Filing Flows

Filing Flows › Industrials › Core & Main (CNM)

Core & Main (CNM) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 9, 2026 · Core & Main (CNM) Q2 FY27 earnings results →

Q2 FY27 Revenue up 2% year over year to $2.1B · 7¢ of every $1 of revenue kept as net profit · operating margin 10.6%

Core & Main made $2.1B in Q2 FY27 (+2% Y/Y): Pipes, valves & fittings products $1.5B, Storm drainage products $334M, Fire protection products $176M. Operating margin 10.6%, net earnings $144M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 9, 2026.

Revenue$2.1B
Year over year+2%
Operating margin10.6%
Net earnings$144M
Operating cash flow$62.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Core & Main Q2 FY27 revenue breakdown: Sankey diagram of revenue (Pipes, valves & fittings products, Storm drainage products, Fire protection products, Smart utility products), costs, profit and cash flow
Core & Main Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
Embed this chart on your site

Free to use with the credit line. Click a box to select the code.

What changed this quarter

Revenue was $2.1B in Q2 FY27, up 2% year over year and up 12% from the previous quarter. Pipes, valves & fittings products was the largest line at 68% of revenue. Pipes, valves & fittings products added $0.03B year over year (up 2%), 60% of the total change.

Gross margin was 26.7%, unchanged from Q2 FY26. Operating profit was $0.23B, a 10.6% margin (up 0.4 points year over year). Of the extra revenue versus Q2 FY26, 27% reached operating profit, above the 10% margin then. Operating expenses fell 0% while revenue rose 2%. Net earnings were $0.14B, up 7% year over year. The effective tax rate was 22.3%.

Operating cash flow was $0.06B (up 82% year over year), 41% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items used $0.14B. Capital expenditures of $0.02B left free cash flow of $0.04B.

Quarterly history

Core & Main revenue by quarterCore & Main revenue by quarter$1.7BQ4 FY25$1.9BQ1 FY26$2.1BQ2 FY26$2.1BQ3 FY26$1.6BQ4 FY26$1.9BQ1 FY27$2.1BQ2 FY27
Core & Main net earnings by quarterCore & Main net earnings by quarter$64.0MQ4 FY25$100MQ1 FY26$134MQ2 FY26$137MQ3 FY26$70.0MQ4 FY26$108MQ1 FY27$144MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 9, 2026$2.1B+2%10.6%$144M$62.0M
Q1 FY2710-QJun 10, 2026$1.9B-0.1%9.3%$108M$82.0M
Q4 FY2610-KMar 24, 2026$1.6B-7%7.5%$70.0M$268M
Q3 FY2610-QDec 9, 2025$2.1B+1%10.7%$137M$271M
Q2 FY2610-QSep 9, 2025$2.1B+7%10.2%$134M$34.0M
Q1 FY2610-QJun 10, 2025$1.9B+10%8.9%$100M$77.0M
Q4 FY2510-KMar 25, 2025$1.7B+18%7.3%$64.0M$235M

Charts

Core & Main: revenue growth, year over year and quarter over quarterCore & Main: revenue growth, year over year and quarter over quarterY/YQ/Q+18%Q4 FY25+10%+13%Q1 FY26+7%+10%Q2 FY26+1%-1%Q3 FY26-7%-23%Q4 FY260%+21%Q1 FY27+2%+12%Q2 FY27
Latest (Q2 FY27): Y/Y +2%, Q/Q +12%.
Core & Main: where the cash came from (+) and went (−), TTM to Q2 FY27Core & Main: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$683MBuybacks−$365MCash drawn (+) / kept (−)−$287MNet borrowing (+) / repaid (−)$200MOther investing−$118MCapital spending−$55.0MOther financing−$51.0MPartners−$7.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Core & Main: profit against cash, quarter by quarterCore & Main: profit against cash, quarter by quarterNet incomeOperating cash flow$140M$260MQ3 FY25$67.0M$235MQ4 FY25$105M$77.0MQ1 FY26$141M$34.0MQ2 FY26$143M$271MQ3 FY26$73.0M$268MQ4 FY26$113M$82.0MQ1 FY27$150M$62.0MQ2 FY27
Latest (Q2 FY27): Net income $150M, Operating cash flow $62.0M.
Core & Main: diluted shares by fiscal yearCore & Main: diluted shares by fiscal year244MFY22246MFY23228MFY24201MFY25198MFY26
-19.1% since FY22: buybacks shrank the count.
Core & Main: long-term debt falling due (FY26)Core & Main: long-term debt falling due (FY26)$24.0M2027$24.0M2028$1.2B2029$9.0M2030$9.0M2031
Cash $220M, short-term investments —, long-term debt — at 2026-02-01.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

Customers and suppliers named in filings

Buys from

About Core & Main

Core & Main, Inc. (“Core & Main” and collectively with its subsidiaries, the “Company,” “we,” “our” or “us”) is a holding company and its primary material assets are its direct and indirect ownership interest in Core & Main Holdings, LP, a Delaware limited partnership (“Holdings”), and deferred tax assets associated with this ownership. Core & Main is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide. With a focus on water, wastewater, storm drainage and fire protection products, and related services, we provide solutions to municipalities, private water companies and professional contractors across municipal, non- residential and residential end markets.

In its own words, from its 10-K, filed Mar 24, 2026.

Core & Main against its Wholesale-Durable Goods, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +2%. Operating margin: 10.6% against the peers' median -1.5%.

CompanyQuarterRevenueY/YOp. margin
CNM Core & MainQ2 FY27$2.1B+2%10.6%
AENT Alliance Entertainment HoldingQ4 FY26$268M+18%-1.5%
BGMS Bio Green Med SolutionQ2 2026$357K—-117.1%
GNLN Greenlane HoldingsQ2 2026$82K-90%n/m

Source: Core & Main 10-Q on SEC EDGAR · CIK 1856525 · Wholesale-Durable Goods, NEC

Guidance and outlook

Core & Main Revenue: guidance against what was reportedCore & Main Revenue: guidance against what was reportedguided rangereported (above / within / below)FY24FY25$7.4BFY26$7.6BFY27
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns CNM and who is buying

Largest holders of CNM (13F)Largest holders of CNM (13F)Vanguard Group$915MBlackRock$886MCapital World Investors$554MFMR LLC$432MVanguard Capital Management LLC$411MVanguard Portfolio Management LLC$398MFirst Trust Advisors LP$302MMorgan Stanley$291MState Street$285MSelect Equity Group, L.P.$282M
Funds' net buying of CNM by quarter (13F)Funds' net buying of CNM by quarter (13F)−$64.1M2024-09−$243M2024-12$394M2025-03$4.5M2025-06$273M2025-09−$589M2025-12−$161M2026-03$167M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CNM

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

Compare CNM with

中文版：Core & Main（CNM）财报

Español · Français