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Dec 31, 2025
NOW Q4 2025 Earnings Report
DNOW reported a significant net loss in the fourth quarter of 2025 driven by transaction-related and inventory charges following the MRC Global merger.
Key Takeaways
DNOW generated $959 million in Q4 2025 revenue but reported a net loss of $147 million, primarily due to $135 million of inventory-related transaction charges and $51 million in transaction-related costs. Adjusted EBITDA was $61 million, and operating cash flow totaled $83 million.
Revenue increased to $959000000 in Q4 2025.
Net loss attributable to DNOW Inc. was $147000000.
Adjusted EBITDA totaled $61000000, representing 6.4% of revenue.
Cash provided by operating activities was $83000000.
Revenue by Geographic Location
Forward Guidance
Management highlighted ongoing integration efforts following the MRC Global merger and expects continued synergy realization, while addressing ERP transition challenges entering 2026.
Positive Outlook
- Annual merger cost synergies projected at $23000000 in the first year, 35% above target.
- Maintained $70000000 three-year synergy commitment.
- Strong integration progress following MRC Global merger.
- Fifth consecutive year of revenue growth excluding MRC contribution.
- Positioned for long-term growth in 2026 and beyond.
Challenges Ahead
- ERP system transition challenges in the U.S. MRC Global business.
- Significant transaction-related and inventory charges impacted profitability.
- Net loss of $147000000 in Q4 2025.
- Foreign currency translation losses in the International segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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