Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-16

Ferguson Enterprises (FERG)

CEO Kevin Murphy was paid $14,137,493 in fiscal year 2025, up 56.2% from fiscal year 2024, the 57th percentile of its disclosed peer group (SEC filing 0002011641-26-000016 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$14,137,493
Kevin Murphy total, FY2025
57th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
91.6%
Say-on-pay support, latest vote

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Peer Teardown ReportThe free page is the headline. The teardown reads every company in the disclosed peer group on its own numbers.$199 →Reverse Peer AnalysisThe free page is the one line. The analysis reads every company that names this one in its own peer group.$299 →Executive Compensation ReportThe free page is the headline figures. The report is every award, peer and vote assembled into one document you can hand to a committee.$1,500 →Committee BriefThe free page is the annual picture. The brief is four pre-meeting packs a year, one for each season a committee sits in.$4,500/year →
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Companies that benchmark against FERG
1 company names FERG as a compensation peer

Each company listed discloses FERG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FERG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kevin Murphy$1,457,346$0$7,808,186$1,927,640$2,632,818$0$311,503$14,137,493
President & Chief Executive Officer and Director
Bill Brundage819,29902,339,775577,589925,0830192,8404,854,586
Chief Financial Officer and Director
Bill Thees685,44601,007,597248,800542,9000219,9572,704,700
Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Kevin Murphy$14,137,493$9,052,716$5,440,771+5,084,777
Bill Brundage4,854,5863,971,7292,428,621+882,857
Bill Thees2,704,7002,469,7622,221,100+234,938

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Bill TheesOPTION2025-10-14——1,904—$145,808
Bill TheesRSU2025-10-14——930—223,591
Bill TheesPSU2025-10-147761,551—3,102445,814
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Bill Thees$223,591$445,814$145,80854.7%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Bill TheesRSU4,897—$1,090,219
CamposanoRSU856—190,571
CamposanoPSU2,658—591,751
Bill BrundagePSU14,748—3,283,347
Kevin MurphyPSU49,212—10,956,068
Kevin MurphyLTIP19,491—4,339,281
Kevin MurphyPSU19,060—4,243,328
Kevin MurphyRSU10,007—2,227,858
Kevin MurphyRSU9,844—2,191,570
Bill BrundageLTIP9,759—2,172,646
Bill TheesPSU6,350—1,413,701
Kevin MurphyRSU5,718—1,272,998
SchlicherPSU5,684—1,265,429
Bill BrundagePSU5,496—1,223,574
Bill BrundageOption3,373235—
SchlicherRSU4,379—974,897
Bill BrundageRSU4,163—926,809
Kevin MurphyPSU3,951—879,611
CamposanoRSU1,999—445,037
CamposanoRSU245—54,544
CamposanoPSU3,904—869,148
SchlicherPSU3,102—690,598
Bill TheesPSU3,102—690,598
Bill TheesRSU930—207,046
Bill BrundageRSU2,950—656,759
Bill TheesRSU2,098—467,078
CamposanoRSU557—124,005
SchlicherRSU1,876—417,654
Bill BrundageRSU1,648—366,894
Bill TheesRSU1,270—282,740
SchlicherRSU1,135—252,685
Bill TheesOption1,904235—
SchlicherRSU930—207,046
CamposanoRSU797—177,436
Kevin MurphyOption20,660201.38—
Kevin MurphyOption11,698235—
Bill BrundageOption6,190201.38—
CamposanoOption1,632235—
SchlicherOption2,384201.38—
SchlicherOption1,904235—
Bill TheesOption2,666201.38—
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is built on the principles that executives are rewarded based on financial results and that executive pay is aligned with shareholder interests. We strive to create an executive compensation program that balances short-term versus long-term payments and awards, cash payments versus equity awards, fixed versus contingent payments, and that rewards in ways that we believe are most appropriate to motivate our Executive Officers.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMeridian Compensation Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-12-03153,746,04514,092,142873,90091.6%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-12-0391.6%a

a. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Geoff DrabbleIndependent · Board Chair · Compensation · Nominations & Governance$158,347$74,813——$15,000$248,160
Brian MayIndependent · Audit · Nominations & Governance54,17374,813——15,000143,986
Suzanne WoodIndependent · Audit (Chair)66,05374,813——0140,866
Alan MurrayIndependent · Audit · Nominations & Governance (Chair)66,05374,813——0140,866
Kelly BakerIndependent · Compensation (Chair)66,05374,813——0140,866
Cathy HalliganIndependent · Audit · Compensation54,17374,813——0128,986
James S. MetcalfIndependent · Compensation · Nominations & Governance54,17374,813——0128,986
Rekha AgrawalIndependent · Nominations & Governance54,17374,813——0128,986
Rick BeckwittIndependent · Compensation54,17374,813——0128,986
Bill BrundageEmployee director—————0
Kevin MurphyEmployee director—————0
Other Non-Employee DirectorsIndependent——————
Board ChairIndependent——————
09

Board fee structure and ownership guideline

Annual cash retainer$130,000
Annual equity retainer$180,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)28,500 / 28,500 / 28,500
Stock ownership guideline$4
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$627,371
Equity awards (grant-date value)$673,317
All other compensation$30,000
Total cost of the board$1,330,688

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Ferguson Enterprises names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Ferguson Enterprises.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Lowe's Companies, Inc.2025Marvin Ellison$1,544,231$12,480,467$4,262,895$3,232,693$21,581,889
2Cummins Inc.2025Jennifer Rumsey1,533,7506,429,00406,975,65619,905,532
3The Home Depot, Inc.2025Edward Decker1,400,0009,612,2512,369,9172,657,63116,191,127
4CDW Corporation2025Christine Leahy1,073,65411,759,93702,162,59215,009,507
5Carrier Global Corporation2025David Gitlin1,500,0005,634,5485,747,1651,023,75014,962,913
6The Sherwin-Williams Company2025Heidi Petz1,373,0776,456,2074,253,8592,390,00014,914,317
7Ferguson Enterprises2025Kevin Murphy1,457,3467,808,1861,927,6402,632,81814,137,493
8Genuine Parts Company2025William Stengel1,018,7509,749,97301,474,12912,863,479
9PACCAR Inc.2025R. Preston Feight1,690,3854,900,5002,174,4851,326,52112,618,865
10United Rentals, Inc.2025Matthew Flannery1,187,6719,080,47401,767,65612,057,571
11W.W. Grainger, Inc.2025D.G. Macpherson1,176,3708,451,81901,653,07511,609,508
12AutoZone, Inc.2025Philip Daniele III1,000,00027,7547,198,7891,257,7519,636,414
13Builders FirstSource, Inc.2025Peter Jackson1,000,0006,573,0620549,7628,133,324
14O Reilly Automotive, Inc.2025Brad Beckham1,098,79801,415,6571,645,8074,231,108
15Fastenal Company2025Daniel Florness750,0000861,3872,569,0004,183,328

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Ferguson Enterprisesnot disclosedPSU 50 · RSU 30 · Option 20not disclosedMeridian Compensation Partners, LLC
AutoZone, Inc.96.75%Options 100not disclosedPearl Meyer
Builders FirstSource, Inc.36.7%not disclosedNoMeridian
Carrier Global Corporation39%SARs 50 · PSU 50Yes — Total Shareholder Return ( TSR ) relative to a subset of the S&P 500 Industrials Index ( Relative TSR )Pearl Meyer
CDW Corporation100.12%PSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.
Cummins Inc.90%PSU 70 · Cash LTI 30NoFarient
Fastenal Company342%Options 100not disclosednot disclosed
Genuine Parts Companynot disclosedPRSU 60 · RSU 40not disclosednot disclosed
Lowe's Companies, Inc.not disclosedPSU 39 · RSA 30 · Stock Options 20not disclosednot disclosed
O Reilly Automotive, Inc.146.3%not disclosednot disclosedEquilar, Inc.
PACCAR Inc.62.7%not disclosedNoThe Committee typically retains a compensation consultant to assess the competitiveness of the Company's compensation programs every two years. It did not employ a compensation consultant in 2025.
The Home Depot, Inc.95%PSU 50 · RSU 30 · Options 20NoPay Governance
The Sherwin-Williams Company110.86%PSU 60 · Options 40NoMercer (US) LLC
United Rentals, Inc.99.2%PSU 80 · RSU 20NoPearl Meyer & Partners, LLC
W.W. Grainger, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Ferguson Enterprises in fiscal 2025?
Kevin Murphy, President & Chief Executive Officer and Director, was the highest-paid executive at Ferguson Enterprises in fiscal 2025, with total compensation of $14,137,493.
How does Ferguson Enterprises's chief executive pay compare to its disclosed peer group?
The filing shows the chief executive's pay ranked at the 57th percentile of the disclosed peer group.
What is Ferguson Enterprises's CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio is not disclosed in this filing.
How did shareholders vote on Ferguson Enterprises's executive compensation?
Shareholders voted in support of executive compensation with 91.6% approval.
How much does Ferguson Enterprises spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $1,330,688.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Kevin MurphyDEF 14A2026-03-160002011641-26-000016Section “Summary Compensation Table” · page 56. As printed: 14,137,493. Filing ↗machine: r3 · c27 · span 1041131–1041141
2Section 01, Bill BrundageDEF 14A2026-03-160002011641-26-000016Section “Summary Compensation Table” · page 56. As printed: 4,854,586. Filing ↗machine: r7 · c27 · span 1052982–1052991
3Section 01, Bill TheesDEF 14A2026-03-160002011641-26-000016Section “Summary Compensation Table” · page 56. As printed: 2,704,700. Filing ↗machine: r13 · c27 · span 1071334–1071343
4Section 03, Bill Thees OPTIONDEF 14A2026-03-160002011641-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1185074–1185081
5Section 03, Bill Thees RSUDEF 14A2026-03-160002011641-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1188557–1188564
6Section 03, Bill Thees PSUDEF 14A2026-03-160002011641-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1192036–1192043
7Section 08, Geoff DrabbleDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 248,160. Filing ↗machine: span 645029–645275
8Section 08, Brian MayDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 143,986. Filing ↗machine: span 653277–653523
9Section 08, Suzanne WoodDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 140,866. Filing ↗machine: span 658086–658342
10Section 08, Alan MurrayDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 140,866. Filing ↗machine: span 656366–656612
11Section 08, Kelly BakerDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 140,866. Filing ↗machine: span 648603–648824
12Section 08, Cathy HalliganDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 128,986. Filing ↗machine: span 651681–651902
13Section 08, James S. MetcalfDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 128,986. Filing ↗machine: span 654756–654977
14Section 08, Rekha AgrawalDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 128,986. Filing ↗machine: span 647129–647375
15Section 08, Rick BeckwittDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 128,986. Filing ↗machine: span 650204–650450
16Section 08, Bill BrundageDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Kevin MurphyDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: 0. Filing ↗
18Section 08, Other Non-Employee DirectorsDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: —. Filing ↗
19Section 08, Board ChairDEF 14A2026-03-160002011641-26-000016Section “Director Compensation”. As printed: —. Filing ↗
20Section 06, 2025 voteForm 8-K2025-12-040002011641-25-000055Item 5.07 · say-on-pay result. As reported: 91.6% (votes for as printed: 153,746,045). Filing ↗
21Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
23Section 09b board cost (computed)Computed——Cash 627,371 + equity 673,317 + all other 30,000 = 1,330,688, summed across the director compensation table rows.machine: formula: Σ = 1,330,688
24Lowe's Companies, Inc., Section 10b CEO totalDEF 14A2026-04-160000060667-26-000056CEO total compensation as printed in Lowe's Companies, Inc.'s own proxy. As printed: 21,581,889. Filing ↗machine: r2 · c8 · span 2406556–2406566
25Cummins Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-039158CEO total compensation as printed in Cummins Inc.'s own proxy. As printed: 19,905,532. Filing ↗machine: t135 · r1 · c47 · span 1108458–1108468
26The Home Depot, Inc., Section 10b CEO totalDEF 14A2026-04-070000354950-26-000090CEO total compensation as printed in The Home Depot, Inc.'s own proxy. As printed: 16,191,127. Filing ↗machine: t169 · r4 · c15 · span 1200990–1201000
27CDW Corporation, Section 10b CEO totalDEF 14A2026-04-100001308179-26-000251CEO total compensation as printed in CDW Corporation's own proxy. As printed: 15,009,507. Filing ↗machine: t146 · r1 · c16 · span 635414–635424
28Carrier Global Corporation, Section 10b CEO totalDEF 14A2026-03-030001783180-26-000016CEO total compensation as printed in Carrier Global Corporation's own proxy. As printed: 14,962,913. Filing ↗machine: r2 · c9 · span 1903221–1903231
29The Sherwin-Williams Company, Section 10b CEO totalDEF 14A2026-03-110000089800-26-000025CEO total compensation as printed in The Sherwin-Williams Company's own proxy. As printed: 14,914,317. Filing ↗machine: r2 · c8 · span 1976552–1976562
30Ferguson Enterprises (subject), Section 10b CEO totalDEF 14A2026-03-160002011641-26-000016CEO total compensation as printed in Ferguson Enterprises's own proxy. As printed: 14,137,493. Filing ↗machine: r3 · c27 · span 1041131–1041141
31Genuine Parts Company, Section 10b CEO totalDEF 14A2026-02-270000040987-26-000011CEO total compensation as printed in Genuine Parts Company's own proxy. As printed: 12,863,479. Filing ↗machine: r2 · c21 · span 487449–487459
32PACCAR Inc., Section 10b CEO totalDEF 14A2026-03-180001193125-26-113876CEO total compensation as printed in PACCAR Inc.'s own proxy. As printed: 12,618,865. Filing ↗machine: r2 · c27 · span 838577–838587
33United Rentals, Inc., Section 10b CEO totalDEF 14A2026-03-250001193125-26-124113CEO total compensation as printed in United Rentals, Inc.'s own proxy. As printed: 12,057,571. Filing ↗machine: span 1280664–1280674
34W.W. Grainger, Inc., Section 10b CEO totalDEF 14A2026-03-100001104659-26-025575CEO total compensation as printed in W.W. Grainger, Inc.'s own proxy. As printed: 11,609,508. Filing ↗machine: r1 · c32 · span 1578498–1578509
35AutoZone, Inc., Section 10b CEO totalDEF 14A2025-10-280001104659-25-103210CEO total compensation as printed in AutoZone, Inc.'s own proxy. As printed: 9,636,414. Filing ↗machine: t176 · span 1797509–1797518
36Builders FirstSource, Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140509CEO total compensation as printed in Builders FirstSource, Inc.'s own proxy. As printed: 8,133,324. Filing ↗machine: span 2406984–2406993
37O Reilly Automotive, Inc., Section 10b CEO totalDEF 14A2026-03-270000898173-26-000014CEO total compensation as printed in O Reilly Automotive, Inc.'s own proxy. As printed: 4,231,108. Filing ↗machine: t234 · r14 · c14 · span 1809648–1809657
38Fastenal Company, Section 10b CEO totalDEF 14A2026-02-250000815556-26-000017CEO total compensation as printed in Fastenal Company's own proxy. As printed: 4,183,328. Filing ↗machine: span 487146–487155
39Section 10a, W.W. Grainger, Inc. reciprocityDEF 14A—0001104659-26-025575W.W. Grainger, Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
40Section 10a, Lowe's Companies, Inc. reciprocityDEF 14A—0001193125-25-083589Lowe's Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
41Section 10a, AutoZone, Inc. reciprocityDEF 14A—0001104659-25-103210AutoZone, Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
42Section 10a, Genuine Parts Company reciprocityDEF 14A—0000040987-26-000011Genuine Parts Company's most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
43Section 10a, United Rentals, Inc. reciprocityDEF 14A—0001193125-26-124113United Rentals, Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
44Section 10a, Cummins Inc. reciprocityDEF 14A—0001104659-26-039158Cummins Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
45Section 10a, CDW Corporation reciprocityDEF 14A—0001308179-26-000251CDW Corporation's most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
46Section 10a, The Sherwin-Williams Company reciprocityDEF 14A—0000089800-26-000025The Sherwin-Williams Company's most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
47Section 10a, Builders FirstSource, Inc. reciprocityDEF 14A—0001193125-26-140509Builders FirstSource, Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
48Section 10a, The Home Depot, Inc. reciprocityDEF 14A—0000354950-26-000090The Home Depot, Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
49Section 10a, PACCAR Inc. reciprocityDEF 14A—0001193125-26-113876PACCAR Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
50Section 10a, O Reilly Automotive, Inc. reciprocityDEF 14A—0000898173-26-000014O Reilly Automotive, Inc.'s most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
51Section 10a, Fastenal Company reciprocityDEF 14A—0000815556-26-000017Fastenal Company's most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗
52Section 10a, Carrier Global Corporation reciprocityDEF 14A—0001783180-26-000016Carrier Global Corporation's most recent proxy was read; its disclosed peer group does not include Ferguson Enterprises. Filing ↗

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