Ferguson Enterprises (FERG) Q1 FY26 earnings call

Ferguson delivered a solid, margin-accretive quarter in a soft, uncertain market, outperforming through its multi-customer-group scale as nonresidential large-capital-project demand — data centers, industrial and waterworks — offset ongoing residential weakness. Management reaffirmed full-year guidance while flagging a bit more inflation and new-resi volume pressure, staying disciplined on cost, M&A and capital returns. Note the fiscal transition: this Q1 FY26 covers the period ended March 31, 2026.