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Core & Main cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$44.0M in Q2 FY27 · $628M over twelve months

Operating cash flow$62.0M
Capital spending−$18.0M
Free cash flow+$44.0M
Cash / net income0.4×
Cash conversion cycle72 days

Analysis

In Q2 FY27, Core & Main generated $62.0M of operating cash flow and spent $18.0M on capital projects, leaving free cash flow of $44.0M.

Over the twelve months to Aug 2, 2026, operating cash flow was $683M; the largest uses were buybacks ($365M), other investing ($118M), capital spending ($55.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($200M); the cash balance rose by $287M.

Operating cash flow was $62.0M against net income of $150M — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$184M, accrued liabilities +$67.0M, depreciation & amortization +$50.0M.

Its cash conversion cycle was 72 days (receivables 54 + inventory 65 − payables 47).

Free cash flow

Core & Main: free cash flow by quarterCore & Main: free cash flow by quarter$252MQ3 FY25$224MQ4 FY25$64.0MQ1 FY26$24.0MQ2 FY26$263MQ3 FY26$253MQ4 FY26$68.0MQ1 FY27$44.0MQ2 FY27
Operating cash flow less capital spending.
Core & Main: operating cash flow against capital spendingCore & Main: operating cash flow against capital spendingOperating cash flowCapital spending$260M$8.0MQ3 FY25$235M$11.0MQ4 FY25$77.0M$13.0MQ1 FY26$34.0M$10.0MQ2 FY26$271M$8.0MQ3 FY26$268M$15.0MQ4 FY26$82.0M$14.0MQ1 FY27$62.0M$18.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow $62.0M, Capital spending $18.0M.

Capital allocation, year by year

Core & Main: where the cash came from (up) and went (down), by fiscal yearCore & Main: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$31.0MFY22: Net borrowing −$819MFY22: Shares issued $100MFY22: Asset sales $1.0MFY22: Capital spending −$20.0MFY22: Acquisitions −$179M$101MFY22FY23: Operating cash flow $401MFY23: Net borrowing −$15.0MFY23: Shares issued $1.0MFY23: Asset sales $1.0MFY23: Capital spending −$25.0MFY23: Acquisitions −$128M$403MFY23FY24: Operating cash flow $1.1BFY24: Net borrowing $415MFY24: Capital spending −$39.0MFY24: Acquisitions −$231MFY24: Buybacks −$1.3B$1.5BFY24FY25: Operating cash flow $621MFY25: Net borrowing $391MFY25: Capital spending −$35.0MFY25: Acquisitions −$741MFY25: Buybacks −$176M$1.0BFY25FY26: Operating cash flow $650MFY26: Net borrowing −$117MFY26: Capital spending −$46.0MFY26: Acquisitions −$61.0MFY26: Buybacks −$155M$650MFY26
Over these 5 years operating cash flow totalled $2.7B; the largest uses were buybacks ($1.7B) and acquisitions ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$312M
Debt$2.4B
Net debt$2.1B
Due within a year$24.0M

Core & Main funds itself: free cash flow was $628M over the last twelve months, and $312M of cash and investments stands against $2.4B of debt ($24.0M due within a year, 13.0× covered by cash).

Core & Main: debt maturities by year (FY26)Core & Main: debt maturities by year (FY26)$24.0MYear 1$24.0MYear 2$1.2BYear 3$9.0MYear 4$9.0MYear 5
Principal due in each year as disclosed in the annual report, against $312M of cash and investments now.

Where the cash came from and went

Core & Main: sources (+) and uses (−) of cash, Q2 FY27Core & Main: sources (+) and uses (−) of cash, Q2 FY27Other financing$917MNet borrowing (+) / repaid (−)−$611MBuybacks−$169MCash drawn (+) / kept (−)−$162MOperating cash flow$62.0MCapital spending−$18.0MOther investing−$17.0MPartners−$2.0M
Core & Main: sources (+) and uses (−) of cash, TTM to Q2 FY27Core & Main: sources (+) and uses (−) of cash, 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 profit to cash

Core & Main: net income to operating cash flow, Q2 FY27Core & Main: net income to operating cash flow, Q2 FY27Net income$150MDepreciation & amortization$50.0MStock-based pay$4.0MOther non-cash$4.0MReceivables−$184MInventory−$36.0MAccrued liabilities$67.0MOperating cash flow$62.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2754654772
Q1 FY2752684377
Q4 FY2664794994
Q3 FY2656634573
Q2 FY2655635068
Q1 FY2653644869
Q4 FY2565735385
Q3 FY2555584667

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$62.0M−$18.0M—−$169M−$611M−$162M$44.0M
Q1 FY27$82.0M−$14.0M—−$88.0M−$6.0M$70.0M$68.0M
Q4 FY26$268M−$15.0M−$28.0M−$58.0M−$6.0M−$131M$253M
Q3 FY26$271M−$8.0M−$33.0M−$50.0M−$106M−$64.0M$263M
Q2 FY26$34.0M−$10.0M—−$8.0M−$6.0M−$17.0M$24.0M
Q1 FY26$77.0M−$13.0M—−$39.0M$1.0M—$64.0M
Q4 FY25$235M−$11.0M−$19.0M−$55.0M−$147M$2.0M$224M
Q3 FY25$260M−$8.0M−$126M−$100M−$21.0M$3.0M$252M

Core & Main: income statement and cash flow

Core & Main, Q2 FY27: revenue $2.1B (+2% year over year), operating margin 10.6%. The chart follows the revenue to costs, profit and cash.

Core & Main: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.