A global distributor of pipe, valves, fittings, pumps, and process equipment for energy and industrial markets, DNOW supplies everything from gas-utility parts to vapor-recovery systems like its EcoVapor ZerO2. It was spun off from National Oilwell Varco in 2014, long operated under the DistributionNOW brand, and formally renamed DNOW Inc. in 2024. In November 2025 it completed an all-stock acquisition of rival MRC Global, now running under both brands. Fun fact: its ZerO2 vapor-recovery unit has no moving parts.
DNOW Inc. reports Q4 and full-year 2025 results, including MRC Global merger and adjusted net income of $104 million.
DNOW completed its acquisition of MRC Global Inc. on November 6, 2025, in an all-stock transaction, with first-year merger cost synergies now projected at $23 million, 35% above target.
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Full-year 2025 revenue was $2,820 million, with a net loss attributable to DNOW Inc. of $89 million, or $(0.76) per diluted share.
Adjusted net income attributable to DNOW Inc. for full-year 2025 was $104 million, or $0.86 per diluted share, and adjusted EBITDA was $209 million, or 7.4% of revenue.
Fourth quarter 2025 revenue was $959 million, with a net loss attributable to DNOW Inc. of $147 million, or $(0.95) per diluted share, and adjusted net income of $23 million, or $0.15 per diluted share.
At December 31, 2025, cash and cash equivalents were $164 million, long-term debt was $411 million, and total liquidity was approximately $588 million.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
DNOW completes acquisition of MRC Global, creating combined energy and industrial solutions provider
The company entered into an amended credit agreement providing an $850 million revolving credit facility, expandable to $1.35 billion, maturing November 30, 2030.
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On November 6, 2025, DNOW completed its acquisition of MRC Global, with each MRC Global share converted into 0.9489 shares of DNOW common stock.
The DNOW board was expanded to ten members, with George J. Damiris and Ronald L. Jadin appointed as directors.
Gillian Anderson was appointed Vice President and Chief Accounting Officer, with an annual base salary of $315,000.
MRC Global's stock will no longer be listed on the NYSE, and the company will cease reporting obligations under the Exchange Act.
1.01 Entry into a Material Definitive Agreement · 2.01 Completion of Acquisition or Disposition of Assets · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
DNOW reports Q3 2025 revenue of $634M, net income of $25M, and EBITDA of $51M.
Revenue for the third quarter ended September 30, 2025 was $634 million, up from $606 million in the same period last year.
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Net income attributable to DNOW Inc. was $25 million, or $0.23 per diluted share, compared to $13 million, or $0.12 per diluted share, in Q3 2024.
Non-GAAP net income excluding other costs was $28 million, or $0.26 per diluted share; EBITDA excluding other costs was $51 million, or 8.0% of revenue.
Cash provided by operating activities was $43 million; cash and cash equivalents were $266 million with zero long-term debt at September 30, 2025.
DNOW expects to close its all-stock merger with MRC Global, valued at approximately $1.5 billion, in Q4 2025 and forecasts its best full-year EBITDA ever as a public company.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
DNOW Inc. reports HSR Act waiting period expired for MRC Global merger
The transaction remains subject to other customary closing conditions and regulatory approvals.
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On October 6, 2025, the statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired for the proposed merger between DNOW Inc. and MRC Global Inc.
The merger agreement, dated June 26, 2025, involves DNOW, MRC Global, and two DNOW subsidiaries, with a two-step merger process resulting in MRC Global becoming a wholly-owned subsidiary of DNOW.
The report was filed under Item 8.01 Other Events to disclose the expiration of the HSR waiting period.