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Although the revenue and EPS for CBRE (CBRE) give a sense of how its business performed in the quarter ended March 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

CBRE rides leasing and capital markets strength to a big Q1 earnings beat, lifting revenue and prompting a higher 2026 outlook.

CBRE Group Inc (CBRE) Q1 2026 Earnings Call Highlights: Strong Revenue and Profit Growth Amid Macroeconomic Uncertainties CBRE Group Inc (CBRE) reports robust growth across service segments and upgrades EPS expectations, despite facing potential macroeconomic challenges. Summary

Revenue Growth: Services segments (Advisory, Building Operations & Experience, Project Management) grew revenue by 20%.Operating Profit Growth: Nearly 30% increase in operating profit for services segments.Resilient Businesses Revenue Growth: 18% increase in revenue.Transactional Businesses Revenue Growth: 22% increase in revenue.Infrastructure Activities Revenue: Nearly $950 million in the first quarter.Critical Infrastructure Services Revenue: $580 million in the first quarter, expected to grow over 60% this year.EPS Expectations: Upgraded to a range of $7.60 to $7.80 for the year, indicating more than 20% growth at the midpoint.Leasing Revenue Growth: 18% globally, 21% in the US, with industrial leasing up 24% in the US.Data Center Leasing Revenue: More than tripled from last year's first quarter.Global Property Sales Revenue Growth: 39% increase, with US property sales revenue up 64%.Mortgage Origination Revenue Growth: 53% increase.Loan Servicing Portfolio: Grew 5% to more than $460 billion.Building Operations & Experience Revenue Growth: 16% increase.Project Management Revenue Growth: 11% increase.Free Cash Flow: $1.7 billion on a trailing 12-month basis, reflecting 78% conversion.Share Repurchases: Nearly $540 million of shares repurchased year-to-date.Full Year Core EPS Outlook: Increased to $7.60 to $7.80, up from $7.30 to $7.60 previously.

Release Date: April 23, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points CBRE Group Inc CBRE reported a 20% revenue growth and nearly 30% operating profit increase across its three service segments: Advisory, Building Operations & Experience, and Project Management.The Resilient Businesses segment saw an 18% revenue growth, reflecting CBRE's strategy to focus on businesses resistant to real estate cycles.Transactional Businesses achieved a 22% growth rate, marking the highest growth of the current cycle, driven by sales, leasing, financing, and real estate development.CBRE's infrastructure services, including data centers, power, telecom, and transportation assets, generated over $3 billion in revenue in 2025 and nearly $950 million in Q1 2026.The company upgraded its EPS expectations to a range of $7.60 to $7.80 for the year, indicating more than 20% growth at the midpoint, assuming a supportive economic environment. Negative Points Despite strong performance, there is uncertainty in the macroeconomic environment, which could impact future growth, particularly in the second half of the year.Operating profit in the Investment Management segment declined due to lower incentive fees and promote income, despite an increase in recurring asset management fees.Free cash flow conversion was lower in Q1 2026 compared to the prior year due to strong performance in 2025, although it is expected to end 2026 at the high end of the target range.There is a potential risk of job losses in certain areas due to AI-driven efficiencies, particularly in call centers, research, and human resources.The company faces challenges in hiring skilled personnel for its critical infrastructure services, which could impact growth in this segment. Q & A Highlights Q: How are you thinking about the second half of the year given the strong first quarter and first half?
A: Emma Giamartino, CFO, explained that the midpoint of EPS guidance was raised from $7.45 to $7.70. One-third of this increase is due to first-quarter outperformance in advisory and BOE, while two-thirds is based on increased expectations for the rest of the year. Despite macroeconomic uncertainties, strong pipelines, especially in the US, support this outlook.

Q: Can you provide details on the $30 billion pipeline in Trammell Crow, specifically regarding industrial, data center, and office projects?
A: Robert Sulentic, CEO, noted that the largest portions of the pipeline are in industrial, multifamily, and data center land. Trammell Crow has a strong capability in acquiring and improving land, and the focus has shifted to areas with secular tailwinds like industrial and multifamily development. The data center land portfolio is expected to provide steady opportunities, although it will be lumpy.

Q: What are the conversations with other C-suite executives regarding the macro environment, especially considering recent Middle East tensions?
A: Sulentic mentioned that while there is concern about energy prices potentially leading to a recession, most companies are not significantly impacted by Middle East tensions. AI and job creation are major topics, but fears of job losses due to AI do not align with current leasing trends, as lease durations have not decreased.

Q: Can you elaborate on the training partnership with Meta around data center capabilities?
A: Sulentic explained that the partnership is not a one-time opportunity. CBRE is building capabilities to recruit, train, and place technical staff for Meta's data center initiatives. This is part of a broader strategy to support critical infrastructure and data center clients, and it is expected to be an enduring service.

Q: How has AI impacted your capital allocation priorities, and are there plans to invest in AI companies?
A: Giamartino stated that capital allocation priorities remain consistent, with a focus on M&A, particularly in the data center space. While CBRE invests in technology and AI to support its business, there are no plans to make large investments in AI companies, similar to their historical approach to technology investments.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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Jamie Hodari oversees CBRE's building operations and experience business segment. CBRE Jamie Hodari is looking for his replacement after selling Industrious, the coworking company he cofounded in 2012, to CBRE for $800 million last year.

Hodari, 44, became a senior executive at at CBRE after the acquisition in charge of its building operations and experience division. He oversees the management and operations of more than 8 billion square feet of space worldwide and about 95,000 employees.

For the past year, he has also remained the CEO of Industrious, but is now seeking a successor to run the platform, which has grown to 240 locations around the world. The role will report to him.

Hodari discussed with Business Insider what it was like to transition from leading a startup to becoming a top executive at the world's largest real estate services company, how he uses AI, and the advice he gives young professionals. The conversation has been edited for length and clarity.

What is it like stepping away from the company that has defined your career?

I know that the overwhelming likelihood is a stranger who I never met until this process started is going to be running my baby. There's something daunting about that and a little complicated, but also super exciting.

What are you looking for in a successor?

I've seen people with a big ego or who don't treat their colleagues with not just respect, but real warmth, end up flaming out. So we have to find a CEO who's a badass and ultra ambitious, but also wants to be part of a culture that operates that way.

You get scared that you hire someone and they're an amazing CEO, but they turn it into an unbelievably serious company where people might be not trusting each other or something like that.

You now manage 95,000 workers. How did you adapt to that?

Industrious was always an underdog. Industrious is very personal. Every person in that company has a pretty clear sense of who I am, what I care about, and what kind of behaviors I would reward.

I post on LinkedIn a lot more than I did. I do videos. I haven't totally cracked the code of that yet.

What is your management style?

There's a different breed of senior leader that can do hard things, but ultimately is good at walking a mile in someone else's shoes. I'm reading "Project Hail Mary" right now that the Ryan Gosling movie is based on. There's a throwaway line about how easy it is to engineer things that don't have to keep humans alive. That's a lot easier than trying to figure out how to get from point A to point B and make sure that the people inside the space station are thriving.

Do you now look at yourself now as a small fish in a big pond?

I've loved having a mentor and have found it freeing in a way to have a boss, which is Bob Sulentic (the CEO of CBRE). There's elements that are pretty lonely about being a founder, CEO. You show up at the bar after work for the work drinks and people want to talk to you, but they're kind of nervous.

At Harvard for grad school, there was this class called followership, and it was about how to be a good follower. Part of thriving in the world is being able to be a good follower.

How much time do you spend with Bob, CBRE's CEO, and what have you learned from him?

Bob is so obsessed with the truth of the matter. The most plain English, clearly communicated way to get to the heart of the matter in a situation and has zero patience for promotion, for spin, for anything like that. Sometimes with startups, there's this fake it 'till you make it sort of element. In a big public company you just have to be unbelievably good at saying what you're going to do, then actually doing it and building this almost limitless track record of doing that with no fluff.

How do you use AI?

I definitely use AI daily and I'm actually starting to run up against how to use it in a way that doesn't bleed into being phony. I'll make voice notes after I meet with someone. That voice note knows that their kid plays travel soccer. With AI, you can get alerted "I just saw that your kid's team won the state championship. That's incredible." Do you have a duty to say: "Hey, AI flagged for me that your kid's team just won?"

No one has defined culturally, what does it mean to be authentic about your use of AI?

What career advice do you give young people?

I went to Yale Law School. You could roughly divide the class in half. The people who said, "What do I want to be doing?" and the half that said, "What's going to look best on my resume?" The first group are doing so much better in their careers. The ones who started from the outside in; it's like they chased every brass ring until they're now in their mid 40s and there's no brass rings left.

The other is to be easy to work with. If you're the kind of person where, when someone finds out they've been put on a project with you, they're like, "oh shit," that, to me, is fatal.

Adam Neumann, when he was the head of WeWork, famously offered to buy Industrious and suggested that, if you didn't agree to sell it, his business would crush yours. Do you ever feel like you won?

I got cut from the ninth-grade no-cut soccer. I never really got the competitive bone. I find it super demotivating to have conflict. He's not the style of business person I am, and he definitely made different decisions at WeWork than I would've. But he seems pretty serious about this idea of bringing people together and that people can't spend their whole lives sitting isolated and alone. Honestly, we need as many people out there advocating for that in as many fields as possible right now.

Correction: April 27, 2026 — An earlier version of this story misspelled Bob Sulentic's name.

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Daniel Geiger You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Daniel Geiger was a real estate correspondent for Business Insider covering the market, deals, trends and, of course, big news. 

Posted by Defense World Staff on Apr 29th, 2026

Comerica Bank decreased its holdings in shares of CBRE Group, Inc. (NYSE:CBRE – Free Report) by 9.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 71,677 shares of the financial services provider’s stock after selling 7,564 shares during the quarter. Comerica Bank’s holdings in CBRE Group were worth $11,525,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its stake in CBRE Group by 1.9% during the third quarter. Parallel Advisors LLC now owns 3,773 shares of the financial services provider’s stock worth $594,000 after acquiring an additional 71 shares during the last quarter. NewEdge Advisors LLC increased its stake in CBRE Group by 1.7% during the third quarter. NewEdge Advisors LLC now owns 4,367 shares of the financial services provider’s stock worth $688,000 after acquiring an additional 71 shares during the last quarter. Evergreen Capital Management LLC increased its stake in CBRE Group by 3.6% during the second quarter. Evergreen Capital Management LLC now owns 2,187 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 75 shares during the last quarter. Larson Financial Group LLC increased its stake in CBRE Group by 11.0% during the third quarter. Larson Financial Group LLC now owns 778 shares of the financial services provider’s stock worth $123,000 after acquiring an additional 77 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in CBRE Group by 8.2% during the third quarter. Versant Capital Management Inc now owns 1,031 shares of the financial services provider’s stock worth $162,000 after acquiring an additional 78 shares during the last quarter. Institutional investors and hedge funds own 98.41% of the company’s stock.

CBRE Group Stock Up 0.5% Shares of NYSE CBRE opened at $146.98 on Wednesday. The company has a market capitalization of $43.04 billion, a price-to-earnings ratio of 33.48 and a beta of 1.34. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 1.08. The business has a 50-day moving average of $141.25 and a two-hundred day moving average of $153.49. CBRE Group, Inc. has a 1 year low of $118.58 and a 1 year high of $174.27.

CBRE Group (NYSE:CBRE – Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.48. The company had revenue of $10.53 billion during the quarter, compared to the consensus estimate of $10.22 billion. CBRE Group had a return on equity of 24.08% and a net margin of 3.11%.CBRE Group’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.86 EPS. CBRE Group has set its FY 2026 guidance at 7.600-7.800 EPS. On average, analysts forecast that CBRE Group, Inc. will post 7.72 earnings per share for the current fiscal year.

Insider Transactions at CBRE Group In other news, insider Chad J. Doellinger sold 471 shares of CBRE Group stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $133.51, for a total transaction of $62,883.21. Following the sale, the insider owned 42,519 shares in the company, valued at approximately $5,676,711.69. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Emma E. Giamartino sold 9,223 shares of CBRE Group stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $148.61, for a total value of $1,370,630.03. Following the sale, the chief financial officer owned 126,501 shares in the company, valued at $18,799,313.61. This trade represents a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,810 shares of company stock valued at $1,448,600 over the last ninety days. 0.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades A number of equities research analysts have recently weighed in on CBRE shares. Evercore reaffirmed an “outperform” rating and issued a $179.00 price objective on shares of CBRE Group in a research note on Friday. Raymond James Financial set a $180.00 price objective on CBRE Group and gave the company an “outperform” rating in a research note on Thursday, February 12th. Keefe, Bruyette & Woods lifted their price objective on CBRE Group from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Weiss Ratings raised CBRE Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Finally, Wall Street Zen raised CBRE Group from a “hold” rating to a “buy” rating in a research note on Saturday. Eight research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $179.86.

Read Our Latest Stock Report on CBRE Group

CBRE Group Company Profile (Free Report)

CBRE Group, Inc is a global commercial real estate services and investment firm that provides a broad range of advisory, transactional and property-related services to occupiers, investors and owners. Its core activities include leasing and sales brokerage, facilities and property management, valuation and advisory, project and development services, and capital markets execution. The firm serves corporate occupiers, institutional investors, private owners and public entities across office, industrial, retail, multifamily and specialized property types.

In addition to traditional brokerage and management services, CBRE offers investment management capabilities and outsourced real estate solutions, combining market research, technology and data analytics to support portfolio strategy, transaction execution and asset operations.

Recommended Stories Five stocks we like better than CBRE Group Want to see what other hedge funds are holding CBRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CBRE Group, Inc. (NYSE:CBRE – Free Report).

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DALLAS--(BUSINESS WIRE)--CBRE IM-backed Accelerate closes $630M raise with Mubadala, ART and others, scaling its diversified infrastructure platform to $1.26B.

Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.

CBRE Group remains a Buy based on my assessment of its data center business's robust growth and its 2Q2026 financial prospects. CBRE's proportion of EBITDA derived from data centers has gone up from a low single-digit percentage for FY2021 to the mid-teens in FY2025. I expect Q2 2026 earnings to outperform expectations, supported by strong advisory pipelines, the integration of its project management operations, and ongoing share repurchases.

NEW YORK--(BUSINESS WIRE)--NYLI CBRE Global Infrastructure Megatrends Term Fund (the "Fund") (NYSE: MEGI) today declared three distributions of $0.1250 per common share for the months of June, July, and August 2026. The Fund's current annualized distribution rate is 9.99% based upon the closing price of $15.02 on June 10, 2026, and 8.96% based upon the Fund's closing NAV of $16.74 as of the same date. Dividend Distribution Schedule:   Ex-Dividend Date Record Date Payable Date June 2026 6-23-202.

Key Takeaways VIAV Q3 revenues rose 42.8% YoY to $406.8M, beating estimates on strong NSE and OSP segment growth.NSE revenues surged 54.4% on data center, aerospace demand and Spirent acquisition contributions.Earnings hit 27 cents, topping estimates; Q4 revenues seen at $427M-$437M with solid margins. Viavi Solutions ((VIAV - Free Report) ) is a global leader in test and measurement and optical technologies. Their test, monitoring, assurance, and resilient position, navigation and timing solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, they develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.

Here's what I wrote when I made my first buy of VIAV shares in the TAZR Trader portfolio on April 7 at $38...

This $8 billion global leader in test, measurement, and optical assurance is in a strong uptrend (since their Dec quarter earnings reported in late Jan) because their technology secures and validates the infrastructure of the datacenter ecosystem and more.

It was a Zacks #1 Rank in Feb-Mar as estimates jumped, but has fallen out of the top tiers as that 60-day window has passed. I didn't look at the company then because there was so much more on my radar.

Because moving to higher speeds and CPO (co-packaged optics) introduces severe signal integrity issues like jitter and noise, testing isn't just a one-time hurdle. It is a massive, overlapping super-cycle that must scale directly with optical complexity to prevent big bottlenecks in data transfer.

This is why peer Aehr Test Systems (

(AEHR - Free Report) ) launched 40% in two days recently. I did look at AEHR last month, but it has both negative sales and earnings growth, so I passed.VIAV sales estimates are projected to grow 35% this fiscal year (ends June) to $1.46 billion. And EPS of $0.80 are growing 70%.

(end of TAZR Buy Alert notes 4/7)

Last week, I chose VIAV for the Zacks Top Stock Picks Video which has a lot of good info in it, including snapshots of Wall Street analyst price targets before-and-after earnings. Spoiler: they were way behind on this growth story and so investors who saw the Zacks #1 Rank in Q1 were early and have been well-rewarded.

Speaking of earnings, here are some Zacks Research System notes on their recent report card April 29 which popped the stock up to new highs around $60...

Viavi delivered strong Q3 fiscal 2026 results, with both top and bottom lines surpassing the Zacks Consensus Estimates.

The company posted a solid 42.8% year-over-year increase in revenues, supported by strong demand from data centers, continued 5G and fiber network upgrades, steady aerospace and defense demand, and contributions from the Spirent product line buyout.Net income on a GAAP basis was $6.4 million or 3 cents per share compared with $19.5 million or 9 cents per share in the prior-year quarter. Despite top-line growth, higher operating expenses and taxes impacted the bottom line.

Non-GAAP net income in the reported quarter was $67.6 million or 27 cents per share compared with $33.9 million or 15 cents per share in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate by 3 cents.

Revenue Landscape

Net sales increased to $406.8 million from $284.8 million in the year-ago quarter, primarily driven by strong performance in its Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP) segments. The top line beat the consensus estimate of $393.5 million.

In the third quarter of fiscal 2026, the NSE segment generated $321.5 million in revenues, up 54.4% year over year. The segment accounted for 79% of total revenues. Acquisition of Spirent product lines and strong demand across lab, production and field products, mainly from the data center ecosystem and aerospace & defense sectors, drove solid sales growth in this segment.

The OSP segment revenues were $85.3 million, up 11.4% year over year, driven by strong demand for 3D Sensing and anti-counterfeiting.

Net sales from the Americas totaled $182.8 million, up from $108.1 million in the year-ago quarter. Revenues from Asia-Pacific were $128.2 million, up 27.3% year over year. Revenues from Europe, Middle East, and Africa increased to $95.8 million from the prior-year quarter’s tally of $76 million.

Institutional Buyers Pour In

As the final tallies filtered into the SEC 13F Q1 filings on Monday, we saw an impressive demand for VIAV shares.

Active Positions            Holders  Shares
Increased Positions   280         82,807,103
Decreased Positions    198         46,691,368
Held Positions                54         132,246,097

Bottom line: I am a buyer of VIAV now near $50 and on a potential gap fill to $45-46.

, /PRNewswire/ -- (NASDAQ: VIAV) Viavi Solutions Inc. ("VIAVI") today announced the pricing of an underwritten public offering of 11,111,111 shares of its common stock at a price to the public of $45.00 per share, before underwriting fees. The gross proceeds to VIAVI from the offering, before deducting underwriting fees and other offering expenses payable by VIAVI, are expected to be approximately $500 million. The offering is expected to close on May 21, 2026, subject to customary closing conditions. Additionally, VIAVI has granted the underwriters a 30-day option to purchase up to an additional 1,666,666 shares of common stock from VIAVI at the public offering price, less underwriting fees. All of the shares of common stock in the offering will be sold by VIAVI.

VIAVI intends to use the net proceeds of the offering to repay the $450 million aggregate principal amount of its Term Loan B. Any excess net proceeds will be used to fund working capital or for other general corporate purposes.

Stifel and Needham & Company are acting as joint book-running managers for the offering. UBS Investment Bank is also acting as a bookrunner for the offering. B. Riley Securities, Northland Capital Markets, Rosenblatt, and BMO Capital Markets are acting as co-managers.

The securities described above are being offered by VIAVI pursuant to a shelf registration statement (including a base prospectus) on Form S-3 (File No. 333-289490) filed by VIAVI on August 11, 2025 with the Securities and Exchange Commission (SEC), which was automatically effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed, and a final prospectus supplement and accompanying prospectus relating to the offering will be filed, with the SEC and can be accessed for free on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from: Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at [email protected]; Needham and Company, LLC, Attention: 250 Park Avenue, 10th Floor, New York, NY 10177, Attn: Prospectus Department, by telephone at (800) 903-3268 or by email at [email protected]; or UBS Securities LLC, Attention: Prospectus Department, UBS Investment Bank, 11 Madison Avenue, New York, New York 10010 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About VIAVI

VIAVI (NASDAQ: VIAV) is a global leader in test and measurement and optical technologies. Our test, monitoring, assurance, and resilient position, navigation and timing solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Examples of such statements include, but are not limited to, statements relating to VIAVI's expectations regarding the timing, gross proceeds and completion of the offering and the anticipated use of proceeds. Such statements are based on management's current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to, risks and uncertainties related to market and other conditions, and the satisfaction of customary closing conditions related to the offering. There can be no assurance that VIAVI will be able to complete the offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements. Additional risks and uncertainties relating to the offering, VIAVI and its business can be found under the heading "Risk Factors" in VIAVI's Quarterly Report on Form 10-Q for the quarter ended March 28, 2026, which was filed with the SEC on April 30, 2026, and other filings with the SEC, and in the preliminary prospectus supplement related to the offering filed with the SEC on May 19, 2026. Any forward-looking statements that VIAVI makes in this press release speak only as of the date of this press release. VIAVI assumes no obligation to update its forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

SOURCE VIAVI Financials

Compare cost, risk, and sector exposure as two leading growth ETFs reveal distinct strategies for navigating today's market landscape.

The consensus price target hints at a 30.5% upside potential for Viavi Solutions (VIAV). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

Viavi's NSE revenues jumped 54.4% in fiscal Q3 as AI infrastructure demand, data center growth and Spirent assets fuel momentum into 2026.

µPNT GDO-1000 is the smallest, lowest-power package for precision timing with microsecond-class 24-hour holdover from a MEMS-based oscillator Ultra-compact design – no larger than a postage stamp and weighing under 4 grams , /PRNewswire/ -- VIAVI Solutions Inc. (VIAVI) (NASDAQ: VIAV) has announced the launch of the µPNT GDO-1000, a new GNSS-disciplined oscillator built in the M.2 B-key form factor. Measuring just 22mm x 42mm, the size of a postage stamp, and weighing less than 4 grams, the GDO-1000 is designed for platforms requiring accurate timing in places where traditional timing modules do not fit or are too power-hungry, including defense and airborne platforms, unmanned systems, data center cards and communications equipment.

µPNT GDO-1000 is the smallest, lowest-power package for precision timing with microsecond-class 24-hour holdover from a MEMS-based oscillator GNSS interference has become a persistent and ongoing operational concern. Dual-frequency L1/L5 reception is increasingly specified in defense and critical infrastructure procurements as a baseline requirement. Demand for compact, low-power precision timing continues to grow across multiple markets, especially as warfighters and unmanned platforms limit payload to stay agile, and customers who designed in chip-scale atomic clocks (CSACs) face cost and lead-time pressure.

The µPNT GDO-1000 addresses these challenges through a unique combination of capabilities:

Dual-frequency L1/L5 GNSS reception with microsecond-class 24-hour holdover, enabling precise, resilient timing in compromised conditions The M.2 B-key form factor drops into modern compute platforms, time appliance cards and embedded systems without custom mechanical design, all while drawing approximately half a watt Patented AI and ML algorithms developed by the Jackson Labs team, now part of VIAVI, predict and compensate for oscillator behavior across environmental conditions The Micro-Electro-Mechanical Systems (MEMS) oscillator delivers better thermal stability across the full military temperature range than traditional quartz Oven Controlled Crystal Oscillators (OCXOs), with sustained phase noise and Allan Deviation performance under vibration and shock Accepts an external 1PPS input, allowing it to be disciplined by M-Code GPS, alternative navigation sources, or other external references without hardware modification Multiple 1PPS and low-phase-noise 10MHz coaxial inputs and outputs for system integration flexibility, despite its miniature size "Until now, customers needing reliable timing in compact systems have had to choose between two suboptimal options. CSACs are expensive and supply-constrained. Full-size OCXO-based timing solutions are too large and power-hungry for many modern platforms," said Doug Russell, Senior Vice President and General Manager, Aerospace & Defense, VIAVI. "The GDO-1000 offers a new path that doesn't force customers to compromise. Its holdover performance approaches what customers expect from atomic-class clocks, in a module that fits on a standard M.2 slot and draws approximately half a watt."

The GDO-1000 will be on display at VIAVI Booth 407 at the 2026 Joint Navigation Conference from June 1-4 at the Northern Kentucky Convention Center. As part of the event technical program, Lisa Perdue and Nino De Falcis of VIAVI will speak about a New Cesium-Less ePRTC Solution to Provide Timing for Homeland Critical Infrastructure.

About VIAVI PNT
VIAVI Solutions delivers a breakthrough solution for GPS/GNSS-denied environments, combining resilient timing from Jackson Labs with precision navigation from Inertial Labs. Backed by advanced sensor fusion, this combination of GNSS transcoding with exceptional holdover and precision dead reckoning provides unmatched reliability, security and effortless operation when it matters most.

About VIAVI
VIAVI (NASDAQ: VIAV) is a global leader in test and measurement and optical technologies. Our test, monitoring, assurance, and resilient position, navigation and timing solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.

Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.

Media Inquiries:
Grand Bridges
Emma Jenkins
[email protected] 
+1 415 800 4529

SOURCE VIAVI Solutions

On June 02, 2026, Viavi Solutions Inc VIAV shares rose 11.4% to a current price of $52.88. This price movement comes amid a 52-week range of $8.94 to $60.43, showing significant volatility and potential investor interest.

GF Value™ verdict: Current price is $52.88, while GF Value™ estimates fair value at $13.05, indicating a 305.2% overvaluation.GF Score™: 58/100, categorized as average.Most notable signal: Insiders sold $26.9M in the last 3 months with no buying activity. Is VIAV Overvalued or Undervalued? The current price of Viavi Solutions Inc VIAV at $52.88 is significantly above the GF Value™ estimate of $13.05, suggesting that the stock is overvalued by approximately 305.2%. This large discrepancy indicates a lack of margin of safety for potential investors, as the stock price is not supported by its intrinsic value. The GF Valuation label classifies VIAV as significantly overvalued, which means that investors may be taking on additional risk if they enter at these price levels.

In terms of valuation, a stock is generally deemed overvalued when its market price exceeds its intrinsic value significantly. This situation poses a risk to investors, as it could lead to price corrections in the future. The current overvaluation suggests that even with favorable market conditions, the stock may not achieve sustained growth that justifies its high price point.

How Does VIAV's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)41.3x92.7x Currently, VIAV's forward P/E of 41.3x is significantly lower than its 5-year median P/E of 92.7x. This suggests that the stock is trading below its historical valuation levels. However, this analysis agrees with the GF Value™ verdict, reinforcing the notion that the stock may be overpriced despite a lower forward P/E in comparison to its historical average.

What Does VIAV's GF Score™ Tell Us? MetricRating GF Score™58/100 Financial Strength3/10 Profitability5/10 Growth7/10 Valuation1/10 Momentum3/10 The GF Score™ of 58/100 indicates that Viavi Solutions Inc is categorized as average in terms of its overall financial health and future potential. The strongest area is growth, with a score of 7/10, suggesting some positive trends in revenue or earnings growth. However, the weakest area is valuation, receiving a score of just 1/10, which aligns with the overvalued status indicated by the GF Value™. This mixed performance highlights the need for cautious evaluation by potential investors.

What Are Insiders Doing with VIAV Stock? In recent months, insider activity for Viavi Solutions Inc has shown significant selling, with insiders offloading $26.9M worth of shares. This pattern suggests a lack of confidence from those within the company, as there has been no notable buying activity to counterbalance the selling. Insider selling can often be interpreted as a negative signal regarding the company’s future prospects or current valuation.

Such activity raises questions about the sustainability of the stock's current price, especially when insiders, who have intimate knowledge of the company's operations, are choosing to sell rather than buy shares.

What This Means for Investors Based on the GF Value™ assessment, Viavi Solutions Inc VIAV is currently overvalued. The significant discrepancy between its current price and intrinsic value suggests that potential investors may face heightened risk if they consider entering this stock at its current levels.

For the complete analysis, visit the Viavi Solutions Inc VIAV stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is VIAV's GF Score™?

VIAV's GF Score™ is 58/100, which categorizes it as average in terms of financial health and future potential based on key metrics.

Is VIAV overvalued or undervalued?

VIAV is overvalued, with a current price of $52.88 compared to a GF Value™ estimate of $13.05, indicating a 305.2% overvaluation.

What is VIAV's P/E ratio?

VIAV's current forward P/E is 41.3x, which is significantly lower than its 5-year median P/E of 92.7x, suggesting that it is currently trading below its historical valuation levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Purpose-built intelligence integrated directly into lab and field workflows

, /PRNewswire/ -- VIAVI Solutions Inc. (VIAVI) (NASDAQ: VIAV) today announced AI Experts, the first addition to the NITRO® AI portfolio of AI-driven capabilities. Each Expert provides product-specific intelligence directly into a VIAVI platform, delivering contextual guidance, automated workflows and diagnostic precision in the field and the lab.

AI Experts contain a curated set of "agents," task-specific AI-driven execution units that automate configuration, analysis, diagnostics and reporting within their functional domain.

The OneAdvisor 800 Wireless AI Expert delivers contextual guidance based on deep domain knowledge spanning wireless standards, industry best practices, instrument functionality and real-world signal behavior. By providing answers that are specific to the situation directly on the instrument, it enables engineers to validate faster and with greater accuracy.

The TM500 AI Expert and TeraVM AI Expert shorten the time from lab provisioning to validated results by assisting engineers with test setup and configuration, diagnostic triage and real-time awareness of complex test topologies. This enables a reduction in manual effort during many time-consuming tasks and helps engineering teams meet increasingly aggressive development timelines.

"At every stage of network validation, engineers are being asked to deliver more, faster and with greater precision," said Ian Langley, Senior Vice President, Wireless, Security and Applications Business Unit, VIAVI. "AI Experts put proven, product-specific intelligence directly into their workflows on the instrument in the field and inside the lab, helping shorten validation times and deliver outcomes faster."

AI Experts for OneAdvisor 800 Wireless, TM500 and TeraVM are available now, enabling teams to adopt and expand AI capabilities incrementally. Additional AI Experts across the wider VIAVI portfolio will be introduced over time.

About VIAVI
VIAVI (NASDAQ: VIAV) is a global leader in test and measurement and optical technologies. Our test, monitoring, assurance, and resilient position, navigation and timing solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.

Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.

Media Inquiries:
Grand Bridges
Emma Jenkins
[email protected]
+1 415 800 4529

SOURCE VIAVI Solutions

Combining deep satellite communications expertise with world-class 3GPP test leadership to accelerate 5G non-terrestrial network (NTN) connectivity

, /PRNewswire/ -- Square Peg Communications, the company that enables the emulation and testing of complex satellite and hybrid networks, today announced a strategic partnership with VIAVI Solutions to deliver advanced test capabilities for the rapidly emerging 5G NTN market.

As satellite and terrestrial communications converge under global 3GPP standards, network operators, chipset vendors, device manufacturers and infrastructure providers face new validation challenges. 5G NTN introduces a new class of performance requirements beyond traditional terrestrial mobile testing, including large Doppler frequency shifts, long propagation delays, moving satellite handovers and hybrid terrestrial-satellite interoperability.

The collaboration brings together Square Peg's long-standing expertise in satellite communications and channel emulation, combined with VIAVI's leadership in wireless test and optimization, including deep experience supporting 3GPP technology evolution from 3G through 5G and beyond. Developers can emulate end-to-end 3GPP network, channel and device connectivity — using the Square Peg RLS-2100 emulator to recreate the physical channel conditions and the VIAVI TM500 Network Tester to simulate the user equipment.

"As commercial interest in Direct-to-Device (D2D) connectivity, LEO constellations and integrated terrestrial-space networks continue to accelerate, robust test environments are becoming essential to successful deployment," said Ian Langley, Senior Vice President, Wireless, Security and Applications Business Unit, VIAVI. "This partnership provides customers with access to comprehensive validation capabilities designed to de-risk product development, accelerating their time to market."

"Square Peg Communications built its reputation on solving complex satellite communications challenges," said Michael Gertsman, President, Square Peg Communications. "We are partnering with VIAVI to combine trusted satcom expertise with one of the most respected names in wireless conformance and performance testing. Together, we are uniquely positioned to support the next wave of 5G NTN deployment."

VIAVI plays a central role in the global wireless ecosystem, enabling chipset makers, device vendors and network operators with trusted solutions for standards validation, protocol testing, RF performance and wireless field testing. Combined with Square Peg's expertise in realistic, in-lab satellite link emulation and space-network dynamics, the partnership creates a powerful end-to-end NTN test platform.

The joint offering of the Square Peg RLS-2100 paired with the VIAVI TM500 will support a variety of use cases including:

gNodeB and network infrastructure testing 5G NTN NR validation Satellite channel and mobility emulation Beam and satellite handover scenarios Hybrid terrestrial/NTN service continuity validation Pre-certification and standards-based verification Square Peg Communications and VIAVI are committed to helping the industry validate the performance, interoperability and resilience of next-generation NTN systems with confidence.

Learn more about the combined solution at https://squarepeg.ca.

About Square Peg Communications

Square Peg Communications specializes in satellite systems engineering and the development and manufacture of DSP-based ground, airborne and spaceborne satellite communications products for customers worldwide. Led by a senior team with many decades of industry experience, Square Peg has a proven track record of delivering state-of-the-art mobile satellite solutions including the industry-leading RLS-2100 radio link simulator, satellite terminal qualification equipment, satellite modems, and earth stations. Learn more at www.squarepeg.ca or on LinkedIn.

About VIAVI Solutions

VIAVI (NASDAQ: VIAV) is a global leader in test and measurement and optical technologies. Our test, monitoring, assurance, and resilient position, navigation and timing solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.

Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.

SOURCE Square Peg Communications Inc.

Core & Main is a durable growth platform in water infrastructure, supported by structural demand and disciplined execution. CNM's diversified end markets and scale have enabled 16 consecutive years of sales growth, with recent margin expansion and above-market organic growth. Structural drivers include aging U.S. water systems, complex infrastructure projects, and incremental demand from AI and data center growth.

Core & Main (CNM - Free Report) closed the most recent trading day at $49.51, moving -1.63% from the previous trading session. The stock fell short of the S&P 500, which registered a loss of 0.49% for the day. At the same time, the Dow lost 0.05%, and the tech-heavy Nasdaq lost 0.9%.

Coming into today, shares of the distributor of water and fire protection products had gained 5.4% in the past month. In that same time, the Industrial Products sector gained 9.05%, while the S&P 500 gained 12.8%.

The investment community will be closely monitoring the performance of Core & Main in its forthcoming earnings report. It is anticipated that the company will report an EPS of $0.7, marking a 34.62% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $1.9 billion, showing a 0.37% drop compared to the year-ago quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $3.11 per share and revenue of $7.91 billion. These totals would mark changes of +4.71% and +3.48%, respectively, from last year.

Any recent changes to analyst estimates for Core & Main should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Core & Main currently has a Zacks Rank of #4 (Sell).

Looking at valuation, Core & Main is presently trading at a Forward P/E ratio of 16.17. This expresses a discount compared to the average Forward P/E of 17.45 of its industry.

We can also see that CNM currently has a PEG ratio of 1.78. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Manufacturing - Tools & Related Products industry had an average PEG ratio of 1.45.

The Manufacturing - Tools & Related Products industry is part of the Industrial Products sector. Currently, this industry holds a Zacks Industry Rank of 24, positioning it in the top 10% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow CNM in the coming trading sessions, be sure to utilize Zacks.com.

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Let's take a look at what these Wall Street heavyweights have to say about Core & Main (CNM - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Core & Main currently has an average brokerage recommendation (ABR) of 1.93, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 15 brokerage firms. An ABR of 1.93 approximates between Strong Buy and Buy.

Of the 15 recommendations that derive the current ABR, eight are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 53.3% and 6.7% of all recommendations.

Brokerage Recommendation Trends for CNM

Check price target & stock forecast for Core & Main here>>>

While the ABR calls for buying Core & Main, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Should You Invest in CNM?Looking at the earnings estimate revisions for Core & Main, the Zacks Consensus Estimate for the current year has declined 0.5% over the past month to $3.11.

Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Core & Main. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, it could be wise to take the Buy-equivalent ABR for Core & Main with a grain of salt.

ST. LOUIS--(BUSINESS WIRE)--Core & Main to Announce Fiscal 2026 First Quarter Results.

NYSE Content Update: Applied Aerospace and Defense Raises $650 Million in IPO PR Newswire NEW YORK, June 3, 2026

ST. LOUIS--(BUSINESS WIRE)--Core & Main Announces Fiscal 2026 First Quarter Results.

Med-tech stock Conmed dips ahead of big Q4 report...opportunity?Core & Main NYSE: CNM reaffirmed its fiscal 2026 outlook after reporting first-quarter results that management said reflected resilient municipal demand, disciplined pricing and margin initiatives, despite continued pressure in residential lot development.

The water, wastewater, storm drainage and fire protection products distributor reported first-quarter net sales of $1.9 billion, roughly in line with the prior year. Adjusted EBITDA was $226 million, up 1% year over year, while adjusted diluted earnings per share rose about 6% to $0.72 from $0.68 a year earlier.

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Chief Executive Officer Mark Witkowski said the company delivered “a solid start to fiscal 2026,” citing “disciplined execution and the underlying resilience” of the business. He said the results support the full-year outlook Core & Main issued in March.

Municipal Demand Remains Core Growth Driver Witkowski said municipal demand remained strong during the quarter and continues to be a “core source of growth” for Core & Main. He pointed to aging water infrastructure, repair and replacement activity, and the largely non-discretionary nature of municipal spending as key drivers.

Management emphasized that municipal water infrastructure funding is largely local. Witkowski said approximately 95% of water infrastructure funding is supported by state and local sources, reinforcing what he described as the durable nature of the market.

Chief Financial Officer Robyn Bradbury said municipal volumes were supported by repair and replacement activity, non-discretionary projects and continued share gains in smart utility and treatment plant initiatives. In response to an analyst question about the Infrastructure Investment and Jobs Act, Bradbury said remaining funding is expected to flow into state revolving funds this year, but added that the company does not see a funding “cliff,” because much of the money remains available for municipalities and because state and local funding remains the dominant source of water infrastructure investment.

Residential Still Soft, Non-Residential Mixed Core & Main said residential markets remained challenged, with year-over-year declines against a strong prior-year comparison. Witkowski said residential lot development began fiscal 2025 with optimism before pulling back later in the year. Since then, he said conditions have largely stabilized, with no further deterioration from the end of fiscal 2025 but no meaningful improvement either.

Bradbury said residential softness was most pronounced in Sun Belt markets and reflected slower lot development activity compared with the prior year. She said sequential residential demand was stable relative to the fourth quarter and in line with expectations.

Non-residential demand was described as mixed but stable overall. Management cited healthy momentum in data centers and manufacturing facilities, which helped offset softness in traditional commercial construction, including retail and office-related activity. Witkowski said data centers represent a compelling long-term opportunity because they require water, wastewater, storm drainage and fire protection infrastructure, including significant water infrastructure for cooling systems.

Fire protection was a standout category in the quarter. In the question-and-answer session, Witkowski said the business benefited from data center activity, steady-to-positive multifamily demand and higher steel pricing after a period when steel had been a drag. He also said Core & Main’s performance in fire protection has improved over the past 12 to 18 months and that the company believes it is gaining share.

Smart Utility and Treatment Plant Initiatives Continue to Expand President Brad Cowles highlighted smart utility and treatment plant solutions as important municipal growth drivers. He said municipalities and private utilities are increasingly focused on modernizing metering infrastructure to improve billing accuracy, reduce non-revenue water, enhance visibility and operate more efficiently.

Cowles said Core & Main differentiates itself by offering a turnkey smart utility model that includes hardware, software, analytics, installation, project management and ongoing service. He said the company continues to win large, multi-year projects and referenced a previously announced award that Core & Main believes is the largest smart utility contract in U.S. history.

Witkowski said smart utility solutions delivered high single-digit growth during the quarter. In response to analyst questions about meter-market concerns at original equipment manufacturers, Cowles said Core & Main is benefiting from large integrated projects, while some meter manufacturers may be more exposed to smaller ongoing maintenance and residential-related demand, where activity is softer.

Treatment plant solutions delivered double-digit growth in the quarter, according to management. Cowles said treatment plant modernization is being driven by aging facilities, regulatory requirements and greater demands on water and wastewater systems. He said treatment plant projects range from smaller rehabilitation work to major facility retrofits and new construction, though complete new builds are less common.

Witkowski said treatment plant sales are in the mid-single-digit range as a share of Core & Main’s sales, and management sees opportunities to expand the addressable products and services it can provide. Cowles said acquisitions could help add technical expertise and broaden the company’s offering in areas such as actuated valves, engineered pipe stands and metal fabrications used inside plants.

Margins Improve as Company Reaffirms Guidance Gross margin expanded 50 basis points year over year to 27.2%. Bradbury said the improvement was driven by private label growth, sourcing optimization and disciplined pricing and purchasing execution. Adjusted EBITDA margin rose 10 basis points to 11.8%.

Bradbury said overall pricing was stable during the quarter, with increases across most product categories offset by a year-over-year headwind from PVC. She said PVC pricing remains below prior-year levels but has stabilized sequentially, and supplier price increases could become a modest tailwind later in the year. In the Q&A session, she said the company has begun passing through some PVC increases in bidding and quoting activity, with most of the impact expected in the third quarter.

SG&A expenses increased 2% to $299 million, driven by strategic growth investments, acquisition-related costs and inflation. Bradbury said that excluding the impact of investments and M&A, SG&A declined modestly year over year, reflecting cost management.

Core & Main reaffirmed its fiscal 2026 guidance, including:

Net sales of $7.8 billion to $7.9 billion; Adjusted EBITDA of $950 million to $980 million; Operating cash flow conversion of 60% to 70% of adjusted EBITDA. Bradbury said the company continues to expect overall end-market volumes to be roughly flat for the year, with municipal strength offset by a cautious outlook in private construction. She said the company expects slight growth in the second quarter and low- to mid-single-digit growth in the third and fourth quarters as comparisons ease and backlog activity releases.

Cash Flow, Buybacks and Expansion Remain Priorities Core & Main ended the quarter with net debt of $2 billion and net debt leverage of 2.2 times, within its target range. Liquidity was nearly $1.4 billion, including $150 million in cash. Operating cash flow was $82 million, up $5 million from the prior-year quarter.

The company repurchased $88 million of stock during the first quarter, reducing share count by about 1.8 million shares. Including post-quarter repurchases, Core & Main had bought back 2.5 million shares in fiscal 2026, representing about 80% of its total buybacks for all of fiscal 2025.

Witkowski said the company opened five greenfield locations during the quarter and remains on track to open a record eight to 10 locations in fiscal 2026. He also said the acquisition pipeline has become more active after a period of lower deal activity, with opportunities ranging from small tuck-ins to larger transactions and deals aligned with municipal and treatment plant capabilities.

“While we do not expect near-term tailwinds in residential, we see plenty of opportunities to capture growth within our municipal and non-residential end markets,” Witkowski said in closing remarks. He added that the long-term fundamentals of aging infrastructure, population growth and reliable water systems remain intact.

About Core & Main NYSE: CNMCore & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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