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Core & Main Inc logo

Core & Main Inc

ir.coreandmain.com

What Do They Do?

Distributes water, wastewater and fire protection infrastructure products and related services to municipalities, private water companies and professional contractors.

How Do They Make Money?

Customers buy products, with sales tied to delivery for Core & Main’s fleet and shipment for third-party carriers; services are charged in the period they are performed.

revenue
SegmentShareRevenue
Pipes, valves & fittings products
Sold outright

67%
Year to Jan 2023: 68%
Storm drainage products
Sold outright

16%
Year to Jan 2023: 14%
Fire protection products
Sold outright
7.9%
Year to Jan 2023: 11%
Meter products
Sold outright
9.4%
Year to Jan 2023: 6.8%

Who Are Their Customers?

Municipalities, private water companies and professional contractors buy products for infrastructure and construction projects. Branches stock products for local purchases, while larger orders can ship directly from suppliers to jobsites.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in Year to Feb 2026 and turned 8 cents into free cash flow.

Operating income, Year to Feb 2026
9% of revenue
▲ 0% vs Year to Feb 2025 ($719M, 10%)
Net income, Year to Feb 2026
6% of revenue
▲ +7% vs Year to Feb 2025 ($411M, 6%)
Free cash flow, Year to Feb 2026
8% of revenue
▲ +3% vs Year to Feb 2025 ($586M, 8%)

How Are They Changing?

Since the FY2023 annual report
Latest quarter: Q2 FY2026, the three months to Aug 2, 2026
Revenue
▲ +2%
vs $2.1B in Q2 FY2025
Net income
▲ +7%
vs $134M in Q2 FY2025
Pipes, valves & fittings products share of revenue vs 68.3% in Q2 FY2025
  • Mar 27, 2026 Executive Chair Stephen LeClair retired, and James Castellano became board chair. M. Susan Hardwick also joined the board.

Growing. Revenue grew 53% in 4 years, from $5B in Year to Jan 2022 to $7.6B in Year to Feb 2026, about 11% a year.

Revenue over time
Pipes, valves & fittings products Storm drainage products Fire protection products Meter products
$10B$5B$0

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