Core & Main Delivers Strong Q1 2026 Performance, Fueled by End Market Resilience and Business Model Strength

Core & Main, a leading distributor of water, wastewater, storm drain, and fire protection products, announced strong first-quarter (Q1) 2026 results, marked by net sales of $1.9 billion and adjusted EBITDA of $224 million – both all-time highs for the quarter. The company's Chief Executive Officer, Mark Witkowski, attributed this success to the resilience of their end markets, the strength of their business model, and the commitment of their associates.

"We are proud to deliver another quarter of strong performance at Core & Main," said Witkowski during the Q1 2026 earnings call. "Achieving these results in a dynamic macroeconomic environment speaks to the resilience of our end markets, the strength of our business model, and most importantly, the commitment of our associates to advance reliable infrastructure with local service nationwide."

The company's diversified mix within the nonresidential end market provided stability despite shifting dynamics across project types. Witkowski noted strong sales volumes into data center construction and positive trends for institutional buildings, multifamily housing, and road and bridge projects. However, activity remained softer for commercial buildings, manufacturing, and warehousing.

Core & Main's product expansion initiatives also contributed to their growth, with 10% growth in meters and double-digit growth in treatment plant fusible high-density polyethylene offerings. The company's disciplined pricing and solid execution in private label and sourcing efforts led to sequential improvement in gross margins.

"We are seeing steady growth in municipal construction activity and funding from the Infrastructure Investment and Jobs Act continues to generate new opportunities for growth in our end markets," Witkowski said, highlighting the pipeline of shovel-ready projects utilizing the funding. "The secular fundamentals underpinning the U.S. housing market are strong, and we continue to expect builders to keep building homes."

While the company noted some softening in residential lot development due to general economic conditions and affordability pressures, they remain optimistic about the long-term prospects of their end markets.

"Despite short-term uncertainty surrounding residential development, our diversified portfolio provides stability across different project types," said Witkowski. "We are encouraged by the level of bidding activity across our nonresidential portfolio, and we believe our balanced exposure provides us an opportunity to outperform the broader market over time."

Core & Main's ability to navigate the dynamic macroeconomic environment and deliver strong performance has been driven by their commitment to innovation, customer service, and employee talent. As they continue to execute their business model, the company remains confident in its near- and long-term outlook for municipal construction and the overall U.S. housing market.