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Dnow (DNOW) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Dnow (DNOW) Q3 2026 earnings results →
Q3 2026 Revenue up 111% year over year to $1.3B · 2¢ of every $1 of revenue kept as net profit · operating margin 2.5%
Dnow made $1.3B in Q3 2026 (+111% Y/Y): Upstream $486M, Gas Utilities $321M, Midstream $292M. Operating margin 2.5%, net earnings $26.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $1.3B in Q3 2026, up 111% year over year and up 2% from the previous quarter. Upstream was the largest line at 36% of revenue. Gas Utilities added $0.31B year over year (up 2818%), 44% of the total change.
Gross margin was 19.8%, down 2.7 points from Q3 2025. Operating profit was $0.03B, a 2.5% margin (down 2.4 points year over year). Of the extra revenue versus Q3 2025, 0% reached operating profit, below the 5% margin then. Operating expenses grew 107% against revenue growth of 111%. Net earnings were $0.03B, up 13% year over year. The effective tax rate was -13.0%.
Operating cash flow was $0.12B (up 179% year over year), 462% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.06B. After purchases of property, plant and equipment ($0.01B), free cash flow as the company reports it was $0.11B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $1.3B | +111% | 2.5% | $26.0M | $120M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $1.3B | +108% | 0.1% | −$21.0M | $133M |
| Q1 2026 | 10-Q | May 7, 2026 | $1.2B | +98% | -4.2% | −$44.0M | −$95.0M |
| Q4 2025 | 10-K | Feb 26, 2026 | $959M | +68% | -19.6% | −$161M | $83.0M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $634M | +5% | 5.2% | $25.0M | $43.0M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $628M | -0.8% | 5.1% | $25.0M | $45.0M |
| Q1 2025 | 10-Q | May 7, 2025 | $599M | +6% | 4.8% | $21.0M | −$16.0M |
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About Dnow
DNOW Inc., (“DNOW” or the “Company”), headquartered in Houston, Texas, was incorporated in Delaware on November 22, 2013. On June 2, 2014, DNOW stock began regular trading on the New York Stock Exchange under the ticker symbol “DNOW”. We are a premier provider of energy and industrial solutions, serving as a global leader in the distribution of pipe, valves and fittings (“PVF”), and pumps, as well as in the fabrication, assembly and testing of process and production equipment. We provide a broad mix of quality products customers require to build and maintain essential infrastructure and operating equipment across the upstream, midstream, gas utilities, downstream, energy transition and industrial markets. We deliver a comprehensive range of value-added supply chain solutions and technical product expertise, supported by advanced digital offerings to customers globally.
In its own words, from its 10-K, filed Feb 26, 2026.
Dnow against its Oil & Gas Field Machinery & Equipment peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +111% against the peers' median +14%. Operating margin: 2.5% against the peers' median 13.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DNOW Dnow | Q3 2026 | $1.3B | +111% | 2.5% |
| BKR Baker Hughes | Q3 2026 | $8.0B | +14% | 6.5% |
| FTI TechnipFMC | Q3 2026 | $2.9B | +9% | 19.5% |
| NOV NOV | Q3 2026 | $2.2B | +2% | 6.4% |
| WFRD Weatherford International | Q3 2026 | $1.1B | -7% | 13.4% |
| WHD Cactus | Q3 2026 | $431M | +63% | 21.8% |
| SEI Solaris Energy Infrastructure | Q3 2026 | $341M | +104% | 19.6% |
| INVX Innovex International | Q3 2026 | $265M | +10% | 12.2% |
| FLOC Flowco Holdings | Q3 2026 | $259M | +46% | 18.5% |
Source: Dnow 10-Q on SEC EDGAR · CIK 1599617 · Oil & Gas Field Machinery & Equipment
Guidance and outlook
13F: who owns DNOW and who is buying
More on DNOW
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results