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Jun 30, 2025
MRC Global Q2 2025 Earnings Report
MRC Global announced its second quarter 2025 results, reporting a 12% sequential revenue increase and a 50% sequential surge in Adjusted EBITDA, driven by strong performance across all sectors.
Key Takeaways
MRC Global delivered a strong second quarter in 2025, with sales reaching $798 million, a 12% increase from the first quarter, exceeding guidance. Net income from continuing operations was $13 million, and Adjusted EBITDA stood at $54 million. All sectors contributed to the sequential revenue growth, particularly PTI and Gas Utilities, reflecting robust project activity and increased construction. The company also returned $15 million to shareholders through share repurchases.
Sales for Q2 2025 were $798 million, marking a 12% sequential increase and aligning with the top end of previous guidance.
Adjusted EBITDA surged by 50% sequentially to $54 million, with margins expanding by 170 basis points, indicating strong operating leverage.
All sectors, especially Production and Transmission Infrastructure (PTI) and Gas Utilities, contributed to the sequential revenue growth, driven by robust project activity and increased construction.
The company returned $15 million to shareholders through share repurchases at an average price of $12.35 per share, though the program has since been suspended due to a pending merger.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
MRC Global expects sequential revenue and Adjusted EBITDA growth in the third quarter, primarily driven by its DIET and Gas Utilities sectors. The company is reaffirming its full-year guidance but will not provide future financial guidance due to the pending merger with DNOW Inc.
Positive Outlook
- Anticipated sequential revenue growth in Q3.
- Expected sequential Adjusted EBITDA growth in Q3.
- Growth driven by the DIET sector.
- Growth driven by the Gas Utilities sector.
- Reaffirming full-year guidance provided in the previous quarter.
Challenges Ahead
- No future financial guidance will be provided due to the pending merger with DNOW Inc.
- The share repurchase program has been suspended due to the pending merger.
- The merger is subject to shareholder and regulatory approvals, which could delay or prevent closing.
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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