FERGUSON ENTERPRISES INC. /DE/, 10-Q filed on 3/11/2025
Quarterly Report
v3.25.0.1
Cover - shares
 6 Months Ended
Jan. 31, 2025
Mar. 04, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 31, 2025  
Document Transition Report false  
Entity File Number 001-42200  
Entity Registrant Name Ferguson Enterprises Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 38-4304133  
Entity Address, Address Line One 751 Lakefront Commons  
Entity Address, City or Town Newport News  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23606  
Country Region 1  
City Area Code 757  
Local Phone Number 874-7795  
Title of 12(b) Security Common Stock, par value $0.0001 per share  
Trading Symbol FERG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   198,700,177
Entity Central Index Key 0002011641  
Current Fiscal Year End Date --07-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.0.1
Condensed Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Income Statement [Abstract]        
Net sales $ 6,872 $ 6,673 $ 14,644 $ 14,381
Cost of sales (4,830) (4,644) (10,262) (10,021)
Gross profit 2,042 2,029 4,382 4,360
Selling, general and administrative expenses (1,540) (1,469) (3,125) (2,981)
Depreciation and amortization (92) (83) (182) (163)
Operating profit 410 477 1,075 1,216
Interest expense, net (48) (44) (94) (89)
Other income (expense), net 8 0 13 (3)
Income before income taxes 370 433 994 1,124
Provision for income taxes (94) (111) (248) (283)
Net income $ 276 $ 322 $ 746 $ 841
Earnings per share, Basic (in usd per share) $ 1.38 $ 1.58 $ 3.73 $ 4.13
Earnings per share, Diluted (in usd per share) $ 1.38 $ 1.58 $ 3.72 $ 4.12
Weighted average number of shares outstanding:        
Basic (in shares) 199.6 203.4 200.2 203.6
Diluted (in shares) 199.8 203.9 200.5 204.2
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 276 $ 322 $ 746 $ 841
Other comprehensive income (loss):        
Foreign currency translation adjustments (32) 21 (39) (14)
Pension adjustments, net of tax impacts of $0, ($2), ($2) and ($2), respectively. 1 4 6 5
Total other comprehensive (loss) income, net of tax (31) 25 (33) (9)
Comprehensive income $ 245 $ 347 $ 713 $ 832
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Statement of Comprehensive Income [Abstract]        
Pension adjustments, tax (expense) benefit $ 0 $ (2) $ (2) $ (2)
v3.25.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jan. 31, 2025
Jul. 31, 2024
Assets    
Cash and cash equivalents $ 764 $ 571
Accounts receivable, less allowances of $31 and $21, respectively 3,200 3,602
Inventories 4,273 4,188
Prepaid and other current assets 962 1,020
Assets held for sale 26 29
Total current assets 9,225 9,410
Property, plant and equipment, net 1,808 1,752
Operating lease right-of-use assets 1,637 1,565
Deferred income taxes, net 188 181
Goodwill 2,361 2,357
Other intangible assets, net 699 753
Other non-current assets 612 554
Total assets 16,530 16,572
Liabilities and stockholders’ equity    
Accounts payable 3,027 3,410
Short-term debt 400 150
Current portion of operating lease liabilities 416 395
Other current liabilities 1,214 1,261
Total current liabilities 5,057 5,216
Long-term debt 3,949 3,774
Long-term portion of operating lease liabilities 1,256 1,198
Other long-term liabilities 779 768
Total liabilities 11,041 10,956
Stockholders’ equity:    
Common stock, par value $0.0001; 500,000,000 shares authorized; 201,343,253 and 0 shares issued, respectively 0 0
Paid-in capital 912 864
Retained earnings 5,998 9,589
Treasury shares, 2,312,552 and 30,827,929 shares, respectively at cost (457) (3,936)
Accumulated other comprehensive loss (964) (931)
Total stockholders' equity 5,489 5,616
Total liabilities and stockholders' equity 16,530 16,572
Ordinary shares    
Stockholders’ equity:    
Ordinary shares, par value 10 pence; 500,000,000 shares authorized; 0 and 232,171,182 shares issued, respectively $ 0 $ 30
v3.25.0.1
Condensed Consolidated Balance Sheets (Parenthetical)
$ in Millions
Jan. 31, 2025
USD ($)
$ / shares
shares
Jan. 31, 2025
£ / shares
Jul. 31, 2024
USD ($)
$ / shares
shares
Jul. 31, 2024
£ / shares
Allowance for credit loss | $ $ 31   $ 21  
Ordinary shares, par value (in pound sterling per share) | $ / shares $ 0.0001   $ 0.0001  
Ordinary shares, shares authorized (in shares) 500,000,000   500,000,000  
Ordinary shares, shares issued (in shares) 201,343,253   0  
Treasury stock (in shares) 2,312,552   30,827,929  
Ordinary shares        
Ordinary shares, par value (in pound sterling per share) | £ / shares   £ 10   £ 10
Ordinary shares, shares authorized (in shares) 500,000,000   500,000,000  
Ordinary shares, shares issued (in shares) 0   232,171,182  
v3.25.0.1
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Millions
Total
Ordinary shares
Common stock
Paid-in capital
Retained earnings
Treasury shares
Employee Benefit Trust
Accumulated other comprehensive loss
Beginning balance at Jul. 31, 2023   $ 30 $ 0 $ 809 $ 8,557 $ (3,425) $ (46) $ (888)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Total other comprehensive (loss) income, net of tax $ (34)              
Ending balance at Oct. 31, 2023   30 0 828 8,858 (3,433) (1) (922)
Beginning balance at Jul. 31, 2023   30 0 809 8,557 (3,425) (46) (888)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Treasury shares canceled (in shares)   0     0 0    
Ordinary shares canceled (in shares)   0   0        
Common stock issued     0       45  
Share-based compensation expense       31        
Net earnings 841       841      
Cash dividends declared         (312)      
Shares issued under employee stock plans         (68) 26    
Other       2     1  
Share repurchases           (176)    
Total other comprehensive (loss) income, net of tax (9)             (9)
Ending balance at Jan. 31, 2024 5,418 30 0 842 9,018 (3,575) 0 (897)
Beginning balance at Oct. 31, 2023   30 0 828 8,858 (3,433) (1) (922)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Treasury shares canceled (in shares)   0     0 0    
Ordinary shares canceled (in shares)   0   0        
Common stock issued     0       0  
Share-based compensation expense       12        
Net earnings 322       322      
Cash dividends declared         (160)      
Shares issued under employee stock plans         (2) 1    
Other       2     1  
Share repurchases           (143)    
Total other comprehensive (loss) income, net of tax 25             25
Ending balance at Jan. 31, 2024 5,418 30 0 842 9,018 (3,575) 0 (897)
Beginning balance at Jul. 31, 2024 5,616 30 0 864 9,589 (3,936) 0 (931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Total other comprehensive (loss) income, net of tax (2)              
Ending balance at Oct. 31, 2024   0 0 910 5,889 (211) 0 (933)
Beginning balance at Jul. 31, 2024 5,616 30 0 864 9,589 (3,936) 0 (931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Treasury shares canceled (in shares)   (4)     (3,932) 3,936    
Ordinary shares canceled (in shares)   (26)   26        
Common stock issued     0       0  
Share-based compensation expense       22        
Net earnings 746       746      
Cash dividends declared         (324)      
Shares issued under employee stock plans         (81) 51    
Other       0     0  
Share repurchases           (508)    
Total other comprehensive (loss) income, net of tax (33)             (33)
Ending balance at Jan. 31, 2025 5,489 0 0 912 5,998 (457) 0 (964)
Beginning balance at Oct. 31, 2024   0 0 910 5,889 (211) 0 (933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Treasury shares canceled (in shares)   0     0 0    
Ordinary shares canceled (in shares)   0   0        
Common stock issued     0       0  
Share-based compensation expense       2        
Net earnings 276       276      
Cash dividends declared         (166)      
Shares issued under employee stock plans         (1) 1    
Other       0     0  
Share repurchases           (247)    
Total other comprehensive (loss) income, net of tax (31)             (31)
Ending balance at Jan. 31, 2025 $ 5,489 $ 0 $ 0 $ 912 $ 5,998 $ (457) $ 0 $ (964)
v3.25.0.1
Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared (in usd per share) $ 0.83 $ 0.79 $ 1.62 $ 1.54
v3.25.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Cash flows from operating activities:    
Net income $ 746 $ 841
Depreciation and amortization 182 163
Share-based compensation 13 24
Changes in deferred income taxes (3) (6)
Changes in inventories (94) (52)
Changes in receivables and other assets 494 565
Changes in accounts payable and other liabilities (600) (626)
Changes in income taxes payable (39) (40)
Other operating activities (14) (6)
Net cash provided by operating activities 685 863
Cash flows from investing activities:    
Purchase of businesses acquired, net of cash acquired (46) (67)
Capital expenditures (158) (192)
Other investing activities 12 28
Net cash used in investing activities (192) (231)
Cash flows from financing activities:    
Purchase of treasury shares (508) (250)
Repayments of debt (2,100) (1,155)
Proceeds from debt 2,521 1,125
Change in bank overdrafts (1) 6
Cash dividends (158) (305)
Other financing activities (43) (18)
Net cash used in financing activities (289) (597)
Change in cash, cash equivalents and restricted cash 204 35
Effects of exchange rate changes (14) 0
Cash, cash equivalents and restricted cash, beginning of period 625 669
Cash, cash equivalents and restricted cash, end of period 815 704
Supplemental Disclosures:    
Cash paid for income taxes, net 291 330
Cash paid for interest 94 97
Accrued capital expenditures 7 6
Accrued dividends $ 166 $ 161
v3.25.0.1
Summary of significant accounting policies
 6 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Summary of significant accounting policies Summary of significant accounting policies
Background
Ferguson Enterprises Inc. (including subsidiaries, the “Company”) (NYSE: FERG; LSE: FERG) is a Delaware corporation. Ferguson is a value-added distributor serving the specialized professional in the residential and non-residential North American construction market. We help make our customers’ complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, HVAC, appliances, and lighting to PVF, water and wastewater solutions, and more. We sell through a common network of distribution centers, branches, counter service and specialist sales associates, showroom consultants and e-commerce channels. The corporate headquarters of the Company is located at 751 Lakefront Commons, Newport News, Virginia 23606.
Effective on August 1, 2024 (the “Effective Date”), the Company established a new corporate structure to domicile our ultimate parent company in the United States by completing a merger between entities under common control (the “Merger”). The Merger resulted in (i) Ferguson plc (the “predecessor”) becoming a direct, wholly owned subsidiary of Ferguson Enterprises Inc. (the “successor issuer”) and (ii) the shareholders of Ferguson plc at the designated record time for the Merger no longer holding ordinary shares of Ferguson plc but instead holding shares of common stock of Ferguson Enterprises Inc.
Basis of presentation
The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements are presented in accordance with the rules and regulations of the SEC and accounting principles generally accepted in the United States of America (“U.S. GAAP”), but do not include all disclosures normally required in annual consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented.
In light of the Merger, the July 31, 2024 condensed consolidated balance sheet was derived from the audited financial statements of the predecessor. For the six months ended January 31, 2024, the unaudited condensed consolidated statements of earnings, comprehensive income, stockholders’ equity, and cash flows represent the activities of the predecessor. The successor issuer had no operating activities prior to the Effective Date.
These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report. The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.
Use of estimates
The preparation of the Company's interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions affecting certain reported amounts in the interim condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits with banks with original maturities of three months or less and overdrafts to the extent there is a legal right of offset and practice of net settlement with cash balances. Cash equivalents also include amounts due from third-party credit card processors as they are both short-term and highly liquid in nature and are typically converted to cash within a few days of the sales transaction.
Restricted cash primarily consists of deferred consideration for business combinations, subject to various settlement agreements. These amounts are recorded in prepaid and other current assets and other non-current assets in the Company’s condensed consolidated balance sheets.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
As of
(In millions)January 31, 2025July 31, 2024
Cash and cash equivalents$764 $571 
Restricted cash51 54 
Total cash, cash equivalents and restricted cash$815 $625 
Supplier finance program
In October 2023, the Company began a supplier financing program with a third party wherein certain shipping and logistics providers in the United States can opt to receive early payment at a nominal discount. The Company’s obligations to suppliers are unchanged and payment terms are consistent with the Company’s normal payment terms. All outstanding payables related to the supplier finance program are classified within accounts payable within our condensed consolidated balance sheets and were $42 million and $46 million as of January 31, 2025 and July 31, 2024, respectively.
Recently issued accounting standard updates (“ASU”)
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions, including information about purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each relevant expense caption on the face of the income statement. Per ASU No. 2025-01, the amendments under ASU No. 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The ASU No. 2024-03 can be adopted either prospectively or retrospectively. The Company is currently evaluating the ASU to determine the impact on its disclosures.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company is currently evaluating the ASU to determine the impact on its disclosures.
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU expands public entities’ required segment disclosures, including disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets that are currently not required. This ASU is effective for fiscal years beginning after December 15, 2023, and interim reporting periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The impact to the Company’s consolidated financial statements and related disclosures is not expected to be material.
Recent accounting pronouncements pending adoption that are not discussed above are either not applicable, or will not have, or are not expected to have, a material impact on our consolidated financial condition, results of operations or cash flows.
v3.25.0.1
Revenue and segment information
 6 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Revenue and segment information Revenue and segment information
The Company reports its financial results of operations on a geographical basis in the following two reportable segments: United States and Canada. Each segment generally derives its revenues in the same manner. The Company uses adjusted operating profit as its measure of segment profit. A reporting segment’s adjusted operating profit is defined as profit before tax, excluding central and other costs, restructuring costs, amortization of acquired intangible assets, net interest expenses, as well as other items typically recorded in net other (expense) income such as (loss)/gain on disposal of businesses, pension plan changes/closure costs and amounts recorded in connection with the Company’s interests in investees. Certain income and expenses are not allocated to the Company’s segments and, thus, the information that management uses to make operating decisions and assess performance does not reflect such amounts.
Segment results were as follows:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Net sales:
United States$6,553 $6,364 $13,922 $13,693 
Canada319 309 722 688 
Total net sales$6,872 $6,673 $14,644 $14,381 
Adjusted operating profit:
United States$455 $525 $1,152 $1,291 
Canada11 9 34 32 
Central and other costs(17)(14)(31)(30)
Corporate restructurings(1)
— (8)(3)(8)
Amortization of acquired intangible assets(39)(35)(77)(69)
Interest expense, net(48)(44)(94)(89)
Other income (expense), net8 — 13 (3)
Income before income taxes$370 $433 $994 $1,124 
(1)For the six months ended January 31, 2025, corporate restructurings primarily related to incremental costs in connection with transition activities following the establishment of our parent company’s domicile in the United States. For the three and six months ended January 31, 2024, corporate restructuring costs related to incremental costs in connection with establishing a new corporate structure to domicile our ultimate parent company in the United States.
Our products are delivered through a common network of distribution centers, branches, counter service and specialist sales associates, showroom consultants and e-commerce channels. The Company recognizes revenue when a sales arrangement with a customer exists (e.g., contract, purchase orders, others), the transaction price is fixed or determinable, collection of consideration is probable and the Company has satisfied its performance obligation per the sales arrangement. The majority of the Company’s revenue originates from sales arrangements with a single performance obligation to deliver products, whereby the performance obligations are satisfied when control of the product is transferred to the customer which is the point the product is delivered to, or collected by, the customer.
The Company determined that disaggregating net sales by end market at the segment level achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows may be impacted by economic factors. The disaggregated net sales by end market are as follows:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
United States:
Residential$3,371 $3,299 $7,118 $7,039 
Non-residential:
Commercial2,188 2,122 4,653 4,592 
Civil/Infrastructure555 508 1,205 1,141 
Industrial439 435 946 921 
Total Non-residential3,182 3,065 6,804 6,654 
Total United States6,553 6,364 13,922 13,693 
Canada319 309 722 688 
Total net sales$6,872 $6,673 $14,644 $14,381 
No sales to an individual customer accounted for more than 10% of net sales during any of the periods presented.
The Company is a value-added distributor in North America, providing a wide range of products from plumbing, HVAC, appliances, and lighting to PVF, water and wastewater solutions, and more. We offer a broad line of products, and items are regularly added to and removed from the Company's inventory. Accordingly, it would be impractical to provide sales information by product category due to the way the business is managed, and the dynamic nature of the inventory offered.
v3.25.0.1
Weighted average shares
 6 Months Ended
Jan. 31, 2025
Earnings Per Share [Abstract]  
Weighted average shares Weighted average shares
The following table shows the calculation of diluted shares:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Weighted average number of shares outstanding:
   Basic weighted average shares199.6 203.4 200.2 203.6 
   Effect of dilutive shares(1)
0.2 0.5 0.3 0.6 
   Diluted weighted average shares199.8 203.9 200.5 204.2 
Excluded anti-dilutive shares0.2 — 0.2 0.1 
(1)Represents the potential dilutive impact of share-based awards.
v3.25.0.1
Income tax
 6 Months Ended
Jan. 31, 2025
Income Tax Disclosure [Abstract]  
Income tax Income tax
As of August 1, 2024, Ferguson is a U.S. corporation. The provision for income taxes for fiscal 2025 consists of provisions for the U.S. plus non-U.S. tax rate differentials with respect to other locations in which Ferguson’s operations are based. For fiscal years prior to 2025, Ferguson’s provision for income taxes consists of provisions for the U.K. plus non-U.K. tax rate differentials with respect to other locations in which the predecessor operated. Accordingly, the consolidated income tax rate is a composite rate reflecting earnings in various locations and the applicable tax rates.
The Company’s tax provision for each period presented was calculated using an estimated annual tax rate, adjusted for discrete items occurring during the applicable period to arrive at an effective tax rate. The effective income tax rates for the relevant periods were as follows:
Three months endedSix months ended
January 31,January 31,
2025202420252024
Effective tax rate25.4 %25.6 %24.9 %25.2 %
During the three and six months ended January 31, 2025, there were no material changes to the Company’s unrecognized tax benefits when compared to those items disclosed in the Annual Report.
v3.25.0.1
Debt
 6 Months Ended
Jan. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company’s debt obligations consisted of the following:
As of
(In millions)January 31, 2025July 31, 2024
Variable-rate debt:
Receivables Facility$575 $250 
Term Loan— 500 
Fixed-rate debt:
Private placement notes700 850 
Unsecured senior notes, due April 2027 - April 20322,350 2,350 
2034 Senior Notes, 5.00% due October 2034
750 — 
Subtotal$4,375 $3,950 
Less: current maturities of debt(400)(150)
Unamortized discounts and debt issuance costs(21)(18)
Interest rate swap - fair value adjustment(5)(8)
Total long-term debt$3,949 $3,774 
Receivables Securitization Facility
The Company maintains a Receivables Securitization Facility (the “Receivables Facility”) which is primarily governed by the Receivables Purchase Agreement, dated July 31, 2013, as amended from time to time, among the following parties (the “Parties”): the Company, Ferguson Receivables, LLC (“FRL”) and certain other subsidiaries of the Company; the conduit purchasers, committed purchasers, and letter of credit banks from time to time party thereto; and Royal Bank of Canada, as administrative agent (the “Receivables Purchase Agreement”). Capitalized terms used in this summary have the meaning set forth in the Receivables Purchase Agreement, as amended by the Omnibus Amendment and Consent (Ferguson Receivables, LLC), dated October 29, 2024, among the Parties (the “Omnibus Amendment”).
The Receivables Facility consists of funding for up to $1.1 billion. Pursuant to the Omnibus Amendment, access to the swingline facility of up to $100 million in same day funding was terminated until such time as a Committed Purchaser agrees in writing to make Swingline Purchases. In addition, pursuant to the Omnibus Amendment, the termination date under the Receivables Purchase Agreement was extended to October 29, 2027 for all Purchase Groups except the TD Purchase Group, which has a termination date of October 7, 2025. Under the Receivables Facility, creditors of FRL have no recourse to the Company’s general credit and FRL’s assets can be used only to settle FRL’s obligations. As of January 31, 2025, $575 million in borrowings were outstanding under the Receivables Facility. The interest rate under the Receivable Facility was approximately 5.35% as of January 31, 2025.
Term Loan Agreement
The Company and Ferguson UK Holdings Limited previously maintained a Credit Agreement, dated October 7, 2022 (as amended from time to time, the “Term Loan Agreement”), providing for term loans (the “Term Loan”) in an aggregate principal amount of $500 million. In October 2024, the Term Loan was voluntarily repaid in full using a portion of the proceeds from the issuance of the 2034 Senior Notes (as defined below) and the Term Loan Agreement was terminated in accordance with its terms.
Revolving Credit Facility
The Company maintains a revolving credit facility (the “Revolving Facility”) that has aggregate total available credit commitments of $1.35 billion. As of January 31, 2025, no borrowings were outstanding under the Revolving Facility.
Private Placement Notes
In the second quarter of fiscal 2025, the Company repaid $150 million related to the 3.44% private placement notes that matured in November 2024.
In September 2025, $400 million of private placement notes will mature.
2034 Senior Notes
On October 3, 2024, the Company issued and sold $750 million aggregate principal amount of unsecured senior notes, maturing in October 2034 (the “2034 Senior Notes”). The 2034 Senior Notes bear interest at a rate of 5.00%, payable semi-annually. The obligations of the Company under the 2034 Senior Notes are fully and unconditionally guaranteed by Ferguson UK Holdings Limited, an indirect subsidiary of the Company.
The 2034 Senior Notes may be redeemed, in whole or in part, (i) at 100% of the principal amount on the notes being redeemed plus a “make-whole” prepayment premium at any time prior to three months before the maturity date (the “Notes Par Call Date”) or (ii) after the Notes Par Call Date at 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest on the principal being redeemed. The 2034 Senior Notes include covenants, subject to certain exceptions, which include limitations on the granting of liens and on mergers and acquisitions.
Other
The Company was in compliance with all debt covenants that were in effect as of January 31, 2025.
v3.25.0.1
Assets and liabilities at fair value
 6 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and liabilities at fair value Assets and liabilities at fair value
The Company has not changed its valuation techniques for measuring the fair value of any financial assets or liabilities during the periods presented. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and other debt instruments, such as the Receivables Facility due to its variable interest rate, approximated their fair values as of January 31, 2025 and July 31, 2024.
The Company’s derivatives (interest rate swaps which are considered fair value hedges) and investments in equity instruments are carried at fair value on the condensed consolidated balance sheets (Level 2 and Level 3 fair value inputs, respectively) and are not material. The notional amount of the Company’s outstanding fair value hedges was $150 million and $300 million as of January 31, 2025 and July 31, 2024, respectively. The notional value of fair value hedges decreased in connection with the repayment of $150 million related to the 3.44% private placement notes that matured in November 2024.
Carrying amounts and the related estimated fair value of the Company’s long-term debt were as follows:
January 31, 2025July 31, 2024
(In millions)Carrying AmountFair ValueCarrying AmountFair Value
Unsecured senior notes$3,079 $2,973 $2,333 $2,263 
Private placement notes700 694 849 837 
v3.25.0.1
Commitments and contingencies
 6 Months Ended
Jan. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
The Company is, from time to time, involved in various legal proceedings considered to be normal course of business in relation to, among other things, the products that we supply, contractual and commercial disputes and disputes with employees. Provision is made if, on the basis of current information and professional advice, liabilities are considered probable. In the case of unfavorable outcomes, the Company may benefit from applicable insurance protection. The Company does not expect any of its pending legal proceedings to have a material adverse effect on its results of operations, financial position or cash flows.
v3.25.0.1
Accumulated other comprehensive loss
 6 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Accumulated other comprehensive loss Accumulated other comprehensive loss
The change in accumulated other comprehensive loss was as follows:
(In millions, net of tax)Foreign currency translationPensionsTotal
Balance at July 31, 2024
($461)($470)($931)
Other comprehensive (loss) income before reclassifications(7)2 (5)
Amounts reclassified from accumulated other comprehensive loss— 3 3 
Other comprehensive (loss) income(7)5 (2)
Balance at October 31, 2024(468)(465)(933)
Other comprehensive loss before reclassifications(32)(1)(33)
Amounts reclassified from accumulated other comprehensive loss— 2 2 
Other comprehensive (loss) income(32)1 (31)
Balance at January 31, 2025(500)(464)(964)
(In millions, net of tax)Foreign currency translationPensionsTotal
Balance at July 31, 2023
($429)($459)($888)
Other comprehensive loss before reclassifications(35)(2)(37)
Amounts reclassified from accumulated other comprehensive loss— 3 3 
Other comprehensive (loss) income(35)1 (34)
Balance at October 31, 2023(464)(458)(922)
Other comprehensive income before reclassifications21 2 23 
Amounts reclassified from accumulated other comprehensive loss— 2 2 
Other comprehensive income21 4 25 
Balance at January 31, 2024(443)(454)(897)
Amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items include the related income tax impacts. Such amounts consisted of the following:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Amortization of actuarial losses$3 $3 $7 $7 
Tax benefit(1)(1)(2)(2)
   Amounts reclassified from accumulated other comprehensive loss$2 $2 $5 $5 
v3.25.0.1
Retirement benefit obligations
 6 Months Ended
Jan. 31, 2025
Retirement Benefits [Abstract]  
Retirement benefit obligations Retirement benefit obligations
The Company maintains pension plans in the U.K. and Canada. The components of net periodic pension cost, which are included in Other income (expense), net in the condensed consolidated statements of earnings, were as follows:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Interest cost($15)($15)($31)($30)
Expected return on plan assets16 15 32 30 
Amortization of net actuarial losses(3)(3)(7)(7)
Net periodic cost($2)($3)($6)($7)
The impact of exchange rate fluctuations is included in the amortization of net actuarial losses line above.
v3.25.0.1
Shareholders’ equity
 6 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Shareholders’ equity Stockholders’ equity
The following table presents a summary of the Company’s share activity:
Three months endedSix months ended
January 31,January 31,
2025202420252024
Ordinary shares:
Balance at beginning of period— 232,171,182 232,171,182 232,171,182 
Treasury shares canceled— — (30,827,929)— 
Ordinary shares canceled— — (201,343,253)— 
   Balance at end of period— 232,171,182 — 232,171,182 
Common stock:
Balance at beginning of period201,343,253 — — — 
Common stock issued— — 201,343,253 — 
   Balance at end of period201,343,253 — 201,343,253 — 
Treasury shares:
Balance at beginning of period(1,061,473)(28,382,963)(30,827,929)(27,893,680)
Treasury shares canceled— — 30,827,929 — 
Share repurchases(1,257,228)(794,755)(2,567,391)(1,492,153)
Treasury shares used to settle share-based compensation awards6,149 9,298 254,839 217,413 
   Balance at end of period(2,312,552)(29,168,420)(2,312,552)(29,168,420)
Employee Benefit Trusts:
Balance at beginning of period— (20,819)— (274,031)
Employee Benefit Trust shares used to settle share-based compensation awards— — — 253,212 
Shares sold upon termination of Employee Benefit Trust— 20,819 — 20,819 
   Balance at end of period— — — — 
Total shares outstanding at end of period199,030,701 203,002,762 199,030,701 203,002,762 
Employee Benefit Trusts
Two Employee Benefit Trusts had been previously established in connection with the Company’s discretionary share award plans and long-term incentive plans. During fiscal 2024, each of these trusts were terminated with all shares disbursed or sold.
Share Repurchases
In March 2025, the Company extended the share repurchase program by an additional $1.0 billion. As such, the Company is purchasing shares under an authorization that allows up to $5.0 billion in share repurchases. As of January 31, 2025, the Company had completed $3.6 billion under the share repurchase program.
Ordinary Shares and Treasury shares
As of August 1, 2024, the Company canceled all ordinary shares in connection with its completion of the Merger. As a result, in the first quarter of fiscal 2025, 30,827,929 ordinary shares held in treasury were canceled, 201,343,253 of outstanding ordinary shares not held in treasury were canceled and 201,343,253 shares of common stock were issued as consideration therefor.
v3.25.0.1
Share-based compensation
 6 Months Ended
Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based compensation Share-based compensation
The Company grants share-based compensation awards that can be broadly characterized by the underlying vesting conditions as follows:
•Time vested, restricted stock units (“RSU”) vest over time. RSU awards granted prior to fiscal 2025 cliff vest, typically at the end of three years. RSU awards granted in fiscal 2025 will vest in equal, annual installments over three years. The fair value of these awards is based on the closing share price on the date of grant.
•Single metric performance stock units (“PSU”) typically vest following three-year performance cycles. The number of shares issued will vary based upon the Company’s performance against an adjusted operating profit measure. The fair value of the award is based on the closing share price on the date of grant.
•Multiple metric performance stock units granted to certain members of management (“PSU-EX”) typically vest following three-year performance cycles. The number of shares issued will vary based upon adjusted EPS growth (diluted), return on capital employed (“ROCE”) and relative total shareholder return (“rTSR”). The fair value of awards vesting based upon EPS growth (diluted) and ROCE are equal to the closing share price on the date of grant and the fair value of rTSR awards are determined using a Monte-Carlo simulation.
The following table summarizes the share-based incentive awards activity for the six months ended January 31, 2025:
Number of sharesWeighted average grant date fair value
Outstanding as of July 31, 2024
963,130 $135.82 
RSU awards granted122,632 190.80 
PSU awards granted162,406 189.30 
PSU-EX granted51,366167.95 
Share adjustments based on performance(209,545)132.50 
Vested(403,895)134.60 
Forfeited(37,166)151.41 
Outstanding as of January 31, 2025
648,928 $163.09 
The following table relates to RSU, PSU and PSU-EX awards activity:
Six months ended
January 31,
(In millions, except per share amounts)2025
Fair value of awards vested$81 
Weighted average grant date fair value per share granted$186.59 
The following table relates to all share-based compensation awards:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Share-based compensation expense (within SG&A)$2 $11 $13 $24 
Income tax benefit— 3 3 6 
Total unrecognized share-based compensation expense for all share-based payment plans was $89 million at January 31, 2025, which is expected to be recognized over a weighted average period of 2.3 years.
Stock Options
In October 2024, the Company granted 65,760 stock options to certain members of management with an exercise price equal to the closing share price of the Company's common stock on the last trading day prior to the date of grant. These options vest and become exercisable over three years, in equal, annual installments beginning one year from the date of grant, and expire 10 years from the date of grant. The fair value of the Company's stock options was estimated on the date of grant using the Black-Scholes option-pricing model. The share-based compensation expense of these stock options is not material.
v3.25.0.1
Acquisitions
 6 Months Ended
Jan. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
The Company acquired two businesses during the six months ended January 31, 2025. Each of the acquired businesses is generally engaged in the distribution of plumbing, HVAC or infrastructure related products and was acquired to support growth. In each of the Company’s acquisitions, the Company has purchased substantially all of the acquiree's business and therefore all transactions have been accounted for as a business combination pursuant to FASB Accounting Standards Codification (ASC) 805.
The following table summarizes the preliminary purchase price allocation for the assets acquired and liabilities assumed in regard to the Company's acquisitions:
(In millions)
Trade and other receivables$7 
Inventories6 
Property, plant and equipment1 
Right of use assets4 
Trade names and brands1 
Customer relationships32 
Other intangible assets1 
Trade and other payables(2)
Lease liabilities(4)
Total46 
Goodwill15 
Consideration$61 
Satisfied by:
Cash$46 
Deferred & other consideration15 
Total consideration$61 
The fair values of the net assets acquired are considered preliminary and are based on management’s best estimates. Further adjustments may be necessary in connection with acquisitions completed in a prior period when additional information becomes available about events that existed at the date of acquisition. Amendments to fair value estimates may be made to these figures during the measurement period following the date of acquisition. There were no material adjustments in the current fiscal year that related to the closing of the measurement period of acquisitions made in the prior fiscal year. As of the date of this Quarterly Report, the Company has made all known material adjustments related to acquisitions in fiscal 2025.
The fair value estimates of intangible assets are considered non-recurring, Level 3 measurements within the fair value hierarchy and are estimated as of each respective acquisition date.
The goodwill on these acquisitions is attributable to the anticipated profitability of the new markets and product ranges to which the Company has gained access and additional profitability, operating efficiencies and other synergies available in connection with existing markets. All of the goodwill acquired during the six months ended January 31, 2025 was attributed to the United States segment and is expected to be deductible for tax purposes.
Deferred consideration represents the expected payout due to certain sellers of acquired businesses that is subject to either 1) a contractual settle-up period or 2) a contingency related to contractually defined performance metrics. If the deferred consideration is contingent on achieving performance metrics, the liability is estimated using assumptions regarding the expectations of an acquiree’s ability to achieve the contractually defined performance metrics over a period of time that typically spans one to three years. When ultimately paid, deferred consideration is reported as a cash outflow from financing activities.
The businesses acquired during the year-to-date period of fiscal 2025 contributed $10 million to net sales and $2 million in losses to the Company’s income before income tax, including acquired intangible asset amortization, as well as transaction and integration costs for the period between the applicable date of acquisition and January 31, 2025. Acquisition costs during the six months ended January 31, 2025 were not material. Acquisition costs are expensed as incurred and included in selling, general and administrative expenses in the Company’s consolidated statements of earnings.
The net outflow of cash related to business acquisitions is as follows:  
Six months ended
(In millions)January 31, 2025
Purchase consideration$46 
Cash, cash equivalents and bank overdrafts acquired— 
Cash consideration paid, net of cash acquired46 
Deferred and contingent consideration(1)
11 
Net cash outflow in respect of the purchase of businesses$57 
(1) Included in other financing activities in the Condensed Consolidated Statements of Cash Flows.
Pro forma disclosures
If each acquisition had been completed on the first day of the prior fiscal year, the Company’s unaudited pro forma net sales would have been:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Pro forma net sales$6,873 $6,685 $14,654 $14,405 
The impact on income before income tax, including additional amortization, transaction costs and integration costs would not be material in the three and six months ended January 31, 2025 and 2024.
These unaudited pro forma results do not necessarily represent financial results that would have been achieved had the acquisition actually occurred at the beginning of the prior fiscal year.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Pay vs Performance Disclosure        
Net income $ 276 $ 322 $ 746 $ 841
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Summary of significant accounting policies (Policies)
 6 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation
The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements are presented in accordance with the rules and regulations of the SEC and accounting principles generally accepted in the United States of America (“U.S. GAAP”), but do not include all disclosures normally required in annual consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented.
In light of the Merger, the July 31, 2024 condensed consolidated balance sheet was derived from the audited financial statements of the predecessor. For the six months ended January 31, 2024, the unaudited condensed consolidated statements of earnings, comprehensive income, stockholders’ equity, and cash flows represent the activities of the predecessor. The successor issuer had no operating activities prior to the Effective Date.
These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report. The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.
Use of estimates
Use of estimates
The preparation of the Company's interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions affecting certain reported amounts in the interim condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Cash, cash equivalents
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits with banks with original maturities of three months or less and overdrafts to the extent there is a legal right of offset and practice of net settlement with cash balances. Cash equivalents also include amounts due from third-party credit card processors as they are both short-term and highly liquid in nature and are typically converted to cash within a few days of the sales transaction.
Restricted cash primarily consists of deferred consideration for business combinations, subject to various settlement agreements. These amounts are recorded in prepaid and other current assets and other non-current assets in the Company’s condensed consolidated balance sheets.
Supplier finance program
Supplier finance program
In October 2023, the Company began a supplier financing program with a third party wherein certain shipping and logistics providers in the United States can opt to receive early payment at a nominal discount. The Company’s obligations to suppliers are unchanged and payment terms are consistent with the Company’s normal payment terms.
Recently issued accounting standard updates (“ASU”)
Recently issued accounting standard updates (“ASU”)
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions, including information about purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each relevant expense caption on the face of the income statement. Per ASU No. 2025-01, the amendments under ASU No. 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The ASU No. 2024-03 can be adopted either prospectively or retrospectively. The Company is currently evaluating the ASU to determine the impact on its disclosures.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company is currently evaluating the ASU to determine the impact on its disclosures.
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU expands public entities’ required segment disclosures, including disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets that are currently not required. This ASU is effective for fiscal years beginning after December 15, 2023, and interim reporting periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The impact to the Company’s consolidated financial statements and related disclosures is not expected to be material.
Recent accounting pronouncements pending adoption that are not discussed above are either not applicable, or will not have, or are not expected to have, a material impact on our consolidated financial condition, results of operations or cash flows.
Legal matters
The Company is, from time to time, involved in various legal proceedings considered to be normal course of business in relation to, among other things, the products that we supply, contractual and commercial disputes and disputes with employees. Provision is made if, on the basis of current information and professional advice, liabilities are considered probable. In the case of unfavorable outcomes, the Company may benefit from applicable insurance protection. The Company does not expect any of its pending legal proceedings to have a material adverse effect on its results of operations, financial position or cash flows.
v3.25.0.1
Summary of significant accounting policies (Tables)
 6 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
As of
(In millions)January 31, 2025July 31, 2024
Cash and cash equivalents$764 $571 
Restricted cash51 54 
Total cash, cash equivalents and restricted cash$815 $625 
v3.25.0.1
Revenue and segment information (Tables)
 6 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting
Segment results were as follows:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Net sales:
United States$6,553 $6,364 $13,922 $13,693 
Canada319 309 722 688 
Total net sales$6,872 $6,673 $14,644 $14,381 
Adjusted operating profit:
United States$455 $525 $1,152 $1,291 
Canada11 9 34 32 
Central and other costs(17)(14)(31)(30)
Corporate restructurings(1)
— (8)(3)(8)
Amortization of acquired intangible assets(39)(35)(77)(69)
Interest expense, net(48)(44)(94)(89)
Other income (expense), net8 — 13 (3)
Income before income taxes$370 $433 $994 $1,124 
(1)For the six months ended January 31, 2025, corporate restructurings primarily related to incremental costs in connection with transition activities following the establishment of our parent company’s domicile in the United States. For the three and six months ended January 31, 2024, corporate restructuring costs related to incremental costs in connection with establishing a new corporate structure to domicile our ultimate parent company in the United States.
The disaggregated net sales by end market are as follows:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
United States:
Residential$3,371 $3,299 $7,118 $7,039 
Non-residential:
Commercial2,188 2,122 4,653 4,592 
Civil/Infrastructure555 508 1,205 1,141 
Industrial439 435 946 921 
Total Non-residential3,182 3,065 6,804 6,654 
Total United States6,553 6,364 13,922 13,693 
Canada319 309 722 688 
Total net sales$6,872 $6,673 $14,644 $14,381 
v3.25.0.1
Weighted average shares (Tables)
 6 Months Ended
Jan. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Weighted Average Shares, Basic and Diluted
The following table shows the calculation of diluted shares:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Weighted average number of shares outstanding:
   Basic weighted average shares199.6 203.4 200.2 203.6 
   Effect of dilutive shares(1)
0.2 0.5 0.3 0.6 
   Diluted weighted average shares199.8 203.9 200.5 204.2 
Excluded anti-dilutive shares0.2 — 0.2 0.1 
(1)Represents the potential dilutive impact of share-based awards.
v3.25.0.1
Income tax (Tables)
 6 Months Ended
Jan. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Income Tax Expense The effective income tax rates for the relevant periods were as follows:
Three months endedSix months ended
January 31,January 31,
2025202420252024
Effective tax rate25.4 %25.6 %24.9 %25.2 %
v3.25.0.1
Debt (Tables)
 6 Months Ended
Jan. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s debt obligations consisted of the following:
As of
(In millions)January 31, 2025July 31, 2024
Variable-rate debt:
Receivables Facility$575 $250 
Term Loan— 500 
Fixed-rate debt:
Private placement notes700 850 
Unsecured senior notes, due April 2027 - April 20322,350 2,350 
2034 Senior Notes, 5.00% due October 2034
750 — 
Subtotal$4,375 $3,950 
Less: current maturities of debt(400)(150)
Unamortized discounts and debt issuance costs(21)(18)
Interest rate swap - fair value adjustment(5)(8)
Total long-term debt$3,949 $3,774 
v3.25.0.1
Assets and liabilities at fair value (Tables)
 6 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Recorded at Fair Value
Carrying amounts and the related estimated fair value of the Company’s long-term debt were as follows:
January 31, 2025July 31, 2024
(In millions)Carrying AmountFair ValueCarrying AmountFair Value
Unsecured senior notes$3,079 $2,973 $2,333 $2,263 
Private placement notes700 694 849 837 
v3.25.0.1
Accumulated other comprehensive loss (Tables)
 6 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
The change in accumulated other comprehensive loss was as follows:
(In millions, net of tax)Foreign currency translationPensionsTotal
Balance at July 31, 2024
($461)($470)($931)
Other comprehensive (loss) income before reclassifications(7)2 (5)
Amounts reclassified from accumulated other comprehensive loss— 3 3 
Other comprehensive (loss) income(7)5 (2)
Balance at October 31, 2024(468)(465)(933)
Other comprehensive loss before reclassifications(32)(1)(33)
Amounts reclassified from accumulated other comprehensive loss— 2 2 
Other comprehensive (loss) income(32)1 (31)
Balance at January 31, 2025(500)(464)(964)
(In millions, net of tax)Foreign currency translationPensionsTotal
Balance at July 31, 2023
($429)($459)($888)
Other comprehensive loss before reclassifications(35)(2)(37)
Amounts reclassified from accumulated other comprehensive loss— 3 3 
Other comprehensive (loss) income(35)1 (34)
Balance at October 31, 2023(464)(458)(922)
Other comprehensive income before reclassifications21 2 23 
Amounts reclassified from accumulated other comprehensive loss— 2 2 
Other comprehensive income21 4 25 
Balance at January 31, 2024(443)(454)(897)
Schedule of Reclassification Out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items include the related income tax impacts. Such amounts consisted of the following:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Amortization of actuarial losses$3 $3 $7 $7 
Tax benefit(1)(1)(2)(2)
   Amounts reclassified from accumulated other comprehensive loss$2 $2 $5 $5 
v3.25.0.1
Retirement benefit obligations (Tables)
 6 Months Ended
Jan. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets The components of net periodic pension cost, which are included in Other income (expense), net in the condensed consolidated statements of earnings, were as follows:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Interest cost($15)($15)($31)($30)
Expected return on plan assets16 15 32 30 
Amortization of net actuarial losses(3)(3)(7)(7)
Net periodic cost($2)($3)($6)($7)
v3.25.0.1
Shareholders’ equity (Tables)
 6 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Schedule of Share Activity
The following table presents a summary of the Company’s share activity:
Three months endedSix months ended
January 31,January 31,
2025202420252024
Ordinary shares:
Balance at beginning of period— 232,171,182 232,171,182 232,171,182 
Treasury shares canceled— — (30,827,929)— 
Ordinary shares canceled— — (201,343,253)— 
   Balance at end of period— 232,171,182 — 232,171,182 
Common stock:
Balance at beginning of period201,343,253 — — — 
Common stock issued— — 201,343,253 — 
   Balance at end of period201,343,253 — 201,343,253 — 
Treasury shares:
Balance at beginning of period(1,061,473)(28,382,963)(30,827,929)(27,893,680)
Treasury shares canceled— — 30,827,929 — 
Share repurchases(1,257,228)(794,755)(2,567,391)(1,492,153)
Treasury shares used to settle share-based compensation awards6,149 9,298 254,839 217,413 
   Balance at end of period(2,312,552)(29,168,420)(2,312,552)(29,168,420)
Employee Benefit Trusts:
Balance at beginning of period— (20,819)— (274,031)
Employee Benefit Trust shares used to settle share-based compensation awards— — — 253,212 
Shares sold upon termination of Employee Benefit Trust— 20,819 — 20,819 
   Balance at end of period— — — — 
Total shares outstanding at end of period199,030,701 203,002,762 199,030,701 203,002,762 
v3.25.0.1
Share-based compensation (Tables)
 6 Months Ended
Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Award Activity
The following table summarizes the share-based incentive awards activity for the six months ended January 31, 2025:
Number of sharesWeighted average grant date fair value
Outstanding as of July 31, 2024
963,130 $135.82 
RSU awards granted122,632 190.80 
PSU awards granted162,406 189.30 
PSU-EX granted51,366167.95 
Share adjustments based on performance(209,545)132.50 
Vested(403,895)134.60 
Forfeited(37,166)151.41 
Outstanding as of January 31, 2025
648,928 $163.09 
The following table relates to RSU, PSU and PSU-EX awards activity:
Six months ended
January 31,
(In millions, except per share amounts)2025
Fair value of awards vested$81 
Weighted average grant date fair value per share granted$186.59 
Schedule of Share-Based Compensation Awards
The following table relates to all share-based compensation awards:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Share-based compensation expense (within SG&A)$2 $11 $13 $24 
Income tax benefit— 3 3 6 
v3.25.0.1
Acquisitions (Tables)
 6 Months Ended
Jan. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary purchase price allocation for the assets acquired and liabilities assumed in regard to the Company's acquisitions:
(In millions)
Trade and other receivables$7 
Inventories6 
Property, plant and equipment1 
Right of use assets4 
Trade names and brands1 
Customer relationships32 
Other intangible assets1 
Trade and other payables(2)
Lease liabilities(4)
Total46 
Goodwill15 
Consideration$61 
Satisfied by:
Cash$46 
Deferred & other consideration15 
Total consideration$61 
Schedule of Businesses Acquired
The net outflow of cash related to business acquisitions is as follows:  
Six months ended
(In millions)January 31, 2025
Purchase consideration$46 
Cash, cash equivalents and bank overdrafts acquired— 
Cash consideration paid, net of cash acquired46 
Deferred and contingent consideration(1)
11 
Net cash outflow in respect of the purchase of businesses$57 
(1) Included in other financing activities in the Condensed Consolidated Statements of Cash Flows.
Schedule of Business Acquisition, Pro Forma Information
If each acquisition had been completed on the first day of the prior fiscal year, the Company’s unaudited pro forma net sales would have been:
Three months endedSix months ended
January 31,January 31,
(In millions)2025202420252024
Pro forma net sales$6,873 $6,685 $14,654 $14,405 
v3.25.0.1
Summary of significant accounting policies - Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Jan. 31, 2025
Jul. 31, 2024
Accounting Policies [Abstract]    
Cash and cash equivalents $ 764 $ 571
Restricted cash 51 54
Total cash, cash equivalents and restricted cash $ 815 $ 625
v3.25.0.1
Summary of significant accounting policies - Narrative (Details) - USD ($)
$ in Millions
Jan. 31, 2025
Jul. 31, 2024
Accounting Policies [Abstract]    
Supplier finance program, obligation, current $ 42 $ 46
v3.25.0.1
Revenue and segment information - Narrative (Details)
 6 Months Ended
Jan. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.0.1
Revenue and segment information - Items not Allocated (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Net sales:        
Total net sales $ 6,872 $ 6,673 $ 14,644 $ 14,381
Adjusted operating profit:        
Central and other costs (17) (14) (31) (30)
Amortization of acquired intangible assets (39) (35) (77) (69)
Interest expense, net (48) (44) (94) (89)
Other income (expense), net 8 0 13 (3)
Income before income taxes 370 433 994 1,124
Corporate restructurings        
Adjusted operating profit:        
Corporate restructurings 0 (8) (3) (8)
United States        
Net sales:        
Total net sales 6,553 6,364 13,922 13,693
Adjusted operating profit:        
Adjusted operating profit: 455 525 1,152 1,291
Canada        
Net sales:        
Total net sales 319 309 722 688
Adjusted operating profit:        
Adjusted operating profit: $ 11 $ 9 $ 34 $ 32
v3.25.0.1
Revenue and segment information - Disaggregation of Net Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Segment Reporting Information [Line Items]        
Total net sales $ 6,872 $ 6,673 $ 14,644 $ 14,381
United States        
Segment Reporting Information [Line Items]        
Total net sales 6,553 6,364 13,922 13,693
Canada        
Segment Reporting Information [Line Items]        
Total net sales 319 309 722 688
Residential | United States        
Segment Reporting Information [Line Items]        
Total net sales 3,371 3,299 7,118 7,039
Non-residential: | United States        
Segment Reporting Information [Line Items]        
Total net sales 3,182 3,065 6,804 6,654
Commercial | United States        
Segment Reporting Information [Line Items]        
Total net sales 2,188 2,122 4,653 4,592
Civil/Infrastructure | United States        
Segment Reporting Information [Line Items]        
Total net sales 555 508 1,205 1,141
Industrial | United States        
Segment Reporting Information [Line Items]        
Total net sales $ 439 $ 435 $ 946 $ 921
v3.25.0.1
Weighted average shares (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Earnings Per Share [Abstract]        
Basic weighted-average shares (in shares) 199.6 203.4 200.2 203.6
Effect of dilutive shares (in shares) 0.2 0.5 0.3 0.6
Diluted weighted-average shares (in shares) 199.8 203.9 200.5 204.2
Excluded anti-dilutive shares (in shares) 0.2 0.0 0.2 0.1
v3.25.0.1
Income tax - Schedule of Effective Income Tax Rate (Details)
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Income Tax Disclosure [Abstract]        
Effective tax rate 25.40% 25.60% 24.90% 25.20%
v3.25.0.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jan. 31, 2025
Oct. 03, 2024
Jul. 31, 2024
Oct. 07, 2022
Debt Instrument [Line Items]        
Subtotal $ 4,375   $ 3,950  
Less: current maturities of debt (400)   (150)  
Unamortized discounts and debt issuance costs (21)   (18)  
Interest rate swap - fair value adjustment (5)   (8)  
Total long-term debt 3,949   3,774  
Receivables Facility | Receivables Facility        
Debt Instrument [Line Items]        
Subtotal 575   250  
Term Loan | Term Loan        
Debt Instrument [Line Items]        
Subtotal 0   500 $ 500
Private placement notes | Private placement notes        
Debt Instrument [Line Items]        
Subtotal 700   850  
Unsecured senior notes, due April 2027 - April 2032 | Unsecured senior notes, due April 2027 - April 2032        
Debt Instrument [Line Items]        
Subtotal 2,350   2,350  
Unsecured senior notes, due April 2027 - April 2032 | 2034 Senior Notes, 5.00% due October 2034        
Debt Instrument [Line Items]        
Interest rate (in percent)   5.00%    
Subtotal $ 750   $ 0  
v3.25.0.1
Debt - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Sep. 30, 2025
Jan. 31, 2025
Jan. 31, 2025
Jan. 31, 2024
Oct. 03, 2024
Jul. 31, 2024
Oct. 07, 2022
Schedule Of Long-Term And Short-Term Debt [Line Items]              
Subtotal   $ 4,375,000,000 $ 4,375,000,000     $ 3,950,000,000  
Repayments of debt     2,100,000,000 $ 1,155,000,000      
Line of Credit | Revolving Credit Facility              
Schedule Of Long-Term And Short-Term Debt [Line Items]              
Line of credit facility   1,350,000,000 1,350,000,000        
Borrowings outstanding   0 $ 0        
Unsecured senior notes              
Schedule Of Long-Term And Short-Term Debt [Line Items]              
Debt instrument, face amount         $ 750,000,000    
Redemption price (percentage)     100.00%        
Receivables Facility | Receivables Facility              
Schedule Of Long-Term And Short-Term Debt [Line Items]              
Line of credit facility   1,100,000,000 $ 1,100,000,000        
Swingline adjustment     100,000,000        
Subtotal   $ 575,000,000 $ 575,000,000        
Interest rate (in percent)   5.35% 5.35%        
Term Loan | Term Loan              
Schedule Of Long-Term And Short-Term Debt [Line Items]              
Subtotal   $ 0 $ 0     500,000,000 $ 500,000,000
Private placement notes, 2024 | Private placement notes              
Schedule Of Long-Term And Short-Term Debt [Line Items]              
Repayments of debt   $ 150,000,000          
Interest rate (in percent)   3.44% 3.44%        
Private placement notes, 2024 | Private placement notes | Forecast              
Schedule Of Long-Term And Short-Term Debt [Line Items]              
Repayments of debt $ 400,000,000            
2034 Senior Notes, 5.00% due October 2034 | Unsecured senior notes              
Schedule Of Long-Term And Short-Term Debt [Line Items]              
Subtotal   $ 750,000,000 $ 750,000,000     $ 0  
Interest rate (in percent)         5.00%    
v3.25.0.1
Assets and liabilities at fair value - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jul. 31, 2024
Fair Value Disclosures [Abstract]      
Hedged liability, fair value hedge $ 150   $ 300
Repayments of debt $ 2,100 $ 1,155  
v3.25.0.1
Assets and liabilities at fair value -Debt Measured at Fair Value (Details) - Level 2 - USD ($)
$ in Millions
Jan. 31, 2025
Jul. 31, 2024
Unsecured senior notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount $ 3,079 $ 2,333
Fair Value 2,973 2,263
Private placement notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 700 849
Fair Value $ 694 $ 837
v3.25.0.1
Accumulated other comprehensive loss - Change in AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jan. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance   $ 5,616     $ 5,616  
Other comprehensive (loss) income before reclassifications $ (33) (5) $ 23 $ (37)    
Amounts reclassified from accumulated other comprehensive loss 2 3 2 3    
Total other comprehensive (loss) income, net of tax (31) (2) 25 (34) (33) $ (9)
Ending balance 5,489   5,418   5,489 5,418
AOCI Attributable to Parent            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (933) (931) (922) (888) (931) (888)
Total other comprehensive (loss) income, net of tax (31)   25   (33) (9)
Ending balance (964) (933) (897) (922) (964) (897)
Foreign currency translation            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (468) (461) (464) (429) (461) (429)
Other comprehensive (loss) income before reclassifications (32) (7) 21 (35)    
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0    
Total other comprehensive (loss) income, net of tax (32) (7) 21 (35)    
Ending balance (500) (468) (443) (464) (500) (443)
Pensions            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (465) (470) (458) (459) (470) (459)
Other comprehensive (loss) income before reclassifications (1) 2 2 (2)    
Amounts reclassified from accumulated other comprehensive loss 2 3 2 3    
Total other comprehensive (loss) income, net of tax 1 5 4 1    
Ending balance $ (464) $ (465) $ (454) $ (458) $ (464) $ (454)
v3.25.0.1
Accumulated other comprehensive loss - Reclassification Out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Tax benefit $ 94 $ 111 $ 248 $ 283
Net income 276 322 746 841
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment Attributable to Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amortization of actuarial losses 3 3 7 7
Tax benefit (1) (1) (2) (2)
Net income $ (2) $ (2) $ (5) $ (5)
v3.25.0.1
Retirement benefit obligations - Net Periodic Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Retirement Benefits [Abstract]        
Interest cost $ (15) $ (15) $ (31) $ (30)
Expected return on plan assets 16 15 32 30
Amortization of net actuarial losses (3) (3) (7) (7)
Net periodic cost $ (2) $ (3) $ (6) $ (7)
v3.25.0.1
Shareholders’ equity - Schedule of Share Activity (Details) - shares
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Jul. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at beginning of period (in shares)   0   0        
Treasury shares, beginning balance (in shares) (2,312,552)     (2,312,552)   (30,827,929)    
Treasury shares, ending balance (in shares) (2,312,552)     (2,312,552)        
Balance at end of period (in shares) 201,343,253     201,343,253        
Total shares outstanding at end of period (in shares) 199,030,701   203,002,762 199,030,701 203,002,762      
Ordinary shares                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at beginning of period (in shares) 0 232,171,182 232,171,182 232,171,182 232,171,182      
Treasury shares canceled (in shares) 0   0 (30,827,929) 0      
Ordinary shares canceled (in shares) 0   0 (201,343,253) 0      
Balance at end of period (in shares) 0 0 232,171,182 0 232,171,182      
Common stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at beginning of period (in shares) 201,343,253 0 0 0 0      
Change in shares issued (in shares) 0 201,343,253 0 201,343,253 0      
Balance at end of period (in shares) 201,343,253 201,343,253 0 201,343,253 0      
Treasury shares                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Treasury shares, beginning balance (in shares) (2,312,552) (1,061,473) (29,168,420) (2,312,552) (29,168,420) (30,827,929) (28,382,963) (27,893,680)
Treasury shares canceled (in shares) 0   0 30,827,929 0      
Repurchases of ordinary shares (in shares) (1,257,228)   (794,755) (2,567,391) (1,492,153)      
Treasury shares used to settle share-based compensation awards (in shares) 6,149   9,298 254,839 217,413      
Treasury shares, ending balance (in shares) (2,312,552) (1,061,473) (29,168,420) (2,312,552) (29,168,420)      
Employee Benefit Trust                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at beginning of period (in shares) 0 0 20,819 0 274,031      
Employee Benefit Trust shares used to settle share-based compensation awards (in shares) 0   0 0 253,212      
Shares sold upon termination of Employee Benefit Trust (in shares) 0   20,819 0 20,819      
Balance at end of period (in shares) 0 0 0 0 0      
v3.25.0.1
Shareholders’ equity - Narrative (Details)
$ in Billions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
USD ($)
shares
Oct. 31, 2024
shares
Jan. 31, 2024
shares
Jan. 31, 2025
USD ($)
trust
shares
Jan. 31, 2024
shares
Mar. 31, 2025
USD ($)
Class of Stock [Line Items]            
Number of employee benefit trusts | trust       2    
Stock repurchased | $ $ 3.6     $ 3.6    
Subsequent Event            
Class of Stock [Line Items]            
Authorized stock to repurchased | $           $ 1.0
Remaining stock authorized for repurchase | $           $ 5.0
Common Stock            
Class of Stock [Line Items]            
Change in shares issued (in shares) | shares 0 201,343,253 0 201,343,253 0  
Ordinary shares            
Class of Stock [Line Items]            
Treasury stock, shares, retired | shares   30,827,929        
Ordinary shares canceled (in shares) | shares   201,343,253        
v3.25.0.1
Share-based compensation - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Oct. 31, 2024
Jan. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share based payment, cost not yet recognized   $ 89
Share based payment, cost not yet recognized, period for recognition (in years)   2 years 3 months 18 days
Options granted (in shares) 65,760  
RSU awards granted    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share based compensation, award vesting period (in years)   3 years
PSU awards granted    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share based compensation, award vesting period (in years)   3 years
PSU-EX granted    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share based compensation, award vesting period (in years)   3 years
Employee Stock Option    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share based compensation, award vesting period (in years) 3 years  
Service period 1 year  
Expiration period 10 years  
v3.25.0.1
Share-based compensation - Schedule of Awards (Details)
 6 Months Ended
Jan. 31, 2025
$ / shares
shares
Number of shares  
Beginning Balance Outstanding (in shares) | shares 963,130
Vested (in shares) | shares (403,895)
Forfeited (in shares) | shares (37,166)
Ending Balance Outstanding (in shares) | shares 648,928
Weighted average grant date fair value  
Outstanding, Weighted average grant date fair value, Beginning Balance (in usd per share) | $ / shares $ 135.82
Vested, Weighted average grant date fair value (in usd per share) | $ / shares 134.60
Forfeited, Weighted average grant date fair value (in usd per share) | $ / shares 151.41
Outstanding, Weighted average grant date fair value, Ending Balance (in usd per share) | $ / shares $ 163.09
RSU awards granted  
Number of shares  
Grants (in shares) | shares 122,632
Weighted average grant date fair value  
Granted, Weighted average grant date fair value (in usd per share) | $ / shares $ 190.80
PSU awards granted  
Number of shares  
Grants (in shares) | shares 162,406
Weighted average grant date fair value  
Granted, Weighted average grant date fair value (in usd per share) | $ / shares $ 189.30
PSU-EX granted  
Number of shares  
Grants (in shares) | shares 51,366
Weighted average grant date fair value  
Granted, Weighted average grant date fair value (in usd per share) | $ / shares $ 167.95
Share adjustments based on performance  
Number of shares  
Share adjustments based on performance (in shares) | shares (209,545)
Weighted average grant date fair value  
Share adjustments based on performance, Weighted average grant date fair value (in usd per share) | $ / shares $ 132.50
v3.25.0.1
Share-based compensation - Schedule of Time Vested, Performance Vested and Long-Term Incentive Awards (Details)
$ / shares in Units, $ in Millions
 6 Months Ended
Jan. 31, 2025
USD ($)
$ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Fair value of awards vested | $ $ 81
Time Vested, Performance Vested, and Long Term Incentive Awards  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-average grant date fair value per share granted (in usd per share) | $ / shares $ 186.59
v3.25.0.1
Share-based compensation - Schedule of Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Share-Based Payment Arrangement [Abstract]        
Share-based compensation expense (within SG&A) $ 2 $ 11 $ 13 $ 24
Income tax benefit $ 0 $ 3 $ 3 $ 6
v3.25.0.1
Acquisitions - Narrative (Details)
$ in Millions
 6 Months Ended
Jan. 31, 2025
USD ($)
business
Business Acquisition [Line Items]  
Number of businesses acquired | business 2
Revenue since acquisition date $ 10
Loss since acquisition date $ (2)
Minimum  
Business Acquisition [Line Items]  
Service period (in years) 1 year
Maximum  
Business Acquisition [Line Items]  
Service period (in years) 3 years
v3.25.0.1
Acquisitions - Schedule of Assets and Liabilities Acquired (Details)
$ in Millions
 6 Months Ended
Jan. 31, 2025
USD ($)
Business Acquisition [Line Items]  
Trade and other receivables $ 7
Inventories 6
Property, plant and equipment 1
Right of use assets 4
Trade and other payables (2)
Lease liabilities (4)
Total 46
Goodwill 15
Consideration 61
Cash 46
Deferred & other consideration 15
Total consideration 61
Trade names and brands  
Business Acquisition [Line Items]  
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles 1
Customer relationships  
Business Acquisition [Line Items]  
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles 32
Other intangible assets  
Business Acquisition [Line Items]  
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles $ 1
v3.25.0.1
Acquisitions - Net Cash Outflow (Details) - USD ($)
$ in Millions
 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]    
Cash $ 46  
Cash, cash equivalents and bank overdrafts acquired 0  
Cash consideration paid, net of cash acquired 46 $ 67
Deferred and contingent consideration 11  
Net cash outflow in respect of the purchase of businesses $ 57  
v3.25.0.1
Acquisitions - Pro Forma (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]        
Pro forma net sales $ 6,873 $ 6,685 $ 14,654 $ 14,405