Revenue growth has decelerated to 2.5% year-over-year in 2026Q2, but operating margin has expanded to 10.6% on a stable gross margin base, highlighting a shift from top-line growth to operational leverage.
Core & Main, Inc. (CNM) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Feb'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 |
|---|
| Sales/Revenue | 7.7B | 7.65B | 7.44B | 6.7B | 6.65B | 5B | 3.64B | 3.39B |
| Revenue Growth % | -0.54% | 2.77% | 11.03% | 0.77% | 32.91% | 37.4% | 7.47% | - |
| Cost of Goods Sold | 5.62B | 5.59B | 5.46B | 4.88B | 4.86B | 3.72B | 2.76B | 2.6B |
| COGS % of Revenue | - | 73.07% | 73.39% | 72.87% | 73.01% | 74.42% | 75.89% | 76.72% |
| Gross Profit | 2.08B | 2.06B | 1.98B | 1.82B | 1.79B | 1.28B | 878M | 789M |
| Gross Margin % | 27.05% | 26.93% | 26.61% | 27.13% | 26.99% | 25.58% | 24.11% | 23.28% |
| Gross Profit Growth % | - | 3.99% | 8.91% | 1.28% | 40.23% | 45.79% | 11.28% | - |
| Operating Expenses | 1.34B | 1.34B | 1.26B | 1.08B | 1.02B | 855M | 693M | 634M |
| OpEx % of Revenue | - | 17.48% | 16.95% | 16.08% | 15.34% | 17.09% | 19.03% | 18.71% |
| Selling, General & Admin | 1.16B | 1.15B | 1.08B | 931M | 880M | 717M | 556M | 509M |
| SG&A % of Revenue | - | 15.09% | 14.49% | 13.89% | 13.23% | 14.33% | 15.27% | 15.02% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 183M | 183M | 147M | 140M | 138M | 137M | 125M |
| Operating Income | 742M | 728M | 719M | 740M | 775M | 425M | 185M | 155M |
| Operating Margin % | 9.64% | 9.52% | 9.66% | 11.04% | 11.65% | 8.49% | 5.08% | 4.57% |
| Operating Income Growth % | - | 1.25% | -2.84% | -4.52% | 82.35% | 129.73% | 19.35% | - |
| EBITDA | 935M | 920M | 913M | 894M | 923M | 575M | 338M | 293M |
| EBITDA Margin % | 12.15% | 12.03% | 12.27% | 13.34% | 13.88% | 11.49% | 9.28% | 8.65% |
| EBITDA Growth % | 0.97% | 0.77% | 2.13% | -3.14% | 60.52% | 70.12% | 15.36% | - |
| D&A (Non-Cash Add-back) | 193M | 192M | 194M | 154M | 148M | 150M | 153M | 138M |
| EBIT | 769M | 728M | 719M | 740M | 775M | 374M | 185M | 155M |
| Net Interest Income | -126M | -142M | -142M | -81M | -66M | -98M | -139M | -113M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 126M | 142M | 142M | 81M | 66M | 98M | 139M | 113M |
| Other Income/Expense | -115M | -121M | -142M | -81M | -66M | -149M | -139M | -113M |
| Pretax Income | 627M | 607M | 577M | 659M | 709M | 276M | 46M | 42M |
| Pretax Margin % | 8.14% | 7.94% | 7.75% | 9.83% | 10.66% | 5.52% | 1.26% | 1.24% |
| Income Tax | 148M | 145M | 143M | 128M | 128M | 51M | 9M | 6M |
| Effective Tax Rate % | 23.6% | 23.89% | 24.78% | 19.42% | 18.05% | 18.48% | 19.57% | 14.29% |
| Net Income | 459M | 441M | 411M | 371M | 366M | 166M | 37M | 36M |
| Net Margin % | 5.96% | 5.77% | 5.52% | 5.54% | 5.5% | 3.32% | 1.02% | 1.06% |
| Net Income Growth % | 6.5% | 7.3% | 10.78% | 1.37% | 120.48% | 348.65% | 2.78% | - |
| Net Income (Continuing) | 479M | 462M | 434M | 531M | 581M | 225M | 37M | 36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 73M | 77M | 76M | 73M | 663M | 506M | 0 | 0 |
| EPS (Diluted) | 2.37 | 2.31 | 2.13 | 2.15 | 2.13 | 0.55 | 0.15 | 0.15 |
| EPS Growth % | 7.56% | 8.45% | -0.93% | 0.94% | 287.27% | 266.67% | 0% | - |
| EPS (Basic) | - | 2.32 | 2.14 | 2.83 | 3.10 | 0.84 | 0.15 | 0.15 |
| Diluted Shares Outstanding | 193.36M | 197.91M | 201.17M | 227.82M | 246.22M | 244.45M | 240.69M | 240.69M |
| Basic Shares Outstanding | 186.64M | 190.21M | 191.62M | 172.84M | 169.48M | 159.19M | 240.69M | 240.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | 56.49% | 897.5% |
Quick answers to the most common questions about buying CNM stock.
For fiscal year 2025, Core & Main, Inc. (CNM) reported total revenue of $7.65B. This represents a 125.6% increase compared to $3.39B in 2019.
Core & Main, Inc. (CNM) is profitable, generating $441.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
Core & Main, Inc. (CNM) reported an operating income of $728.0M, resulting in an operating profit margin of 9.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Core & Main, Inc. (CNM) generated $2.06B in gross profit for the year, representing a gross profit margin of 26.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical demand and margin pressure
Metrics are mathematically derived from official filings.
Growth Decelerates Despite Q2 Sequential Gain
Revenue growth has slowed from double-digit year-over-year increases to a modest 2.5% in 2026Q2, suggesting the post-pandemic construction boom tailwinds are fading, as per the company's reported quarterly results.
The sequential revenue acceleration from $1.9B in 2026Q1 to $2.1B in 2026Q2 appears seasonal, but the year-over-year growth trend is clearly decelerating from highs of ~18% in 2024Q4. This implies the core organic growth engine is maturing, and future gains may rely more on pricing or acquisitions rather than volume expansion.
Gross Margin Stability Masking Operating Leverage
Gross margins have remained remarkably stable around 27% across all quarters, yet operating margin has expanded from 7.3% to 10.6%, indicating effective SG&A leverage on a relatively fixed cost base.
The consistent gross margin band suggests limited pricing power in the core distribution business, likely offsetting commodity cost swings. The real profitability improvement stems from operating leverage, as SG&A has not scaled proportionally with revenue, allowing incremental revenue to flow more directly to operating income.
SG&A Control Drives Operating Profit Expansion
Operating income has scaled faster than gross profit, rising from $168M in 2024Q1 to $227M in 2026Q2 on a similar gross profit base, highlighting disciplined overhead management.
The efficiency gain is evident in the operating margin expansion of over 100 basis points in recent quarters versus the 2024 period. This operational improvement appears structural, suggesting the company has successfully integrated past acquisitions or streamlined its distribution network to improve profitability without compromising revenue scale.
SG&A as Primary Cost Lever for Profitability
Selling, general, and administrative expenses are the dominant cost line item, and their disciplined management—growing slower than revenue—is the primary driver of margin expansion.
With R&D at zero and COGS largely passing through, SG&A represents the main area for management control. The reduction in SG&A as a percentage of revenue from ~16% in 2024Q1 to ~14% in 2026Q2 indicates successful cost containment or productivity gains, which is critical for profitability in a lower-growth environment.
Mid-2024 Marks Sustainable Profitability Shift
A notable operational inflection occurred in mid-2024, as operating margins began a sustained climb above 10% on a quarterly basis, a level not consistently achieved prior.
This shift, beginning around 2024Q3, suggests the benefits of scale, integration, or strategic initiatives began to materialize. The improvement has persisted through 2026Q2, indicating it may represent a new, more profitable baseline rather than a cyclical peak, though it remains to be seen if this level can be maintained if revenue growth stalls.
Margin Sustainability Under Threat from Volume Slowdown
The reliance on operating leverage for profit growth appears vulnerable; if top-line growth turns negative, the fixed SG&A base could compress margins quickly, as implied by the 2025Q4 dip.
The brief but sharp margin compression in 2025Q4 (operating margin fell to 7.5% on -6.9% revenue) serves as a stress test. It demonstrates that without revenue growth, the company's cost structure may not provide sufficient downside protection. Investors should monitor whether the recent margin gains are durable or if they will evaporate in a true downturn.