MRC GLOBAL (MRC) Company Report

MRC Global reported Q3 2025 revenue of $678 million, a 15% sequential decline from Q2 2025, primarily due to U.S. ERP system implementation issues and weaker market conditions.
The company posted a net loss from continuing operations of $(9) million, or (1.3)% of sales, and Adjusted EBITDA of $36 million, or 5.3% of sales for Q3 2025.
Operating cash flow used was $36 million in Q3 2025, mainly attributed to inventory purchases and lower collections from U.S. ERP implementation issues.
As of September 30, 2025, MRC Global maintained $536 million in liquidity and a net debt leverage ratio of 2.7x.
The announced combination with DNOW is anticipated to close in the fourth quarter of 2025, with an estimated $70 million in annual cost synergies within three years of closing.

Nov 12, 2025, 3:00 PM

Presentation

DNOW Completes Acquisition of MRC Global

MRC

M&A

Delisting/Listing Issues

DNOW Inc. has completed its acquisition of MRC Global Inc., forming a premier solutions provider for the energy and industrial markets.
Each share of MRC Global's common stock was converted into the right to receive 0.9489 shares of DNOW's common stock.
Following the acquisition, MRC Global's stock will no longer be listed for trading on the New York Stock Exchange, and the company will cease to have reporting obligations under the Securities Exchange Act of 1934.
DNOW expects to achieve $70 million of annual cost synergies within three years after the closing of the acquisition.
The combined company will have approximately 5,000 team members across more than 350 service and distribution locations in over 20 countries.

Nov 6, 2025, 2:02 PM

Press Release

MRC Global Inc. Announces Q3 2025 Results Amid ERP Challenges and Pending Merger

MRC

Earnings

M&A

Revenue Acceleration/Inflection

MRC Global Inc. reported sales of $678 million for the third quarter of 2025, representing a 15% decrease compared to the second quarter of 2025, and a net loss from continuing operations of $9 million.
The company's third-quarter financial performance was adversely impacted by significant challenges during the implementation of a new enterprise resource planning (ERP) system in its U.S. segment.
Despite the operational challenges, MRC Global's revenue backlog increased by 4% year-over-year to $571 million as of September 30, 2025, with expectations for mid-to-high single-digit percentage sequential revenue growth in the fourth quarter of 2025.
On June 26, 2025, MRC Global and DNOW Inc. announced a definitive merger agreement, with the transaction anticipated to close in the fourth quarter of 2025.

Nov 5, 2025, 11:45 AM

8-K

MRC Global Announces Third Quarter 2025 Results

MRC

Earnings

Demand Weakening

M&A

MRC Global reported sales of $678 million and a net loss from continuing operations of $9 million for the third quarter of 2025. Sales decreased by 15% compared to the second quarter of 2025 and 12% compared to the third quarter of 2024.
The company's third-quarter performance was significantly impacted by operational challenges related to a new ERP system implementation in its U.S. segment, which adversely affected revenues, profitability, and cash flows.
Despite the Q3 challenges, MRC Global anticipates mid-to-high single-digit percentage revenue growth sequentially for the entire company in the fourth quarter of 2025, expecting to release backlog growth to revenue, and projects an improved cash flow outlook for 2026.
MRC Global is proceeding with its merger with DNOW Inc., which is expected to close in the fourth quarter of 2025, and has suspended its share repurchase program due to the pending combination.

Nov 5, 2025, 11:45 AM

Press Release

DNOW Reports Third Quarter 2025 Results and Provides Merger Update

MRC

Earnings

M&A

Guidance Update

DNOW reported Q3 2025 revenue of $634 million, with net income attributable to DNOW Inc. at $25 million, or $0.23 per diluted share.
The company announced a definitive merger agreement to acquire MRC Global Inc. in an all-stock transaction valued at approximately $1.5 billion, with closing anticipated in the fourth quarter of 2025.
DNOW maintained a strong balance sheet, ending the quarter with $266 million in cash and cash equivalents and zero long-term debt as of September 30, 2025.
Management anticipates 2025 will be the fifth consecutive year of growth and forecasts the best full-year earnings ever as a public company in terms of total EBITDA results.

Nov 5, 2025, 11:45 AM

Press Release

MRC Global and DNOW Announce Future Leadership Team for Combined Company

MRC

M&A

Management Change

CEO Change

DNOW announced the future leadership team for the combined company with MRC Global, effective upon the completion of their pending transaction.
David Cherechinsky, current President and CEO of DNOW, will serve as President and CEO of the combined company, with Mark Johnson, current CFO of DNOW, serving as Senior Vice President and Chief Financial Officer.
Key leadership appointments from MRC Global include Kelly Youngblood as Executive Advisor to the CEO, Jack McCarthy as Senior Vice President of U.S. Sales and Operations, Steve Smith as Senior Vice President of International Sales and Operations, and Gillian Anderson as Vice President and Chief Accounting Officer.
The $1.5 billion all-stock transaction, agreed upon on June 26, 2025, is on track to close in the fourth quarter of 2025, subject to regulatory clearances and other closing conditions.

Oct 13, 2025, 10:45 AM

Press Release

FitLife Brands Announces Second Quarter 2025 Results and Irwin Naturals Acquisition

MRC

Earnings

M&A

Demand Weakening

FitLife Brands reported a 5% decrease in total revenue to $16.1 million and a 34.6% decrease in net income to $1.7 million for the second quarter ended June 30, 2025, compared to the same period last year, primarily due to merger and acquisition-related expenses.
Basic earnings per share for Q2 2025 was $0.19, down from $0.29 in Q2 2024.
The company completed the acquisition of Irwin Naturals on August 8, 2025, for $42.5 million, funded by a new term loan and revolving line of credit, and available cash.
Irwin Naturals generated approximately $60 million in revenue at approximately 35% gross margin for the trailing twelve months ended June 30, 2025, with an expected annual SG&A reduction of approximately $1.5 million post-acquisition.
As of June 30, 2025, FitLife Brands held $6.6 million in cash and had $4.3 million in total net debt.

Aug 14, 2025, 11:13 AM

Press Release

MRC Global Announces Q2 2025 Results and Merger Agreement

MRC

Earnings

M&A

Guidance Update

MRC Global reported sales of $798 million in the second quarter of 2025, marking a 12% increase compared to the first quarter of 2025.
Adjusted EBITDA surged 50% sequentially to $54 million, representing 6.8% of sales, in Q2 2025.
Net income from continuing operations for the second quarter of 2025 was $13 million, or $0.15 per diluted share.
The company announced a definitive merger agreement with DNOW Inc. on June 26, 2025, an all-stock transaction that is anticipated to close in the fourth quarter of 2025.
Due to the pending merger, MRC Global will not be providing future financial guidance and has suspended its share repurchase program.

Aug 6, 2025, 12:00 AM

8-K

MRC Global Inc. Subject to Acquisition and Shareholder Investigation

MRC

M&A

Legal Proceedings

Takeover Bid

Brodsky & Smith is investigating the proposed acquisition of MRC Global Inc. (NYSE - MRC) by DNOW Inc. (NYSE - DNOW).
Under the terms of the Merger Agreement, MRC shareholders are to receive 0.9489 shares of DNOW common stock for each share of MRC common stock.
The investigation concerns whether the MRC Board breached its fiduciary duties to shareholders, specifically regarding the dilution to MRC shareholders, who will own approximately 43.5% of the combined company on a fully diluted basis.

Jul 9, 2025, 3:11 PM

Press Release

MRC Global Inc. Under Investigation Regarding DNOW Merger

MRC

M&A

Legal Proceedings

Takeover Bid

Brodsky & Smith is investigating MRC Global Inc. concerning its merger agreement with DNOW Inc..
The investigation focuses on whether the MRC Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to the Company’s shareholders in the combined entity.
Under the terms of the agreement, MRC shareholders are to receive 0.9489 shares of DNOW common stock for each MRC share.
Upon completion of the transaction, DNOW and MRC shareholders will respectively own approximately 56.5% and approximately 43.5% of the combined company on a fully diluted basis.

Jul 3, 2025, 4:29 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for MRC GLOBAL.