Companies · CNM
Core & Main
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Latest analysis
Updated Sep 9, 2026
Core & Main Q2 FY2026: Municipal Strength and Data Center Surge Sustain 2.5% Sales Growth; Full-Year Guide Affirmed at $7.8B–$7.9B
Core & Main delivered Q2 FY2026 net sales of approximately $2.1 billion, up 2.5% year-over-year, with adjusted EBITDA growing approximately 3% to $274 million and adjusted EBITDA margin expanding 10 basis points to 12.8% on SG&A leverage. The most consequential development is the acceleration of data center-related revenue, which doubled year-over-year and now represents a mid-single-digit percentage of total sales and high single digits of nonresidential sales, effectively offsetting persistent weakness in light commercial and residential. Management affirmed full-year guidance of $7.8B–$7.9B net sales and $950M–$980M adjusted EBITDA while signaling a materially accelerated M&A pipeline with multiple deals advanced to LOI or diligence stage.
Tone: bullishRevenue
$7.6B
CNM 10-K · FY 2026
Employees
5,600
Revenue FY2024
$7.4B
Founded
1874
Profile
CNM 10-K Item 1 · Mar 24, 2026Core & Main is a leading specialty distributor of water, wastewater, storm drainage, and fire protection products serving municipalities, private water companies, and professional contractors across the U.S. and Canada. The company operates over 370 branch locations and offers a portfolio of more than 225,000 products from over 5,000 suppliers. It holds an estimated 17% share of a $44 billion addressable market and is one of only two national distributors in its space.
Read filing description ↓ Collapse description ↑
Core & Main, Inc. is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide. With a focus on water, wastewater, storm drainage and fire protection products, and related services, we provide solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets. Our specialty products and services are used primarily in the maintenance, repair, replacement and new construction of water, wastewater, storm drainage and fire protection infrastructure. We are one of only two national distributors operating across large and highly fragmented markets, which we estimate to represent approximately $44 billion in annual sales. As of February 1, 2026, we had a network of over 370 branch locations across the United States and Canada, which serve as a critical link between more than 5,000 suppliers and a diverse and long-standing base of over 60,000 customers. We offer a comprehensive portfolio of more than 225,000 products covering a full spectrum of specialized solutions to address aging water infrastructure, including pipes, valves & fittings, storm drainage products, fire protection products and smart metering products. We estimate we derived approximately 44% of our net sales for fiscal 2025 from the municipal end market, 38% from the non-residential end market and 18% from the residential end market. Furthermore, we estimate we had a near-equal mix of sales related to construction on new projects and existing repair and replacement projects in fiscal 2025.
Primary products
- Pipes, Valves & Fittings
- Storm Drainage
- Fire Protection
- Meters
End markets
Geographies
Named customers
Our top 50 customers represented approximately 12% of our net sales in fiscal 2025, with our largest customer accounting for approximately 1% of net sales.
“We are one of only two national distributors operating across large and highly fragmented markets, which we estimate to represent approximately $44 billion in annual sales.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Net sales increased to $7,647 million in fiscal 2025 from $7,441 million in fiscal 2024, continuing a multi-year growth trend from $6,702 million in fiscal 2023.
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