Ferguson Enterprises, Inc. is a leading value-added distributor in the North American construction market, specializing in both residential and non-residential sectors. The company offers a wide range of products and services, including plumbing, HVAC, appliances, lighting, and more, through a network of distribution centers, branches, and e-commerce channels. Ferguson serves a diverse customer base, providing expertise and efficient delivery to support complex infrastructure projects.
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United States Segment - Operates under the Ferguson brand, offering plumbing, HVAC, appliances, lighting, PVF, water and wastewater solutions, fire and fabrication products, and infrastructure solutions to residential and non-residential customers.
- Plumbing - Supplies a comprehensive range of plumbing products for various applications.
- HVAC - Provides heating, ventilation, and air conditioning solutions.
- Appliances - Offers a selection of household and commercial appliances.
- Lighting - Distributes lighting products for diverse settings.
- PVF - Supplies pipes, valves, and fittings for various industries.
- Water and Wastewater Solutions - Delivers products for water management and treatment.
- Fire and Fabrication Products - Provides fire protection and fabrication solutions.
- Infrastructure Solutions - Offers products for infrastructure development and maintenance.
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Canada Segment - Operates under the Wolseley brand, supplying plumbing, HVAC, refrigeration products, water and wastewater treatment solutions, and PVF solutions to residential, commercial, and industrial customers.
- Plumbing - Supplies a wide range of plumbing products tailored to the Canadian market.
- HVAC and Refrigeration - Provides heating, ventilation, air conditioning, and refrigeration solutions.
- Specialist Water and Wastewater Treatment Products - Offers specialized products for water and wastewater treatment.
- PVF Solutions - Supplies pipes, valves, and fittings for industrial applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bill Brundage ExecutiveBoard | Chief Financial Officer (CFO) | Bill Brundage has served as the Chief Financial Officer (CFO) and Director at Ferguson Enterprises Inc. since November 2020. He previously held the role of CFO for Ferguson Enterprises' U.S. operating subsidiary starting in 2017. | View Report → | |
Kevin Murphy ExecutiveBoard | President & Chief Executive Officer | Member of the Board of Directors at Pool Corporation | Kevin Murphy is the President & Chief Executive Officer of Ferguson Enterprises Inc. since November 2019 and has been a board member since August 2017. He began his career at Ferguson in 1999, later serving as COO of FEL from 2007 to 2017 and as CEO of FEL from 2017 to 2019. | View Report → |
Allison Stirrup Executive | Chief Human Resources Officer (CHRO) | Allison Stirrup is the Chief Human Resources Officer at Ferguson Enterprises Inc. since August 2024. She previously served as Vice President – HR Business Partners from March 2021 to August 2024. | ||
Andy Paisley Executive | Chief Digital and Information Officer | Andy Paisley is currently the Chief Digital and Information Officer at Ferguson since June 2023, overseeing Digital Commerce, Digital Engineering, Digital Data, User Experience, and Commerce Operations. He joined Ferguson in January 2023 as the Chief Information Officer and has previously held executive roles at Dollar Tree, Inc. (December 2020 to 2022), Old Dominion Freight Line (2017 to 2020), and Advance Auto Parts (2014 to 2017). | ||
Bill Thees Executive | Senior Vice President | Bill Thees has served as Senior Vice President at Ferguson since 2018, leading multiple business segments including Waterworks and Fire & Fabrication. He began his Ferguson career in 1990 and has held progressive leadership roles, contributing significantly to the company’s growth. | ||
Garland Williams Executive | Senior Vice President | Garland Williams serves as Senior Vice President at Ferguson, leading the Blended business. He began his Ferguson career as a trainee in July 1996 and has served in progressive roles including Senior Vice President of Customer Experience and Canada (2021-2022) and Vice President of Residential Trade (2020). | ||
Ian Graham Executive | Chief Legal Officer & Corporate Secretary | Ian Graham is the Chief Legal Officer & Corporate Secretary at Ferguson Enterprises Inc, having joined as Group General Counsel in May 2019 and transitioned his title in connection with the merger in 2024. He brings extensive legal and corporate governance experience from previous senior roles at BAE Systems and other organizations. | ||
Jake Schlicher Executive | Senior Vice President of Strategic Development | Jake Schlicher is the Senior Vice President of Strategic Development at Ferguson since February 2019, having joined the company in 1999 and served in several leadership roles such as Director of the Residential Business Group, Vice President of Private Label, and others, contributing to strategic growth and sustainability. | ||
Michael Jacobs Executive | Senior Vice President of Supply Chain | Michael Jacobs has been the Senior Vice President of Supply Chain at FERG since February 2017, where he manages all supply chain processes. He previously served as Chief Product Officer and Chief Logistics Officer at Keurig Green Mountain and as Senior Vice President of Logistics at Toys “R” Us. | ||
Victoria Morrissey Executive | Chief Marketing Officer | Victoria Morrissey is the Chief Marketing Officer at Ferguson since May 2021. Previously, she led Global Marketing and Brand at Caterpillar Inc. from 2017 to 2021. | ||
Alan Murray Board | Chair of the Nominations & Governance Committee | Member of the board of directors of O-I Glass, Inc. | Alan Murray currently serves as Chair of the Nominations & Governance Committee at Ferguson since August 2022. He has been an Independent Non-Employee Director since January 2013 and also served as Employee Engagement Director from March 2019 until December 2023. | |
Brian May Board | Independent Non-Employee Director | Non-Executive Director of OFI Group Limited; Board Member of Convatec Group Plc | Brian May has a strong background in finance and operational management, including serving as CFO at Bunzl plc for 14 years until his retirement in late 2019. He was appointed as an Independent Non-Employee Director at Ferguson in January 2021. | |
Catherine Halligan Board | Independent Non-Employee Director | Ulta Beauty, Inc.; Driven Brands Holdings, Inc.; JELD-WEN Holding, Inc.; Anticimex | Catherine Halligan has served as an Independent Non-Employee Director at Ferguson Enterprises since January 2019, bringing extensive expertise in digital transformation and e-commerce. She has held key roles at leading companies such as PowerReviews, Walmart, and Williams-Sonoma, and currently serves on the boards of Ulta Beauty, Driven Brands Holdings, JELD-WEN Holding, and Anticimex. | |
Geoff Drabble Board | Board Chair | Chair of DS Smith Plc; Member, Travis Perkins plc | Geoff Drabble is currently Board Chair at FERG, having been initially appointed in November 2019 and reappointed in February 2024, while also serving as an Independent Non-Employee Director. He previously served as CEO of Ashtead Group plc from 2007 to 2019 and has held senior roles at other companies. | |
James S. Metcalf Board | Independent Non-Employee Director | James S. Metcalf is a seasoned leader who was appointed as an Independent Non-Employee Director at Ferguson Enterprises in February 2023 and serves on the Compensation and Nominations & Governance Committees. | ||
Kelly Baker Board | Independent Non-Employee Director | Executive Vice President and Chief Human Resources Officer at Thrivent Financial for Lutherans; Member of the board of directors at The Opus Group | Kelly Baker has served as an Independent Non-Employee Director at Ferguson since May 2021 and chairs the Compensation Committee. Previously, she held executive roles including EVP and CHRO at Pentair plc, Patterson Companies Inc., and Thrivent Financial for Lutherans. | |
Rekha Agrawal Board | Independent Non-Employee Director | Rekha Agrawal is the Independent Non-Employee Director at Ferguson Enterprises Inc. since June 2024. She has extensive executive experience from previous roles at Morgan Stanley Infrastructure Partners Inc., Johnson Controls International plc, and Tyco Fire Protection Products. | ||
Rick Beckwitt Board | Independent Non-Employee Director | Member at Eagle Materials Inc. | Rick Beckwitt is the Independent Non-Employee Director at Ferguson Enterprises Inc. appointed in June 2024, bringing extensive leadership experience from roles in the homebuilding and real estate industries. | |
Suzanne Wood Board | Independent Non-Employee Director | Member of the board of directors of RELX PLC; Member of the board of directors of H&E Equipment Services, Inc. | Suzanne Wood is currently an Independent Non-Employee Director at FERG since January 2021. She also serves as Chair of the Audit Committee and brings extensive financial leadership experience from her roles as CFO at Vulcan Materials (2018-2022) and Ashtead Group (2012-2018). |
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Could you clarify the sustainability of the 5% organic growth seen in Q3 given that internal initiatives and market demand both contributed, and what specific factors will drive this performance moving forward?
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With gross margins expanding by 50 basis points to 31%, how do you plan to mitigate the continued mid-single digit deflation in key commodity baskets such as PVC, and what impact might this have on margin stability in Q4?
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Given the encouraging yet uncertain bidding activity in Waterworks for new residential projects, can you provide a detailed breakdown of the performance across sub-segments like public works and water/wastewater treatments, and explain the expected conversion rates?
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Regarding the 650 counter conversions for dual trade, how will these changes affect long-term store profitability and customer retention compared to prior conversion efforts within your HVAC and plumbing segments?
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Following the completion of three acquisitions this quarter, what challenges do you foresee during the integration process, and how might these acquisitions impact overall cost structures and strategic growth initiatives in the near term?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Templeton | 2025 | Completed in Q2 fiscal 2025 as part of Ferguson’s strategy to consolidate fragmented markets through bolt-on acquisitions. Total consideration of $61 million (with $46 million in cash and $15 million in deferred consideration) was allocated among key assets including water and wastewater operations in the southeast. |
TEMSCO | 2025 | Acquired alongside Templeton in Q2 fiscal 2025 to bolster growth in the water and wastewater industries; the acquisition supports market consolidation although no separate financial details were disclosed. |
Independent Pipe & Supply | 2025 | Completed in Q3 fiscal 2025, this bolt-on acquisition in the Northeast supports Ferguson’s expansion in the commercial mechanical sector, contributing approximately a 1% net sales growth, though individual financial specifics were not disclosed. |
Lighting Plus | 2022 | A bolt-on acquisition completed in Q3 2022 and integrated into Ferguson’s residential building and remodel customer group to enhance market offerings, aligning with the strategy to consolidate fragmented markets. |
Founders Kitchen & Bath | 2022 | Completed in Q3 2022 as one of four bolt-on acquisitions, it was integrated into the residential building and remodel group to expand Ferguson’s presence in the residential sector. |
Adirondack Piping Solutions | 2022 | Completed in Q3 2022 as part of a group of bolt-on acquisitions, this deal broadened Ferguson’s industrial offering in Upstate New York. |
AP Supply Co. | 2022 | Completed in Q3 2022 to broaden Ferguson’s industrial offering in the Southern U.S., this acquisition is part of the strategy to enhance geographic and capability expansion, with no detailed financial disclosure provided. |
Aaron & Company | 2022 | Acquired after Q3 2022 to expand residential plumbing and HVAC offerings in New Jersey, this deal targets the dual trade contractor market with a significant market opportunity and revenue synergy potential. |
Safe Step Canada and Pacific Northwest | 2022 | Completed subsequent to Q3 2022 as part of a group of three bolt-on acquisitions, though specific financial or operational details were not disclosed. |
STE (Geotextiles) | 2022 | A capability bolt-on acquisition completed after Q3 2022 that enhanced Ferguson’s geosynthetic and erosion control capabilities within its Waterworks group, aligning with a sustainable product solutions strategy. |
Minka Lighting | 2022 | Planned for closure in Q4 2022 pending regulatory approval, this acquisition is intended to expand Ferguson’s own brand lighting and fan business through enhanced showroom and online channels, contributing to a broader consolidation strategy with an annualized revenue impact of approximately $450 million. |
Recent press releases and 8-K filings for FERG.
- Ferguson reported Q3 2025 net sales of $7.6 billion, an increase of 4.3%, with an adjusted operating margin of 9.4% and adjusted diluted earnings per share of $2.50.
- The company updated its full-year guidance for FY2025, now expecting low to mid-single digit revenue growth and an adjusted operating margin range of 8.5% to 9.0%.
- During the quarter, Ferguson repurchased $251 million in shares and declared a quarterly dividend of $0.83, representing a 5% increase over the prior year.
- Non-recurring charges of $68 million were incurred due to actions taken to streamline the business, which are expected to generate annualized savings of approximately $100 million.