Ferguson is the largest distributor of plumbing, HVAC, waterworks, and related products in North America, selling primarily to trade professionals — plumbers, HVAC contractors, mechanical contractors, civil infrastructure contractors, and industrial customers. Ferguson operates through a network of roughly 1,746 branches, 11 regional distribution centers, and about 5,900 fleet vehicles across all 50 U.S. states, enabling same-day and next-day product availability. Ferguson's U.S. business accounts for roughly 95% of revenue, with a small Canadian business under the Wolseley brand. Ferguson makes money by purchasing products from roughly 37,000 suppliers and reselling them at a markup, with gross margins typically in the 30–31% range. About two-thirds of revenue comes from repair, maintenance, and improvement (RMI) work, which is more stable and recurring, while the remaining one-third is tied to new construction. Ferguson's end market mix is roughly split between residential and non-residential customers. Beyond distribution, Ferguson provides technical expertise, fabrication, pre-assembly, and project management services, and on large capital projects like data centers and hospitals, Ferguson engages upstream with engineers and general contractors to influence product specifications. Ferguson's key growth areas include expanding HVAC capabilities across its plumbing branch network, growing its waterworks business into treatment plants and infrastructure, targeting large multi-trade capital projects, and building out Ferguson Home, a residential remodel showroom and e-commerce platform.