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Core & Main Reports Q4 2025 Earnings: $7.65 Billion in Sales, $931 Million Adjusted EBITDA
On March 24, 2026, Core & Main, Inc. (NYSE: CNM) opened a window into its fiscal year’s performance with a fourth‑quarter earnings call that mixed a dip in sales with a sharp rise in profitability. The conference, moderated by investor‑relations director Glenn Floyd, featured CEO Mark Witkowski, President Bradford Cowles, and CFO Robyn Bradbury. Analysts from Robert W. Baird, Barclays, Goldman Sachs, UBS, RBC, and Wolfe Research joined the discussion.
Core & Main, a specialty distributor of water, wastewater, storm‑drainage, and fire‑protection products, posted net sales of $7.65 billion for the quarter—down from $8.02 billion a year earlier. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to $931 million, reflecting a margin expansion of roughly 12 percentage points compared with the prior year’s 15.5 percent margin.
The earnings release highlighted that the sales decline stemmed mainly from a slowdown in municipal construction projects, which accounted for 42 percent of total sales in fiscal 2025. Non‑residential and residential construction sales, together representing 58 percent of revenue, remained largely flat.
In terms of product mix, pipes, valves, and plumbing fittings dominated fiscal 2025 sales at 67 percent, followed by storm‑drainage products at 16 percent, fire‑protection items at 8 percent, and water‑metering equipment at 9 percent. The company operates 370 branch locations across 49 U.S. states and serves approximately 60,000 customers.
During the call, Core & Main reiterated its guidance for fiscal 2026. The company projects net sales of $7.8 billion to $7.9 billion and adjusted EBITDA of $1.1 billion to $1.2 billion, anticipating modest growth in municipal demand and continued focus on margin improvement through operational efficiencies.
President Cowles outlined strategic investments aimed at expanding market share, including plans to enhance the distribution network in the Midwest and increase inventory levels for high‑margin storm‑drainage products. CFO Bradbury emphasized disciplined capital allocation, noting that cash flow from operations remained strong and that the firm would continue to prioritize debt repayment.
Analysts on the call expressed cautious optimism. While the sales decline was noted, the margin expansion and 2026 guidance were seen as positive indicators of Core & Main’s ability to navigate a challenging construction environment.
Core & Main’s performance is significant within the specialty‑distribution sector, where companies often face cyclical demand tied to public‑works projects. The firm’s focus on local service and nationwide coverage has positioned it as a key supplier for municipalities and private water utilities.
The company’s latest earnings release and accompanying presentation are available on its investor‑relations website. Investors will watch for the company’s first‑quarter 2026 results, expected in early June, to assess whether the 2025 trends and 2026 guidance hold.
In summary, Core & Main reported a 4 percent decline in quarterly sales but achieved a 12‑percentage‑point margin expansion, resulting in $931 million in adjusted EBITDA. The company’s guidance for fiscal 2026 indicates modest revenue growth and continued focus on margin improvement, while its strategic investments aim to strengthen its position in the municipal and non‑residential construction markets.
Core & Main, a specialty distributor of water, wastewater, storm‑drainage, and fire‑protection products, posted net sales of $7.65 billion for the quarter—down from $8.02 billion a year earlier. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to $931 million, reflecting a margin expansion of roughly 12 percentage points compared with the prior year’s 15.5 percent margin.
The earnings release highlighted that the sales decline stemmed mainly from a slowdown in municipal construction projects, which accounted for 42 percent of total sales in fiscal 2025. Non‑residential and residential construction sales, together representing 58 percent of revenue, remained largely flat.
In terms of product mix, pipes, valves, and plumbing fittings dominated fiscal 2025 sales at 67 percent, followed by storm‑drainage products at 16 percent, fire‑protection items at 8 percent, and water‑metering equipment at 9 percent. The company operates 370 branch locations across 49 U.S. states and serves approximately 60,000 customers.
During the call, Core & Main reiterated its guidance for fiscal 2026. The company projects net sales of $7.8 billion to $7.9 billion and adjusted EBITDA of $1.1 billion to $1.2 billion, anticipating modest growth in municipal demand and continued focus on margin improvement through operational efficiencies.
President Cowles outlined strategic investments aimed at expanding market share, including plans to enhance the distribution network in the Midwest and increase inventory levels for high‑margin storm‑drainage products. CFO Bradbury emphasized disciplined capital allocation, noting that cash flow from operations remained strong and that the firm would continue to prioritize debt repayment.
Analysts on the call expressed cautious optimism. While the sales decline was noted, the margin expansion and 2026 guidance were seen as positive indicators of Core & Main’s ability to navigate a challenging construction environment.
Core & Main’s performance is significant within the specialty‑distribution sector, where companies often face cyclical demand tied to public‑works projects. The firm’s focus on local service and nationwide coverage has positioned it as a key supplier for municipalities and private water utilities.
The company’s latest earnings release and accompanying presentation are available on its investor‑relations website. Investors will watch for the company’s first‑quarter 2026 results, expected in early June, to assess whether the 2025 trends and 2026 guidance hold.
In summary, Core & Main reported a 4 percent decline in quarterly sales but achieved a 12‑percentage‑point margin expansion, resulting in $931 million in adjusted EBITDA. The company’s guidance for fiscal 2026 indicates modest revenue growth and continued focus on margin improvement, while its strategic investments aim to strengthen its position in the municipal and non‑residential construction markets.
