NYSE: CNM
Core & Main, Inc.CIK 0001856525 · SIC 5099 · Wholesale-Durable Goods, NEC
Core & Main, Inc. (“Core & Main” and collectively with its subsidiaries, the “Company,” “we,” “our” or “us”) is a holding company and its primary material assets are its direct and indirect ownership interest in Core & Main Holdings, LP, a Delaware limited partnership (“Holdings”), and deferred tax… About this business →
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revenue $2.15B, net income $144.0M. Core & Main refinances debt, doubles buyback, and grows profit 7.5%
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Latest financial statements
From 10-Q filed Sep 9, 2026 (period ending Aug 2, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
Amounts in millions
| Description | Three months ended August 2, 2026 | Three months ended August 3, 2025 | Six months ended August 2, 2026 | Six months ended August 3, 2025 |
|---|---|---|---|---|
| Net sales | 2,145 | 2,093 | 4,055 | 4,004 |
| Cost of sales | 1,572 | 1,533 | 2,962 | 2,934 |
| Gross profit | 573 | 560 | 1,093 | 1,070 |
| Operating expenses: | ||||
| Selling, general and administrative | 301 | 302 | 600 | 595 |
| Depreciation and amortization | 45 | 45 | 89 | 91 |
| Total operating expenses | 346 | 347 | 689 | 686 |
| Operating income | 227 | 213 | 404 | 384 |
| Interest expense | 32 | 31 | 59 | 61 |
| Other expense | 2 | — | 2 | — |
| Income before provision for income taxes | 193 | 182 | 343 | 323 |
| Provision for income taxes | 43 | 41 | 80 | 77 |
| Net income | 150 | 141 | 263 | 246 |
| Less: net income attributable to non-controlling interests | 6 | 7 | 11 | 12 |
| Net income attributable to Core & Main, Inc. | 144 | 134 | 252 | 234 |
| Earnings per share (“EPS”) | ||||
| Basic | 0.77 | 0.71 | 1.34 | 1.23 |
| Diluted | 0.77 | 0.70 | 1.34 | 1.22 |
| Number of shares used in computing EPS | ||||
| Basic | 186,639,659 | 189,904,002 | 187,507,875 | 189,855,388 |
| Diluted | 193,359,334 | 198,302,610 | 194,519,350 | 198,503,146 |
Condensed Consolidated Balance Sheets (Unaudited)
Amounts in millions
| Description | August 2, 2026 | February 1, 2026 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 312 | 220 |
| Receivables, net of allowance for credit losses of $26 and $22, respectively | 1,439 | 1,048 |
| Inventories | 1,137 | 986 |
| Prepaid expenses and other current assets | 49 | 48 |
| Total current assets | 2,937 | 2,302 |
| Property, plant and equipment, net | 192 | 178 |
| Operating lease right-of-use assets | 297 | 287 |
| Intangible assets, net | 759 | 823 |
| Goodwill | 1,921 | 1,920 |
| Deferred income taxes | 552 | 565 |
| Other assets | 51 | 10 |
| Total assets | 6,709 | 6,085 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Current maturities of long-term debt | 17 | 24 |
| Accounts payable | 815 | 512 |
| Accrued compensation and benefits | 89 | 123 |
| Current operating lease liabilities | 79 | 75 |
| Other current liabilities | 190 | 140 |
| Total current liabilities | 1,190 | 874 |
| Long-term debt | 2,432 | 2,124 |
| Non-current operating lease liabilities | 221 | 214 |
| Deferred income taxes | 90 | 89 |
| Tax receivable agreement liabilities | 644 | 680 |
| Other liabilities | 28 | 30 |
| Total liabilities | 4,605 | 4,011 |
| Commitments and contingencies | ||
| Class A common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 184,443,500 and 188,770,435 shares issued and outstanding as of August 2, 2026 and February 1, 2026, respectively | 2 | 2 |
| Class B common stock, par value $0.01 per share, 500,000,000 shares authorized, 6,301,342 and 6,611,263 shares issued and outstanding as of August 2, 2026 and February 1, 2026, respectively | — | — |
| Additional paid-in capital | 1,242 | 1,246 |
| Retained earnings | 784 | 755 |
| Accumulated other comprehensive income (loss) | 3 | (6) |
| Total stockholders’ equity attributable to Core & Main, Inc. | 2,031 | 1,997 |
| Non-controlling interests | 73 | 77 |
| Total stockholders’ equity | 2,104 | 2,074 |
| Total liabilities and stockholders’ equity | 6,709 | 6,085 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
Amounts in millions
| Description | Six months ended August 2, 2026 | Six months ended August 3, 2025 |
|---|---|---|
| Cash Flows From Operating Activities: | ||
| Net income | 263 | 246 |
| Adjustments to reconcile net cash from operating activities: | ||
| Depreciation and amortization | 97 | 96 |
| Equity-based compensation expense | 7 | 10 |
| Deferred income tax expense | 13 | 7 |
| Other | 6 | 7 |
| Changes in assets and liabilities: | ||
| (Increase) decrease in receivables | (397) | (300) |
| (Increase) decrease in inventories | (155) | (152) |
| (Increase) decrease in other assets | (1) | (5) |
| Increase (decrease) in accounts payable | 301 | 196 |
| Increase (decrease) in accrued liabilities | 10 | 6 |
| Net cash provided by operating activities | 144 | 111 |
| Cash Flows From Investing Activities: | ||
| Capital expenditures | (32) | (23) |
| Investment in tax advantaged limited partnerships | (17) | — |
| Other | (7) | (5) |
| Net cash used in investing activities | (56) | (28) |
| Cash Flows From Financing Activities: | ||
| Repurchase and retirement of equity interests | (257) | (47) |
| Distributions to non-controlling interest holders | (4) | (4) |
| Payments pursuant to Tax Receivable Agreements | (42) | (18) |
| Borrowings on asset-based revolving credit facility | — | 100 |
| Repayments on asset-based revolving credit facility | — | (93) |
| Issuance of long-term debt | 929 | — |
| Repayments of long-term debt | (617) | (12) |
| Debt issuance costs | (19) | — |
| Other | 14 | 8 |
| Net cash provided by (used in) financing activities | 4 | (66) |
| Increase in cash and cash equivalents | 92 | 17 |
| Cash and cash equivalents at the beginning of the period | 220 | 8 |
| Cash and cash equivalents at the end of the period | 312 | 25 |
| Cash paid for interest (excluding effects of interest rate swap) | 59 | 49 |
| Cash paid for income taxes | 40 | 69 |
Amounts as printed on the EDGAR/iXBRL face — Amounts in millions. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About Core & Main, Inc.
Source: Item 1 (Business) from the 10-K filed March 24, 2026. Description as filed by the company with the SEC.
Item 1. Business
Our Company
Core & Main, Inc. (“Core & Main” and collectively with its subsidiaries, the “Company,” “we,” “our” or “us”) is a holding company and its primary material assets are its direct and indirect ownership interest in Core & Main Holdings, LP, a Delaware limited partnership (“Holdings”), and deferred tax assets associated with this ownership. Core & Main is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide. With a focus on water, wastewater, storm drainage and fire protection products, and related services, we provide solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets. Our specialty products and services are used primarily in the maintenance, repair, replacement and new construction of water, wastewater, storm drainage and fire protection infrastructure. We are one of only two national distributors operating across large and highly fragmented markets, which we estimate to represent approximately $44 billion in annual sales.
As of February 1, 2026, we had a network of over 370 branch locations across the United States (“U.S.”) and Canada, which serve as a critical link between more than 5,000 suppliers and a diverse and long-standing base of over 60,000 customers. Our sales reach, technical product knowledge, broad product portfolio, customer service, project planning and delivery capabilities, customer service and ability to provide local expertise, nationwide, make us a critical partner to both our customers and suppliers.
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We offer a comprehensive portfolio of more than 225,000 products covering a full spectrum of specialized solutions to address aging water infrastructure, including pipes, valves & fittings, storm drainage products, fire protection products and smart metering products. Our products are generally unique to our industry and must meet municipal, state and federal specifications and engineering standards.
We have a balanced mix of sales across product categories, end markets and construction sectors. We estimate we derived approximately 44% of our net sales for the fiscal year ended February 1, 2026 (“fiscal 2025”) from the municipal end market, 38% from the non-residential end market and 18% from the residential end market. Furthermore, we estimate we had a near-equal mix of sales related to construction on new projects and existing repair and replacement projects in fiscal 2025.
Our mission is to deliver essential infrastructure products and solutions to communities for water, wastewater, storm drainage, and fire protection needs. We succeed by investing in our people to know their industries, products and customers, connecting local experts within our national network to deliver anytime, anywhere. We advance the future of water infrastructure with trusted expertise, innovative solutions, and reliable products and service.
Our History
Our first legacy distribution company dates back to 1874, and over the years, the Company has grown organically and through a series of mergers and acquisitions. In 2005, The Home Depot acquired National Waterworks Holdings and subsequently merged it with Hughes Supply Inc. to establish one of the leading waterworks distributors in the U.S. Under The Home Depot’s ownership, we became HD Supply Waterworks and further expanded our geographic footprint. In 2007, a group of private equity investors acquired HD Supply from The Home Depot and subsequently executed an initial public offering in 2013. In August 2017, HD Supply Waterworks was acquired by Clayton, Dubilier & Rice, LLC (“CD&R”) from HD Supply and was subsequently rebranded as Core & Main. On July 27, 2021, we completed our initial public offering of Class A common stock (the “IPO”). Since the IPO, we completed a series of secondary public offerings of shares of Class A common stock on behalf of the CD&R Investors (as defined below under