US Market News
2月前
DNOW Reports First Quarter 2026 ResultsMay 7, 2026 6:45 AM
Business Wire Earnings Conference Call
May 7, 2026
8:00 a.m. CT
1 (888) 660-6431 (within North America)
1 (929) 203-2118 (outside of North America)
Access Code: 7372055
Webcast: ir.dnow.com DNOW Inc. (NYSE: DNOW) announced results for the first quarter ended March 31, 2026. Recent Capital Allocation Actions Repurchased $50 million of common stock, under the $160 million share repurchase program Completed acquisition of Edge Controls for $46 million in February, expanding our differentiated automation and controls capabilities within U.S. Process Solutions First Quarter 2026 Highlights Revenue was $1,183 million Gross profit was $193 million, or 16.3% of revenue, and adjusted gross profit was $256 million, or 21.6% of revenue Net loss attributable to DNOW Inc. was $44 million, or ($0.24) per diluted share and adjusted net income attributable to DNOW Inc. was $3 million, or $0.01 per diluted share Adjusted EBITDA was $39 million, or 3.3% of revenue Cash used in operating activities was $95 million Cash and cash equivalents was $116 million and long-term debt was $571 million at March 31, 2026 with total liquidity of approximately $379 million David Cherechinsky, President and CEO of DNOW, added, “I am pleased with our achievements in the quarter as we completed our first full quarter with MRC Global. We advanced the integration of our upstream and midstream operations, delivered sequential revenue growth in the midstream and gas utility sectors and are beginning to see early traction from new data center related awards. This combination creates a more diversified and less cyclical business, supported by multiple, durable growth drivers. In the first quarter, we demonstrated our commitment to disciplined capital allocation by repurchasing $50 million of shares, our highest level to date, and enhanced our capabilities with the completion of our twenty-sixth acquisition, Edge Controls. We will remain focused on being opportunistic in returning capital to our shareholders. I want to thank our team members for their continued dedication and adaptability as we execute our integration plan and capture synergies ahead of schedule. With respect to the ERP conversion, we are taking targeted, decisive actions to enhance system performance and drive operational efficiencies. We are confident these actions will strengthen our foundation and deliver meaningful earnings growth and long-term value for the business.” Prior to the earnings conference call a presentation titled “DNOW First Quarter 2026 Earnings Presentation” will be available on the Company’s Investor Relations website. About DNOW DNOW is a premier energy and industrial solutions provider with a legacy of over 160 years as a leading distributor of pipe, valves, fittings (PVF), gas products, pumps and fabricated equipment. Headquartered in Houston, Texas, with approximately 5,150 employees and a global network of distribution and engineering locations; we provide a broad mix of quality products our customers require to build and maintain essential infrastructure across the upstream, gas utilities, downstream and industrial and midstream markets. We deliver a comprehensive range of value-added supply chain solutions and technical product expertise, supported by advanced digital offerings. Our products and resources enable our customers to run their operations more efficiently and effectively, helping them to meet and exceed their business goals. Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by DNOW Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. DNOW INC. CONSOLIDATED BALANCE SHEETS (In millions, except share and per share data) March 31, 2026 December 31, 2025 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 116 $ 164 Receivables, net 889 874 Inventories, net 1,193 1,192 Prepaid and other current assets 52 48 Total current assets 2,250 2,278 Property, plant and equipment, net 261 264 Operating right-of-use assets 161 160 Deferred income taxes 12 11 Goodwill 652 617 Intangibles, net 563 565 Other assets 28 29 Total assets $ 3,927 $ 3,924 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 662 $ 653 Accrued liabilities 254 300 Other current liabilities 13 21 Total current liabilities 929 974 Long-term debt 571 411 Long-term operating lease liabilities 118 129 Deferred income taxes 95 99 Other long-term liabilities 71 73 Total liabilities 1,784 1,686 Commitments and contingencies Stockholders' equity: Common stock - par value $0.01; 330 million shares authorized; 182,671,497 and 186,125,254 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 2 2 Additional paid-in capital 3,142 3,193 Accumulated deficit (880 ) (836 ) Accumulated other comprehensive loss (126 ) (126 ) DNOW Inc. stockholders' equity 2,138 2,233 Noncontrolling interests 5 5 Total stockholders' equity 2,143 2,238 Total liabilities and stockholders' equity $ 3,927 $ 3,924 DNOW INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In millions, except per share data) Three months ended March 31, December 31, 2026 2025 2025 Revenue $ 1,183 $ 599 $ 959 Cost of products 990 461 891 Gross profit 193 138 68 Selling, general and administrative expenses 243 109 226 Impairment and other charges — — 12 Operating (loss) profit (50 ) 29 (170 ) Other (expense) income (10 ) — (6 ) (Loss) income before income taxes (60 ) 29 (176 ) Income tax (benefit) provision (16 ) 7 (29 ) Net (loss) income (44 ) 22 (147 ) Net income attributable to noncontrolling interests — 1 — Net (loss) income attributable to DNOW Inc. $ (44 ) $ 21 $ (147 ) (Loss) earnings per share attributable to DNOW Inc. stockholders: Basic $ (0.24 ) $ 0.19 $ (0.95 ) Diluted $ (0.24 ) $ 0.19 $ (0.95 ) Weighted-average common shares outstanding, basic 186 106 155 Weighted-average common shares outstanding, diluted 186 107 155 DNOW INC. SUPPLEMENTAL INFORMATION BUSINESS SEGMENTS (UNAUDITED) (In millions) Three months ended March 31, December 31, 2026 2025 2025 Revenue: United States $ 985 $ 474 $ 765 Canada 51 62 51 International 147 63 143 Total revenue $ 1,183 $ 599 $ 959 U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) TO NON-GAAP RECONCILIATIONS In an effort to provide investors with additional information regarding our results as determined by GAAP, we disclose various non-GAAP financial measures in our quarterly earnings press releases and other public disclosures. The non-GAAP financial measures include: (i) adjusted gross profit, (ii) adjusted gross profit as a percentage of revenue, (iii) adjusted earnings before interest, taxes, depreciation and amortization and excluding other costs (Adjusted EBITDA), (iv) Adjusted EBITDA as a percentage of revenue, (v) adjusted net income attributable to DNOW Inc., (vi) adjusted diluted earnings per share attributable to DNOW Inc. stockholders, (vii) net debt and (viii) net debt leverage ratio. We use these non-GAAP financial measures to evaluate and manage the Company’s operations because we believe they provide useful supplemental information regarding the financial performance of our business. These non-GAAP financial measures are not intended to replace the GAAP financial measures. The Company defines Adjusted Gross Profit as revenue, less cost of products, plus amortization of intangibles, plus inventory-related charges incremental to normal operations, plus transaction costs associated with acquisitions, such as inventory fair value step-up or write-downs and plus or minus the impact of our Last-In, First-Out (“LIFO”) inventory costing methodology. We define Adjusted EBITDA as net (loss) income plus interest, taxes, depreciation and amortization and excluding other costs, such as stock-based compensation, restructuring and exit costs, transaction-related charges, long-lived asset impairments (including goodwill and intangible assets), inventory-related charges incremental to normal operations and plus or minus the impact of our LIFO inventory costing methodology. Transaction-related charges include transaction costs, inventory fair value step-up, retention bonus accruals and integration expenses associated with acquisitions. We define Net Debt as total long-term debt, including current portion, minus cash. We define our net debt leverage ratio as Net Debt divided by trailing twelve months Adjusted EBITDA. The Company believes Net Debt is an indicator of the extent to which the Company’s outstanding debt obligations could be satisfied by cash on hand and a useful metric for investors to evaluate the Company’s leverage position. We believe the net debt leverage ratio is a commonly used metric that management and investors use to assess the borrowing capacity of the Company. A reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure is included in the schedules herein. Totals in the schedules herein may not foot due to rounding. GROSS PROFIT TO ADJUSTED GROSS PROFIT RECONCILIATION (UNAUDITED) (In millions) Three months ended March 31, December 31, 2026 As a % of revenue 2025 As a % of revenue 2025 As a % of revenue Gross profit, as reported $ 193 16.3 % $ 138 23.0 % $ 68 7.1 % Amortization of intangibles 6 2 5 Increase in LIFO reserve 16 1 9 Inventory-related transaction charges 41 — 135 Adjusted Gross Profit $ 256 21.6 % $ 141 23.5 % $ 217 22.6 % NET (LOSS) INCOME ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS TO ADJUSTED EBITDA RECONCILIATION (UNAUDITED) (In millions) Three months ended March 31, December 31, 2026 As a % of revenue 2025(1) As a % of revenue 2025 As a % of revenue Net (loss) income attributable to DNOW Inc. $ (44 ) (3.7 )% $ 21 3.5 % $ (147 ) (15.3 )% Net income attributable to noncontrolling interests — 1 — Interest expense (income), net 8 (1 ) 4 Income tax (benefit) provision (16 ) 7 (29 ) Depreciation and amortization 23 11 20 Stock-based compensation (2) 4 3 4 Increase in LIFO reserve 16 1 9 Transaction-related charges (3) 5 2 51 Impairment and other charges (4) — — 12 Inventory-related transaction charges (5) 41 — 135 Restructuring and exit costs (3) — 1 — Other (6) 2 — 2 Adjusted EBITDA $ 39 3.3 % $ 46 7.7 % $ 61 6.4 % (1) The three months ended March 31, 2025 includes a change in accounting principle adjustment decreasing the previously reported net income attributable to DNOW Inc. by $1 million. (2) For the three months ended March 31, 2026 and 2025, stock-based compensation excludes $1 million and less than $1 million, respectively, as such amounts were reported in transaction-related charges. For the three months ended December 31, 2025, stock-based compensation excludes $13 million as such amounts were reported in transaction-related charges. (3) Transaction-related charges and restructuring and exit costs are included in selling, general and administrative expenses. (4) For the three months ended December 31, 2025, impairment and other charges included $12 million of foreign currency translation losses as a result of substantially completing the liquidation of certain foreign subsidiaries in the International segment. (5) Inventory-related transaction charges are included in cost of products. For the three months ended March 31, 2026 and December 31, 2025, inventory-related transaction charges included $41 million and $135 million, respectively, of charges related to inventory step-up. (6) For the three months ended March 31, 2026 and December 31, 2025, other costs included $2 million related to foreign currency losses in both periods. NET (LOSS) INCOME ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS RECONCILIATION (UNAUDITED) (In millions) Three months ended March 31, December 31, 2026 2025(1) 2025 Net (loss) income attributable to DNOW Inc. $ (44 ) $ 21 $ (147 ) Increase in LIFO reserve 16 1 9 Transaction-related charges 5 2 51 Impairment and other charges — — 12 Inventory-related transaction charges 41 — 135 Restructuring and exit costs — 1 — Tax benefit(2) (15 ) (1 ) (37 ) Adjusted net income attributable to DNOW Inc. $ 3 $ 24 $ 23 (1) The three months ended March 31, 2025 includes a change in accounting principle adjustment decreasing the previously reported net income attributable to DNOW Inc. by $1 million. (2) The tax effect of non-GAAP reconciling items is calculated based on the nature of the item and/or the tax jurisdiction in which the reconciling item has been incurred and applying the specific tax rate or tax treatment to each item. DILUTED (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS RECONCILIATION (UNAUDITED) Three months ended March 31, December 31, 2026 2025(1) 2025 Diluted (loss) earnings per share attributable to DNOW Inc. stockholders $ (0.24 ) $ 0.19 $ (0.95 ) Increase in LIFO reserve 0.08 0.01 0.06 Transaction-related charges 0.03 0.02 0.33 Impairment and other charges — — 0.08 Inventory-related transaction charges 0.22 — 0.87 Restructuring and exit costs — 0.01 — Tax benefit(2) (0.08 ) (0.01 ) (0.24 ) Adjusted diluted earnings per share attributable to DNOW Inc. stockholders $ 0.01 $ 0.22 $ 0.15 (1) The three months ended March 31, 2025 includes a change in accounting principle adjustment decreasing the previously reported diluted earnings per share attributable to DNOW Inc. stockholders by $0.01. (2) The tax effect of non-GAAP reconciling items is calculated based on the nature of the item and/or the tax jurisdiction in which the reconciling item has been incurred and applying the specific tax rate or tax treatment to each item. LONG-TERM DEBT TO NET DEBT AND NET DEBT LEVERAGE RATIO CALCULATION (UNAUDITED) (In millions) March 31, 2026 Long-term debt $ 571 Plus: current portion of debt obligations — Total debt 571 Less: cash 116 Net Debt $ 455 Net Debt $ 455 Trailing twelve months Adjusted EBITDA 202 Net Debt Leverage Ratio 2.3x View source version on businesswire.com: https://www.businesswire.com/news/home/20260507102488/en/ Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754 Original: DNOW Reports First Quarter 2026 Results
US Market News
4月前
DNOW Reports Fourth Quarter and Full-Year 2025 ResultsFebruary 20, 2026 6:45 AM
Business Wire
Earnings Conference Call
February 20, 2026
8:00 a.m. CT
1 (888) 660-6431 (within North America)
1 (929) 203-2118 (outside of North America)
Access Code: 7372055
Webcast: ir.dnow.com
DNOW Inc. (NYSE: DNOW) announced results for the fourth quarter and year ended December 31, 2025.
Completed Merger with MRC Global Inc.
On November 6, 2025, DNOW completed its acquisition of MRC Global in an all-stock transaction
Annual merger cost synergies are ahead of plan, with first-year savings now projected at $23 million, or 35% above target, while maintaining our $70 million three-year synergy commitment
Full-Year 2025 Highlights
Revenue was $2,820 million
Gross profit was $478 million, or 17.0% of revenue, and adjusted gross profit was $651 million, or 23.1% of revenue
Net loss attributable to DNOW Inc. was $89 million, or $(0.76) per diluted share, primarily due to transaction charges, and adjusted net income attributable to DNOW Inc. was $104 million, or $0.86 per diluted share
Adjusted EBITDA was $209 million, or 7.4% of revenue
Cash provided by operating activities was $155 million
Repurchased $37 million of common stock
Cash and cash equivalents was $164 million and long-term debt was $411 million at December 31, 2025 with total liquidity of approximately $588 million
Fourth Quarter 2025 Highlights
Revenue was $959 million
Gross profit was $68 million, or 7.1% of revenue, and adjusted gross profit was $217 million, or 22.6% of revenue
Net loss attributable to DNOW Inc. was $147 million, or $(0.95) per diluted share, primarily due to transaction charges, and adjusted net income attributable to DNOW Inc. was $23 million, or $0.15 per diluted share
Adjusted EBITDA was $61 million, or 6.4% of revenue
Cash provided by operating activities was $83 million
Repurchased $10 million of common stock
David Cherechinsky, President and CEO of DNOW, added, “DNOW delivered strong financial results in 2025 generating $2.8 billion in revenue, with Adjusted EBITDA totaling 7.4% of revenues. Excluding the contribution from MRC Global in the fourth quarter, 2025 marked DNOW’s fifth consecutive year of revenue growth and its highest Adjusted EBITDA year ever.
The merger with MRC Global expands DNOW's growth opportunities and strategically positions the Company for long-term success. I am encouraged by the strong start to our integration efforts and the early progress of our synergy realization initiatives, which we expect will create meaningful value for our combined business over time.
As we move into 2026, we have taken targeted actions to address persistent challenges related to the U.S. MRC Global ERP system transition, which went live in the third quarter of 2025. While these complexities have created near-term obstacles, we are actively addressing them and remain focused on positioning the business for long-term growth.
I am humbled to represent the talented women and men of DNOW who work hard every day to serve our customers and compete in the market. Their dedication gives me confidence in our future as we lay the groundwork for 2026 and beyond.”
Prior to the earnings conference call a presentation titled “DNOW Fourth Quarter and Full-Year 2025 Earnings Presentation” will be available on the Company’s Investor Relations website.
About DNOW
DNOW is a premier energy and industrial solutions provider with a legacy of over 160 years as a leading distributor of pipe, valves, fittings (PVF), gas products, pumps and fabricated equipment. Headquartered in Houston, Texas, with approximately 5,300 employees and a global network of distribution and engineering locations; we provide a broad mix of quality products our customers require to build and maintain essential infrastructure across the upstream, midstream, gas utilities, downstream, energy transition and industrial markets. We deliver a comprehensive range of value-added supply chain solutions and technical product expertise, supported by advanced digital offerings. Our products and resources enable our customers to run their operations more efficiently and effectively, helping them to meet and exceed their business goals.
Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by DNOW Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
DNOW INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except share and per share data)
December 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
164
$
256
Receivables, net
874
388
Inventories, net
1,192
352
Prepaid and other current assets
48
32
Total current assets
2,278
1,028
Property, plant and equipment, net
264
157
Operating right-of-use assets
160
40
Deferred income taxes
11
93
Goodwill
617
230
Intangibles, net
565
65
Other assets
29
8
Total assets
$
3,924
$
1,621
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
653
$
300
Accrued liabilities
300
130
Other current liabilities
21
12
Total current liabilities
974
442
Long-term debt
411
—
Long-term operating lease liabilities
129
29
Deferred income taxes
99
—
Other long-term liabilities
73
22
Total liabilities
1,686
493
Commitments and contingencies
Stockholders' equity:
Common stock - par value $0.01; 330 million shares authorized;
186,125,254 and 105,652,963 shares issued and outstanding at December 31, 2025
and 2024, respectively
2
1
Additional paid-in capital
3,193
2,023
Accumulated deficit
(836
)
(747
)
Accumulated other comprehensive loss
(126
)
(153
)
DNOW Inc. stockholders' equity
2,233
1,124
Noncontrolling interest
5
4
Total stockholders' equity
2,238
1,128
Total liabilities and stockholders' equity
$
3,924
$
1,621
DNOW INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In millions, except per share data)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
2024
2025
2025
2024
Revenue
$
959
$
571
$
634
$
2,820
$
2,373
Cost of products
891
438
491
2,342
1,842
Gross profit
68
133
143
478
531
Selling, general and administrative expenses
226
103
112
559
416
Impairment and other charges
12
1
—
12
6
Operating (loss) profit
(170
)
29
31
(93
)
109
Other (expense) income
(6
)
1
(1
)
(7
)
1
(Loss) income before income taxes
(176
)
30
30
(100
)
110
Income tax (benefit) provision
(29
)
7
7
(12
)
31
Net (loss) income
(147
)
23
23
(88
)
79
Net income attributable to noncontrolling interest
—
—
—
1
1
Net (loss) income attributable to DNOW Inc.
$
(147
)
$
23
$
23
$
(89
)
$
78
(Loss) earnings per share attributable to DNOW Inc. stockholders:
Basic
$
(0.95
)
$
0.22
$
0.21
$
(0.76
)
$
0.72
Diluted
$
(0.95
)
$
0.21
$
0.21
$
(0.76
)
$
0.71
Weighted-average common shares outstanding, basic
155
106
105
118
106
Weighted-average common shares outstanding, diluted
155
107
106
118
107
DNOW INC.
SUPPLEMENTAL INFORMATION
BUSINESS SEGMENTS (UNAUDITED)
(In millions)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
2024
2025
2025
2024
Revenue:
United States
$
765
$
451
$
527
$
2,294
$
1,880
Canada
51
66
53
214
253
International
143
54
54
312
240
Total revenue
$
959
$
571
$
634
$
2,820
$
2,373
U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) TO NON-GAAP RECONCILIATIONS
In an effort to provide investors with additional information regarding our results as determined by GAAP, we disclose various non-GAAP financial measures in our quarterly earnings press releases and other public disclosures. The non-GAAP financial measures include: (i) adjusted gross profit, (ii) adjusted gross profit as a percentage of revenue, (iii) adjusted earnings before interest, taxes, depreciation and amortization and excluding other costs (Adjusted EBITDA), (iv) Adjusted EBITDA as a percentage of revenue, (v) adjusted net (loss) income attributable to DNOW Inc., (vi) adjusted diluted earnings per share attributable to DNOW Inc. stockholders, (vii) net debt and (viii) net debt leverage ratio. We use these non-GAAP financial measures to evaluate and manage the Company’s operations because we believe they provide useful supplemental information regarding the financial performance of our business. These non-GAAP financial measures are not intended to replace the GAAP financial measures. The Company defines Adjusted Gross profit as revenue, less cost of products, plus amortization of intangibles, plus inventory-related charges incremental to normal operations, plus transaction costs associated with acquisitions, such as inventory fair value step-up or write-downs and plus or minus the impact of our LIFO inventory costing methodology. We define Adjusted EBITDA as net (loss) income plus interest, taxes, depreciation and amortization and excluding other costs, such as stock-based compensation, restructuring and exit costs, transaction related charges, long-lived asset impairments (including goodwill and intangible assets), inventory-related charges incremental to normal operations and plus or minus the impact of our LIFO inventory costing methodology. Transaction-related charges include transaction costs, inventory fair value step-up, retention bonus accruals and integration expenses associated with acquisitions. We define Net Debt as total long-term debt, including current portion, minus cash. We define our net debt leverage ratio as Net Debt divided by trailing twelve months Adjusted EBITDA. The Company believes Net Debt is an indicator of the extent to which the Company’s outstanding debt obligations could be satisfied by cash on hand and a useful metric for investors to evaluate the Company’s leverage position. We believe the net debt leverage ratio is a commonly used metric that management and investors use to assess the borrowing capacity of the Company. A reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure is included in the schedules herein. Totals in the schedules herein may not foot due to rounding.
GROSS PROFIT TO ADJUSTED GROSS PROFIT RECONCILIATION (UNAUDITED)
(In millions)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
As a % of revenue
2024
As a % of revenue
2025
As a % of revenue
2025
As a % of revenue
2024
As a % of revenue
Gross profit, as reported
$
68
7.1
%
$
133
23.3
%
$
143
22.6
%
$
478
17.0
%
$
531
22.4
%
Amortization of intangibles
5
2
2
11
7
Increase in LIFO reserve
9
—
2
27
4
Inventory-related transaction charges
135
1
—
135
7
Adjusted Gross Profit
$
217
22.6
%
$
136
23.8
%
$
147
23.2
%
$
651
23.1
%
$
549
23.1
%
NET (LOSS) INCOME ATTRIBUTABLE TO DNOW INC. TO ADJUSTED EBITDA RECONCILIATION (UNAUDITED)
(In millions)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
As a % of revenue
2024 (1)
As a % of revenue
2025 (1)
As a % of revenue
2025
As a % of revenue
2024 (1)
As a % of revenue
Net (loss) income attributable to DNOW Inc.
$
(147
)
(15.3
)%
$
23
4.0
%
$
23
3.6
%
$
(89
)
(3.2
)%
$
78
3.3
%
Net income attributable to noncontrolling interest
—
—
—
1
1
Interest expense (income), net
4
(2
)
—
2
(6
)
Income tax (benefit) provision
(29
)
7
7
(12
)
31
Depreciation and amortization
20
10
11
52
34
Increase in LIFO reserve
9
—
2
27
4
Stock-based compensation (2)
4
4
4
15
13
Transaction-related charges (3)
51
2
4
62
6
Impairment and other charges (4)
12
1
—
12
6
Inventory-related transaction charges (5)
135
1
—
135
7
Restructuring and exit costs (3)
—
—
—
2
2
Other (6)
2
(1
)
—
2
—
Adjusted EBITDA
$
61
6.4
%
$
45
7.9
%
$
51
8.0
%
$
209
7.4
%
$
176
7.4
%
(1)
The year ended December 31, 2024 includes a change in accounting principle adjustment decreasing the previously reported net income attributable to DNOW Inc. by $3 million. The three months ended September 30, 2025 includes a change in accounting principle adjustment decreasing the previously reported net income attributable to DNOW Inc. by $2 million.
(2)
For the three months and year ended December 31, 2025, stock-based compensation excludes $13 million and $14 million, respectively, as such amounts were reported in transaction-related charges. For the three months ended September 30, 2025, stock-based compensation excludes less than $1 million, as such amounts were reported in transaction-related charges.
(3)
Transaction-related charges and restructuring and exit costs are included in selling, general and administrative expenses.
(4)
For the three months and year ended December 31, 2025, impairment and other charges included $12 million of foreign currency translation losses as a result of substantially completing the liquidation of certain foreign subsidiaries in the International segment. For the three months and year ended December 31, 2024, impairment and other charges included $1 million and $6 million, respectively, of International restructuring charges for foreign currency translation losses.
(5)
Inventory-related transaction charges are included in cost of products. For the three months and year ended December 31, 2025, inventory-related transaction charges included $135 million of charges related to inventory step-up. For the year ended December 31, 2024, inventory-related transaction charges included $5 million of transaction-related charges, coupled with $2 million of inventory write-downs.
(6)
For the three months and year ended December 31, 2025, other costs included $2 million related to foreign currency losses.
NET (LOSS) INCOME ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS RECONCILIATION (UNAUDITED)
(In millions)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
2024 (1)
2025 (1)
2025
2024 (1)
Net (loss) income attributable to DNOW Inc.
$
(147
)
$
23
$
23
$
(89
)
$
78
Increase in LIFO reserve
9
—
2
27
4
Transaction-related charges
51
2
4
62
6
Impairment and other charges
12
1
—
12
6
Inventory-related transaction charges
135
1
—
135
7
Restructuring and exit costs
—
—
—
2
2
Tax benefit(2)
(37
)
—
(1
)
(45
)
(3
)
Adjusted net income attributable to DNOW Inc.
$
23
$
27
$
28
$
104
$
100
(1)
The year ended December 31, 2024 and the three months ended September 30, 2025 include a change in accounting principle adjustment decreasing the previously reported net income attributable to DNOW Inc. by $3 million and $2 million, respectively.
(2)
The tax effect of non-GAAP reconciling items is calculated based on the nature of the item and/or the tax jurisdiction in which the reconciling item has been incurred and applying the specific tax rate or tax treatment to each item.
DILUTED (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO DNOW INC. STOCKHOLDERS RECONCILIATION (UNAUDITED)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
2024
2025 (1)
2025
2024 (1)
Diluted (loss) earnings per share attributable to DNOW Inc. stockholders
$
(0.95
)
$
0.21
$
0.21
$
(0.76
)
$
0.71
Increase in LIFO reserve
0.06
—
0.02
0.22
0.04
Transaction-related charges
0.33
0.02
0.04
0.53
0.06
Impairment and other charges
0.08
0.01
—
0.10
0.05
Inventory-related transaction charges
0.87
0.01
—
1.14
0.06
Restructuring and exit costs
—
—
0.01
0.01
0.02
Tax benefit(2)
(0.24
)
—
(0.02
)
(0.38
)
(0.03
)
Adjusted diluted earnings per share attributable to DNOW Inc. stockholders
$
0.15
$
0.25
$
0.26
$
0.86
$
0.91
(1)
The year ended December 31, 2024 and the three months ended September 30, 2025 include a change in accounting principle adjustment decreasing the previously reported diluted earnings per share attributable to DNOW Inc. stockholders by $0.03 and $0.02, respectively.
(2)
The tax effect of non-GAAP reconciling items is calculated based on the nature of the item and/or the tax jurisdiction in which the reconciling item has been incurred and applying the specific tax rate or tax treatment to each item.
LONG-TERM DEBT TO NET DEBT AND NET DEBT LEVERAGE RATIO CALCULATION (UNAUDITED)
(In millions)
December 31,
2025
Long-term debt
$
411
Plus: current portion of debt obligations
—
Total debt
411
Less: cash
164
Net Debt
$
247
Net Debt
$
247
Adjusted EBITDA
209
Net Debt Leverage Ratio
1.2x
View source version on businesswire.com: https://www.businesswire.com/news/home/20260220721495/en/
Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754
Original: DNOW Reports Fourth Quarter and Full-Year 2025 Results
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