Dnow (DNOW) FY2025 results: revenue $2.8 billion, up 18.8% on the year
Dnow Inc. (DNOW) reported revenue of $2.8 billion for fiscal 2025, the year ended 31 December 2025, up 18.8% on the year before. Net income was -$89 million, and diluted earnings per share $-0.76. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$2.8 billion
+18.8% on the year
FY2018FY2025
Operating margin
-3.3%
4.6% a year earlier
FY2018FY2025
Net income
-$89 million
FY2018FY2025
Diluted EPS
-$0.76
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new, 1 kept.
Fourth-quarter net loss from charges: Net loss attributable to DNOW Inc. was $147 million, or $(0.95) per diluted share, primarily from transaction charges.
Full-year Adjusted EBITDA margin 7.4%: Adjusted EBITDA was $209 million for 2025, or 7.4% of revenue, the same margin as the $176 million reported for 2024.
Synergies ahead of plan: First-year merger cost synergies are now projected at $23 million, 35% above target, while the $70 million three-year commitment is maintained.
U.S. revenue increased year on year: U.S. revenue was $765 million in the fourth quarter, against $451 million a year earlier, and $2,294 million for the year against $1,880 million.
Fourth-quarter gross margin at 7.1%: Reported gross profit was $68 million, or 7.1% of revenue, in the fourth quarter. Adjusted gross profit was $217 million, or 22.6% of revenue.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
155
298
188
-48.0%
Capital expenditure
21.0
9.0
17.0
+133.3%
Free cash flow
134
289
171
-53.6%
Free cash flow margin
4.8%
12.2%
7.4%
Cash from investing
-590
-304
-48.0
Cash from financing
339
-33.0
-55.0
Depreciation and amortisation
52.0
34.0
26.0
+52.9%
Share-based compensation
29.0
13.0
15.0
+123.1%
Buybacks
37.0
23.0
50.0
+60.9%
Diluted shares, weighted
118m
107m
108m
+10.0%
Shares outstanding at period end
186m
106m
106m
+76.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,233
1,124
1,060
+98.7%
Non-controlling interest
5.0
4.0
3.0
+25.0%
Debt
411
0.0
0.0
Operating lease liabilities
129
29.0
30.0
+344.8%
Finance lease liabilities
17.0
15.0
15.0
+13.3%
Other liabilities
1,129
449
421
+151.4%
Total liabilities and equity
3,924
1,621
1,529
+142.1%
Fixed assets
264
157
131
+68.2%
Goodwill
617
230
139
+168.3%
Intangible assets
565
65.0
28.0
+769.2%
Cash and equivalents
164
256
299
-35.9%
Receivables
874
388
384
+125.3%
Inventory
1,192
352
366
+238.6%
Other assets
248
173
182
+43.4%
Total assets
3,924
1,621
1,529
+142.1%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.