Dnow (DNOW) FY2024 results: revenue $2.4 billion, up 2.2% on the year

Dnow Inc. (DNOW) reported revenue of $2.4 billion for fiscal 2024, the year ended 31 December 2024, up 2.2% on the year before. Net income was $78 million, down 68.8%, and diluted earnings per share $0.71. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$2.4 billion

+2.2% on the year

FY2017FY2024

Operating margin

4.6%

6.2% a year earlier

FY2017FY2024

Net income

$78 million

-68.8% on the year

FY2017FY2024

Diluted EPS

$0.71

-68.7% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,373	2,321	2,136	+2.2%
Cost of revenue	1,842	1,782	1,630	+3.4%
Gross profit	531	539	506	-1.5%
Gross margin	22.4%	23.2%	23.7%
Selling, general and administrative	416	395	n/a	+5.3%
Operating income	109	144	131	-24.3%
Operating margin	4.6%	6.2%	6.1%
Pre-tax income	110	142	139	-22.5%
Income tax	31.0	-109	10.0
Effective tax rate	28.2%	-76.8%	7.2%
Net income	78.0	250	128	-68.8%
Net margin	3.3%	10.8%	6.0%
Diluted EPS	$0.71	$2.27	$1.13	-68.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	298	188	0.0	+58.5%
Capital expenditure	9.0	17.0	9.0	-47.1%
Free cash flow	289	171	-9.0	+69.0%
Free cash flow margin	12.2%	7.4%	-0.4%
Cash from investing	-304	-48.0	-87.0
Cash from financing	-33.0	-55.0	-10.0
Depreciation and amortisation	34.0	26.0	19.0	+30.8%
Share-based compensation	13.0	15.0	11.0	-13.3%
Buybacks	23.0	50.0	7.0	-54.0%
Diluted shares, weighted	107m	108m	111m	-1.2%
Shares outstanding at period end	106m	106m	110m	-0.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,124	1,060	842	+6.0%
Non-controlling interest	4.0	3.0	2.0	+33.3%
Debt	0.0	0.0	0.0
Operating lease liabilities	29.0	30.0	25.0	-3.3%
Finance lease liabilities	15.0	15.0	7.0	0.0%
Other liabilities	449	421	444	+6.7%
Total liabilities and equity	1,621	1,529	1,320	+6.0%
Fixed assets	157	131	119	+19.8%
Goodwill	230	139	116	+65.5%
Intangible assets	65.0	28.0	25.0	+132.1%
Cash and equivalents	256	299	212	-14.4%
Receivables	388	384	398	+1.0%
Inventory	352	366	381	-3.8%
Other assets	173	182	69.0	-4.9%
Total assets	1,621	1,529	1,320	+6.0%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.