Core & Main (NYSE: CNM) lifts buyback to $1B and posts Q3 results

Rhea-AI Filing Summary

Core & Main, Inc. reported that it has released its fiscal third-quarter results for the period ended November 2, 2025, through a press release and investor presentation available via its investor relations website. In a separate move, the company announced that its board of directors authorized a $500 million increase to its existing share repurchase program, bringing total authorization to $1 billion of Class A common stock.

As of December 8, 2025, Core & Main had already repurchased approximately $316 million of shares, leaving about $684 million available for future repurchases. The company may conduct repurchases at its discretion using methods such as open market purchases, privately negotiated transactions, accelerated repurchase transactions, block trades, or Rule 10b5-1 trading plans, and expects to fund these repurchases with existing cash, short-term borrowings and/or future cash flows.

Positive

• Share repurchase expanded to $1 billion: The board approved a $500 million increase to the existing buyback program, bringing total authorization to $1 billion of Class A common stock, with $684 million still available as of December 8, 2025.

Negative

• None.

Insights

Equity & Capital Allocation Analyst

Core & Main lifts its share repurchase authorization to $1 billion, signaling a larger capital return program.

Core & Main’s board has expanded the existing share repurchase program by $500 million, bringing total authorization to $1 billion of Class A common stock. As of December 8, 2025, the company had already repurchased about $316 million of shares, which indicates active use of the program rather than a purely symbolic authorization.

The remaining $684 million capacity can be deployed through various methods, including open market purchases, privately negotiated deals, accelerated share repurchases, block trades, or Rule 10b5-1 trading plans. Actual activity will depend on factors such as market conditions, the share price, and Core & Main’s capital needs, as described in the announcement.

Future disclosures for the fiscal year that includes the quarter ended November 2, 2025 may provide additional detail on how much of the remaining authorization has been used and how the program interacts with the company’s cash, cash equivalents, short-term borrowings and cash flows.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 8-K

___________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 9, 2025

___________________________

Core & Main, Inc.

(Exact name of registrant as specified in its charter)

___________________________

Delaware			001-40650			86-3149194
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

1830 Craig Park Court
St. Louis, Missouri						63146
(Address of principal executive offices)						(Zip Code)

(314) 432-4700

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Class

Trading Symbol

Name of Each Exchange on Which Registered

Class A common stock, par value $0.01 per share

CNM

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Conditions

On December 9, 2025, Core & Main, Inc. (“Core & Main” or the "Company") issued a press release announcing its results of operations for the fiscal third quarter ended November 2, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

On December 9, 2025, Core & Main posted to the “Investor Relations” section of its website the presentation that accompanied the earnings conference call. A copy of the investor presentation is attached hereto as Exhibit 99.2.

The information provided pursuant to this Item 2.02 and in Exhibit 99.1 and Exhibit 99.2 is being “furnished” herewith and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by Core & Main under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in any such filings.

Item 8.01. Other Events.

On December 9, 2025, the Company issued a press release announcing that its board of directors has authorized a $500 million increase to the Company’s existing share repurchase program, bringing the total authorization under the program to $1 billion of the Company's Class A common stock, par value $0.01 per share (“Class A Common Stock”) (the “Repurchase Authorization”). As of December 8, 2025, the Company has acquired approximately $316 million of shares of Class A Common Stock pursuant to the Repurchase Authorization, leaving approximately $684 million available for future repurchases.

The timing and amount of any share repurchases will be determined by the Company at its discretion based on ongoing evaluation of general market conditions, the market price of Core & Main’s Class A Common Stock, the Company’s capital needs and other factors. Under the Repurchase Authorization, share repurchases may be made through a variety of methods, which may include open market or privately negotiated transactions, including accelerated repurchase transactions, block trades or trading plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The Repurchase Authorization does not obligate Core & Main to acquire any particular amount of Class A Common Stock, and it may be further amended, suspended or terminated at any time at the Company’s discretion. Core & Main currently expects to fund repurchases under the Repurchase Authorization using existing cash and cash equivalents, short-term borrowings and/or future cash flows.

Forward-Looking Statements

Certain statements contained in this Current Report on Form 8-K include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning our financial and operating outlook, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Item 9.01. Financial Statements and Exhibits

(d)    Exhibits

Exhibit No.						Description
99.1						Earnings release dated December 9, 2025 - Core & Main Announces Fiscal 2025 Third Quarter Results**
99.2						Investor presentation dated December 9, 2025**
99.3						Press Release, dated December 9, 2025**
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)*

* Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Core & Main, Inc.
			By:			/s/ Mark G. Whittenburg
			Name:			Mark G. Whittenburg
			Title:			General Counsel and Secretary

Date: December 9, 2025

FAQ

What did Core & Main (CNM) announce in this 8-K filing?

Core & Main announced that it has issued its fiscal third-quarter 2025 results for the quarter ended November 2, 2025 via a press release and investor presentation, and that its board of directors has increased the company’s share repurchase authorization for Class A common stock.

How large is Core & Mains total share repurchase authorization now?

The board authorized a $500 million increase to the existing program, bringing the total share repurchase authorization to $1 billion of Core & Main’s Class A common stock.

How much of the Core & Main (CNM) repurchase authorization has been used?

As of December 8, 2025, Core & Main had repurchased approximately $316 million of its Class A common stock under the program, leaving about $684 million available for future repurchases.

How does Core & Main plan to fund its share repurchases?

Core & Main currently expects to fund repurchases under the authorization using existing cash and cash equivalents, short-term borrowings and/or future cash flows.

What methods can Core & Main use to repurchase its shares?

Under the authorization, share repurchases may be made through open market transactions, privately negotiated transactions, accelerated repurchase transactions, block trades, or trading plans intended to comply with Rule 10b5-1 under the Exchange Act.

Is Core & Main required to buy back a specific amount of stock?

No. The repurchase authorization does not obligate Core & Main to acquire any particular amount of Class A common stock and may be amended, suspended or terminated at any time at the company’s discretion.

Where can investors find Core & Mains detailed Q3 2025 financial results?

The detailed fiscal third-quarter 2025 results are provided in an earnings press release (Exhibit 99.1) and an investor presentation (Exhibit 99.2), both referenced in the filing and posted in the company’s investor relations section.