v3.26.1
Segment and net sales information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
Segment results were as follows:
Three months endedSix months ended
June 30,June 30,
(In millions)2026202520262025
Net sales:
United States$8,343 $7,947 $15,489 $14,851 
Canada408 416 734 725 
Total net sales8,751 8,363 16,223 15,576 
Cost of sales:
United States(5,736)(5,448)(10,651)(10,220)
Canada(303)(302)(542)(527)
Operating costs:
United States(1,682)(1,600)(3,257)(3,121)
Canada(83)(91)(165)(169)
Adjusted operating profit:
United States925 899 $1,581 $1,510 
Canada22 23 27 29 
Total segment adjusted operating profit947 922 1,608 1,539 
Central and other costs(1)
(15)(16)(29)(36)
Restructuring activities(2)
(2)(25)(4)(76)
Amortization of acquired intangible assets(37)(39)(70)(78)
Interest expense, net(52)(49)(97)(95)
Other income (expense)5 (3)(2)5 
Income before income taxes$846 $790 $1,406 $1,259 
(1)Primarily includes SG&A that is not related to a segment.
(2)See Note 13, Restructuring expenses for further information.
Capital expenditures and depreciation and amortization by segment were as follows:
Three months endedSix months ended
June 30,June 30,
(In millions)2026202520262025
Capital expenditures:
United States$140 $66 $230 $138 
Canada2 2 $4 $3 
Total capital expenditures$142 $68 $234 $141 
Depreciation and amortization:
United States$94 $91 $186 $180 
Canada5 5 10 9 
Total depreciation and amortization(1)
$99 $96 $196 $189 
(1) Includes amortization of acquired intangible assets of $37 million, $39 million, $70 million and $78 million in the three and six months ended June 30, 2026 and 2025, respectively. These amounts are not included in segment adjusted operating profit.
Assets by segment included:
As of
(In millions)June 30, 2026December 31, 2025
Assets:
United States$17,746 $15,444 
Canada977 946 
Total segment assets18,723 16,390 
Corporate580 762 
Total assets$19,303 $17,152 
Long-lived assets are as follows:
As of
(In millions)June 30, 2026December 31, 2025
Long-lived assets:
United States$1,973 $1,865 
Canada43 46 
Total long-lived assets$2,016 $1,911 
A disaggregation of net sales by customer group in the United States is as follows:
Three months endedSix months ended
June 30,June 30,
2026202520262025
Customer Group
Waterworks24 %24 %23 %23 %
Ferguson Home20 %21 %20 %21 %
Commercial/Mechanical16 %15 %16 %15 %
Residential Trade Plumbing14 %15 %15 %15 %
HVAC13 %12 %12 %12 %
Industrial7 %6 %7 %7 %
Facilities Supply4 %4 %4 %4 %
Fire & Fabrication2 %3 %3 %3 %
Total United States100 %100 %100 %100 %