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MRC Global (MRC) investor relations material
MRC Global Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Announced a definitive merger agreement with DNOW Inc., targeting a leading position in energy and industrial solutions, with $5.3B combined pro forma revenue and $70M in annual cost synergies expected within 3 years; closing anticipated in Q4 2025, subject to regulatory and shareholder approvals.
Q2 2025 revenue was $798M, up 12% sequentially but nearly flat year-over-year; net income from continuing operations was $13M, down from $30M in Q2 2024.
Adjusted EBITDA for Q2 2025 was $54M (6.8% of sales), up 50% sequentially but down from $65M (8.1%) year-over-year.
Completed sale of Canadian operations in March 2025, resulting in a $30M net loss from discontinued operations for the six months ended June 30, 2025.
$15M in share repurchases executed in Q2 2025; share repurchase program authorized up to $125M, now suspended due to the merger.
Financial highlights
Q2 2025 sales were $798M, up from $712M in Q1 2025; gross profit was $151M (18.9% margin), adjusted gross profit $172M (21.6% margin), both down year-over-year.
Net income from continuing operations was $13M (1.6% margin), diluted EPS $0.15, and adjusted net income was $22M ($0.25 per share).
Adjusted EBITDA for Q2 2025 was $54M (6.8% margin); adjusted SG&A was $124M (15.5% of sales), up from $120M year-over-year, excluding $6M in merger-related costs.
Net working capital to TTM sales ratio at 14.2%; liquidity of $574M and cash of $75M at quarter end.
Long-term debt (including current portion) was $449M; net debt at $374M as of June 30, 2025.
Outlook and guidance
2025 revenue expected to increase low to high single digits from 2024; adjusted gross profit margin targeted at 21% or better.
SG&A as a percentage of sales projected at 15–16%; effective tax rate between 26–28%.
Capital expenditures for 2025 estimated at $47M, including ERP investment; cash flow from continuing operations expected at $100M or better.
Q3 2025 anticipated to be the highest revenue quarter, with a seasonal decline in Q4 2025.
No future guidance will be provided due to the pending DNOW merger.
Why was full-year guidance reaffirmed?
Explain PTI sector's sequential sales growth.
Detail merger's impact on MRC's stakeholders.
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Next MRC Global earnings date
Q3 20255 Nov, 2025
Next MRC Global earnings date
Q3 20255 Nov, 2025
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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.
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