실적분석 2026년 8월 10일

Ferguson Enterprises ($FERG) FY2026 Q2 Earnings Analysis — Adjusted EPS and Revenue Beat Estimates, Annual Guidance Raised, Yet Stock Drops After Hours

Earnings Scorecard

Revenue: $8.751 billion (up 4.6% year-over-year; estimate $8.596 billion) ✅ Beat

EPS: Adjusted $3.39 (up 5.3% year-over-year; estimate $3.30) ✅ Beat

Guidance: Raised — FY2026 annual revenue growth now "mid-single digits," adjusted operating margin 9.5–9.8%

Stock Reaction: +2.8% (based on BMO session close)

Positives

Revenue and Earnings Beat: Adjusted EPS of $3.39 and revenue of $8.751 billion cleared market estimates

Non-Residential Strength: U.S. non-residential revenue rose 8% year-over-year, with share gains

Annual Guidance Hiked: Revenue growth lifted to mid-single digits and the low end of the operating margin range was nudged up

As North America's largest plumbing and HVAC distributor, organic growth and acquisitions together supported revenue. The company closed five acquisitions during the quarter and signed an agreement to acquire FlowWorks, expanding its specialized capabilities.

Negatives

Gross Margin Compression: Gross margin of 31.0%, down 0.20 percentage points year-over-year

Residential Market Weakness: New housing and repair/remodel activity stayed soft, leaving residential revenue growth at just 2%

Adjusted Operating Margin Edged Lower: Adjusted 10.7%, down 0.10 percentage points year-over-year

Canadian revenue declined due to the impact of non-core business divestitures, and the pace of a residential recovery remains uncertain. Given the opaque economic backdrop, defending margins and holding market share are the next key priorities.

What Management Said

CEO Kevin Murphy noted that non-residential growth persisted and that residential returned to growth even in a challenging environment. Guided by year-to-date results, the company lifted its annual outlook while drawing a line on the lingering macro uncertainty.

Market Reaction and What to Watch Next

Earnings and guidance were both positive, but the gross margin contraction and soft residential demand drew the spotlight, prompting what looks like a "buy the rumor, sell the news" reaction to an already priced-in beat.

Closing date and integration timeline for the FlowWorks acquisition, and the size of its revenue and earnings contribution

Recovery in new residential construction and repair/remodel demand

Path to delivering the raised annual revenue and margin guidance