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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MRC Global
MRC Global (MRC) investor relations material
MRC Global has been acquired by DNOW Inc
MRC Global 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
Announced and approved merger with DNOW, expected to close in Q4 2025, targeting $70M in annual cost synergies within three years.
Q3 2025 revenue was $678M, down 15% sequentially and 12% year-over-year, impacted by U.S. ERP implementation and weaker market conditions in PTI and DIET sectors.
Net loss from continuing operations was $(9)M, or (1.3)% of sales, compared to net income of $23M in Q3 2024.
Completed sale of Canadian operations in March 2025, resulting in a $30M net loss from discontinued operations for the nine months ended September 30, 2025.
Financial highlights
Gross profit for Q3 2025 was $125M (18.4% margin); adjusted gross profit was $148M (21.8% margin).
Adjusted EBITDA was $36M (5.3% of sales), down from $47M (6.1%) in Q3 2024; adjusted net income from continuing operations was $11M.
SG&A was $128M (18.9% of sales); adjusted SG&A was $116M (17.1% of sales).
Net cash used in operating activities for the nine months ended September 30, 2025 was $61M, compared to $195M provided in the prior year period.
Diluted EPS from continuing operations was $(0.11) for Q3 2025.
Outlook and guidance
Merger with DNOW expected to create a leading energy and industrial solutions provider, with $70M in annual cost synergies targeted within three years post-merger.
Elevated revenue backlog of $571M at the end of Q3 2025 is expected to convert to revenue in coming quarters.
Management expects normalization of cash flows in 2026 as ERP-related disruptions subside.
The company remains cautiously optimistic about the impact of U.S. tariffs and government policies on business activity.
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Latest events from MRC Global
- FY cash generation and record-low leverage offset Q4 weakness; FY24 revenue outlook is cautious.MRC
Q4 2023 - Strong financials, balanced sector exposure, and sustainability drive growth and returns.MRCInvestor presentation
- Strong cash flow, sector diversification, and sustainability drive growth and financial flexibility.MRCInvestor presentation
- Revenue growth, digital transformation, and capital returns drive strong 2025 outlook.MRCInvestor presentation
- DNOW and MRC Global to merge, with MRC Global stockholders receiving 0.9489 DNOW shares per share.MRCProxy Filing
- Annual meeting to address director elections, executive pay, auditor, and governance updates.MRCProxy Filing
- Key votes include director elections, executive pay, and auditor ratification for 2025.MRCProxy Filing
- Sales and earnings declined, but robust cash flow drove higher full-year guidance.MRCQ3 2024
- Q2 2024 delivered record margins, strong cash flow, and historic low net debt.MRCQ2 2024
- Record cash flow and margin strength in 2024 set up growth and share buybacks for 2025.MRCQ4 2024
MRC Global
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Frequently asked questions
MRC Global Inc distributes pipe, valve, and fitting products and related services to the energy and industrial sectors. The company supplies oil and gas, chemical, and power generation markets with a range of maintenance, repair, and project-related solutions. MRC Global supports customers through its global network of distribution centers and service facilities. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.