On this page of StockholderLetter.com we present the latest annual shareholder letter from Core & Main, Inc. — ticker symbol CNM. Reading current and past CNM letters to shareholders can bring important insights into the investment thesis.
FISCAL YEAR 2025 ANNUAL REPORT
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act ), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act ). Forward-looking statements include, without limitation, all statements other than statements of historical facts contained in this Annual Report, including statements relating to our intentions, beliefs, assumptions or current expectations concerning, among other things, our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures, capital allocation and debt service obligations, and the anticipated impact on our business. Some of the forward-looking statements can be identified by the use of forward-looking terms such as believes, expects, may, will, shall, should, would, could, seeks, aims, projects, is optimistic, intends, plans, estimates, anticipates or the negative versions of these words or other comparable terms. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report. In addition, even if our results of operations, financial condition and cash flows, and the development of the market in which we operate, are consistent with the forward-looking statements contained in this Annual Report, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without limitation, the risks and uncertainties discussed under the captions Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended February 1, 2026 (the 2025 Form 10-K ) and other factors discussed in our filings with the United States ( U.S. ) Securities and Exchange Commission (the SEC ), could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Annual Report. You should read this Annual Report completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this Annual Report are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this Annual Report, and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise. I | FISCAL 2025 ANNUAL REPORT FISCAL 2025 ANNUAL REPORT | I
FISCAL 2025 ANNUAL REPORT | II
III | FISCAL 2025 ANNUAL REPORT FISCAL 2025 ANNUAL REPORT | III
MESSAGE TO OUR SHAREHOLDERS Dear Shareholders, Fiscal 2025 was a year of disciplined execution for Core & Main, as we continued to advance our mission of delivering essential infrastructure products and solutions that support communities water, wastewater, storm drainage, and fire protection needs. In a dynamic operating environment, our teams delivered consistent performance by focusing on what we do best: serving our customers with deep local expertise, powered by continued investment in our people and enabled by our nationwide network that allows us to deliver precisely when and where our customers demand. Demand for reliable water, wastewater, storm drainage, and fire protection infrastructure remains essential. Long-term drivers including aging infrastructure, population growth, and increasing system complexity continue to support durable demand. Our diversified end-market exposure, resilient municipal demand, and expanding role as a solutions partner for increasingly complex projects enabled us to deliver our 16th consecutive year of sales growth. Mark Witkowski CHIEF EXECUTIVE OFFICER We generated approximately $7.6 billion in net sales, $931 million of Adjusted EBITDA, 7% growth in Adjusted Diluted EPS, and robust operating cash flow conversion from Adjusted EBITDA of 70%, reflecting steady execution across our portfolio. We continued to gain share by expanding higher-growth product lines, including meters, treatment plant solutions, fusible high-density polyethylene, and geosynthetics, strengthening our private label offering, and continuing to invest in our branch network through greenfields and acquisitions, as well as in our people and capabilities. We also sharpened our strategic focus and evolved our leadership team to support our next phase of growth, aligning the organization around expanding our solutions capabilities, scaling our footprint, and driving productivity through technology enhancements. A defining strength of Core & Main is our operating model. Our local teams build strong customer relationships and bring deep knowledge of their markets and a consultative sales approach, while our regional and national teams provide technical expertise and support for more complex projects. These teams are backed by our national scale across sourcing, logistics, technology, and product availability, ensuring reliable, efficient execution. This combination creates meaningful value for both customers and suppliers and continues to differentiate us in a highly fragmented market. During the year, we invested in technology to enhance productivity, improve efficiency, and support scalable growth while maintaining service levels and continuing to invest in growth-focused roles. Our strong cash generation enabled us to invest in the business while also returning $155M to shareholders through share repurchases. Looking ahead, our priorities are clear: drive profitable growth and margin enhancement, expand higher-growth product categories, scale through greenfields and disciplined M&A, and continue investing in technology and innovation to enhance productivity and elevate the customer experience. We also see opportunity to expand in underpenetrated markets and deepen our capabilities in more complex infrastructure solutions. We continue to generate strong cash flow, which enables us to invest in the business to drive organic sales growth, pursue disciplined M&A, and return capital to shareholders through share repurchases. These initiatives position Core & Main to continue gaining share and drive long-term value creation. I want to thank our associates for their dedication and execution. My time spent with our teams, customers and suppliers over the past year has reinforced what makes Core & Main special our people, our culture, and our focus on execution. We are proud to play a critical role in advancing reliable infrastructure that communities depend on every day. Sincerely, Mark Witkowski Chief Executive Officer FISCAL 2025 ANNUAL REPORT | IV
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CNM Shareholder/Stockholder Letter Transcript:

FISCAL YEAR 2025
ANNUAL REPORT

CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This Annual Report contains    forward-looking statements    within the meaning of Section 27A of the Securities
Act of 1933, as amended (the    Securities Act   ), and Section 21E of the Securities Exchange Act of 1934, as
amended (the    Exchange Act   ). Forward-looking statements include, without limitation, all statements other than
statements of historical facts contained in this Annual Report, including statements relating to our intentions,
beliefs, assumptions or current expectations concerning, among other things, our future results of operations and
financial position, business strategy and plans and objectives of management for future operations, including,
among others, statements regarding expected growth, future capital expenditures, capital allocation and debt
service obligations, and the anticipated impact on our business.
Some of the forward-looking statements can be identified by the use of forward-looking terms such as    believes,   
   expects,       may,       will,       shall,       should,       would,       could,       seeks,       aims,       projects,       is optimistic,       intends,   
   plans,       estimates,       anticipates    or the negative versions of these words or other comparable terms.
Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be
outside our control. We caution you that forward-looking statements are not guarantees of future performance or
outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations,
financial condition and liquidity, and the development of the market in which we operate, may differ materially
from those made in or suggested by the forward-looking statements contained in this Annual Report. In addition,
even if our results of operations, financial condition and cash flows, and the development of the market in which
we operate, are consistent with the forward-looking statements contained in this Annual Report, those results or
developments may not be indicative of results or developments in subsequent periods. A number of important
factors, including, without limitation, the risks and uncertainties discussed under the captions    Risk Factors    and
   Management   s Discussion and Analysis of Financial Condition and Results of Operations    in our Annual Report
on Form 10-K for the fiscal year ended February 1, 2026 (the    2025 Form 10-K   ) and other factors discussed in our
filings with the United States (   U.S.   ) Securities and Exchange Commission (the    SEC   ), could cause actual results
and outcomes to differ materially from those reflected in the forward-looking statements. Furthermore, new risks
and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties
that could have an impact on the forward-looking statements contained in this Annual Report. You should read
this Annual Report completely and with the understanding that actual future results may be materially different
from expectations. All forward-looking statements made in this Annual Report are qualified by these cautionary
statements. These forward-looking statements are made only as of the date of this Annual Report, and we do
not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or
cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise,
and changes in future operating results over time or otherwise.
I | FISCAL 2025 ANNUAL REPORT
FISCAL 2025 ANNUAL REPORT | I

FISCAL 2025 ANNUAL REPORT | II

III | FISCAL 2025 ANNUAL REPORT
FISCAL 2025 ANNUAL REPORT | III

MESSAGE TO OUR SHAREHOLDERS
Dear Shareholders,
Fiscal 2025 was a year of disciplined execution for Core & Main, as we continued to
advance our mission of delivering essential infrastructure products and solutions that
support communities    water, wastewater, storm drainage, and fire protection needs.
In a dynamic operating environment, our teams delivered consistent performance
by focusing on what we do best: serving our customers with deep local expertise,
powered by continued investment in our people and enabled by our nationwide
network that allows us to deliver precisely when and where our customers demand.
Demand for reliable water, wastewater, storm drainage, and fire protection
infrastructure remains essential. Long-term drivers     including aging infrastructure,
population growth, and increasing system complexity     continue to support durable
demand. Our diversified end-market exposure, resilient municipal demand, and
expanding role as a solutions partner for increasingly complex projects enabled us
to deliver our 16th consecutive year of sales growth.
Mark Witkowski
CHIEF EXECUTIVE
OFFICER
We generated approximately $7.6 billion in net sales, $931 million of Adjusted EBITDA,
7% growth in Adjusted Diluted EPS, and robust operating cash flow conversion from
Adjusted EBITDA of 70%, reflecting steady execution across our portfolio. We continued to gain share by expanding
higher-growth product lines, including meters, treatment plant solutions, fusible high-density polyethylene, and
geosynthetics, strengthening our private label offering, and continuing to invest in our branch network through
greenfields and acquisitions, as well as in our people and capabilities.
We also sharpened our strategic focus and evolved our leadership team to support our next phase of growth,
aligning the organization around expanding our solutions capabilities, scaling our footprint, and driving productivity
through technology enhancements.
A defining strength of Core & Main is our operating model. Our local teams build strong customer relationships
and bring deep knowledge of their markets and a consultative sales approach, while our regional and national
teams provide technical expertise and support for more complex projects. These teams are backed by our national
scale across sourcing, logistics, technology, and product availability, ensuring reliable, efficient execution. This
combination creates meaningful value for both customers and suppliers and continues to differentiate us in a
highly fragmented market.
During the year, we invested in technology to enhance productivity, improve efficiency, and support scalable growth
while maintaining service levels and continuing to invest in growth-focused roles. Our strong cash generation enabled
us to invest in the business while also returning $155M to shareholders through share repurchases.
Looking ahead, our priorities are clear: drive profitable growth and margin enhancement, expand higher-growth
product categories, scale through greenfields and disciplined M&A, and continue investing in technology and
innovation to enhance productivity and elevate the customer experience. We also see opportunity to expand
in underpenetrated markets and deepen our capabilities in more complex infrastructure solutions. We continue
to generate strong cash flow, which enables us to invest in the business to drive organic sales growth, pursue
disciplined M&A, and return capital to shareholders through share repurchases. These initiatives position
Core & Main to continue gaining share and drive long-term value creation.
I want to thank our associates for their dedication and execution. My time spent with our teams, customers and
suppliers over the past year has reinforced what makes Core & Main special     our people, our culture, and our
focus on execution. We are proud to play a critical role in advancing reliable infrastructure that communities
depend on every day.
Sincerely,
Mark Witkowski
Chief Executive Officer
FISCAL 2025 ANNUAL REPORT | IV


shareholder letter icon 5/7/2026 Letter Continued (Full PDF)
 

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