Core & Main Reports 7.6% Increase in Net Income to $113 Million for Quarter Ended May 3, 2026

Core & Main, Inc. reported its financial results for the three months ended May 3, 2026, revealing a net income of $113 million, an increase of 7.6% from $105 million in the same period last year. The company’s net income attributable to Core & Main rose to $108 million, up 8.0% from $100 million in the prior year. Earnings per share (EPS) also saw an increase, with basic and diluted EPS rising to $0.57, compared to $0.53 and $0.52, respectively, in the previous year. The company’s net sales remained relatively stable at $1.910 billion, slightly down from $1.911 billion in the prior year, primarily due to decreased volume offset by acquisitions.

In terms of profitability, Core & Main's gross profit increased by 2.0% to $520 million, with gross profit as a percentage of net sales improving to 27.2% from 26.7% a year earlier. This increase was attributed to effective gross margin initiatives and disciplined purchasing and pricing management. Operating income also rose to $177 million, a 3.5% increase from $171 million in the previous year, despite a slight uptick in selling, general, and administrative expenses, which increased to $299 million from $293 million.

The company did not engage in any acquisitions during the latest quarter, but it had previously completed two acquisitions in the fiscal year ended February 1, 2026, totaling $76 million. These acquisitions included Pioneer Supply LLC and Canada Waterworks, which are expected to enhance Core & Main's distribution capabilities in the water and wastewater products sector. The company continues to operate over 370 branches across the U.S. and Canada, serving more than 60,000 customers, including municipalities and private water companies.

Core & Main's balance sheet as of May 3, 2026, showed total assets of $6.324 billion, up from $6.085 billion at the end of the previous fiscal period. The company’s cash and cash equivalents decreased to $150 million from $220 million, while receivables increased to $1.259 billion from $1.048 billion. The company’s total liabilities also rose to $4.210 billion from $4.011 billion, primarily due to increased accounts payable and tax receivable agreement liabilities.

Looking ahead, Core & Main remains focused on its growth strategy, which includes potential acquisitions and capital expenditures. The company has a share repurchase program authorized for up to $1 billion, with $581 million remaining available as of the latest report. Management expressed optimism about future performance, although they acknowledged the potential impact of market conditions, including fluctuations in construction spending and supply chain disruptions. The company continues to monitor these factors closely as it navigates its operational and financial strategies.