Ferguson reported a solid fourth quarter of fiscal 2024 (QQ4) with revenue of $7.946 billion, up 1.4% year over year despite ongoing deflation and a modest organic volume backdrop. Adjusted operating profit rose 5.3% to $857 million, delivering an adjusted operating margin of 10.8%. GAAP metrics remained strong, while the reported gross margin firmed to about 31% amid lower inventory reserves. For the full year, Ferguson generated $29.6 billion in revenue (roughly flat YoY) with a gross margin of 30.5% and an adjusted operating margin of 9.5%, supported by disciplined cost management and a resilient end-market mix. Full-year adjusted EPS was $9.69, and net income totaled $451 million for the fourth quarter. Operating cash flow was $1.9 billion for the year, with free cash flow of about $1.5 billion. Ferguson returned $1.4 billion to shareholders through dividends and share repurchases, completed 10 acquisitions adding approximately $400 million of incremental annualized revenue, and ended the year with net debt to Adjusted EBITDA around 1.1x, signaling a solid balance sheet to fund growth. Management reaffirmed a constructive medium-term outlook anchored in scale, a diversified end-market exposure, and a strategic push into large-cap projects and dual-trade plumbing/HVAC opportunities. For fiscal 2025, Ferguson guides to low-single-digit revenue growth, 9.0%â9.5% adjusted operating margin, capex of $400â$450 million, an adjusted effective tax rate of ~26%, and maintaining leverage at the low end of a 1xâ2x range, underscoring a prudent but growth-oriented plan to capitalize on underbuilt US housing, aging infrastructure, and multi-year non-residential opportunities.