DNOW Inc. reported sharply higher revenue in the fourth quarter and full year of 2025 following its acquisition of MRC Global Inc., but the company swung to a net loss as merger-related charges weighed on results.
For the fourth quarter, DNOW reported revenue of $959 million, up 68.0% from $571 million a year earlier, reflecting the inclusion of MRC Global, which was acquired in an all-stock transaction completed Nov. 6.
The company reported a net loss attributable to DNOW of $147 million, compared with net income of $23 million in the fourth quarter of 2024. DNOW said the loss was primarily driven by transaction-related costs and inventory step-up charges associated with the merger.
For the full year, DNOW reported revenue of $2.82 billion, an 18.9% increase from $2.37 billion in 2024.
The company reported a net loss of $89 million for the year, compared with net income of $78 million in the prior year. DNOW attributed the year-over-year decline primarily to merger-related charges tied to the MRC Global transaction.
DNOW said it generated $155 million in cash from operating activities during the year and repurchased $37 million of its common stock.
At year-end, the company reported $164 million in cash and cash equivalents and $411 million in long-term debt, according to its consolidated balance sheet.
President and CEO David Cherechinsky said DNOW is continuing to integrate MRC Global and address operational challenges, including issues related to the U.S. MRC Global enterprise resource planning system, which went live in the third quarter of 2025.
DNOW distributes pipe, valves and fittings, gas products, pumps, and related equipment to customers across upstream, midstream, and downstream energy markets, as well as industrial and energy transition sectors.
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