Core & Main Reports 1.2% Revenue Growth to $2.062 Billion in Q3 Fiscal 2025

Core & Main, Inc. reported a modest increase in financial performance for the third quarter of fiscal 2025, with net sales reaching $2.062 billion, a 1.2% rise from $2.038 billion in the same period last year. The company's gross profit also saw an uptick, climbing to $561 million, up 3.3% from $543 million, resulting in a gross profit margin of 27.2%, compared to 26.6% in the prior year. Net income attributable to Core & Main increased by 3.0% to $137 million, while earnings per share rose to $0.72 from $0.69, reflecting a positive trend in profitability.

In comparison to the previous fiscal period, Core & Main's nine-month results showed a more significant growth trajectory, with net sales increasing by 5.6% to $6.066 billion from $5.743 billion. The gross profit for the nine months also improved, reaching $1.631 billion, a 6.7% increase year-over-year. Operating income for the nine-month period was $604 million, up from $595 million, while net income attributable to Core & Main rose to $371 million from $347 million. The company attributed these increases to higher volumes and acquisitions, particularly in the pipes, valves, and fittings segment.

Strategically, Core & Main has been active in expanding its market presence through acquisitions. In the nine months ended November 2, 2025, the company completed acquisitions totaling $49 million, including the purchase of Canada Waterworks, a Canadian distributor of water and wastewater products. This follows a more substantial acquisition spree in the previous fiscal year, where the company spent $748 million on various businesses to enhance its product offerings and market reach. The company operates approximately 370 branches across 49 states, serving over 60,000 customers, which includes municipalities and private water companies.

Operationally, Core & Main reported a slight decrease in the volume of pipes, valves, and fittings sold, which fell by 0.3% to $1.382 billion. However, sales in storm drainage products increased by 1.8%, and fire protection products saw a 4.8% rise, driven by higher average selling prices. The company’s total employee headcount remained stable, supporting its operational capabilities amid ongoing market fluctuations. The company continues to monitor market conditions, including potential impacts from interest rate changes and supply chain dynamics, which could affect future performance.

Looking ahead, Core & Main remains optimistic about its growth prospects, bolstered by federal infrastructure investments and a favorable funding environment for municipal projects. The company plans to continue leveraging its acquisition strategy while managing operational costs effectively. With a strong liquidity position, including $89 million in cash and no outstanding borrowings under its asset-based revolving credit facility, Core & Main is well-positioned to navigate the challenges and opportunities in the infrastructure market.