Core & Main (CNM) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of $7.4 billion in FY24, marking 15 consecutive years of sales growth, with 10 acquisitions completed and significant expansion in geographic and product reach.

• Leadership transition announced: CEO Steve LeClair to become Executive Chair, CFO Mark Witkowski to succeed as CEO, and Robyn Bradbury to become CFO, effective March 31, 2025.

• Generated $621 million in operating cash flow and repurchased $176 million in shares, supporting long-term growth strategy.

• Adjusted EBITDA for FY24 increased 2% to $930 million, with margin at 12.5%.

• Net income declined 18% to $434 million, mainly due to higher interest and tax expenses.

Financial highlights

• FY24 net sales rose 11% year-over-year to $7,441 million; Q4 net sales grew 18% to $1,698 million.

• Gross margin for both Q4 and full year was 26.6%, down 50 basis points year-over-year.

• Adjusted EBITDA for the year was $930 million, up 2%, with margin decreasing 110 basis points to 12.5%.

• Operating cash flow reached $621 million; $741 million spent on 10 acquisitions and $176 million returned to shareholders via share repurchases.

• Net income for FY24 was $434 million, down 18% year-over-year.

Outlook and guidance

• Fiscal 2025 net sales expected between $7.6–$7.8 billion (2–5% growth; 4–7% on average daily sales basis).

• Adjusted EBITDA guidance of $950 million–$1 billion, with margins of 12.5–12.8%.

• Operating cash flow projected at $570 million–$650 million.

• Anticipates stable pricing, modest municipal growth, and gross margin expansion through private label and sourcing initiatives.

• No unannounced acquisitions included in guidance; robust M&A pipeline maintained.