Core & Main Posts Q1 Sales of $1.9B, EPS $0.72 and Opens Five Greenfield Sites

CNM

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2026-06-10

Core & Main posted Q1 net sales of $1.9 billion, adjusted EBITDA of $226 million and EPS of $0.72 while SG&A expenses rose 2% due to strategic investments. The company opened five greenfield sites, plans eight to ten more in fiscal 2026, and sees strong municipal demand supporting growth.

1. Q1 Financial Results

Core & Main reported Q1 net sales of $1.9 billion, adjusted EBITDA of $226 million and adjusted diluted EPS of $0.72, reflecting disciplined execution and resilience across its distribution network.

2. SG&A Expense Growth

SG&A expenses rose 2% driven by strategic investments in growth initiatives, acquisition-related costs and inflationary pressures, with management implementing cost controls to contain expense expansion.

3. Expansion and Acquisition Strategy

The company opened five new greenfield locations in the quarter and plans to launch eight to ten additional sites in fiscal 2026, while pursuing a robust acquisition pipeline to extend geographic reach and local customer relationships.

4. Demand Drivers Across Segments

Strong municipal water infrastructure demand, fueled by state and local funding, and growth in fire protection sales from data center and multifamily projects have offset residential market softness amid higher interest rates.