Filing Flows › Core & Main (CNM) › Q3 FY26
Core & Main (CNM) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Dec 9, 2025
Core & Main (CNM) reported revenue of $2.1B for the third quarter fiscal 2026 (Q3 FY26), +1% from a year earlier and -1% from the quarter before. Operating margin was 10.7%, net earnings $137M (6.6% of revenue).
Core & Main, Q3 FY26: revenue $2.1B (+1% year over year), operating margin 10.7%, net earnings $137M, operating cash flow $271M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | -1% | +1% |
| Gross profit | $561M | +0.2% | +3% |
| Operating profit | $220M | +3% | -1% |
| Net earnings | $137M | +2% | +3% |
| Operating cash flow | $271M | +697% | +4% |
| Free cash flow | $263M | +996% | +4% |
What changed
Revenue was $2.1B in Q3 FY26, up 1% year over year and down 1% from the previous quarter. Pipes, valves & fittings products was the largest line at 67% of revenue. Meter products added $0.01B year over year (up 8%), 62% of the total change.
Gross margin was 27.2%, up 0.6 points from a year earlier. Operating profit was $0.22B, a 10.7% margin (down 0.3 points year over year). Operating profit fell $3.0M even though revenue rose $0.02B versus a year earlier, so costs grew faster than sales. Operating expenses grew 7% against revenue growth of 1%. Net earnings were $0.14B, up 3% year over year. The effective tax rate was 24.7%.
Operating cash flow was $0.27B (up 4% year over year), 190% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.01B left free cash flow of $0.26B.
Questions
What was Core & Main's revenue in the third quarter fiscal 2026?
Core & Main (CNM) reported revenue of $2.1B for the third quarter fiscal 2026 (Q3 FY26), +1% from a year earlier and -1% from the quarter before.
Was Core & Main profitable in the third quarter fiscal 2026?
Operating profit was $220M (10.7% of revenue) and net earnings $137M.
Source: Core & Main 10-Q on SEC EDGAR.