Housing and Building Products
Housing and Building Products Distribution
Ferguson is a US company
FY2025 net sales $30.8B. United States $29.3B (95%). Canada $1.5B (5%). The UK is not a reportable segment.
United StatesCanada
Half residential, two-thirds RMI
Management estimates, not a reported segment table. Residential and non-residential each about half. RMI about two-thirds. New construction about one-third. That is why Ferguson is not a pure starts beta.
1,746 branches
As of July 31, 2025: 1,519 US branches and 227 in Canada, plus 11 regional DCs and 6 market DCs. About 35,000 associates and 5,900 fleet vehicles.
| Network item | Count | Note |
|---|---|---|
| US branches | 1,519 | All 50 states. Same-day and next-day product availability is the stated advantage. |
| Canada branches | 227 | Wolseley brand. Plumbing, HVAC, refrigeration, waterworks, PVF. |
| Total branches | 1,746 | US plus Canada. Matches the 10-K network total. |
| Regional DCs | 11 | 10 in the US, 1 in Canada. |
| Market DCs | 6 | 5 in the US, 1 in Canada. Automated picking for most items. |
| Associates | ~35,000 | About 32,000 US and 3,000 Canada. |
| Fleet vehicles | ~5,900 | Company total as of July 31, 2025. |
| Suppliers | ~37,000 | No supplier more than 5% of inventory purchases. |
Ferguson organic growth
FY2025 organic revenue rose 3.2%. Reported net sales rose 3.8%. Ferguson does not print a same-branch line. Q4 organic was 5.8%.
ReportedOrganic
Two wholesalers, different catalogs
Ferguson $30.8B (plumbing, HVAC, PVF, year ended July 31). Watsco $7.2B (HVAC/R equipment and parts, calendar 2025). Not additive TAM.
Watsco revenues
Calendar 2025 $7.239B, down 5% from $7.618B. 2023 was $7.284B. HVAC/R wholesale, not Ferguson.
Watsco same-store sales
Same-store $7.180B in 2025 versus $7.597B, down 5%. Same-store excludes locations opened, closed, or acquired in the prior 12 months unless they sit near an existing branch.
Same-storeReported
Watsco: 695 locations
December 31, 2025: United States 637, Canada 34, Latin America and the Caribbean 24. US locations were 90% of sales.