Core & Main, Inc. (CNM) SEC Filings & Earnings Calls

Mixed demand environment with flat storm drainage and lower volumes in some segments.

“Net sales for storm drainage decreased due to lower volumes partially offset by acquisitions.” · word for word

Tariff exposure

“We believe our exposure to tariffs is limited as over three-quarters of products that we purchase are manufactured domestically.” · word for word

Interest rate risk on variable debt

“As of August 2, 2026, we had $1,728 million of outstanding variable-rate debt.” · word for word

Cyclical end-market exposure

“Infrastructure spending and the non-residential and residential construction markets are subject to cyclical market pressures.” · word for word

Increased debt load may raise leverage; no details on use of proceeds or impact on credit profile.

“Offering of $750 million Senior Notes due 2034; no stated use of proceeds.”

Refinancing subject to market conditions; no assurance of closing

“The closing of the New Senior Term Loan is not conditioned on the incurrence of any additional senior unsecured debt and is subject to market and other conditions. There can be no assurance that Core & Main will close the New Senior Term Loan or raise the additional senior unsecured debt on the terms described herein or at all.” · word for word

Volume decline in pipes, valves & fittings and storm drainage partially offset by acquisitions.

“Net sales for pipes, valves & fittings and storm drainage decreased due to lower volume partially offset by acquisitions.” · word for word

Key person risk due to executive transition

“Leadership transition completed with new CEO and CFO; former CEO and General Counsel retired.”

Concentration of ownership and control

“Class B common stock held by management and continuing limited partners carries significant voting power; as of April 27, 2026, all executive officers and directors as a group beneficially owned 36.3% of Class B common stock.” · word for word

No material risk disclosed; amendment is routine credit facility management.

“No adverse financial impact or covenant breach mentioned.”

Leadership transition may cause short-term uncertainty.

“Stephen LeClair, the Executive Chair ... retired ... James Castellano ... became the Chair of the Board.”

Volume decline in core pipes/valves/fittings and storm drainage segments

“Average daily net sales decreased for pipes, valves & fittings and storm drainage primarily due to lower volumes” · word for word

Inflationary cost impacts and investments pressuring SG&A as % of sales

“SG&A expenses as a percentage of net sales was 16.7% compared with 16.4%... primarily attributable to inflationary cost impacts and investments in personnel and technology” · word for word

Customer credit risk

“Approximately 98% of our net sales volume in fiscal 2025 was facilitated through the extension of credit to our customers.” · word for word

Supplier concentration

“Our top ten largest suppliers accounted for approximately 45% of our total purchases in fiscal 2025.” · word for word

Interest rate exposure

“As of February 1, 2026, we had $2,166 million of outstanding variable-rate debt.” · word for word

SG&A expense growth outpacing sales growth

“SG&A expenses for the three months ended November 2, 2025 increased $21 million, or 7.7%, to $295 million compared with $274 million during the three months ended October 27, 2024. SG&A expenses as a percentage of net sales were 14.3% for the three months ended November 2, 2025 compared with 13.4% for the three months ended October 27, 2024.” · word for word

IIJA funding uncertainty

“In January 2025, President Trump issued an executive order to pause funding disbursements under IIJA; however this funding pause was not related to funding for water or road projects. While this pause is temporary, a more permanent reduction in IIJA funding may have an adverse effect on our business or financial condition.” · word for word

Variable-rate debt exposure

“As of November 2, 2025, we had $2,172 million of outstanding variable-rate debt.” · word for word

Soft residential demand and tough comparison from prior year; adjusted EBITDA declined 1.1%.

“despite soft residential demand and a tough comparison from last year” · word for word