Core & Main, Inc.

Core & Main, Inc., a leading specialty distributor of water, wastewater, storm drainage, and fire protection products, reported net sales of $7.65 billion for the fiscal year ended February 1, 2026 (FY 2023). Gross profit was $2.06 billion, driven by cost of sales at $5.59 billion, reflecting the company's broad portfolio of over 225,000 products serving municipal (44% of net sales), non-residential (38%), and residential (18%) end markets. Operating income reached $722.0 million after total operating expenses of $1.34 billion, including selling, general, and administrative expenses of $1.15 billion and depreciation and amortization of $183.0 million. Income before taxes was $607.0 million, with provision for income taxes at $145.0 million, resulting in net income of $462.0 million and net income attributable to Core & Main, Inc. of $441.0 million, or $2 per basic and diluted share (197.9 million diluted shares). The balance sheet showed total assets of $6.08 billion, including $2.30 billion in current assets (cash $220.0 million, receivables $1.05 billion, inventories $986.0 million) and $1.92 billion in goodwill. Total liabilities were $4.01 billion, with long-term debt of $2.12 billion. Stockholders' equity totaled $2.07 billion. Cash flow from operations was robust at $650.0 million, funding $145.0 million in investing activities (including $46.0 million capex and $61.0 million acquisitions) and $293.0 million net outflow in financing (including $155.0 million equity repurchases). With over 370 branches and 60,000 customers, Core & Main benefits from fragmented markets estimated at $44 billion, though faces risks from construction volatility and supply chain issues.

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