Filing Flows › Core & Main (CNM) › Q1 FY27 › vs Q4 FY26
Core & Main (CNM) Q1 FY27 vs Q4 FY26 (quarter over quarter)
Core & Main's revenue rose $329M (+21%) from $1.6B in Q4 FY26 to $1.9B in Q1 FY27. The biggest changes: Pipes, valves & fittings products +$246M (+24%); Storm drainage products +$47.0M (+20%); Fire protection products +$37.0M (+26%). Gross margin 27.2% against 27.1% (+0.2 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 Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Gross margin | 27.2% | 27.1% | +0.2 pts |
| Operating margin | 9.3% | 7.5% | +1.8 pts |
| Net margin | 5.7% | 4.4% | +1.2 pts |
| Free cash flow margin | 3.6% | 16.0% | -12.4 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Pipes, valves & fittings products | $1.3B | $1.0B | $246M | +24% |
| Storm drainage products | $278M | $231M | $47.0M | +20% |
| Smart utility products | $180M | $181M | −$1.0M | -0.6% |
| Fire protection products | $178M | $141M | $37.0M | +26% |
| Revenue | $1.9B | $1.6B | $329M | +21% |
| Gross profit | $520M | $428M | $92.0M | +21% |
| Cost of revenue | $1.4B | $1.2B | $237M | +21% |
| Operating profit | $177M | $118M | $59.0M | +50% |
| Operating expenses | $343M | $310M | $33.0M | +11% |
| Pre-tax earnings | $150M | $94.0M | $56.0M | +60% |
| Other expense, net | $27.0M | $24.0M | $3.0M | +12% |
| SG&A | $299M | $264M | $35.0M | +13% |
| Other operating costs | $44.0M | $46.0M | −$2.0M | -4% |
| Net earnings | $108M | $70.0M | $38.0M | +54% |
| Minority interests | $5.0M | $3.0M | $2.0M | +67% |
| Income tax | $37.0M | $21.0M | $16.0M | +76% |
| Depreciation & amortization | $47.0M | $48.0M | −$1.0M | -2% |
| Share-based compensation | $3.0M | $3.0M | $0 | 0% |
| Working capital & other | $76.0M | −$147M | $223M | — |
| Operating cash flow | $82.0M | $268M | −$186M | -69% |
| Free cash flow (OCF − capex) | $68.0M | $253M | −$185M | -73% |
| Capital expenditures | $14.0M | $15.0M | −$1.0M | -7% |
Questions
How much did Core & Main's revenue grow quarter over quarter in Q1 FY27?
Core & Main's revenue rose $329M (+21%) from $1.6B in Q4 FY26 to $1.9B in Q1 FY27.
What drove Core & Main's revenue change in Q1 FY27?
Pipes, valves & fittings products +$246M (+24%); Storm drainage products +$47.0M (+20%); Fire protection products +$37.0M (+26%).