Ferguson Enterprises Inc DE
For the period ended Jan 31, 2025. Filed Mar 11, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jan 31, 2025 · Filed Mar 11, 2025
FERG$259.44-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Earnings
| Three months ended · Six months ended | ||||
|---|---|---|---|---|
| January 31, | January 31, | |||
| (In millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Net sales | $6,872 | $6,673 | $14,644 | $14,381 |
| Cost of sales | (4,830) | (4,644) | (10,262) | (10,021) |
| Gross profit | 2,042 | 2,029 | 4,382 | 4,360 |
| Selling, general and administrative expenses | (1,540) | (1,469) | (3,125) | (2,981) |
| Depreciation and amortization | (92) | (83) | (182) | (163) |
| Operating profit | 410 | 477 | 1,075 | 1,216 |
| Interest expense, net | (48) | (44) | (94) | (89) |
| Other income (expense), net | 8 | — | 13 | (3) |
| Income before income taxes | 370 | 433 | 994 | 1,124 |
| Provision for income taxes | (94) | (111) | (248) | (283) |
| Net income | $276 | $322 | $746 | $841 |
| Earnings per share - Basic | $1.38 | $1.58 | $3.73 | $4.13 |
| Earnings per share - Diluted | $1.38 | $1.58 | $3.72 | $4.12 |
| Weighted average number of shares outstanding: | ||||
| Basic | 199.6 | 203.4 | 200.2 | 203.6 |
| Diluted | 199.8 | 203.9 | 200.5 | 204.2 |
Condensed Consolidated Statements of Comprehensive Income
| Three months ended · Six months ended | ||||
|---|---|---|---|---|
| January 31, | January 31, | |||
| (In millions) | 2025 | 2024 | 2025 | 2024 |
| Net income | $276 | $322 | $746 | $841 |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustments | (32) | 21 | (39) | (14) |
| Pension adjustments, net of tax impacts of $0, ($2), ($2) and ($2), respectively. | 1 | 4 | 6 | 5 |
| Total other comprehensive (loss) income, net of tax | (31) | 25 | (33) | (9) |
| Comprehensive income | $245 | $347 | $713 | $832 |
Condensed Consolidated Balance Sheets
| As of | ||
|---|---|---|
| (In millions, except share amounts) | January 31, 2025 | July 31, 2024 |
| Assets | ||
| Cash and cash equivalents | $764 | $571 |
| Accounts receivable, less allowances of $31 and $21, respectively | 3,200 | 3,602 |
| Inventories | 4,273 | 4,188 |
| Prepaid and other current assets | 962 | 1,020 |
| Assets held for sale | 26 | 29 |
| Total current assets | 9,225 | 9,410 |
| Property, plant and equipment, net | 1,808 | 1,752 |
| Operating lease right-of-use assets | 1,637 | 1,565 |
| Deferred income taxes, net | 188 | 181 |
| Goodwill | 2,361 | 2,357 |
| Other intangible assets, net | 699 | 753 |
| Other non-current assets | 612 | 554 |
| Total assets | $16,530 | $16,572 |
| Liabilities and stockholders’ equity | ||
| Accounts payable | $3,027 | $3,410 |
| Short-term debt | 400 | 150 |
| Current portion of operating lease liabilities | 416 | 395 |
| Other current liabilities | 1,214 | 1,261 |
| Total current liabilities | 5,057 | 5,216 |
| Long-term debt | 3,949 | 3,774 |
| Long-term portion of operating lease liabilities | 1,256 | 1,198 |
| Other long-term liabilities | 779 | 768 |
| Total liabilities | 11,041 | 10,956 |
| Stockholders’ equity: | ||
| Ordinary shares, par value 10 pence; 500,000,000 shares authorized; 0 and 232,171,182 shares issued, respectively | — | 30 |
| Common stock, par value $0.0001; 500,000,000 shares authorized; 201,343,253 and 0 shares issued, respectively | — | — |
| Paid-in capital | 912 | 864 |
| Retained earnings | 5,998 | 9,589 |
| Treasury shares, 2,312,552 and 30,827,929 shares, respectively at cost | (457) | (3,936) |
| Accumulated other comprehensive loss | (964) | (931) |
| Total stockholders' equity | 5,489 | 5,616 |
| Total liabilities and stockholders' equity | $16,530 | $16,572 |
Condensed Consolidated Statements of Stockholders’ Equity
| Three months ended | Six Months ended | |||
|---|---|---|---|---|
| (In millions, except per share data) | January 31, 2025 | January 31, 2024 | January 31, 2025 | January 31, 2024 |
| Ordinary shares: | ||||
| Balance at beginning of period | $— | $30 | $30 | $30 |
| Treasury shares canceled | — | — | (4) | — |
| Ordinary shares canceled | — | — | (26) | — |
| Balance at end of period | — | 30 | — | 30 |
| Common stock: | ||||
| Balance at beginning of period | $— | $— | $— | $— |
| Common stock issued | — | — | — | — |
| Balance at end of period | — | — | — | — |
| Paid-in capital: | ||||
| Balance at beginning of period | $910 | $828 | $864 | $809 |
| Share-based compensation expense | 2 | 12 | 22 | 31 |
| Ordinary shares canceled | — | — | 26 | — |
| Other | — | 2 | — | 2 |
| Balance at end of period | 912 | 842 | 912 | 842 |
| Retained earnings: | ||||
| Balance at beginning of period | $5,889 | $8,858 | $9,589 | $8,557 |
| Treasury shares canceled | — | — | (3,932) | — |
| Net earnings | 276 | 322 | 746 | 841 |
| Cash dividends declared of $0.83, $0.79, $1.62, and $1.54, respectively | (166) | (160) | (324) | (312) |
| Shares issued under employee stock plans | (1) | (2) | (81) | (68) |
| Balance at end of period | 5,998 | 9,018 | 5,998 | 9,018 |
| Treasury shares: | ||||
| Balance at beginning of period | ($211) | ($3,433) | ($3,936) | ($3,425) |
| Treasury shares canceled | — | — | 3,936 | — |
| Share repurchases | (247) | (143) | (508) | (176) |
| Shares issued under employee share plans, net | 1 | 1 | 51 | 26 |
| Balance at end of period | (457) | (3,575) | (457) | (3,575) |
| Employee Benefit Trust: | ||||
| Balance at beginning of period | $— | ($1) | $— | ($46) |
| Shares issued | — | — | — | 45 |
| Other | — | 1 | — | 1 |
| Balance at end of period | — | — | — | — |
| Accumulated other comprehensive loss: | ||||
| Balance at beginning of period | (933) | (922) | (931) | (888) |
| Total other comprehensive (loss) income | (31) | 25 | (33) | (9) |
| Balance at end of period | (964) | (897) | (964) | (897) |
| Total stockholder's equity | $5,489 | $5,418 | $5,489 | $5,418 |
Condensed Consolidated Statements of Cash Flows
| (In millions) | Six months ended | |
|---|---|---|
| January 31, | ||
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net income | $746 | $841 |
| Depreciation and amortization | 182 | 163 |
| Share-based compensation | 13 | 24 |
| Changes in deferred income taxes | (3) | (6) |
| Changes in inventories | (94) | (52) |
| Changes in receivables and other assets | 494 | 565 |
| Changes in accounts payable and other liabilities | (600) | (626) |
| Changes in income taxes payable | (39) | (40) |
| Other operating activities | (14) | (6) |
| Net cash provided by operating activities | 685 | 863 |
| Cash flows from investing activities: | ||
| Purchase of businesses acquired, net of cash acquired | (46) | (67) |
| Capital expenditures | (158) | (192) |
| Other investing activities | 12 | 28 |
| Net cash used in investing activities | (192) | (231) |
| Cash flows from financing activities: | ||
| Purchase of treasury shares | (508) | (250) |
| Repayments of debt | (2,100) | (1,155) |
| Proceeds from debt | 2,521 | 1,125 |
| Change in bank overdrafts | (1) | 6 |
| Cash dividends | (158) | (305) |
| Other financing activities | (43) | (18) |
| Net cash used in financing activities | (289) | (597) |
| Change in cash, cash equivalents and restricted cash | 204 | 35 |
| Effects of exchange rate changes | (14) | — |
| Cash, cash equivalents and restricted cash, beginning of period | 625 | 669 |
| Cash, cash equivalents and restricted cash, end of period | $815 | $704 |
| Supplemental Disclosures: | ||
| Cash paid for income taxes, net | $291 | $330 |
| Cash paid for interest | 94 | 97 |
| Accrued capital expenditures | 7 | 6 |
| Accrued dividends | 166 | 161 |
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