Core & Main (CNM) Q4 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Tue, June 2, 2026 astatine 11:57 AM CDT 49 min read

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Date

Tuesday, March 24, 2026 astatine 8:30 a.m. ET

Call participants

• Chief Executive Officer — Mark Witkowski

• President — Bradford Cowles

• Chief Financial Officer — Robyn Bradbury

Full Conference Call Transcript

Mark volition commencement with a concern update and reappraisal of our fiscal 2025 performance. Brad volition past sermon the investments we are making to thrust marketplace stock gains and borderline enlargement implicit the agelong term. Robyn volition travel with a reappraisal of our fiscal results and outlook for fiscal 2026. We volition past unfastened the enactment for questions, and Mark volition wrapper up with closing remarks. Our property release, presumption materials and the statements made during today's telephone whitethorn see forward-looking statements. These are taxable to assorted risks and uncertainties that could origin existent results to disagree materially from our expectations.

For much information, delight notation to the cautionary statements included successful our net merchandise and successful our filings with the SEC. We volition besides notation definite non-GAAP fiscal measures during today's discussion. We judge these metrics supply utile penetration into the underlying show of our business. Reconciliations to the astir comparable GAAP measurement are disposable successful some our property merchandise and successful the appendix of today's capitalist presentation. Thank you again for your involvement successful Core & Main. I volition present crook the telephone implicit to our Chief Executive Officer, Mark Witkowski.

Mark Witkowski: Thanks, Glenn, and bully morning, everyone. I'll statesman connected Page 5 with a little overview of Core & Main and its marketplace position. Core & Main is simply a starring specialty distributor of h2o infrastructure products and services successful North America, supporting the repair, upgrade and enlargement of captious h2o systems. Having a portfolio of much than 225,000 products, galore of which are exclusive to our manufacture with constricted organisation rights, we harvester section expertise with nationalist capabilities to supply h2o infrastructure solutions to municipalities, backstage h2o companies and nonrecreational contractors crossed municipal, nonresidential and residential extremity markets.

Our footprint consists of much than 370 branches crossed the U.S. and Canada, which serves arsenic a important nexus betwixt 5,000 suppliers and a divers basal of much than 60,000 customers. Our extremity markets are balanced and stable, providing resilience done varying request environments. Municipal projects correspond 44% of our sales, generating dependable request from reliable backing sources. Our nonresidential extremity market, which represents astir 38% of sales, benefits from a divers task premix crossed commercial, concern and infrastructure applications. Residential batch improvement represents astir 18% of our sales. And portion near-term dynamics successful this extremity marketplace stay challenged, we proceed to presumption the semipermanent outlook arsenic attractive, supported by colonisation maturation and a structural undersupply of housing.