Earnings Call Intelligence Subscribe
Home › Call Sheets › CNM › Q2'26
Call sheet · Q2'26

Core & Main (CNM)

Q2'26 earnings call · held September 9, 2026 · compared with the Q1'26 call · management-credibility review
-
Disclosure score
-
Financial quality
Bottom line
Core & Main delivered real operating improvement and met its near-term sales-growth expectation. The remaining burden is conversion: project awards into shipments, lower-cost mix into EBITDA, and seasonal working capital into cash after tax-linked obligations. Unchanged annual guidance remains achievable but open; faster per-share growth alone does not settle those questions. [1][2][3][5]

What changed this quarter

MetricQ1'26Q2'26Change
RevenueQ2 FY2025: $2,093 millionQ2 FY2026: $2,145 millionGrowth resumed after a roughly flat first quarter; acquisitions, price and volume each contributed. [1][2][3]
Net income and diluted EPSQ2 FY2025: $141 million; GAAP $0.70; adjusted $0.87Q2 FY2026: $150 million; GAAP $0.77; adjusted $0.94Earnings and repurchases both contributed; consolidated net income is distinct from income attributable to Core & Main. [3][5]
First-half cash after specified usesFY2025: $70 millionFY2026: $53 millionAnalyst measure deducts capex, tax-partnership investments and TRA payments from CFO; it is not issuer FCF. [5]
Full-year guidanceJune: sales $7.8-$7.9 billion; adjusted EBITDA $950-$980 million; CFO conversion 60%-70%September: all three ranges reaffirmedNo numerical guidance reduction; the underlying margin explanation changed. [1][2][3]

Accountability tracked

5 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full CNM Q2'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.