Why it Matters to Distributors: Infrastructure demand remains steady, but uneven volumes and timing shifts are creating choppier quarterly results for distributors.
Core & Main reported higher sales and net income for fiscal 2025, extending its growth streak, even as fourth-quarter revenue declined due to one fewer selling week compared with the prior year.
The St. Louis-based distributor said fiscal 2025 sales rose to $7.647 billion from $7.441 billion, an increase of $206 million, or 2.8%. Net income increased to $462 million from $434 million, up $28 million, or 6.5%.
In the fourth quarter, sales fell to $1.581 billion from $1.698 billion, a decrease of $117 million, or 6.9%. Net income rose to $73 million from $67 million, an increase of $6 million, or 9.0%.
Core & Main said average daily sales, which adjusts for the shorter reporting period, increased 0.9% in the fourth quarter and 4.8% for the full year.
“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,” CEO Mark Witkowski said in the company’s earnings release.
“Our sales initiatives performed well throughout the year as we continued to expand our role as a solutions partner for aging water infrastructure. Fusible high-density polyethylene, treatment plant solutions, and geosynthetics delivered double-digit average daily net sales growth,” he said.
Core & Main said it opened 10 new branches during and shortly after the fiscal year and completed two acquisitions to expand its presence in higher-growth markets.
The company said the fourth-quarter sales decline was primarily due to the shorter reporting period. Sales decreased in pipes, valves and fittings and storm drainage because of lower volumes, while fire protection and meters posted gains from higher volumes and pricing.
For the full year, sales growth was driven by higher volumes and acquisitions across pipes, valves and fittings, storm drainage and meters, as well as pricing gains and acquisitions in fire protection.
Looking ahead, Core & Main expects fiscal 2026 sales of $7.8 billion to $7.9 billion, representing projected growth of 2% to 3%.
The company said the outlook assumes flat pricing and end-market conditions, along with contributions from previously completed acquisitions and the impact of cost actions taken in fiscal 2025.
Witkowski said the company plans to continue expanding in higher-growth product categories, open new branches, pursue acquisitions and invest in technology to improve productivity and customer experience.
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