Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
A profitable quarter that consumed cash
Net income was $666 million, yet growing receivables and inventory absorbed more cash than the business generated.
For investorsWhere the cash goes, and when it comes back
For foundersRunning a business on someone else's price list
Gross margin ended three fiscal years where it began, at 30.7%, but operating margin slipped from 9.9%, so operating costs took the gain.
Commercial/Mechanical, Industrial and HVAC each gained a point of U.S. sales, while Ferguson Home and Residential Trade Plumbing each lost one.
Annual gross margin stayed within half a point over four fiscal years, suggesting supplier price rises largely pass through to customers.
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Business Lens describes Ferguson Enterprises from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
