Ferguson plc [Rocket]

In millions, except per share items	Jul-31-23	Jul-31-22	Jul-31-21	Jul-31-20
	10-K	10-K	10-K	10-K
Revenues:
United States				1,339
Canada				1,083
Other				17,518
Total revenues	29,734	28,566	22,792	19,940
Revenue growth	4.1%	25.3%	14.3%
Cost of goods sold	20,709	19,810	15,812	13,957
Gross profit	9,025	8,756	6,980	5,983
Gross margin	30.4%	30.7%	30.6%	30.0%
Selling, general and administrative	5,920	5,635	4,732	4,329
EBITDA [+]	3,105	3,121	2,248	1,654
EBITDA growth	-0.5%	38.8%	35.9%
EBITDA margin	10.4%	10.9%	9.9%	8.3%
Depreciation	148	140	130	139
EBITA	2,957	2,981	2,118	1,515
EBITA margin	9.9%	10.4%	9.3%	7.6%
Amortization of intangibles	173	161	168	143
EBIT [+]	2,784	2,820	1,950	1,372
EBIT growth	-1.3%	44.6%	42.1%
EBIT margin	9.4%	9.9%	8.6%	6.9%
Non-recurring items [+]	125
Asset impairment	125
Interest expense	184	111	98	93
Interest expense	184	111	98	93
Other income (expense), net	-11	-1	10	-7
Pre-tax income	2,464	2,708	1,862	1,272
Income taxes	575	609	232	299
Tax rate	23.3%	22.5%	12.5%	23.5%
Net income	1,889	2,122	1,472	961
Net margin	6.4%	7.4%	6.5%	4.8%

Basic EPS [+]	$9.15	$9.64	$7.29	$4.33
Growth	-5.1%	32.2%	68.5%
Diluted EPS [+]	$9.12	$9.59	$7.25	$4.29
Growth	-4.9%	32.2%	69.0%

Dividends per share [+]	$4.16	$2.51	$4.61	$1.45
Growth	66.1%	-45.7%	217.8%

Shares outstanding (basic) [+]	206	218	224	225
Growth	-5.2%	-2.6%	-0.6%
Shares outstanding (diluted) [+]	207	219	225	227
Growth	-5.3%	-2.6%	-0.9%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.