Debt

3 Months Ended

Oct. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

The Company’s debt obligations consisted of the following:

	As of
(In millions)	October 31, 2025	July 31, 2025
Variable-rate debt:
Receivables Facility	$—	$375
Fixed-rate debt:
Private placement notes	300	700
Unsecured senior notes, due April 2027 - October 2034	3,100	3,100
2031 Senior Notes, 4.35% due March 2031	750	—
Subtotal	$4,150	$4,175
Less: current maturities of debt	—	(400)
Unamortized discounts and debt issuance costs	(23)	(19)
Interest rate swap - fair value adjustment	(3)	(4)
Total long-term debt	$4,124	$3,752

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. The Receivables Facility consists of funding for up to $915 million. The Company has the ability to increase the aggregate total available amount under the Receivables Facility up to a total of $1.5 billion, subject to lender participation. As of October 31, 2025, no borrowings were outstanding under the Receivables Facility.

Revolving Credit Facility

The Company, pursuant to a revolving credit agreement (the “Revolving Credit Agreement”), maintains a revolving credit facility that has aggregate total available credit commitments of $1.5 billion (the “Revolving Facility”). The Revolving Credit Agreement provides the Company with the ability to increase the aggregate capacity of the facility by $500 million under certain conditions, including the receipt of additional or increased lender commitments. As of October 31, 2025, no borrowings were outstanding under the Revolving Facility.

Private Placement Notes

In September 2025, the Company repaid $400 million related to the 3.73% private placement notes that matured.

2031 Senior Notes

In September 2025, the Company issued and sold $750 million aggregate principal amount of unsecured senior notes, maturing in March 2031 (the “2031 Senior Notes”). The 2031 Senior Notes bear interest at a rate of 4.35%, payable semi-annually. The obligations of the Company under the 2031 Senior Notes are fully and unconditionally guaranteed by Ferguson UK Holdings Limited, an indirect subsidiary of the Company.

The 2031 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 one month 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 2031 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 October 31, 2025.