Core & Main reports strong Q2 earnings amid infrastructure demand

Core & Main reported strong second-quarter fiscal 2026 results, characterized by growth in net sales, adjusted EBITDA, and earnings per share. Net sales rose 2.5% year-over-year to approximately $2.1 billion, while adjusted EBITDA increased by 3% to $274 million. The company also achieved a second consecutive quarter of record share buybacks, repurchasing 3.7 million shares for roughly $169 million.

Growth was driven by municipal infrastructure activity, treatment plant projects, fire protection demand, and a significant increase in data center-related work, which nearly doubled year-on-year. The company also expanded its footprint by closing the acquisition of Hawaii-based Walker Industries.

Despite the positive quarterly performance, the company's shares experienced a decline, largely attributed to market reactions to its future guidance. Management noted that municipal demand remains steady, supported by repair and replacement work and long-term investment needs in water, wastewater, and stormwater systems.