Filing Flows › Core & Main (CNM) › Q1 FY27 › vs Q1 FY26
Core & Main (CNM) Q1 FY27 vs Q1 FY26 (year over year)
Core & Main's revenue fell $1.0M (-0.1%) from $1.9B in Q1 FY26 to $1.9B in Q1 FY27. The biggest changes: Fire protection products +$26.0M (+17%); Pipes, valves & fittings products −$23.0M (-2%); Storm drainage products −$17.0M (-6%). Gross margin 27.2% against 26.7% (+0.5 pts).
Core & Main, Q1 FY27: revenue $1.9B (-0.1% year over year), operating margin 9.3%, net earnings $108M, operating cash flow $82.0M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 27.2% | 26.7% | +0.5 pts |
| Operating margin | 9.3% | 8.9% | +0.3 pts |
| Net margin | 5.7% | 5.2% | +0.4 pts |
| Free cash flow margin | 3.6% | 3.3% | +0.2 pts |
Every line
| Line | Q1 FY27 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Pipes, valves & fittings products | $1.3B | $1.3B | −$23.0M | -2% |
| Storm drainage products | $278M | $295M | −$17.0M | -6% |
| Smart utility products | $180M | $167M | $13.0M | +8% |
| Fire protection products | $178M | $152M | $26.0M | +17% |
| Revenue | $1.9B | $1.9B | −$1.0M | -0.1% |
| Gross profit | $520M | $510M | $10.0M | +2% |
| Cost of revenue | $1.4B | $1.4B | −$11.0M | -0.8% |
| Operating profit | $177M | $171M | $6.0M | +4% |
| Operating expenses | $343M | $339M | $4.0M | +1% |
| Pre-tax earnings | $150M | $141M | $9.0M | +6% |
| Other expense, net | $27.0M | $30.0M | −$3.0M | -10% |
| SG&A | $299M | $293M | $6.0M | +2% |
| Other operating costs | $44.0M | $46.0M | −$2.0M | -4% |
| Net earnings | $108M | $100M | $8.0M | +8% |
| Minority interests | $5.0M | $5.0M | $0 | 0% |
| Income tax | $37.0M | $36.0M | $1.0M | +3% |
| Depreciation & amortization | $47.0M | $48.0M | −$1.0M | -2% |
| Share-based compensation | $3.0M | $5.0M | −$2.0M | -40% |
| Working capital & other | $76.0M | $76.0M | $0 | 0% |
| Operating cash flow | $82.0M | $77.0M | $5.0M | +6% |
| Free cash flow (OCF − capex) | $68.0M | $64.0M | $4.0M | +6% |
| Capital expenditures | $14.0M | $13.0M | $1.0M | +8% |
Questions
How much did Core & Main's revenue grow year over year in Q1 FY27?
Core & Main's revenue fell $1.0M (-0.1%) from $1.9B in Q1 FY26 to $1.9B in Q1 FY27.
What drove Core & Main's revenue change in Q1 FY27?
Fire protection products +$26.0M (+17%); Pipes, valves & fittings products −$23.0M (-2%); Storm drainage products −$17.0M (-6%).