Filing Flows › Dnow (DNOW) › Q3 2026 › vs Q3 2025
Dnow (DNOW) Q3 2026 vs Q3 2025 (year over year)
Dnow's revenue rose $703M (+111%) from $634M in Q3 2025 to $1.3B in Q3 2026. The biggest changes: Gas Utilities +$310M (29×); Downstream and Industrial +$195M (+453%); Midstream +$146M (+100%). Gross margin 19.8% against 22.6% (-2.7 pts).
Dnow, Q3 2026: revenue $1.3B (+111% year over year), operating margin 2.5%, net earnings $26.0M, operating cash flow $120M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 19.8% | 22.6% | -2.7 pts |
| Operating margin | 2.5% | 4.9% | -2.4 pts |
| Net margin | 1.9% | 3.6% | -1.7 pts |
| Free cash flow margin | 7.9% | 6.2% | +1.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Upstream | $486M | $434M | $52.0M | +12% |
| Gas Utilities | $321M | $11.0M | $310M | 29× |
| Midstream | $292M | $146M | $146M | +100% |
| Downstream and Industrial | $238M | $43.0M | $195M | +453% |
| Revenue | $1.3B | $634M | $703M | +111% |
| Gross profit | $265M | $143M | $122M | +85% |
| Cost of revenue | $1.1B | $491M | $581M | +118% |
| Operating profit | $33.0M | $31.0M | $2.0M | +6% |
| Operating expenses | $232M | $112M | $120M | +107% |
| Pre-tax earnings | $23.0M | $30.0M | −$7.0M | -23% |
| Other expense, net | $10.0M | $1.0M | $9.0M | +900% |
| Income tax benefit | $3.0M | −$7.0M | $10.0M | — |
| Net earnings | $26.0M | $23.0M | $3.0M | +13% |
| Depreciation & amortization | $24.0M | $11.0M | $13.0M | +118% |
| Share-based compensation | $6.0M | $4.0M | $2.0M | +50% |
| Working capital & other | $64.0M | $5.0M | $59.0M | 13× |
| Operating cash flow | $120M | $43.0M | $77.0M | +179% |
| Free Cash Flow (company-reported) | $106M | $39.0M | $67.0M | +172% |
| Purchases of property, plant and equipment | $14.0M | $4.0M | $10.0M | +250% |
Questions
How much did Dnow's revenue grow year over year in Q3 2026?
Dnow's revenue rose $703M (+111%) from $634M in Q3 2025 to $1.3B in Q3 2026.
What drove Dnow's revenue change in Q3 2026?
Gas Utilities +$310M (29×); Downstream and Industrial +$195M (+453%); Midstream +$146M (+100%).