v3.26.1
Segment and net sales information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
Segment results were as follows:
Three months ended
March 31,
(In millions)20262025
Net sales:
United States$7,146 $6,904 
Canada326 309 
Total net sales7,472 7,213 
Cost of sales:
United States(4,915)(4,772)
Canada(239)(225)
Operating costs:
United States(1,575)(1,521)
Canada(82)(78)
Adjusted operating profit:
United States656 611 
Canada5 6 
Total segment adjusted operating profit661 617 
Central and other costs(1)
(14)(20)
Restructuring activities(2)
(2)(51)
Amortization of acquired intangible assets(33)(39)
Interest expense, net(45)(46)
Other (expense) income, net(7)8 
Income before income taxes$560 $469 
(1)Primarily includes SG&A that is not related to a segment.
(2)See Note 12, Restructuring expenses for further information.
Capital expenditures and depreciation and amortization by segment were as follows:
Three months ended
March 31,
(In millions)20262025
Capital expenditures:
United States$90 $72 
Canada2 1 
Total capital expenditures$92 $73 
Depreciation and amortization:
United States$92 $89 
Canada5 4 
Total depreciation and amortization(1)
$97 $93 
(1) Includes amortization of acquired intangible assets of $33 million and $39 million in the three months ended March 31, 2026 and 2025, respectively. These amounts are not included in segment adjusted operating profit.
Assets by segment included:
As of
(In millions)March 31, 2026December 31, 2025
Assets:
United States$15,872 $15,444 
Canada929 946 
Total segment assets16,801 16,390 
Corporate988 762 
Total assets$17,789 $17,152 
Long-lived assets are as follows:
As of
(In millions)March 31, 2026December 31, 2025
Long-lived assets:
United States$1,887 $1,865 
Canada44 46 
Total long-lived assets$1,931 $1,911 
A disaggregation of net sales by customer group in the United States is as follows:
Three months ended
March 31,
20262025
Customer Group
Waterworks23 %22 %
Ferguson Home21 %22 %
Commercial/Mechanical16 %14 %
Residential Trade Plumbing15 %16 %
HVAC11 %11 %
Industrial7 %7 %
Facilities Supply4 %5 %
Fire & Fabrication3 %3 %
Total United States100 %100 %