DNOW

MKT CAP:$1B

Dnow Inc.

Market Cap

$1B

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$12.28-$1.08 (-8.08%)

Apr 22, 2026

Company Details

Dnow Inc. distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and industrial manufacturing operations in the United States, Canada, and internationall...

CEO

David A. Cherechinsky

IPO Date

May 20, 2014

Website

www.dnow.com

Key Metrics TTM

Revenue

$2.8B

+22.2% YoY

Net Income

-$74M

EPS (Diluted)

-$1.01

Free Cash Flow

$275M

Revenue / Share

$18.01

Gross Margin

16.9%

Operating Margin

-0.2%

Net Margin

-2.7%

FCF Margin

9.8%

P/S

0.5x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$2.8BEPS -$0.75

Q4 2025

Feb 25, 2026

$959M+68.0%EPS -$0.95

Q3 2025

Nov 5, 2025

$634MEPS $0.23

Q2 2025

Aug 6, 2025

$628MEPS $0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$370M	$68M	-$29M
Q3 20	$326M	$62M	-$21M
Q4 20	$319M	$45M	-$37M
Q1 21	$361M	$75M	-$8M
Q2 21	$400M	$85M	$0
Q3 21	$439M	$96M	$10M
Q4 21	$432M	$101M	$7M
Q1 22	$473M	$107M	$23M
Q2 22	$539M	$128M	$29M
Q2 23	$594M	$134M	$36M
Q3 23	$588M	$134M	$37M
Q1 24	$563M	$129M	$28M
Q4 24	$571M	$133M	$29M
Q2 25	$628M	$144M	$39M
Q3 25	$634M	$145M	$33M
Q4 25	$959M	$50M	-$107M

Valuation

Quarter	P/S	P/E
Q2 20	0.4x	—
Q3 20	0.3x	—
Q4 20	0.5x	—
Q1 21	0.8x	—
Q2 21	0.7x	—
Q3 21	0.6x	—
Q4 21	0.6x	193.1x
Q1 22	0.7x	26.3x
Q2 22	0.6x	14.6x
Q2 23	0.6x	11.0x
Q3 23	0.6x	9.8x
Q1 24	0.7x	13.8x
Q4 24	0.6x	12.1x
Q2 25	0.7x	15.1x
Q3 25	0.7x	17.1x
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$68M	$66M
Q3 20	$59M	$57M
Q4 20	$56M	$55M
Q1 21	-$4M	-$5M
Q2 21	$8M	$7M
Q3 21	$24M	$22M
Q4 21	$2M	$1M
Q1 22	-$22M	-$22M
Q2 22	-$29M	-$35M
Q2 23	$85M	$79M
Q3 23	$4M	$0
Q1 24	$81M	$80M
Q4 24	$122M	$119M
Q2 25	$45M	$41M
Q3 25	$43M	$39M
Q4 25	$83M	$76M

Capital Expenditures

Quarter	CapEx
Q2 20	$2M
Q3 20	$2M
Q4 20	$1M
Q1 21	$1M
Q2 21	$1M
Q3 21	$2M
Q4 21	$1M
Q1 22	$0
Q2 22	$6M
Q2 23	$6M
Q3 23	$4M
Q1 24	$1M
Q4 24	$3M
Q2 25	$4M
Q3 25	$4M
Q4 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	-52.3%	-47.4%
Q3 20	-56.6%	-52.9%
Q4 20	-50.1%	-54.1%
Q1 21	-40.2%	-60.6%
Q2 21	+8.1%	+0.3%
Q3 21	+34.7%	+23.6%
Q4 21	+35.4%	+19.4%
Q1 22	+31.0%	+22.0%
Q2 22	+34.8%	+27.5%
Q2 23	+35.3%	+30.1%
Q3 23	+36.1%	+29.6%
Q1 24	+19.0%	+18.9%
Q4 24	+5.9%	+6.3%
Q2 25	+5.7%	+5.6%
Q3 25	+7.8%	+9.1%
Q4 25	+70.3%	+99.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$1M	0.3%
Q3 20	$3M	0.9%
Q4 20	$2M	0.6%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$2M	0.5%
Q4 21	$2M	0.5%
Q1 22	$2M	0.4%
Q2 22	$2M	0.4%
Q2 23	$4M	0.7%
Q3 23	$4M	0.7%
Q1 24	$2M	0.4%
Q4 24	$4M	0.7%
Q2 25	$4M	0.6%
Q3 25	$4M	0.6%
Q4 25	$4M	0.4%

OpEx Breakdown

Quarter	SG&A
Q2 20	$97M
Q3 20	$83M
Q4 20	$81M
Q1 21	$79M
Q2 21	$85M
Q3 21	$86M
Q4 21	$91M
Q1 22	$84M
Q2 22	$89M
Q2 23	$98M
Q3 23	$97M
Q1 24	$101M
Q4 24	$103M
Q2 25	$105M
Q3 25	$108M
Q4 25	$226M

Revenue by Geography

Quarter	Canada	International	United States
Q3 23	$68M	$72M	$448M
Q1 24	$66M	$62M	$435M
Q2 25	$48M	$52M	$528M
Q3 25	$53M	$54M	$527M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$293M	$0	$293M
Q2 22	$232M	$0	$232M
Q3 22	$267M	$0	$267M
Q4 22	$212M	$0	$212M
Q1 23	$168M	$0	$168M
Q2 23	$203M	$0	$203M
Q3 23	$194M	$0	$194M
Q4 23	$299M	$0	$299M
Q1 24	$188M	$0	$188M
Q2 24	$197M	$0	$197M
Q3 24	$261M	$0	$261M
Q4 24	$256M	$0	$256M
Q1 25	$219M	$0	$219M
Q2 25	$232M	$0	$232M
Q3 25	$266M	$0	$266M
Q4 25	$164M	$0	$164M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	109M	0.0%	-0.3%
Q3 20	109M	0.0%	-0.1%
Q4 20	110M	+0.9%	+0.9%
Q1 21	110M	0.0%	+0.9%
Q2 21	110M	0.0%	+0.9%
Q3 21	111M	+0.9%	+1.8%
Q4 21	111M	0.0%	+0.9%
Q1 22	111M	0.0%	+0.9%
Q2 22	111M	+0.1%	+1.0%
Q2 23	108M	-2.7%	-2.6%
Q3 23	108M	-0.0%	-2.6%
Q1 24	107M	-0.7%	-3.3%
Q4 24	107M	-0.3%	-3.7%
Q2 25	106M	-0.9%	-2.0%
Q3 25	106M	-0.0%	-2.0%
Q4 25	155M	+46.2%	+44.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$84.1K	4K
Q3 20	$74.1K	4K
Q4 20	$127.6K	3K
Q1 21	$144.4K	3K
Q2 21	$160.0K	3K
Q3 21	$175.6K	3K
Q4 21	$183.8K	2K
Q1 22	$201.3K	2K
Q2 22	$229.4K	2K
Q2 23	$244.9K	2K
Q3 23	$242.5K	2K
Q1 24	$227.5K	2K
Q4 24	$221.7K	3K
Q2 25	$243.9K	3K
Q3 25	$246.2K	3K
Q4 25	$372.4K	3K

Revenue / Employee