,410	10,146
Property, plant and equipment		1,595	1,752	1,846
Lease right-of-use assets		1,474	1,565	1,763
Goodwill	2,048	2,241	2,357	2,464
Intangible assets		783	753	726
Other non-current assets		524	554	559
Total assets		15,994	16,572	17,729
Accounts payable		3,408	3,410	3,577
Short-term debt		55	150	400
Total current liabilities		5,429	5,216	6,028
Long-term debt		3,711	3,774	3,752
Lease liabilities		1,126	1,198	1,367
Other non-current liabilities		691	768	750
Total liabilities		10,957	10,956	11,897
Total debt		3,766	3,950	4,175
Paid-in capital		809	864	926
Retained earnings		8,557	9,589	6,776
Treasury stock		-3,425	-3,936	-899
Other comprehensive income		-888	-931	-971
Shareholders' equity	4,665	5,037	5,616	5,832
Total equity	4,665	5,037	5,616	5,832
Total liabilities and equity		15,994	16,572	17,729

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	2,122	1,889	1,735	1,856
Depreciation and amortization	301	321	335	373
Stock-based compensation	57	51	49	28
Deferred income tax	41	-104	125	-39
Change in inventory	-927	607	-252	-273
Cash from operations	1,149	2,723	1,873	1,908
Capital expenditures	-290	-441	-372	-305
Acquisitions	-650	-616	-260	-301
Cash from investing	-922	-1,054	-601	-543
Debt issued	2,019	2,775	2,255	4,621
Debt repaid	-575	-2,930	-2,110	-4,400
Share buybacks	-1,545	-908	-634	-948
Dividends paid	-538	-711	-784	-489
Cash from financing	-744	-1,807	-1,313	-1,286
Net change in cash	-517	-138	-41	79
Free cash flow	859	2,282	1,501	1,603
Interest paid	94	182	188	189
Income taxes paid	670	656	651	601

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $222.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.7%	Gross profit / revenue.
Operating margin	8.5%	Operating income / revenue.
EBITDA margin	9.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.9%	Pre-tax income / revenue.
Net margin	6.0%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.2%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.8%	Net income / average total assets.
Return on invested capital (ROIC)	21.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	4.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-1.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-0.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	7.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	9.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	6.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	3.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	7.0%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.68x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.72x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.5%	Total debt / total assets.
Liabilities / assets	67.1%	Total liabilities / total assets.
Net debt	$3.50B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$4.12B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.64B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.79x	Revenue / average total assets.
Fixed asset turnover	17.1x	Revenue / average property, plant and equipment.
Inventory turnover	4.91x	Cost of revenue / average inventory.
Days inventory	74 days	365 x average inventory / cost of revenue.
Receivables turnover	8.13x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	59 days	Days inventory + days sales outstanding - days payables.
FCF conversion	86.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.32	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$9.33	Net income per basic share, as reported (split-adjusted).
Revenue per share	$154.43	Revenue / diluted weighted shares.
FCF per share	$8.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.58	Cash from operations / diluted weighted shares.
Book value per share	$29.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.26	Tangible book value / shares outstanding.
Cash per share	$3.38	(Cash + short-term investments) / shares outstanding.
Dividend per share	$3.28	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	26.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	59.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$43.09B	Share price x shares outstanding.
Enterprise value	$46.59B	Market cap + total debt - cash - short-term investments.
P/E	23.2x	Market cap / net income. Only when net income is positive.
P/S	1.40x	Market cap / revenue.
P/B	7.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	16.3x	Market cap / tangible book value, when positive.
P/FCF	26.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.6x	Market cap / cash from operations, when positive.
EV/Sales	1.51x	Enterprise value / revenue.
EV/EBIT	17.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.

What was Ferguson Enterprises Inc. /DE/'s revenue in fiscal 2025?

Ferguson Enterprises Inc. /DE/ reported revenue of $30.76B for fiscal 2025, 3.8% higher than the year before.

Was Ferguson Enterprises Inc. /DE/ profitable in fiscal 2025?

Yes. Net income was $1.86B, a net margin of 6%.

How much free cash flow did Ferguson Enterprises Inc. /DE/ generate in fiscal 2025?

Cash from operations of $1.91B minus capital expenditures of $305.0M left free cash flow of $1.60B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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