Core & Main Reports 2.5% Revenue Growth to $2.145 Billion in Q2 Fiscal 2026

Core & Main, Inc. reported a modest increase in financial performance for the second quarter of fiscal 2026, with net sales reaching $2.145 billion, a 2.5% rise from $2.093 billion in the same period last year. The company's gross profit also saw a slight increase, totaling $573 million compared to $560 million in the prior year, resulting in a gross profit margin of 26.7%. Operating income for the quarter improved to $227 million, up from $213 million, while net income attributable to Core & Main increased to $144 million, reflecting a 7.5% growth from $134 million in the previous year.

For the six months ending August 2, 2026, Core & Main's net sales totaled $4.055 billion, a 1.3% increase from $4.004 billion in the same period last year. The growth was primarily driven by acquisitions, particularly in the pipes, valves, and fittings segment. The company reported a net income of $263 million for the six-month period, up from $246 million, with earnings per share rising to $1.34 from $1.23. The increase in profitability was attributed to higher gross profit margins and effective cost management, despite a slight rise in selling, general, and administrative expenses.

In terms of strategic developments, Core & Main did not complete any acquisitions during the first half of fiscal 2026 but had previously acquired Pioneer Supply LLC and Canada Waterworks in fiscal 2025, enhancing its distribution capabilities in the water and wastewater product sectors. The company continues to focus on expanding its product offerings, including smart utility products and fire protection solutions, which have seen increased demand.

Operationally, Core & Main serves over 60,000 customers through a network of more than 370 branches across the U.S. and Canada. The company reported a significant increase in cash and cash equivalents, rising to $312 million from $220 million at the beginning of the fiscal year. Additionally, the company has been actively repurchasing shares, having bought back 5.46 million shares for $257 million in the first half of the fiscal year, with $412 million remaining under its $1 billion share repurchase program.

Looking ahead, Core & Main remains optimistic about its growth trajectory, although it acknowledges potential risks related to market conditions, including fluctuations in construction spending and supply chain disruptions. The company plans to continue leveraging its acquisitions and expanding its product lines while managing costs effectively to sustain profitability.