Ferguson Enterprises Inc (NYSE: FERG) is a North American wholesale distribution company that sources and distributes plumbing, HVAC, appliances, lighting, pipes-valves-fittings (PVF), and water and wastewater solutions to residential and non-residential construction professionals. Revenue is transactional, generated by selling products at a margin through branches, distribution centers, counter service, and e-commerce channels. Ferguson is headquartered in Newport News, Virginia, and operates 1,519 branches and 15 distribution and market distribution centers across all 50 U.S. states, with a separate Canada segment operating primarily under the Wolseley brand (as of July 31, 2025). Net sales were $30.8 billion in fiscal year 2025, up 3.8% year-over-year, with gross profit of $9.4 billion representing a 30.7% gross margin. The United States segment drives the majority of revenue; Canada contributed 5% of net sales in each of fiscal years 2025, 2024, and 2023. The U.S. workforce totaled approximately 32,000 associates as of July 31, 2025. Kevin Murphy serves as President and Chief Executive Officer.

Revenue model

Transactional product distribution. Ferguson buys branded and own-brand products from domestic and international suppliers and resells them at a margin through branches, distribution centers, and e-commerce. Approximately 15% of U.S. net sales derive from commodity-linked products subject to copper, plastic, and steel price fluctuations. Pricing moves with supplier cost changes and competitive conditions. Acquisitions contributed 1.0% of the 3.8% net sales growth in fiscal 2025.

Products and services

Plumbing products, HVAC equipment, appliances, lighting, pipes-valves-fittings (PVF), water and wastewater solutions, refrigeration products (Canada). Product mix includes branded third-party products and the company's own-brand (private label) products. Fulfillment options include delivery, counter pickup, and e-commerce. Approximately 95% of U.S. products are sourced from U.S.-based suppliers; approximately 90% of Canadian products are sourced from Canada-based suppliers (per FY2025 10-K).

Customers and end markets

Residential and non-residential construction professionals, including plumbing contractors, HVAC contractors, commercial contractors, and industrial customers. Non-residential markets drove the primary growth in U.S. net sales in fiscal 2025, with residential markets contributing to a lesser extent. Canadian customers include residential and commercial contractors, infrastructure contractors, and industrial PVF customers.

Value-chain role

Value-added wholesale distributor sitting between manufacturers and professional tradespeople. Ferguson holds inventory across a network of branches and distribution centers, providing same-day and next-day product availability. The company does not manufacture products. It adds value through inventory depth, technical expertise, showroom consultants, and expert sales associates.

Geographic exposure

United States: approximately 95% of net sales (FY2025), operating in all 50 states through 1,519 branches and 15 distribution and market distribution centers as of July 31, 2025. Canada: 5% of net sales in each of FY2025, FY2024, and FY2023, operating primarily under the Wolseley brand.

Source: SEC 10-K, filed 2025-09-26

Industry: Wholesale-Hardware & Plumbing & Heating Equipment & Supplies