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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
DNOW (DNOW) investor relations material
DNOW Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved Q3 2025 revenue of $634 million, the highest since Q4 2019, marking five consecutive years of growth and up 4.6–5% year-over-year.
EBITDA reached $51 million (8% of revenue), with net income of $25 million ($0.23 per diluted share) and non-GAAP net income of $28 million ($0.26 per share).
Free cash flow for Q3 was $39 million, with year-to-date free cash flow at $58 million and full-year 2025 expected to approach $150 million.
Announced a definitive all-stock merger agreement with MRC Global valued at $1.5 billion, expected to close in Q4 2025, targeting $70 million in annual cost synergies.
Share repurchases of $27 million year-to-date; program paused pending merger completion.
Financial highlights
Q3 2025 revenue: $634 million, up 1% sequentially and 4.6–5% year-over-year.
EBITDA: $51 million (8% of revenue), with gross margin at 22.9%, flat sequentially and up year-over-year.
Net income: $25 million ($0.23 per diluted share); Non-GAAP net income: $28 million ($0.26 per share).
Cash position: $266 million, zero debt, total liquidity $629 million as of September 30, 2025.
Free cash flow for Q3 was $39 million; free cash flow conversion rate was 76%.
Outlook and guidance
Q4 2025 revenue expected to decrease sequentially due to seasonality but increase mid-single digits year-over-year.
Full-year 2025 EBITDA margin could approach 8% of revenues; free cash flow could approach $150 million.
2025 full-year effective tax rate estimated at 26–27%, up from 21.9% in Q3 due to discrete items.
Forecasting best full-year earnings ever as a public company in terms of total EBITDA.
Outlook remains tied to commodity prices, drilling activity, and global demand for oil and gas.
Post-merger, what is the combined market reach?
What drives the record 2025 full-year EBITDA forecast?
Why did Q3 free cash flow decrease year-over-year?
Leverage MRC Global's new ERP system
Growth prospects in CO2, RNG, and data centers
Sustaining operational efficiency and margins
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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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