Filing Flows › Dnow (DNOW) › Q2 2026 › vs Q2 2025
Dnow (DNOW) Q2 2026 vs Q2 2025 (year over year)
Dnow's revenue rose $679M (+108%) from $628M in Q2 2025 to $1.3B in Q2 2026. The biggest changes: Gas Utilities +$298M (26×); Downstream and Industrial +$172M (+382%); Midstream +$113M (+71%).
Dnow, Q2 2026: revenue $1.3B (+108% year over year), operating margin 0.1%, net loss $21.0M, operating cash flow $133M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 9.5% | 6.5% | +3.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Upstream | $508M | $412M | $96.0M | +23% |
| Gas Utilities | $310M | $12.0M | $298M | 26× |
| Midstream | $272M | $159M | $113M | +71% |
| Downstream and Industrial | $217M | $45.0M | $172M | +382% |
| Revenue | $1.3B | $628M | $679M | +108% |
| Net loss | $21.0M | −$14.0M | $35.0M | — |
| Costs & expenses | $1.3B | $628M | $700M | +111% |
| Operating costs | $1.3B | $611M | $695M | +114% |
| Interest & other, net | $10.0M | $0 | $10.0M | — |
| Income tax | $12.0M | $3.0M | $9.0M | +300% |
| Cost of revenue | $1.1B | $499M | $565M | +113% |
| Operating cash sources | $154M | $31.0M | $123M | +397% |
| Depreciation & amortization | $23.0M | $10.0M | $13.0M | +130% |
| Share-based compensation | $5.0M | $4.0M | $1.0M | +25% |
| Working capital & other | $126M | $17.0M | $109M | +641% |
| Net loss absorbed | $21.0M | −$14.0M | $35.0M | — |
| Operating cash flow | $133M | $45.0M | $88.0M | +196% |
| Free Cash Flow (company-reported) | $124M | $41.0M | $83.0M | +202% |
| Purchases of property, plant and equipment | $9.0M | $4.0M | $5.0M | +125% |
Questions
How much did Dnow's revenue grow year over year in Q2 2026?
Dnow's revenue rose $679M (+108%) from $628M in Q2 2025 to $1.3B in Q2 2026.
What drove Dnow's revenue change in Q2 2026?
Gas Utilities +$298M (26×); Downstream and Industrial +$172M (+382%); Midstream +$113M (+71%).