Filing Flows › Core & Main (CNM) › Q1 FY26
Core & Main (CNM) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jun 10, 2025
Core & Main (CNM) reported revenue of $1.9B for the first quarter fiscal 2026 (Q1 FY26), +10% from a year earlier and +13% from the quarter before. Operating margin was 8.9%, net earnings $100M (5.2% of revenue).
Core & Main, Q1 FY26: revenue $1.9B (+10% year over year), operating margin 8.9%, net earnings $100M, operating cash flow $77.0M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +13% | +10% |
| Gross profit | $510M | +13% | +9% |
| Operating profit | $171M | +38% | +2% |
| Net earnings | $100M | +56% | +5% |
| Operating cash flow | $77.0M | -67% | -1% |
| Free cash flow | $64.0M | -71% | -10% |
What changed
Revenue was $1.9B in Q1 FY26, up 10% year over year and up 13% from the previous quarter. Pipes, valves & fittings products was the largest line at 68% of revenue. Pipes, valves & fittings products added $0.13B year over year (up 11%), 75% of the total change. Fire protection products declined 9%.
Gross margin was 26.7%, down 0.2 points from a year earlier. Operating profit was $0.17B, a 8.9% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 2% reached operating profit, below the 10% margin then. Operating expenses grew 13% against revenue growth of 10%. The fastest-growing cost line was SG&A (+14%). Net earnings were $0.10B, up 5% year over year. The effective tax rate was 25.5%.
Operating cash flow was $0.08B (down 1% year over year), 73% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.08B. Capital expenditures of $0.01B left free cash flow of $0.06B.
Questions
What was Core & Main's revenue in the first quarter fiscal 2026?
Core & Main (CNM) reported revenue of $1.9B for the first quarter fiscal 2026 (Q1 FY26), +10% from a year earlier and +13% from the quarter before.
Was Core & Main profitable in the first quarter fiscal 2026?
Operating profit was $171M (8.9% of revenue) and net earnings $100M.
Source: Core & Main 10-Q on SEC EDGAR.