Filing Flows › Dnow (DNOW) › Q3 2025
Dnow (DNOW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Dnow (DNOW) reported revenue of $634M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before. Operating margin was 5.2%, net earnings $25.0M (3.9% of revenue).
Dnow, Q3 2025: revenue $634M (+5% year over year), operating margin 5.2%, net earnings $25.0M, operating cash flow $43.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $634M | +1% | +5% |
| Gross profit | $143M | +11% | — |
| Operating profit | $33.0M | +3% | +43% |
| Net earnings | $25.0M | 0% | +92% |
| Operating cash flow | $43.0M | -4% | -42% |
| Free cash flow | $39.0M | — | -46% |
What changed
Revenue was $634.0M in Q3 2025, up 5% year over year and up 1% from the previous quarter.
Gross margin was 22.6%. Operating profit was $33.0M, a 5.2% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 36% reached operating profit, above the 4% margin then. Net earnings were $25.0M, up 92% year over year. The effective tax rate was 21.9%.
Operating cash flow was $43.0M (down 42% year over year), 172% of net earnings. Non-cash charges added back $11.0M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $3.0M. After purchases of property, plant and equipment ($4.0M), free cash flow as the company reports it was $39.0M.
Questions
What was Dnow's revenue in the third quarter 2025?
Dnow (DNOW) reported revenue of $634M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before.
Was Dnow profitable in the third quarter 2025?
Operating profit was $33.0M (5.2% of revenue) and net earnings $25.0M.
Source: Dnow 10-Q on SEC EDGAR.