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Sep 30, 2025
NOW Q3 2025 Earnings Report
DNOW reported strong third quarter 2025 results, with revenue reaching its highest level since Q4 2019 and significant non-GAAP EBITDA.
Key Takeaways
DNOW Inc. delivered impressive third quarter 2025 results, achieving $634 million in revenue and $25 million in net income. Non-GAAP EBITDA stood at $51 million, or 8.0% of revenue. The company also maintained a strong balance sheet with $266 million in cash and zero long-term debt, while progressing towards its merger with MRC Global Inc.
Revenue for the third quarter of 2025 was $634 million, marking the highest level since the fourth quarter of 2019.
Net income attributable to DNOW Inc. was $25 million, with diluted earnings per share of $0.23.
Non-GAAP net income attributable to DNOW Inc. was $28 million, resulting in non-GAAP diluted earnings per share of $0.26.
EBITDA excluding other costs reached $51 million, representing 8.0% of revenue, and the company ended the quarter with $266 million in cash and cash equivalents and zero long-term debt.
Revenue by Geographic Location
Forward Guidance
DNOW anticipates closing its merger with MRC Global Inc. in the fourth quarter of 2025 and expects 2025 to be its fifth consecutive year of growth, forecasting its best full-year earnings ever as a public company in terms of total EBITDA.
Positive Outlook
- Proposed merger with MRC Global Inc. is expected to close in Q4 2025, uniting two global industrial infrastructure organizations.
- Anticipates 2025 to be the fifth consecutive year of growth for the company.
- Forecasting the best full-year earnings ever as a public company in terms of total EBITDA results.
- Continued focus on customer service, innovation in supply chain management, and a solutions-oriented approach.
- Maintaining a strong balance sheet to provide a solid foundation for continued growth.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- The merger is subject to satisfaction or waiver of closing conditions, which could introduce uncertainty.
- Economic or market conditions could impact the realization of growth forecasts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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