Q4 25 EPS
$0.15
BEAT +0.00%
Est. $0.15
Q4 25 Revenue
$959.0M
MISS 1.08%
Est. $969.5M
vs S&P Since Q4 25
-7.2%
TRAILING MARKET
DNOW -0.8% vs S&P +6.4%
Full Year 2025 Results
FY 25 EPS
$0.86
FY 25 Revenue
$2.82B
Market Reaction
Did DNOW Beat Earnings? Q4 2025 Results
DNOW Inc. Delivered a mixed but fundamentally transformed Q4 2025, posting adjusted earnings of $0.15 per diluted share, beating the $0.13 consensus estimate by 20.00%, even as revenue of $959 million fell short of the $1.07 billion analyst expectati… Read more DNOW Inc. Delivered a mixed but fundamentally transformed Q4 2025, posting adjusted earnings of $0.15 per diluted share, beating the $0.13 consensus estimate by 20.00%, even as revenue of $959 million fell short of the $1.07 billion analyst expectation by 10.49%. The quarter's financial profile was defined almost entirely by the all-stock merger with MRC Global, completed November 6, 2025, which drove revenue 60.1% higher year-over-year and swelled total assets to $3.92 billion, but also triggered $135 million in inventory step-up charges and $51 million in transaction costs that produced a GAAP net loss of $147 million. Adjusted EBITDA reached $61 million at a 6.4% margin, with adjusted gross margin compressing modestly to 22.6%. The integration is tracking ahead of schedule, with first-year cost synergies now projected at $23 million, 35% above the initial target, though analysts have flagged the ongoing U.S. MRC Global ERP transition as a near-term headwind weighing on operational efficiency and near-term visibility into 2026.
Key Takeaways
- • Completion of MRC Global merger on November 6, 2025 adding approximately two months of combined operations in Q4
- • Fifth consecutive year of revenue growth excluding MRC Global contribution
- • Highest Adjusted EBITDA year ever excluding MRC Global contribution
- • Merger cost synergies running 35% above first-year target
DNOW YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
DNOW Revenue by Segment
With YoY comparisons, source: SEC Filings
DNOW Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— David Cherechinsky, Q4 2025 Earnings Press Release
DNOW Earnings Trends
DNOW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DNOW EPS Trend
Earnings per share: estimate vs actual
DNOW Revenue Trend
Quarterly revenue: estimate vs actual
DNOW Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 MISS | $0.06 | $0.01 | -83.33% | $1.18B | +10.90% |
| Q4 25 BEAT FY | $0.15 | $0.15 | +0.00% | $959.0M | -1.08% |
| FY Full Year | — | $0.86 | — | $2.82B | — |
| Q3 25 MISS | $0.23 | $0.23 | -1.41% | $634.0M | -0.49% |
| Q2 25 BEAT | $0.21 | $0.27 | +26.58% | $628.0M | +2.50% |
| Q1 25 BEAT | $0.17 | $0.22 | +26.95% | $599.0M | +2.02% |