Core & Main Inc. reported fourth‑quarter revenue of $1.581 billion, a 6.9% decline from the same period a year earlier, reflecting a softer residential market while municipal and non‑residential segments continued to perform. The company’s full‑year sales for fiscal 2025 rose 2.8% to $7.65 billion, marking the 16th consecutive year of sales growth.
Adjusted earnings per share for the quarter were $0.52, beating the most widely cited analyst estimate of $0.33 by $0.19, or 57.6%. The strong earnings beat was driven by disciplined cost control and a margin expansion that offset the revenue decline. Core & Main’s gross margin increased to 27.1% from 26.6% a year earlier, supported by higher private‑label penetration and disciplined purchasing and pricing execution.
Gross profit for the quarter was $428 million, a decline that was partially offset by the margin improvement. The company attributed the margin compression to higher acquisition‑related costs and inflationary pressures, but noted that private‑label initiatives and sourcing efficiencies helped mitigate the impact.
For fiscal 2026, Core & Main guided total revenue of $7.8 billion to $7.9 billion, below the consensus estimate of $7.994 billion. The guidance reflects management’s cautious outlook amid uncertainty in the residential market, while the company remains confident in the resilience of its municipal and non‑residential businesses.
Shareholder returns for fiscal 2025 totaled $155 million in share repurchases, and the company’s net debt as of February 1, 2026 was $1.946 billion. Fiscal 2025 ended on February 1, 2026, and the company maintained a solid balance sheet position.
Management highlighted that fiscal 2025 marked the company’s 16th consecutive year of sales growth, citing the resilience of its business and disciplined execution across the country. CEO Mark Witkowski said, “Fiscal 2025 marked our 16th consecutive year of sales growth, a result that reflects the resilience of our business, the long‑term strength of our end markets and the disciplined execution by our teams across the country.” He added that the company would continue to expand its offering in higher‑growth product categories, pursue measured greenfield expansion, execute disciplined acquisitions, and invest in technology solutions to drive productivity and enhance the customer experience.
Core & Main’s business mix shows municipal demand remaining strong, while private‑label sales represented about 5% of total sales and are expected to grow to 10% over time. The company opened 10 new branches during fiscal 2025 and plans to open 7 to 10 new locations in fiscal 2026. Headwinds include a softer residential market and uncertainty in private construction, whereas tailwinds include resilient municipal projects, data‑center and street/highway work, and sourcing efficiencies that support margin expansion.
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