Core Main 2026 Q3 Earnings Net Income Rises 2.1% Amid Revenue Growth

Core & Main (CNM) reported fiscal 2026 Q3 earnings on Dec 9, 2025, with total revenue rising 1.2% to $2.06 billion, aligning with expectations. The company reaffirmed full-year guidance, projecting net sales of $7.6–7.7 billion. Despite soft residential demand, Core & Main’s strategic focus on municipal and nonresidential sectors, including data center projects, drove performance.

Revenue

Pipes, valves, and fittings accounted for the largest share at $1.38 billion, while storm drainage products added $333 million. Fire protection and meter products contributed $152 million and $195 million respectively, reflecting growth in integrated solutions for aging infrastructure.

Earnings/Net Income

Earnings per share (EPS) rose 4.3% to $0.72, outpacing net income growth of 2.1% to $143 million. The EPS increase highlights operational efficiency and disciplined cost management.

Post-Earnings Price Action Review

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CEO Commentary

CEO Mark Witkowski emphasized growth in municipal projects, nonresidential sectors, and data center infrastructure, while noting residential market challenges. Strategic priorities include geographic expansion, product diversification (e.g., HDPE and treatment plant solutions), and M&A, including the Canada Waterworks acquisition.

Guidance

CFO Robyn Bradbury reaffirmed full-year net sales of $7.6–7.7 billion, adjusted EBITDA of $920–940 million, and operating cash flow of $550–610 million. Gross margin improvement and disciplined execution are expected to drive long-term value.

Additional News

1. M&A Activity: Core & Main completed the acquisition of Canada Waterworks on Sept 30, 2025, enhancing its presence in key markets.

2. Geographic Expansion: New locations opened in Houston, Texas, and Denver, Colorado, targeting high-growth municipal and nonresidential sectors.

3. Share Repurchase Authorization: The board increased buyback authorization by $500 million, bringing the total to $1 billion, reflecting confidence in long-term value.

Image Suggestion: A map highlighting Core & Main’s new locations in Houston and Denver, alongside key infrastructure projects in municipal and nonresidential sectors.

The stock edged down 2.81% in the latest trading day but gained 5.27% over the week, signaling mixed short-term sentiment. Investors remain focused on the company’s strategic execution and cash flow generation amid macroeconomic uncertainties.