Infrastructure supplies distributor Core & Main reported its 2025 fourth quarter and full year financial results on March 24, with topline figures showing a moderate annual sales decrease while margin and profit grew.

The company’s fiscal year ended Feb. 1.

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Fourth Quarter

During the company’s fourth quarter, Core & Main total sales of $1.58 billion decreased 6.9% year-over-year, though largely due to one less selling week than a year earlier, as average daily net sales increased 0.9%. The company said average daily net sales decreased for pipes, vales & fittings and storm drainage primarily due to lower volumes, while they increased in fire protection and meters due to higher volumes and pricing.

4Q25 gross profit fell 5.1% year-over-year to $428 million, while gross margin of 27.1% improved 50 basis points — attributed to impacts of gross margin initiatives and disciplined purchasing and pricing management. SG&A expenses decreased 5.4% year-over-year.

Core & Main’s 4Q operating profit of $118 million fell 4.8% year-over-year; net profit of $73 million increased 9.0%; adjusted EBITDA fell 6.7% to $167 million and adjusted EBITDA margin ticked up 10 bps.

Full Year

For all of its fiscal 2025, Core & Main posted total sales of $7.65 billion that increased 2.8% annually, with average daily net sales up 4.8%. Average daily net sales increased for PVF, storm drainage and meters primarily due to higher volumes and acquisitions, while higher sales for fire protection was attributed to higher pricing and acquisitions.

Core & Main’s 2025 gross profit increased 4.0% to $2.06 billion, with gross margin of 26.9% improving 30 bps. Operating profit of $722 million increased 0.4% while SG&A expenses increased 7.1%. Net profit of $462 million increased 6.5%; adjusted EBITDA of $931 million ticked up 0.1% and adjusted EBITDA margin fell 30 bps to 12.2%.

“Our sales initiatives performed well throughout the year as we continued to expand our role as a solutions partner for aging water infrastructure,” said Mark Witkowski, Core & Main CEO. “Fusible high-density polyethylene, treatment plant solutions and geosynthetics delivered double-digit average daily net sales growth. Collectively, these categories deepen our value proposition and position Core & Main to support complex projects of any size with local expertise and national scale.”

2026 Outlook

In providing its fiscal 2026 guidance, Core Main said it expects annual sales of $7.8 to 7.9 billion — reflecting growth of 2-3%; adjusted EBITDA of $950-$980 million; and adjusted EBITDA margin of 12.2-12.4%.