Core & Main net income rises 7.6% as infrastructure demand anchors sales

Core & Main (NYSE:CNM) reported improved financial results for the first quarter of fiscal year 2026, supported by reliable infrastructure demand and active cost navigation in an otherwise mixed industrial environment.

The St. Louis-based specialty distributor generated net sales of $1,910 million for the quarter ended May 3, 2026.

Gross profit increased 2% year-over-year to reach $520 million, while gross profit margin expanded by 50 basis points to 27.2%.

Management attributed the margin expansion to disciplined product procurement and favorable channel mix execution across its regional service categories.

The company's net income rose 7.6% to $113 million, compared to $105 million during the first quarter of fiscal year 2025.

Diluted earnings per share jumped 9.6% to $0.57, while adjusted diluted earnings per share came in at $0.72, signaling a 5.9% year-over-year improvement.

Adjusted EBITDA moved up 0.9% to $226 million, reflecting a slight 10-basis-point increase in its adjusted EBITDA margin to 11.8%.

Cash generation and corporate development remained key priorities during the three-month period.

Core & Main reported net cash provided by operating activities of $82 million.

Capital allocation was heavily focused on equity value optimization and physical footprint growth; the company deployed $88 million to repurchase 1.8 million shares during the quarter, with an additional $37 million utilized to buy back another 0.8 million shares after the quarter closed.

Simultaneously, the company broadened its geographic reach by opening five new greenfield operating locations in attractive target markets.