Earnings summaries and quarterly performance for DNOW.
Executive leadership at DNOW.
David Cherechinsky
Detailed
President and Chief Executive Officer
CEO
GA
Gillian Anderson
Detailed
Vice President and Chief Accounting Officer
KM
Kelly Munson
Detailed
Chief Administrative and Information Officer
MJ
Mark Johnson
Detailed
Senior Vice President and Chief Financial Officer
RC
Raymond Chang
Detailed
Vice President, General Counsel and Secretary
RS
Rocio Surratt
Detailed
Vice President – Finance and Corporate Controller
Board of directors at DNOW.
Research analysts who have asked questions during DNOW earnings calls.
AF
Adam Farley
Stifel Financial Corp.
4 questions for DNOW
Also covers: AOS, BMI, CR +10 more
Jeffrey Robertson
Water Tower Research
4 questions for DNOW
Also covers: AMPY, BATL, EGY +14 more
CM
Chuck Minervino
Susquehanna
2 questions for DNOW
Also covers: RES
JJ
Joshua Jayne
Daniel Energy Partners
2 questions for DNOW
Also covers: AESI, AROC, BORR +20 more
NJ
Nathan Jones
Stifel, Nicolaus & Company, Incorporated
2 questions for DNOW
Also covers: AOS, BMI, CPS +21 more
AR
Alex Riegel
Texas Capital
1 question for DNOW
Also covers: CCS, LYTS
Alex Rygiel
Texas Capital Securities
1 question for DNOW
Also covers: BLDR, BWMN, BZH +13 more
Blake McLean
Daniel Energy Partners
1 question for DNOW
Also covers: AROC, DTI, HP +7 more
CM
Charles Minervino
Susquehanna International Group
1 question for DNOW
Also covers: MRC, OIS, RES
Recent press releases and 8-K filings for DNOW.
DNOW Reports Q4 and Full-Year 2025 Results, Details MRC Global Merger Impact and ERP Challenges
DNOW
Earnings
M&A
Guidance Update
- DNOW completed its merger with MRC Global on November 6, 2025, which contributed $388 million to Q4 2025 revenue, bringing the total to $959 million, and driving full-year 2025 revenue to $2.8 billion.
- For Q4 2025, adjusted EBITDA was $61 million (6.4% of revenue), and full-year adjusted EBITDA reached $209 million (7.4% of revenue). Legacy DNOW achieved a record full-year EBITDA of $199 million, representing 8.2% of revenue.
- The company is actively addressing significant challenges with MRC Global's U.S. ERP project, which negatively impacted Q3 and Q4 revenues and profitability, by mobilizing DNOW's IT and operational teams and leveraging legacy DNOW systems to mitigate issues.
- DNOW is on track to achieve $23 million in cost savings by the end of the first year post-merger, ahead of schedule, and is realizing revenue synergies through cross-selling and improved inventory access.
- For 2026, DNOW anticipates flattish organic revenue but expects to generate $100 million-$200 million in cash flow, while prioritizing deleveraging and opportunistic share repurchases.
8 days ago
DNOW Reports Q4 and Full-Year 2025 Results, Highlights MRC Global Merger and Synergies
DNOW
Earnings
M&A
Share Buyback
- DNOW reported $2,820 million in revenue for full-year 2025, an increase of 19% year over year, with Q4 2025 revenue at $959 million.
- For full-year 2025, the company achieved $104 million in Adjusted Net Income and $209 million in Adjusted EBITDA.
- The merger with MRC Global closed on November 6, 2025, and annual cost synergies are now estimated to approach $23 million in 2026, a 35% improvement over the initial year one goal.
- DNOW generated $155 million in cash flow from operations for full-year 2025 and maintained $588 million in total liquidity as of December 31, 2025, with a net debt leverage ratio of 1.2x.
8 days ago
DNOW Completes MRC Global Merger, Reports Q4 and Full-Year 2025 Results Amid ERP Challenges
DNOW
M&A
Earnings
Guidance Update
- DNOW completed its merger with MRC Global on November 6, 2025, significantly increasing its scale and market reach. For Q4 2025, consolidated revenue was $959 million, including $388 million from MRC Global's contribution, and full-year 2025 revenue reached $2.8 billion.
- Legacy DNOW achieved a record full-year EBITDA of $199 million in 2025, representing 8.2% of revenue, marking its most profitable year since going public.
- The company is experiencing significant challenges with the MRC Global U.S. ERP project, which negatively impacted Q3 and Q4 2025 revenues and profitability. Consequently, DNOW has delayed sequential and full-year guidance for 2026 until operational stability improves.
- DNOW anticipates achieving $23 million in cost savings by the end of the first year post-merger, exceeding the initial $17 million target for 2026, as part of a larger goal of $70 million within three years. Additionally, $10 million of common stock was repurchased in Q4 2025.
8 days ago
DNOW Reports Q4 and Full-Year 2025 Results, Addresses MRC Global Merger and ERP Challenges
DNOW
Earnings
M&A
Guidance Update
- DNOW completed its merger with MRC Global on November 6, 2025, contributing significantly to Q4 2025 revenue of $959 million and full-year 2025 revenue of $2.8 billion. The company reported a Q4 2025 net loss of $147 million due to merger-related costs, but an adjusted net income of $23 million or $0.15 per fully diluted share.
- Legacy DNOW achieved a record full-year EBITDA of $199 million in 2025, reaching 8.2% of revenue, marking its best year since becoming a public company.
- The company is experiencing significant challenges with the U.S. MRC Global ERP system, which adversely impacted Q4 revenues and profitability, leading to a delay in providing 2026 financial guidance.
- Despite ERP issues, DNOW expects to achieve $23 million in cost savings by the end of the first year post-merger, exceeding the initial target, and anticipates generating $100-$200 million in cash in 2026.
8 days ago
DNOW Inc. Reports Q4 and Full-Year 2025 Results, Details MRC Global Merger Synergies
DNOW
Earnings
M&A
Share Buyback
- DNOW Inc. reported full-year 2025 revenue of $2,820 million and a net loss attributable to DNOW Inc. of $89 million, or $(0.76) per diluted share. For the fourth quarter of 2025, revenue was $959 million with a net loss of $147 million, or $(0.95) per diluted share.
- Adjusted EBITDA for full-year 2025 was $209 million (7.4% of revenue), and $61 million (6.4% of revenue) for the fourth quarter of 2025.
- The company completed its acquisition of MRC Global on November 6, 2025, and anticipates first-year merger cost synergies of $23 million, which is 35% above target.
- DNOW generated $155 million in cash from operating activities for the full year 2025 and repurchased $37 million of common stock.
- The CEO noted challenges related to the U.S. MRC Global ERP system transition that went live in the third quarter of 2025.
8 days ago
DNOW Reports Fourth Quarter and Full-Year 2025 Results
DNOW
Earnings
M&A
Share Buyback
- DNOW reported full-year 2025 revenue of $2,820 million and a net loss attributable to DNOW Inc. of $89 million, or $(0.76) per diluted share. For the fourth quarter 2025, revenue was $959 million with a net loss of $147 million, or $(0.95) per diluted share.
- On an adjusted basis, full-year 2025 adjusted net income attributable to DNOW Inc. was $104 million, or $0.86 per diluted share, and fourth quarter 2025 adjusted net income was $23 million, or $0.15 per diluted share.
- The company completed its acquisition of MRC Global on November 6, 2025, with first-year merger cost savings projected at $23 million, which is 35% above target.
- DNOW generated $155 million in cash from operating activities for the full year 2025 and repurchased $37 million of common stock. As of December 31, 2025, cash and cash equivalents were $164 million and long-term debt was $411 million.
8 days ago
NowVertical Group Reports Q3 2025 Financial Results
DNOW
Earnings
New Projects/Investments
- NowVertical Group Inc. reported revenue of $9.1 million for the third quarter ended September 30, 2025, a 15% decrease from Q3 2024, primarily due to a $1.0 million deflation from the devaluation of the Argentine peso. Year-to-date revenue for 2025 was $27.7 million, a 3% decrease from the same period in 2024.
- Adjusted EBITDA for Q3 2025 was $1.8 million, a 9% decrease from Q3 2024, representing 20% of revenue. However, year-to-date Adjusted EBITDA increased 17% to $5.4 million compared to the nine months ended September 30, 2024.
- The company's focus on higher-margin strategic accounts has led to revenue from its top 30 clients representing 69% of total revenue and growing over 23% for the nine months ended September 30, 2025, compared to the same period in 2024.
- NowVertical Group strengthened its balance sheet by fully retiring its outstanding debentures on October 6, 2025.
Nov 12, 2025, 12:30 PM
NowVertical Group Inc. Achieves Google Cloud Generative AI Specialization
DNOW
New Projects/Investments
Revenue Acceleration/Inflection
- NowVertical Group Inc. (DNOW) has been awarded the Google Cloud Generative AI Specialization, which is its third Google Cloud specialization following Data & Analytics and Machine Learning.
- This achievement positions NowVertical among only 15 companies worldwide with this breadth of specializations, demonstrating its expertise in deploying Generative AI solutions.
- The partnership with Google is a strategic growth engine, delivering 12 new client projects in H1 2025 and managing 20 enterprise accounts with Google Cloud-enabled solutions.
- NowVertical recently secured a Google Cloud-based data modernization program in EMEA with a global media and entertainment leader, driving growth in North America and EMEA.
Nov 11, 2025, 1:00 PM
DNOW Completes Acquisition of MRC Global
DNOW
M&A
Debt Issuance
- DNOW Inc. completed its acquisition of MRC Global Inc. on November 6, 2025, creating a premier solutions provider to the energy and industrial markets.
- Under the terms of the merger agreement, each share of MRC Global's common stock was converted into the right to receive 0.9489 shares of DNOW's common stock.
- The acquisition is projected to deliver $70 million of annual cost synergies within three years and expand DNOW's operations to approximately 5,000 team members across more than 350 service and distribution locations in over 20 countries.
- MRC Global's stock will be delisted from the NYSE, and it will no longer have reporting obligations under the Securities Exchange Act of 1934.
- In connection with the acquisition, DNOW entered into an Amended and Restated Credit Agreement, establishing an $850 million revolving credit facility with a maturity date of November 30, 2030, with proceeds to be used, in part, to pay off MRC Global's existing indebtedness.
Nov 6, 2025, 9:30 PM
DNOW Announces Q3 2025 Results and Provides Full-Year Outlook
DNOW
Earnings
M&A
Guidance Update
- DNOW reported Q3 2025 revenue of $634 million, a 5% increase year-over-year, with GAAP net income of $25 million and non-GAAP diluted EPS of $0.26.
- The company announced a merger agreement with MRC Global on June 26, 2025, anticipated to close in Q4 2025, which is expected to significantly increase scale and scope.
- DNOW maintains a strong balance sheet with no debt and $629 million in total liquidity as of September 30, 2025. The $160 million share repurchase program is currently paused due to the pending merger.
- For full-year 2025, DNOW expects EBITDA approaching 8% of revenue and free cash flow approaching $150 million.
Nov 5, 2025, 2:00 PM
Quarterly earnings call transcripts for DNOW.
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