Earnings Releases·Nov 9, 2026, 6:50 AM ET

Ferguson Enterprises Inc. — Third Quarter 2026 Earnings Summary

**Financial Performance:** Net sales reached $9.0 billion (+9.5% YoY) with adjusted operating profit up 8.9% to $962 million; diluted EPS declined 4.9% to $3.08 while adjusted diluted EPS rose 7.9% to $3.43.
**Guidance Revisions:** Full-year 2026 net sales guidance increased to ~7% growth and adjusted operating margin guidance raised to 9.6%–9.8%, though interest expense guidance was increased to ~$235 million.
**Strategic M&A Activity:** Completed three acquisitions in the quarter plus one subsequent to quarter-end (totaling 11 in 2026 for ~$1.5B annualized revenue), including the $1.7B total investment in FloWorks, funded by $1.2B in senior notes and a $900M term loan.
**Capital Allocation:** Net debt to adjusted EBITDA ratio rose to 1.7x; share repurchases were temporarily paused to finance acquisitions but are expected to resume as leverage trends toward the 1–2x target range.
**Market Dynamics:** US sales grew 10.2% driven by strong non-residential performance, while Canada sales declined 4.5% due to divestments and FX headwinds; residential markets face pressure from weak new construction and soft RMI activity.