Ferguson Enterprises (FERG) Q2 FY2026 earnings: revenue $8.8 billion, up 4.6% on the year

Ferguson Enterprises Inc. (FERG) reported revenue of $8.8 billion for Q2 FY2026, the quarter ended 30 June 2026, up 4.6% on the same quarter a year earlier as this quarter's filing gives it. Net income was $666 million, up 5.0% on the year as this quarter's filing gives it, and diluted earnings per share $3.43. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue

$8.8 billion

+17.1% on the quarter

Q2 FY2024Q2 FY2026

Operating margin

10.2%

Q2 FY2024Q2 FY2026

Net income

$666 million

+60.9% on the quarter

Q2 FY2024Q2 FY2026

Diluted EPS

$3.43

+61.0% on the quarter

Q2 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 narrowed, 2 kept.

Net sales rose 4.6% on organic growth: Net sales were $8.8 billion, up 4.6%: organic growth of 3.8% and acquisitions of 1.0%, offset by 0.2% from a Canada divestment. Price inflation was in the low single digits.
Adjusted operating profit rose 2.9%: Reported operating profit was $893 million, up 6.1%, a 10.2% margin. Adjusted operating profit was $932 million, up 2.9%, a 10.7% adjusted margin.
Five acquisitions across customer groups: Five acquisitions in the quarter: Carrier Great Lakes and Dealers Supply in HVAC, New England Applied Products in Commercial/Mechanical, Hamlett in Waterworks, and PRD Technologies in Industrial.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	A year earlier	On the quarter
Revenue	8,751	7,472	n/a	+17.1%
Cost of revenue	6,039	5,154	n/a	+17.2%
Gross profit	2,712	2,318	n/a	+17.0%
Gross margin	31.0%	31.0%	n/a
Selling, general and administrative	1,718	1,607	n/a	+6.9%
Operating income	893	612	n/a	+45.9%
Operating margin	10.2%	8.2%	n/a
Pre-tax income	846	560	n/a	+51.1%
Income tax	180	146	n/a	+23.3%
Effective tax rate	21.3%	26.1%	n/a
Net income	666	414	n/a	+60.9%
Net margin	7.6%	5.5%	n/a
Diluted EPS	$3.43	$2.13	n/a	+61.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	A year earlier	On the quarter
Operating cash flow	-56.0	772	n/a
Capital expenditure	142	92.0	n/a	+54.3%
Free cash flow	-198	680	n/a
Free cash flow margin	-2.3%	9.1%	n/a
Cash from investing	-706	-94.0	n/a
Cash from financing	396	-413	n/a
Depreciation and amortisation	99.0	97.0	n/a	+2.1%
Share-based compensation	20.0	16.0	n/a	+25.0%
Buybacks	202	236	n/a	-14.4%
Dividends paid	173	174	n/a	-0.6%
Dividend per share	$0.89	$0.89	n/a	0.0%
Diluted shares, weighted	194m	195m	n/a	-0.4%
Shares outstanding at period end	193m	194m	n/a	-0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	A year earlier	On the quarter
Shareholders' equity	6,201	5,874	n/a	+5.6%
Debt	4,904	4,127	n/a	+18.8%
Operating lease liabilities	1,506	1,489	n/a	+1.1%
Other liabilities	6,692	6,299	n/a	+6.2%
Total liabilities and equity	19,303	17,789	n/a	+8.5%
Fixed assets	2,016	1,931	n/a	+4.4%
Goodwill	2,713	2,481	n/a	+9.4%
Intangible assets	950	653	n/a	+45.5%
Cash and equivalents	437	820	n/a	-46.7%
Receivables	4,255	3,669	n/a	+16.0%
Inventory	5,101	4,676	n/a	+9.1%
Other assets	3,831	3,559	n/a	+7.6%
Total assets	19,303	17,789	n/a	+8.5%

Questions

What was Ferguson Enterprises' revenue in Q2 FY2026?

Ferguson Enterprises (FERG) reported revenue of $8.8 billion for Q2 FY2026, the quarter ended 30 June 2026, up 4.6% on the same quarter a year earlier as the company restated it.

How much did Ferguson Enterprises earn in Q2 FY2026?

Net income for Q2 FY2026 was $666 million, up 5.0% on the year, and diluted earnings per share $3.43.

When did Ferguson Enterprises report Q2 FY2026 results?

Ferguson Enterprises filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 10 August 2026.

Quarterly results, the last 17 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q1 FY2026	Q2 FY2026
Revenue	6,803	6,508	7,284	7,971	7,931	6,825	7,140	7,838	7,708	6,673	7,308	7,946	7,772	6,872	7,621	7,472	8,751
Cost of revenue	4,676	4,519	5,079	5,536	5,510	4,763	5,000	5,436	5,377	4,644	5,076	5,485	5,432	4,830	5,262	5,154	6,039
Gross profit	2,127	1,989	2,205	2,435	2,421	2,062	2,140	2,402	2,331	2,029	2,232	2,461	2,340	2,042	2,359	2,318	2,712
Gross margin	31%	31%	30%	31%	31%	30%	30%	31%	30%	30%	31%	31%	30%	30%	31%	31%	31%
SG&A	1,314	1,362	1,415	1,544	1,509	1,432	1,435	1,544	1,512	1,469	1,510	1,563	1,585	1,540	1,589	1,607	1,718
Operating income	739	555	712	814	831	549	497	782	739	477	625	811	665	410	606	612	893
Operating margin	11%	9%	10%	10%	10%	8%	7%	10%	10%	7%	9%	10%	9%	6%	8%	8%	10%
Pre-tax income	711	532	690	775	792	495	447	730	691	433	581	759	624	370	557	560	846
Tax rate	25%	18%	21%	25%	25%	24%	25%	20%	25%	26%	24%	41%	25%	25%	26%	26%	21%
Net income	560	436	546	580	595	374	336	584	519	322	443	451	470	276	410	414	666
Net margin	8%	7%	7%	7%	8%	5%	5%	7%	7%	5%	6%	6%	6%	4%	5%	6%	8%
Diluted EPS	$2.51	$1.97	$2.50	$2.71	$2.84	$1.80	$1.63	$2.85	$2.54	$1.58	$2.18	$2.23	$2.34	$1.38	$2.07	$2.13	$3.43
Operating cash flow	-9.0	238	452	468	498	673	631	921	557	306	644	366	345	340	682	772	-56.0
Capital expenditure	54.0	68.0	73.0	95.0	95.0	147	119	80.0	91.0	101	71.0	109	77.0	81.0	77.0	92.0	142
Free cash flow	-63.0	170	379	373	403	526	512	841	466	205	573	257	268	259	605	680	-198
Buybacks	97.0	320	501	627	366	198	220	124	108	142	171	213	256	252	251	236	202
Dividends paid	n/a	n/a	0.0	n/a	0.0	403	154	154	152	153	160	319	0.0	158	166	174	173
Shares outstanding	208m	206m	205m	232m	232m	232m	232m	232m	203m	203m	202m	201m	200m	199m	197m	194m	193m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 10 August 2026: the filing.