Ferguson plc delivered a solid QQ4 2024 performance with revenue of USD 7.946 billion and an EBITDA of USD 0.893 billion, translating to an EBIT margin of 10.2% and a net margin of 5.7%. The quarter showed meaningful QoQ improvement across revenue, gross profit, and operating income, driven by a resilient US/Canada plumbing and HVAC distribution footprint and ongoing execution in price realization and mix. Net income declined on a YoY basis by 22.8%, largely reflecting a higher tax burden and non-operating factors rather than a deterioration in operating performance, while EPS dipped 22.4% YoY but rose 1.37% QoQ to USD 2.23 (diluted USD 2.23). Cash generation remained robust, with operating cash flow of USD 0.366 billion and free cash flow of USD 0.257 billion, supporting a total cash balance of USD 0.625 billion at period end. The balance sheet remains heavily levered, with net debt of USD 4.946 billion and a debt-to-capitalization ratio near 0.50, underscoring a continued priority on deleveraging and capital allocation (including a material set of share buybacks and dividend payments). Investors should monitor leverage trajectory, working capital dynamics, and the cadence of store/branch network investments against cash flow generation as Ferguson navigates a continuing macro backdrop that includes construction activity cycles and housing market trends.