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How Core & Main (CNM) makes money

Core & Main (CNM) made $2.1B of revenue in the second quarter fiscal 2027 (Q2 FY27), +2% from a year earlier. Pipes, valves & fittings products brought in $1.5B (68%); Storm drainage products brought in $334M (16%); Fire protection products brought in $176M (8%). Of every dollar of revenue, 27¢ was left as gross profit, 11¢ was left as operating profit, 7¢ was left as net earnings.

Drawing the Sankey…

Core & Main revenue by segment, Q2 FY27Core & Main revenue by segment, Q2 FY27Pipes, valves & fittings products$1.5BStorm drainage products$334MFire protection products$176MSmart utility products$174M
Core & Main: revenue by line, Q4 FY25 to Q2 FY27Core & Main: revenue by line, Q4 FY25 to Q2 FY27Pipes, valves & fitti…Storm drainage produc…Fire protection produ…Meter productsSmart utility productsPipes, valves & fittings products: $1.5B latest$1.5BStorm drainage products: $334M latest$334MFire protection products: $176M latest$176MMeter products: $0 latestSmart utility products: $174M latest$174MQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Pipes, valves & fittings products went from 66% of revenue in Q4 FY25 to 68% in Q2 FY27, the largest shift in the mix.
Core & Main revenue by quarterCore & Main revenue by quarter$1.7BQ4 FY25$1.9BQ1 FY26$2.1BQ2 FY26$2.1BQ3 FY26$1.6BQ4 FY26$1.9BQ1 FY27$2.1BQ2 FY27
Core & Main: where each dollar of revenue goesCore & Main: where each dollar of revenue goesCost of revenue73¢Gross profit27¢Operating expenses16¢Operating profit11¢Income tax2¢Net earnings7¢Operating cash flow3¢Free cash flow2¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Pipes, valves & fittings products$1.5B68.1%+15%+2%
Storm drainage products$334M15.6%+20%-0.3%
Fire protection products$176M8.2%-1%+14%
Smart utility products$174M8.1%-3%+0.6%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$2.1B100.0%
Cost of revenue$1.6B73.3%
Gross profit$573M26.7%
Operating expenses$346M16.1%
Operating profit$227M10.6%
Income tax$43.0M2.0%
Net earnings$144M6.7%
Operating cash flow$62.0M2.9%
Free cash flow$44.0M2.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$2.1B+2%
Q1 FY27$1.9B-0.1%
Q4 FY26$1.6B-7%
Q3 FY26$2.1B+1%
Q2 FY26$2.1B+7%
Q1 FY26$1.9B+10%
Q4 FY25$1.7B+18%

From Core & Main's 10-Q filed Sep 9, 2026 (on EDGAR).

Questions

How does Core & Main make money?

Core & Main (CNM) made $2.1B of revenue in the second quarter fiscal 2027 (Q2 FY27), +2% from a year earlier. Pipes, valves & fittings products brought in $1.5B (68%); Storm drainage products brought in $334M (16%); Fire protection products brought in $176M (8%). Of every dollar of revenue, 27¢ was left as gross profit, 11¢ was left as operating profit, 7¢ was left as net earnings.

What is Core & Main's biggest business?

Pipes, valves & fittings products: $1.5B in the second quarter fiscal 2027, 68% of revenue, +2% from a year earlier.

What is Core & Main's profit margin?

Net earnings were $144M, 6.7% of revenue, in the second quarter fiscal 2027; the operating margin was 10.6%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.