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DNOW
DNOW (DNOW) investor relations material
DNOW Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Completed merger with MRC Global in November 2025, expanding scale, sector reach, and end-market diversification.
Achieved fifth consecutive year of revenue growth, with full-year revenue of $2.82 billion, and record adjusted EBITDA of $209 million in 2025.
Integration efforts are underway, with cost synergies expected to reach $23 million in the first year, 35% above initial targets.
ERP system transition challenges in U.S. MRC Global operations are impacting revenue and customer service, with targeted actions to resolve them.
Strategic focus on customer service, operational excellence, and leveraging combined strengths for growth.
Financial highlights
Full-year 2025 revenue reached $2.82 billion, up 19% year-over-year; Q4 revenue was $959 million, up 51% sequentially, with $388 million from MRC Global.
Adjusted EBITDA was $209 million (7.4% of revenue) for the year and $61 million (6.4% of revenue) for Q4.
Net loss attributable to the company was $89 million for the year and $147 million for Q4, mainly due to transaction charges; adjusted net income was $104 million for the year and $23 million for Q4.
Adjusted gross profit was $651 million (23.1% margin) for the year; Q4 adjusted gross profit was $217 million (22.6% margin).
Cash provided by operating activities was $155 million for the year; liquidity at year-end was $588 million, including $411 million in cash and $164 million in cash equivalents.
Outlook and guidance
Guidance for 2026 is delayed due to ongoing ERP challenges and integration phase; will be reinstated when operational stability improves.
Cost synergies from the MRC Global merger are expected to approach $23 million in the first year, a 35% improvement over initial goals.
Expecting flat to modest organic revenue growth in 2026, with upside from cost and revenue synergies.
Working capital as a percentage of revenue expected to approach 25% in 2026; effective tax rate projected at 26%-27%.
Free cash flow for 2026 anticipated in the $100-$200 million range.
ERP impact on Q1 revenue and recovery plan?
Cost/revenue synergy upside beyond current targets?
Capital allocation: deleveraging vs. M&A/buybacks?
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Next DNOW earnings date
Q1 20266 May, 2026
DNOW
Next DNOW earnings date
Q1 20266 May, 2026
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Frequently asked questions
DNOW Inc is a distributor of energy and industrial products, including pipes, valves, fittings, and tools. The company serves customers in the oil and gas, petrochemical, and industrial sectors. It operates through a network of supply chain service centers across North America and internationally. DNOW Inc is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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