Core & Main has marked 16 consecutive years of sales growth, reflecting the resilience of its business and long-term strength of its market position. Municipal demand remained healthy in Q1 2026, supported by ongoing repair-and-replace activity and infrastructure investment, with double-digit and high-single-digit growth in treatment plant solutions and smart utility categories.
Cyborg Score Rationale
In Q1 2026 (ended May 3), the company achieved net sales of $1,910 million with gross profit margin increased 50 basis points to 27.2%, net income increased 7.6% to $113 million, and diluted earnings per share increased 9.6% to $0.57. The company has strong cash generation and is actively deploying capital through share repurchases and strategic acquisitions, coupled with solid analyst coverage.
Top Insights
Q1 2026 delivered net sales of $1.91B, net income of $113M, strong cash flow, $125M in share repurchases and reaffirmed full-year 2026 guidance
In June 2026, Core & Main priced a $750 million senior notes offering due 2034 with expected closing on or about July 1, 2026
Completed acquisition of Pioneer Supply on January 26, 2026, a distributor of water, wastewater and storm drainage products in Moore, Oklahoma and Weatherford, Texas, expanding Core & Main's local distribution footprint
Leadership changes in March 2026: M. Susan Hardwick, former CEO of American Water Works Company (2022-2025), appointed as director, bringing regulated utility industry and strategic transaction expertise
Named Competitors
AAON Inc. — HVAC and refrigeration equipment manufacturer
Badger Meter — Water metering and flow measurement solutions
Xylem — Water and wastewater infrastructure solutions
Ferguson Enterprises — Large wholesale distributor of plumbing, HVAC and building materials
Recent Developments
(June 2026) Announced pricing of $750 million senior notes offering due 2034 with closing expected July 1, 2026
(June 2026) Reported strong Q1 2026 results with 9.6% EPS growth to $0.57 and executed $125 million share repurchase
(January 2026) Completed acquisition of Pioneer Supply, water/wastewater products distributor in Oklahoma and Texas
(March 2026) Announced leadership changes including appointment of former American Water Works CEO to board of directors
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