Core & Main Reports Sales Growth and Share Repurchases
Core & Main (CNM) reported quarterly sales of $2.145 billion in the second quarter of fiscal 2026, a modest increase of 2.5%. Non-GAAP adjusted EBITDA reached $274 million while consolidated net income rose by 6.4% to $150 million and GAAP diluted earnings per share increased by 10% to $0.77. The company repurchased $169 million of equity during the quarter, significantly outpacing its operating cash flow of $62 million. The firm reaffirmed its fiscal year guidance for sales between $7.8 billion and $7.9 billion with adjusted EBITDA expected to range from $950 million to $980 million. Management anticipates that annual operating cash flow will reach 60% to 70% of this figure, translating into approximately $570 million to $686 million annually. Despite these positive indicators, the company faces challenges in sustaining its capital return strategy alongside growth investments and mixed demand across certain segments. The first-half operating cash flow was $144 million compared with $257 million spent on repurchases.
Tickers: $CNM
Topics: buybacks cash flow earnings EPS sales growth