Core & Main, Inc.

Listed Company

CNMCIK 0001856525NYSELarge AcceleratedWholesale-Durable Goods, NecDelawareFY ends Jan 31

Period

FY 2026

Revenue

$7.65B

Net Income

$441.00M

Total Assets

$6.08B

Equity

$2.00B

Shares Out

—

Op. Cash Flow

$650.00M

Business

Core & Main, Inc. is a holding company that owns and operates distribution businesses focused on supplying water, wastewater, storm drainage and fire protection infrastructure products and services. It offers a comprehensive portfolio including pipes, valves and fittings, storm drainage systems, fire protection components, smart metering solutions, fabrication, kitting, project planning and long‑term service contracts. The company structures its operations to serve three primary end markets: municipal, non‑residential and residential construction. Core & Main distributes through a national supplier network and a branch‑based model with over 370 local branches, direct shipment options, and inside and field sales teams across the United States.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Net sales	7,647	7,441	6,702	6,651	5,004
Cost of sales	5,588	5,461	4,884	4,856	3,724
Gross profit	2,059	1,980	1,818	1,795	1,280
Selling, general and administrative	1,154	1,078	931	880	717
Depreciation and amortization	183	183	147	140	138
Total operating expenses	1,337	1,261	1,078	1,020	855
Operating income	722	719	740	775	425
Interest expense	−120	−142	−81	66	—
Other income	5	0	0	—	—
Income before provision for income taxes	607	577	659	709	276
Provision for income taxes	145	143	128	128	51
Net income	462	434	531	581	225
Less: net income attributable to non-controlling interests	21	23	160	215	59
Net income attributable to Core & Main, Inc.	441	411	371	366	166
Basic (in dollars per share)	2.32	2.14	2.15	2.16	0.57
Diluted (in dollars per share)	2.31	2.13	2.15	2.13	0.55
Basic (shares)	190	192	173	169	159
Diluted (shares)	198	201	228	246	244

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Cash and cash equivalents	220	8	1	177	1
Receivables, net of allowance for credit losses of $22 and $18	1,048	1,066	973	955	884
Inventories	986	908	766	1,047	856
Prepaid expenses and other current assets	48	43	33	32	26
Total current assets	2,302	2,025	1,773	2,211	1,767
Property, plant and equipment, net	178	168	151	105	94
Operating lease right-of-use assets	287	244	192	175	152
Intangible assets, net	823	935	784	795	871
Goodwill	1,920	1,898	1,561	1,535	1,515
Deferred income taxes	565	558	542	0	—
Other assets	10	42	66	88	35
Total assets	6,085	5,870	5,069	4,909	4,434
Current maturities of long-term debt	24	24	15	15	15
Accounts payable	512	562	504	479	608
Accrued compensation and benefits	123	123	106	123	109
Current operating lease liabilities	75	67	55	54	49
Other current liabilities	140	90	94	55	58
Total current liabilities	874	866	774	726	839
Long-term debt	2,124	2,237	1,863	1,444	1,456
Non-current operating lease liabilities	214	178	138	121	103
Deferred income taxes	89	87	48	9	35
Tax receivable agreement liabilities	680	706	706	180	—
Other liabilities	30	22	16	19	17
Total liabilities	4,011	4,096	3,545	2,499	2,603
Commitments and contingencies	—	—	—	—	—
Additional paid-in capital	1,246	1,220	1,214	1,241	1,214
Retained earnings	755	449	189	458	92
Accumulated other comprehensive (loss) income	−6	27	46	45	16
Total stockholders equity attributable to Core & Main, Inc.	1,997	1,698	1,451	1,747	1,325
Non-controlling interests	77	76	73	663	506
Total stockholders equity	2,074	1,774	1,524	2,410	1,831
Total liabilities and stockholders equity	6,085	5,870	5,069	4,909	4,434

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Depreciation and amortization	192	194	154	148	150
Equity-based compensation expense	17	14	10	11	25
Loss on debt modification and extinguishment	28	13	2	−7	49
Other	0	8	5	7	−14
(Increase) decrease in receivables	26	−2	21	−51	−312
(Increase) decrease in inventories	−70	−36	328	−149	−440
(Increase) decrease in other assets	6	−13	2	−4	−7
Increase (decrease) in accounts payable	−59	14	11	−140	274
Increase (decrease) in accrued liabilities	48	−5	5	5	24
Net cash provided by operating activities	650	621	1,069	401	−31
Capital expenditures	−46	−35	−39	−25	−20
Acquisitions of businesses, net of cash acquired	−61	−741	−231	−128	−179
Other	−38	−12	0	1	1
Net cash used in investing activities	−145	−788	−270	−152	−203
Repurchase and retirement of equity interests	−155	−176	−1,344	0	0
Distributions to non-controlling interest holders	−7	−11	−41	−57	−52
Payments pursuant to Tax Receivable Agreements	−18	−11	−5	0	0
Borrowings on asset-based revolving credit facility	150	774	665	244	18
Repayments on asset-based revolving credit facility	−243	−1,110	−235	−244	−18
Issuance of long-term debt	0	950	0	0	1,500
Repayments of long-term debt	−24	−223	−15	−15	−2,319
Debt issuance costs	0	−15	0	−2	−13
Other	4	−4	0	1	0
Net cash (used in) provided by financing activities	−293	174	−975	−73	−146
Increase (decrease) in cash and cash equivalents	212	7	−176	176	−380
Cash paid for interest (excluding effects of interest rate swap)	133	197	105	74	126
Cash paid for income taxes	79	143	116	147	55

Filings

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