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DNOW

DNOW Q2 2025 Earnings

Reported Aug 6, 2025 at 6:58 AM ET · SEC Source

Q2 25 EPS

$0.27

BEAT +26.58%

Est. $0.21

Q2 25 Revenue

$628.0M

BEAT +2.50%

Est. $612.7M

vs S&P Since Q2 25

-21.0%

TRAILING MARKET

DNOW -5.3% vs S&P +15.8%

Market Reaction

Did DNOW Beat Earnings? Q2 2025 Results

DNOW delivered a strong second-quarter beat headlined by a landmark merger announcement, with non-GAAP diluted EPS of $0.27 clearing the $0.21 consensus estimate by 26.58% and revenue of $628.00 million topping expectations by 2.50%, even as the top … Read more DNOW delivered a strong second-quarter beat headlined by a landmark merger announcement, with non-GAAP diluted EPS of $0.27 clearing the $0.21 consensus estimate by 26.58% and revenue of $628.00 million topping expectations by 2.50%, even as the top line slipped a modest 0.8% from a year ago. The standout driver was a resurgent U.S. Segment, which posted $528.00 million in revenue, up sharply from $474.00 million in Q1 2025, propelling the company to its best second-quarter EBITDA in its public-company history at $51.00 million, or 8.1% of revenue. Cash generation also impressed, with $45.00 million from operations reversing a $16.00 million outflow in the prior quarter, leaving DNOW debt-free with $232.00 million in cash. Overshadowing the quarterly results was the all-stock merger agreement with MRC Global, valued at approximately $1.50 billion and targeting a Q4 2025 close, which management framed as a catalyst for expanded exposure to AI infrastructure, LNG, and electrification markets. DNOW reaffirmed full-year revenue, EBITDA, and $150.00 million free cash flow guidance, signaling confidence heading into the second half.

Key Takeaways

  • • Best second-quarter EBITDA in public-company history at $51 million or 8.1% of revenue
  • • Revenue up 5% sequentially at the top end of guided range
  • • U.S. segment revenue grew to $528 million from $474 million sequentially
  • • Strong operating cash flow of $45 million in Q2 reversing Q1 cash use
  • • Trailing four-quarter operating cash flow of $225 million
24/7 Wall St

DNOW YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

DNOW Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
24/7 Wall St

DNOW Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Our team continues to execute our strategic plan, generating $628 million in revenue for the second quarter of 2025, up 5% sequentially, at the top-end of our guided range, while producing our best second-quarter EBITDA results in our public-company history, at $51 million dollars, or 8.1% of revenue.”

— David Cherechinsky, Q2 2025 Earnings Press Release

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