DNOW Inc. delivered robust Q4 2025 results, with revenue climbing to $959 million, a 68% increase year-over-year and 51% sequentially, fueled by the recent MRC Global acquisition.3840 The company marked its fifth consecutive year of revenue growth for the full year, reaching $2.82 billion.39
Q4 2025 Financial Highlights
Adjusted gross profit stood at $217 million, or 22.6% of revenue, while adjusted EBITDA reached $61 million, representing 6.4% of revenue.38 Reported net loss attributable to DNOW Inc. totaled $147 million, or $(0.95) per diluted share, primarily from $135 million in inventory-related transaction charges and other merger costs. Adjusted net income came in at $23 million, or $0.15 per diluted share.39
Full-Year 2025 Results
Annual revenue hit $2.82 billion, up nearly 19% from 2024. Adjusted gross profit expanded to $651 million (23.1% margin), and adjusted EBITDA held steady at $209 million (7.4% margin).40 Adjusted net income rose to $104 million, or $0.86 per diluted share. Cash from operating activities generated $155 million, supporting $37 million in stock repurchases.38
MRC Global Merger Integration
The merger, completed on November 6, 2025, contributed significantly to Q4 growth. Integration efforts progressed strongly, with first-year cost synergies projected at $23 million—35% ahead of initial targets—toward a $70 million three-year goal.40 Teams addressed U.S. ERP system transition challenges from Q3, focusing on operational efficiencies and cross-selling opportunities across segments like upstream, midstream, and downstream/industrial.39
Balance Sheet Strength
As of December 31, 2025, DNOW maintained $588 million in total liquidity, including $164 million in cash. Net debt stood at $247 million, with a leverage ratio of 1.2x adjusted EBITDA. Total assets grew to $3.92 billion, reflecting merger impacts on inventories and receivables.38
CEO David Cherechinsky Commentary
“DNOW delivered strong financial results in 2025 generating $2.8 billion in revenue, with Adjusted EBITDA totaling 7.4% of revenues,” stated President and CEO David Cherechinsky. “The merger with MRC Global expands DNOW’s growth opportunities… We are actively addressing [ERP] complexities and remain focused on positioning the business for long-term growth.”39
2026 Outlook
DNOW prioritizes merger synergies, cash flow maximization, and end-market diversification. While no numerical guidance was issued, executives highlighted significant upside potential in growth, margins, and efficiencies beyond 2026.40
