Filing Flows › Dnow (DNOW) › Q1 2026
Dnow (DNOW) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Dnow (DNOW) reported revenue of $1.2B for the first quarter 2026 (Q1 2026), +97% from a year earlier and +23% from the quarter before. Operating margin was -4.2%, net loss $44.0M (3.7% of revenue).
Dnow, Q1 2026: revenue $1.2B (+98% year over year), operating margin -4.2%, net loss $44.0M, operating cash flow −$95.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +23% | +97% |
| Operating profit | −$50.0M | — | -272% |
| Net earnings | −$44.0M | — | -310% |
| Operating cash flow | −$95.0M | -214% | — |
What changed
Revenue was $1.2B in Q1 2026, up 97% year over year and up 23% from the previous quarter. Upstream was the largest line at 40% of revenue. Gas Utilities added $0.26B year over year (up 3262%), 45% of the total change.
Gross margin was 16.3%, down 6.7 points from Q1 2025. Operating costs exceeded revenue by $0.05B, an operating margin of -4.2%. Operating expenses grew 123% against revenue growth of 97%. The quarter ended with a net loss of $0.04B, narrower than the previous quarter's $0.16B loss.
Operating cash flow was −$0.10B. Non-cash charges added back $0.02B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.08B. Capital expenditures of $0.01B exceeded it, leaving free cash flow of −$0.10B.
Questions
What was Dnow's revenue in the first quarter 2026?
Dnow (DNOW) reported revenue of $1.2B for the first quarter 2026 (Q1 2026), +97% from a year earlier and +23% from the quarter before.
Was Dnow profitable in the first quarter 2026?
Operating loss was $50.0M (-4.2% of revenue) and net loss $44.0M.
Source: Dnow 10-Q on SEC EDGAR.