DNOW Inc. Reports Fourth‑Quarter 2025 Results Amid MRC Global Merger

Financial Highlights

  • Revenue: $959 million, up from $571 million in 2024 and $2.8 billion for the full year 2025.
  • GAAP Net Loss: $147 million ($0.95 per share) for the quarter, largely attributable to one‑time merger‑related expenses.
  • Non‑GAAP EPS: $0.15, in line with analysts’ expectations.
  • Adjusted EBITDA: 7.4 % of revenue for the full year, the highest adjusted EBITDA year for the company.
  • Market‑Cap: $3.04 billion (USD) as of the latest close.
  • P/E Ratio: 18.54 (forward estimate).

The results were released on Friday, 20 February 2026, following the completion of DNOW’s $1.5 billion acquisition of MRC Global on 6 November 2025.

Impact of the MRC Global Acquisition

The merger has generated substantial one‑time costs that pushed the GAAP net loss for the quarter. Nevertheless, DNOW’s adjusted earnings and accelerated synergy targets indicate a positive trajectory for the combined entity. The company’s president and CEO, David Cherechinsky, noted that excluding MRC Global’s contribution, 2025 remained the fifth consecutive year of revenue growth and the highest Adjusted EBITDA year ever.

Stock Performance

  • Opening Price: $13.04
  • Intraday High: $15.25
  • Closing Price: $13.32
  • Drop: 18.40 % during the session, the steepest decline since the 52‑week low of $12.01 (17 November 2025).

The fall reflects market reaction to the GAAP loss and the cost implications of the merger, despite the underlying revenue growth and adjusted profitability.

Revenue Composition

DNOW’s product portfolio spans PVF components, pipes, valves, fittings, measurement devices, safety equipment, compressors, blowers, industrial electrical and lighting cables, and artificial lifting products. The company also offers supply‑chain and material‑management services to a global customer base. The revenue increase in Q4 2025 reflects the integration of MRC Global’s operations, which expanded DNOW’s product reach and geographic footprint.

Analyst Outlook

Wall Street analysts have adjusted their forecasts for the upcoming quarter to account for the merger’s ongoing impact. The consensus EPS estimate for Q1 2026 remains modest, while revenue guidance is expected to continue rising as the combined company finalizes integration and realizes synergies.

All figures are sourced from DNOW Inc.’s fourth‑quarter 2025 earnings release and accompanying press materials.