Core & Main narrows EBITDA forecast to $950 million to $960 million

Core & Main (CNM) now expects fiscal 2026 Adjusted EBITDA of $950 million to $960 million, from $950 million to $980 million. It kept its fiscal 2026 net sales outlook at $7.8 billion to $7.9 billion.

Core & Main gave preliminary fiscal third-quarter results.

Here's how the company did:

• Net sales: $2.12 billion to $2.13 billion vs. $2.06 billion a year earlier
• Net income: $128 million to $140 million vs. $143 million a year earlier
• Adjusted EBITDA: $267 million to $275 million vs. $274 million a year earlier

Net sales grew 3% in the quarter. Higher transportation costs and greenfield investments weighed on Adjusted EBITDA.

Stable municipal demand and completed acquisitions support the updated outlook, partly offset by softer-than-anticipated residential lot development and light commercial activity.

Core & Main completed three acquisitions with over $250 million in combined annual revenue. Southwest Stormwater Solutions, which operates one location in Phoenix, Arizona, was acquired in September.

In October, it acquired Gajeske, LLC, a Houston-based distributor with eight locations across Texas and Oklahoma. In November, it acquired KTI Limited and KTI Utility Services, based in Toronto, with seven locations across Ontario and Alberta.

It repurchased a record $171 million of shares in the quarter. Year-to-date repurchases total about $428 million, with about $240 million left under its authorization.

"We continue to invest organically in our business, opening a record eight greenfield locations year to date," said Mark Witkowski, Chief Executive Officer.

Full third-quarter results are due Dec. 8, 2026, and final results are expected to fall within these ranges.