Filing Flows › Core & Main (CNM) › Q2 FY26
Core & Main (CNM) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Sep 9, 2025
Core & Main (CNM) reported revenue of $2.1B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +10% from the quarter before. Operating margin was 10.2%, net earnings $134M (6.4% of revenue).
Core & Main, Q2 FY26: revenue $2.1B (+7% year over year), operating margin 10.2%, net earnings $134M, operating cash flow $34.0M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +10% | +7% |
| Gross profit | $560M | +10% | +8% |
| Operating profit | $213M | +25% | +4% |
| Net earnings | $134M | +34% | +13% |
| Operating cash flow | $34.0M | -56% | -29% |
| Free cash flow | $24.0M | -62% | -38% |
What changed
Revenue was $2.1B in Q2 FY26, up 7% year over year and up 10% from the previous quarter. Pipes, valves & fittings products was the largest line at 68% of revenue. Pipes, valves & fittings products added $0.10B year over year (up 8%), 78% of the total change. Meter products declined 7%.
Gross margin was 26.8%, up 0.4 points from a year earlier. Operating profit was $0.21B, a 10.2% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 10% margin then. Operating expenses grew 11% against revenue growth of 7%. The fastest-growing cost line was SG&A (+13%). Net earnings were $0.13B, up 13% year over year. The effective tax rate was 22.5%.
Operating cash flow was $0.03B (down 29% year over year), 24% 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 $0.16B. Capital expenditures of $0.01B left free cash flow of $0.02B.
Questions
What was Core & Main's revenue in the second quarter fiscal 2026?
Core & Main (CNM) reported revenue of $2.1B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +10% from the quarter before.
Was Core & Main profitable in the second quarter fiscal 2026?
Operating profit was $213M (10.2% of revenue) and net earnings $134M.
Source: Core & Main 10-Q on SEC EDGAR.