Filing Flows › Core & Main (CNM) › Q2 FY27 › vs Q1 FY27
Core & Main (CNM) Q2 FY27 vs Q1 FY27 (quarter over quarter)
Core & Main's revenue rose $235M (+12%) from $1.9B in Q1 FY27 to $2.1B in Q2 FY27. The biggest changes: Pipes, valves & fittings products +$187M (+15%); Storm drainage products +$56.0M (+20%); Smart utility products −$6.0M (-3%). Gross margin 26.7% against 27.2% (-0.5 pts).
Core & Main, Q2 FY27: revenue $2.1B (+2% year over year), operating margin 10.6%, net earnings $144M, operating cash flow $62.0M. The chart draws each line against Q1 FY27, the increases inside each band.
Margins
| Q2 FY27 | Q1 FY27 | Change | |
|---|---|---|---|
| Gross margin | 26.7% | 27.2% | -0.5 pts |
| Operating margin | 10.6% | 9.3% | +1.3 pts |
| Net margin | 6.7% | 5.7% | +1.1 pts |
| Free cash flow margin | 2.1% | 3.6% | -1.5 pts |
Every line
| Line | Q2 FY27 | Q1 FY27 | Change | % |
|---|---|---|---|---|
| Pipes, valves & fittings products | $1.5B | $1.3B | $187M | +15% |
| Storm drainage products | $334M | $278M | $56.0M | +20% |
| Fire protection products | $176M | $178M | −$2.0M | -1% |
| Smart utility products | $174M | $180M | −$6.0M | -3% |
| Revenue | $2.1B | $1.9B | $235M | +12% |
| Gross profit | $573M | $520M | $53.0M | +10% |
| Cost of revenue | $1.6B | $1.4B | $182M | +13% |
| Operating profit | $227M | $177M | $50.0M | +28% |
| Operating expenses | $346M | $343M | $3.0M | +0.9% |
| Pre-tax earnings | $193M | $150M | $43.0M | +29% |
| Other expense, net | $34.0M | $27.0M | $7.0M | +26% |
| SG&A | $301M | $299M | $2.0M | +0.7% |
| Other operating costs | $45.0M | $44.0M | $1.0M | +2% |
| Net earnings | $144M | $108M | $36.0M | +33% |
| Minority interests | $6.0M | $5.0M | $1.0M | +20% |
| Income tax | $43.0M | $37.0M | $6.0M | +16% |
| Depreciation & amortization | $50.0M | $47.0M | $3.0M | +6% |
| Share-based compensation | $4.0M | $3.0M | $1.0M | +33% |
| Working capital & other | $136M | $76.0M | $60.0M | +79% |
| Operating cash flow | $62.0M | $82.0M | −$20.0M | -24% |
| Free cash flow (OCF − capex) | $44.0M | $68.0M | −$24.0M | -35% |
| Capital expenditures | $18.0M | $14.0M | $4.0M | +29% |
Questions
How much did Core & Main's revenue grow quarter over quarter in Q2 FY27?
Core & Main's revenue rose $235M (+12%) from $1.9B in Q1 FY27 to $2.1B in Q2 FY27.
What drove Core & Main's revenue change in Q2 FY27?
Pipes, valves & fittings products +$187M (+15%); Storm drainage products +$56.0M (+20%); Smart utility products −$6.0M (-3%).