Core & Main (CNM) financial statements
Core & Main reported revenue of $7.6B in fiscal 2026, up 14.5% a year over 6 years.
Net income was $441M and the operating margin 9.4%, against 4.6% in 2020.
Free cash flow was $604M, and the company returned $155M in net buybacks.
The diluted share count fell 19% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Core & Main's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | $3.4B | $3.6B | $5.0B | $6.7B | $6.7B | $7.4B | $7.6B |
| Cost of revenue | $2.6B | $2.8B | $3.7B | $4.9B | $4.9B | $5.5B | $5.6B |
| Gross profit | $789M | $878M | $1.3B | $1.8B | $1.8B | $2.0B | $2.1B |
| Selling, general and admin | $509M | $556M | $717M | $880M | $931M | $1.1B | $1.2B |
| Operating income | $155M | $185M | $425M | $775M | $740M | $719M | $722M |
| Interest expense | $113M | $139M | $98M | $66M | $81M | $142M | $120M |
| Pre-tax income | $42M | $46M | $276M | $709M | $659M | $577M | $607M |
| Income tax | $6M | $9M | $51M | $128M | $128M | $143M | $145M |
| Net income | $36M | $37M | $166M | $366M | $371M | $411M | $441M |
| EPS (diluted) | — | — | $0.55 | $2.13 | $2.15 | $2.13 | $2.31 |
| Diluted shares | — | — | 244M | 246M | 228M | 201M | 198M |
| Gross margin | 23.3% | 24.1% | 25.6% | 27.0% | 27.1% | 26.6% | 26.9% |
| Operating margin | 4.6% | 5.1% | 8.5% | 11.7% | 11.0% | 9.7% | 9.4% |
| Net margin | 1.1% | 1.0% | 3.3% | 5.5% | 5.5% | 5.5% | 5.8% |
Balance sheet
Fiscal years, from Core & Main's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $181M | $381M | $1M | $177M | $1M | $8M | $220M |
| Receivables | — | $557M | $884M | $955M | $973M | $1.1B | $1.0B |
| Inventory | — | $384M | $856M | $1.0B | $766M | $908M | $986M |
| Total current assets | — | $1.3B | $1.8B | $2.2B | $1.8B | $2.0B | $2.3B |
| Property, plant and equipment | — | $86M | $94M | $105M | $151M | $168M | $178M |
| Goodwill | $1.4B | $1.5B | $1.5B | $1.5B | $1.6B | $1.9B | $1.9B |
| Total assets | — | $3.9B | $4.4B | $4.9B | $5.1B | $5.9B | $6.1B |
| Total current liabilities | — | $522M | $839M | $726M | $774M | $866M | $874M |
| Long-term debt | — | $2.3B | $1.5B | $1.4B | $1.9B | $2.2B | $2.1B |
| Total liabilities | — | $3.1B | $2.6B | $2.5B | $3.5B | $4.1B | $4.0B |
| Shareholders' equity | — | — | $1.3B | $1.7B | $1.5B | $1.7B | $2.0B |
| Net debt | -$181M | $1.9B | $1.5B | $1.3B | $1.9B | $2.3B | $1.9B |
Cash flow
Fiscal years, from Core & Main's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $194M | $214M | -$31M | $401M | $1.1B | $621M | $650M |
| Capital spending | $14M | $12M | $20M | $25M | $39M | $35M | $46M |
| Free cash flow | $180M | $202M | -$51M | $376M | $1.0B | $586M | $604M |
| Stock-based compensation | $4M | $4M | $25M | $11M | $10M | $14M | $17M |
| Share buybacks (net) | — | — | $0 | $0 | -$1.3B | -$176M | -$155M |
| Free cash flow margin | 5.3% | 5.5% | -1.0% | 5.7% | 15.4% | 7.9% | 7.9% |
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Open CNM in InvestinglyQuestions
What was Core & Main's revenue in 2026?
$7.6B in fiscal 2026, from its 10-K filing.
How much free cash flow does Core & Main generate?
$604M in fiscal 2026 (operating cash flow minus capital spending).
From Core & Main's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.