DNOW Q4 Earnings Call Highlights

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DNOW (NYSE:DNOW) executives utilized the company’s fourth-quarter and full-year 2025 net telephone to stress 2 parallel storylines: bequest DNOW’s strongest standalone results since going nationalist and the aboriginal progress—and challenges—following the November merger with MRC Global.

President and CEO David Cherechinsky said the institution completed the merger with MRC Global connected Nov. 6 and is present “operating arsenic 1 company.” He described beardown taste alignment and pointed to MRC Global’s method expertise and integrated solutions, peculiarly successful state utilities, downstream concern markets, and its planetary valve business.

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Cherechinsky reiterated the merger’s strategical intent: accrued scale, broader assemblage reach, and a larger addressable marketplace crossed upstream, midstream, state utilities, downstream, and concern extremity markets. He said the operation is expected to fortify purchasing powerfulness and alteration operational efficiencies, supporting stronger and much accordant currency travel done the cycle.

On outgo synergies, absorption updated expectations versus the people acceptable erstwhile the woody was announced successful June 2025. Cherechinsky said the institution remains connected way to execute $70 cardinal successful outgo savings wrong 3 years of closing, and present expects to scope $23 cardinal by the extremity of the archetypal year, compared with the $17 million primitively expected for 2026. In the Q&A, helium attributed the faster gait mostly to accelerated systems and integration actions successful effect to the U.S. ERP disruption astatine bequest MRC Global.

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Cherechinsky singled retired the “heritage DNOW” concern for delivering what helium called its champion four-year agelong ever (2022–2025). He said bequest DNOW generated a record full-year EBITDA of $199 million successful 2025, contempt a contracting U.S. upstream enactment backdrop, and achieved 8.2% EBITDA arsenic a percent of revenue, exceeding the company’s near-8% guided target. He cited beardown show astatine Whitco, FlexFlow, and Trojan.

CFO Mark Johnson said fourth-quarter 2025 gross was $959 million, up 51% sequentially, driven by $388 million of MRC Global gross publication from the adjacent day done year-end (the “stub period”). For the afloat year, DNOW reported $2.8 billion successful revenue, up 19% from 2024.