# Core & Main (CNM) Q2 2025 Financial Results Summary
**Release Date:** September 9, 2025
Core & Main, Inc. (NYSE: CNM), a leading specialty distributor focusing on infrastructure solutions, has reported its financial results for the second quarter ended August 3, 2025. Below is a summary comparing the results to the same quarter in the previous year.
### Financial Highlights
– **Net Sales:**
– Increased by **6.6%** to **$2,093 million** from **$1,964 million**.
– **Gross Profit:**
– Increased by **8.1%** to **$560 million** from **$518 million**.
– Gross profit margin was **26.8%**, compared to **26.4%** in the prior year.
– **Net Income:**
– Increased by **11.9%** to **$141 million** from **$126 million**.
– **Adjusted EBITDA (Non-GAAP):**
– Increased by **3.5%** to **$266 million** from **$257 million**.
– **Earnings per Share (EPS):**
– Diluted EPS increased by **14.8%** to **$0.70** from **$0.61**.
– Adjusted Diluted EPS (Non-GAAP) increased by **13.0%** to **$0.87** from **$0.77**.
– **Operating Income:**
– Increased by **4.4%** to **$213 million** from **$204 million**.
– **Selling, General, and Administrative (SG&A) Expenses:**
– Increased by **12.7%** to **$302 million** from **$268 million**.
– SG&A expenses as a percentage of net sales rose to **14.4%** from **13.6%**.
– **Operating Cash Flow:**
– Provided **$34 million** in cash from operating activities.
– **Net Cash Provided by Operating Activities:**
– For the first half of 2025, net cash provided was **$111 million**, down from **$126 million** in the prior year.
### Strategic Developments
– Core & Main opened new locations in **Kansas City, Kansas**, and **Columbus, Wisconsin** after the quarter.
– The company announced the acquisition of **Canada Waterworks** post-quarter.
### Outlook
– The company has revised its full-year guidance, now expecting:
– **Net Sales:** Between **$7,600 million and $7,700 million**.
– **Adjusted EBITDA:** Between **$920 million and $940 million**.
– **Operating Cash Flow:** Between **$550 million and $610 million**.
### Share Repurchase and Dividend Declaration
– The company undertook share repurchase transactions during fiscal years 2024 and 2025, which contributed to the reduction in the number of shares outstanding but did not declare a quarterly dividend in this report.
### Summary of Financial Metrics Comparison
| Metric | Q2 2025 | Q2 2024 | Change |
|---|---|---|---|
| Net Sales | $2,093 million | $1,964 million | +6.6% |
| Gross Profit | $560 million | $518 million | +8.1% |
| Gross Margin | 26.8% | 26.4% | +0.4% |
| Net Income | $141 million | $126 million | +11.9% |
| Adjusted EBITDA | $266 million | $257 million | +3.5% |
| Diluted EPS | $0.70 | $0.61 | +14.8% |
| Adjusted Diluted EPS | $0.87 | $0.77 | +13.0% |
| Operating Income | $213 million | $204 million | +4.4% |
| SG&A Expenses | $302 million | $268 million | +12.7% |
This financial results summary encapsulates Core & Main’s performance and strategic initiatives in Q2 2025, reflecting significant growth in several key areas despite challenges in certain markets.
### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Amounts in millions (except share and per share data), unaudited
| Three Months Ended | August 3, 2025 | July 28, 2024 | Six Months Ended | August 3, 2025 | July 28, 2024 | |
|---|---|---|---|---|---|---|
| Net sales | $2,093 | $1,964 | $4,004 | $3,705 | ||
| Cost of sales | $1,533 | $1,446 | $2,934 | $2,719 | ||
| Gross profit | $560 | $518 | $1,070 | $986 | ||
| Operating expenses: | ||||||
| Selling, general and administrative | $302 | $268 | $595 | $525 | ||
| Depreciation and amortization | $45 | $46 | $91 | $89 | ||
| Total operating expenses | $347 | $314 | $686 | $614 | ||
| Operating income | $213 | $204 | $384 | $372 | ||
| Interest expense | $31 | $36 | $61 | $70 | ||
| Income before provision for income taxes | $182 | $168 | $323 | $302 | ||
| Provision for income taxes | $41 | $42 | $77 | $75 | ||
| Net income | $141 | $126 | $246 | $227 | ||
| Less: net income attributable to | $7 | $7 | $12 | $13 | ||
| non-controlling interests | ||||||
| Net income attributable to Core & Main, Inc. | $134 | $119 | $234 | $214 | ||
| Earnings per share (“EPS”) | ||||||
| Basic | $0.71 | $0.62 | $1.23 | $1.11 | ||
| Diluted | $0.70 | $0.61 | $1.22 | $1.11 | ||
| Number of shares used in computing EPS | ||||||
| Basic | 189,904,002 | 192,797,961 | 189,855,388 | 192,495,255 | ||
| Diluted | 198,302,610 | 202,667,354 | 198,503,146 | 202,640,993 |
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### CONDENSED CONSOLIDATED BALANCE SHEETS
Amounts in millions (except share and per share data), unaudited
| August 3, 2025 | February 2, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $25 | $8 |
| Receivables, net of allowance for credit losses of $21 and $18, respectively | $1,357 | $1,066 |
| Inventories | $1,056 | $908 |
| Prepaid expenses and other current assets | $72 | $43 |
| Total current assets | $2,510 | $2,025 |
| Property, plant and equipment, net | $175 | $168 |
| Operating lease right-of-use assets | $275 | $244 |
| Intangible assets, net | $867 | $935 |
| Goodwill | $1,898 | $1,898 |
| Deferred income taxes | $579 | $558 |
| Other assets | $2 | $42 |
| Total assets | $6,306 | $5,870 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Current maturities of long-term debt | $24 | $24 |
| Accounts payable | $758 | $562 |
| Accrued compensation and benefits | $94 | $123 |
| Current operating lease liabilities | $73 | $67 |
| Other current liabilities | $168 | $90 |
| Total current liabilities | $1,117 | $866 |
| Long-term debt | $2,234 | $2,237 |
| Non-current operating lease liabilities | $203 | $178 |
| Deferred income taxes | $88 | $87 |
| Tax receivable agreement liabilities | $680 | $706 |
| Other liabilities | $22 | $22 |
| Total liabilities | $4,344 | $4,096 |
| Commitments and contingencies | ||
| Class A common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 190,491,983 and 189,815,899 shares issued and outstanding as of August 3, 2025 and February 2, 2025, respectively | $2 | $2 |
| Class B common stock, par value $0.01 per share, 500,000,000 shares authorized, 6,932,015 and 7,936,061 shares issued and outstanding as of August 3, 2025 and February 2, 2025, respectively | $— | $— |
| Additional paid-in capital | $1,243 | $1,220 |
| Retained earnings | $642 | $449 |
| Accumulated other comprehensive (loss) income | $-1 | $27 |
| Total stockholders’ equity attributable to Core & Main, Inc. | $1,886 | $1,698 |
| Non-controlling interests | $76 | $76 |
| Total stockholders’ equity | $1,962 | $1,774 |
| Total liabilities and stockholders’ equity | $6,306 | $5,870 |
