DNOW Inc Delivers Sturdy This fall Income Progress
DNOW Inc. experiences fourth-quarter 2025 income of $959 million, marking a major 68% improve from $571 million within the prior-year quarter. This surge primarily stems from the partial-quarter contribution following the November 6, 2025, completion of its all-stock merger with MRC World.3537
Adjusted gross revenue stands at $217 million, or 22.6% of income, whereas GAAP gross revenue displays $68 million, or 7.1%, impacted by $135 million in merger-related stock step-up costs. Adjusted EBITDA reaches $61 million, representing 6.4% of income, and adjusted web earnings attributable to DNOW Inc. totals $23 million, or $0.15 per diluted share.36
Full-Yr 2025 Efficiency Highlights
For the total yr 2025, income climbs to $2.82 billion, up 19% from $2.37 billion in 2024. Excluding the MRC World contribution, the corporate achieves its fifth consecutive yr of income progress and data its highest adjusted EBITDA ever.34 Adjusted EBITDA holds regular at $209 million, or 7.4% of income, with adjusted web earnings at $104 million, or $0.86 per diluted share.
GAAP outcomes present a web loss attributable to DNOW Inc. of $89 million, or $(0.76) per diluted share, pushed by merger transaction costs. Money from working actions generates $155 million, supporting $37 million in inventory repurchases. At year-end, liquidity totals roughly $588 million, with web debt at $247 million and a leverage ratio of 1.2x.36
Section and Market Breakdown
U.S. operations lead with This fall income of $765 million, adopted by Worldwide at $143 million and Canada at $51 million. Finish-market publicity consists of Upstream at 51%, Gasoline Merchandise at 26%, and Pipe at 16%. The merger enhances midstream and gasoline utilities diversification.37
Merger Integration Advances with Synergy Features
Integration with MRC World progresses forward of schedule, delivering $23 million in first-year price synergies—35% above preliminary targets—towards a $70 million three-year dedication. Efforts concentrate on operational efficiencies, provide chain optimization, and IT/company capabilities. Administration addresses U.S. ERP transition challenges to assist long-term progress.35
David Cherechinsky, President and CEO, states: “DNOW delivered robust monetary leads to 2025 producing $2.8 billion in income, with Adjusted EBITDA totaling 7.4% of revenues. Excluding the contribution from MRC World within the fourth quarter, 2025 marked DNOW’s fifth consecutive yr of income progress and its highest Adjusted EBITDA yr ever. The merger with MRC World expands DNOW’s progress alternatives and strategically positions the Firm for long-term success.”35
Steadiness Sheet Power
The corporate maintains a strong steadiness sheet with $164 million in money, $411 million in long-term debt, inventories at $1.192 billion, and receivables at $874 million as of December 31, 2025. Complete belongings attain $3.924 billion, underscoring monetary flexibility for future initiatives.36
