Inferra AI / Company / CNM

Core & Main, Inc.

CNM · Industrials

Last earnings Sep 9, 2026

Key results

Net incomequarter

11.9%

Net income increased 11.9% to $141 million Adjusted EBITDA (Non-GAAP) increased 3.5% to $266 million

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

EPSquarter

14.8%

Diluted earnings per share increased 14.8% to $0.70 Adjusted Diluted Earnings Per Share (Non-GAAP) increased 13.0% to $0.87 Net cash provided by operating activities of $34 million O pened new locations in Kansas City, Kansas and Columbus

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

Adjusted EPSquarter

13.0%

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

$ 134 $ 119 $ 234 $ 214 Plus net income attributable to non-controlling interest 7 7 12 13 Net income 141 126 246 227 Depreciation and amortization (1) 46 47 93 91 Provision for income taxes 41 42 77 75 Interest expense 31 36 61 70 EBITDA $ 259 $ 251 $ 477 $ 463 Equity-based compensation 5 4 10 7 Acquisition expenses (2) 2 2 3 4 Adjusted EBITDA $ 266 $ 257 $ 490 $ 474 (1) Includes depreciation of certain assets which are reflected in cost of sales in our Statement of Operations.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

M LTM net incomequarter

$453M

Leader in Advancing Reliable Infrastructure with Local Service, Nationwide $453M LTM Net Income Branch locations Headquarters 225K+ Products 67% 16% 9% 8% Pipes, Valves & Fittings Storm Drainage Meters Fire Protection © Core & Main All Rights Reserved.

SEC original ↗Core & Main, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 9, 2025

Free cash flowquarter

$ 24

Twelve Months Ended August 3, 2025 August 3, 2025 May 4, 2025 February 2, 2025 October 27, 2024 Operating Cash Flow 606$ 34$ 77$ 235$ 260$ Less: Capital Expenditures (42) (10) (13) (11) (8) Free Cash Flow 564$ 24$ 64$ 224$ 252$ Class A Shares (1) 190,491,983 Class B Shares (1) 6,932,015 Total Shares Outstanding 197,423,998 Share Price (1) 62.68$ Market Capitalization 12,375$ Free Cash Flow Yield 4.6% Three Months Ended © Core & Main All Rights Reserved.

SEC original ↗Core & Main, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 9, 2025

Revenuequarter

$2,093 million

Net sales $ 2,093 $ 1,964 $ 4,004 $ 3,705

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

Gross marginquarter

$560 million

Gross profit 560 518 1,070 986

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

Operating expensesquarter

$347 million

Total operating expenses 347 314 686 614

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

Operating incomequarter

$213 million

Operating income 213 204 384 372

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

AI analysis

Q2 2025 · reported Sep 9, 2025

Based on: Earnings release + Q2 2025 deck + parent 8-K + 10-Q — transcript not held

Revenue · Q2 2025

$2,093M

EX-99 · Sep 9, 2025

M LTM net income · Q2 2025

$453M

EX-99 · Sep 9, 2025

Operating income · Q2 2025

$213M

EX-99 · Sep 9, 2025

Free cash flow · Q2 2025

$ 24

EX-99 · Sep 9, 2025

Headline figures

Metric	Q2 2025	Prior qtr	Year ago
Net income	11.9%	—	—
EPS	14.8%	—	—
Adjusted EPS	13.0%	—	—
M LTM net income	$453M	—	—
Free cash flow	$ 24	—	—
Revenue	$2,093 million	—	—
Gross margin	$560 million	—	—
Operating expenses	$347 million	—	—

EX-99 · Sep 9, 2025

Guidance · company-stated

Direction: Lowered

Company outlook — Lowered

“Fiscal 2025 Outlook For fiscal 2025, a 52-week year compared to fiscal 2024, a 53-week year, Core Main has lowered its outlook as reflected in the guidance below.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Gross margin$560M

Cash flow & capex

Free cash flow$ 24

Capital allocation

The increase in basic and diluted earnings per share was attributable to an increase in net income and lower Class A share counts following share repurchase transactions executed throughout fiscal 2024 and fiscal 2025.

The increase in Adjusted Diluted Earnings Per Share was primarily attributable to an increase in net income and lower Class A share counts following the share repurchase transactions executed throughout fiscal 2024 and fiscal 2025.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Core & Main, Inc. Q2 2025 — Net income increased 11.9% to $141 million Adjusted EBITDA (Non-GAAP) increased 3.5% to $266 million

Based on: Earnings release + Q2 2025 deck + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Lowered

Company outlook — Lowered (“lowered”)
“Fiscal 2025 Outlook For fiscal 2025, a 52-week year compared to fiscal 2024, a 53-week year, Core Main has lowered its outlook as reflected in the guidance below.”

Classified from the release's primary full-year outlook statement.

Capital allocation

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

The basic and diluted earnings per share increased due to an increase in net income and lower Class A share counts following the share repurchase transactions executed throughout fiscal 2024 and fiscal 2025.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

Net Debt, calculated as gross consolidated debt net of cash and cash equivalents, as of August 3, 2025 was $2,253 million compared with $2,439 million as of July 28, 2024.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

The decrease in Net Debt was primarily attributable to lower borrowings on our senior asset-based revolving credit facility ( Senior ABL Credit Facility ).

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

As of August 3, 2025, we h ad $100 milli on outstanding borrowings on our Senior ABL Credit Facility, which provides for borrowings of up to $1,250 million, subject to borrowing base availability.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

Strategy & priorities

We drove significant sales growth across key initiatives, including treatment plant and fusible high-density polyethylene projects, where our technical expertise and consistent execution set us apart.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

We also continued to expand gross margins, both sequentially and year-over-year, through better price realization and the execution of our private label and sourcing initiatives.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

After the quarter, we opened two new locations in priority markets and completed an acquisition that expands our platform in Canada.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

We remain confident in our long-term growth and margin expansion opportunities, and in our ability to balance strategic investments with disciplined cost control to drive continued growth and efficiency.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

The overall increase in gross profit as a percentage of net sales was primarily attributable to favorable impacts from the execution of our gross margin initiatives.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

Risks & headwinds

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

A number of important factors, including, without limitation, the risks and uncertainties discussed under the captions Risk Factors in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025 and Management s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025, could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release.

SEC original ↗Core & Main, Inc. — Earnings release (8-K exhibit)EX-99Sep 9, 2025

A number of important factors, including, without limitation, the risks and uncertainties discussed under the captions Risk Factors in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025 ( Annual Report on Form 10-K ) and other factors discussed in our filings with the United States Securities and Exchange Commission, could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements.

SEC original ↗Core & Main, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 9, 2025

Legal Proceedings 36 Item 1A.

SEC original ↗Core & Main, Inc. — 10-Q Quarterly report10-QSep 9, 2026

Documents

Earnings deck slides

0 decks with slide view

Core & Main, Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

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