What happened with FERG today?
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Ferguson Enterprises serves contractors and other professional customers that build, repair and maintain homes, commercial buildings, infrastructure and industrial facilities. It sells the plumbing, heating, ventilation and air conditioning equipment, pipes and water-system components those jobs require. Its branches and distribution centers make products available for delivery or pickup, including same-day and next-day availability in the United States. Services such as design, fabrication and pre-assembly help customers prepare and complete projects. The business operates mainly as Ferguson in the United States and Wolseley in Canada.
The United States supplies nearly all revenue. Residential and non-residential work are both substantial, with repair, maintenance and improvement generating most sales rather than new construction. No single customer supplies a significant share of revenue. The business depends on demand for this work and having products available when customers need them; margins also depend on its ability to pass changes in product costs through to selling prices.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Core & Main competes with Ferguson for infrastructure and construction customers buying pipes, valves, drainage and fire-protection products. Its water and wastewater product sales are worth watching alongside Ferguson’s waterworks business.
Watsco competes with Ferguson to sell heating, ventilation and air-conditioning equipment, replacement parts and installation supplies to residential and commercial contractors. Watch its sales to contractors replacing equipment or working on new construction for a read on demand in Ferguson’s HVAC business.
Advanced Drainage Systems makes drainage and wastewater products that Ferguson buys and distributes; Ferguson accounted for 13.1% of its fiscal 2026 net sales. Its stormwater and wastewater sales offer a view of the residential, commercial and infrastructure spending that also supports Ferguson’s water-products business.
Ferguson’s plumbing and showroom sales include Delta and Hansgrohe fixtures made by Masco, connecting Ferguson’s sales to customers with Masco’s manufacturing business.
Builders FirstSource and Ferguson depend on spending on U.S. homebuilding and remodeling: Builders FirstSource sells structural materials to builders and remodelers whose projects also need Ferguson’s plumbing, HVAC and home products. Its sales to those customers help gauge Ferguson’s residential demand, rather than its non-residential business.
Housing Starts (Sep)
Ferguson sells plumbing, HVAC and related products to builders and contractors, so measures of new-home building and sales indicate whether this source of demand for its products is expanding or contracting.
Expected1.31MLast release1.275M
If it comes in above expectations
If the reading is above the 1.31M estimate, it is above the previous 1.275M. More homes started or permitted point to stronger building activity, which may prompt builders and contractors to buy more of Ferguson’s plumbing, HVAC and related products and support sales.
If it comes in below expectations
Fewer homes started or permitted point to weaker building activity, which may lead builders and contractors to buy less of Ferguson’s plumbing, HVAC and related products and weigh on sales.
Watsco, Inc. earningsWSO
Watsco’s report will show how contractors are buying HVAC equipment and parts, giving a read on the market Ferguson Enterprises competes in.
Watch Watsco’s sales to contractors, especially demand tied to equipment replacement and new construction. Firm sales would suggest that contractor demand is supporting the HVAC distribution business Ferguson Enterprises shares; weaker sales would point to softer demand among the same customers and less room for Ferguson to grow those sales.
Masco Corporation earningsMAS
Masco’s report will show sales of Delta and Hansgrohe fixtures, offering a read on demand for products Ferguson Enterprises distributes.
Watch Masco’s plumbing-fixture sales. Stronger sales would suggest demand is holding for products Ferguson Enterprises distributes; weaker sales would point to softer demand for those products, but would not prove that Ferguson’s overall plumbing business is declining.
Fed Interest Rate Decision
Ferguson sells plumbing, HVAC and related products to construction customers, so interest rates that shape project demand affect what contractors buy and the sales Ferguson earns; rates also affect interest costs on its variable-rate debt.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can make home and business projects harder to finance, potentially reducing contractor orders and Ferguson’s sales; they can also raise interest costs on variable-rate debt as it reprices.
If it comes in below expectations
Lower rates can make home and business projects easier to finance, potentially supporting contractor orders and Ferguson’s sales; they can also reduce interest costs on variable-rate debt as it reprices.
Builders FirstSource, Inc. earningsBLDR
Builders FirstSource’s report will show demand in U.S. homebuilding and remodeling, a read on projects that also buy Ferguson Enterprises’ residential plumbing, HVAC and home products.
Watch Builders FirstSource’s sales to builders and remodelers. Growth would suggest demand for the residential projects that also buy Ferguson Enterprises’ plumbing, HVAC and home products is holding up; a decline would point to more pressure on Ferguson’s residential sales, not necessarily its non-residential business.
Ferguson Enterprises Inc. earningsThis company
Ferguson Enterprises’ report will show whether sales to U.S. non-residential projects can outpace the costs of serving those customers.
Read U.S. non-residential sales growth alongside gross margin, the share of sales left after product costs. Rising sales with a stable or higher margin would show that project demand and Ferguson’s pricing and service mix are covering product and delivery costs. Slower sales or a falling margin would point to weaker project demand or less ability to pass costs on to customers.
ADVANCED DRAINAGE SYSTEMS, INC. earningsWMS
Advanced Drainage Systems’ report will show stormwater and wastewater product sales, a read on demand for Ferguson Enterprises’ related water-products business; it is also a significant Ferguson supplier.
Watch Advanced Drainage Systems’ stormwater and wastewater product sales. Firm sales would suggest support from the residential, commercial and infrastructure projects that also buy Ferguson Enterprises’ water products; weaker sales would point to softer demand. Because Ferguson is a significant customer, sales changes may also matter to their purchasing relationship, but this report alone cannot show that Ferguson’s supply or costs have changed.
Core & Main, Inc. earningsCNM
Core & Main’s report will show infrastructure customers’ purchases of waterworks products, giving a read on the market where it competes with Ferguson Enterprises.
Watch Core & Main’s water and wastewater product sales. Firm sales would suggest infrastructure demand is supporting Ferguson Enterprises’ waterworks business; weaker sales would point to softer demand in the shared market and a harder time winning those customers.
