Filing Flows › Dnow (DNOW) › Q4 2025
Dnow (DNOW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Dnow (DNOW) reported revenue of $959M for the fourth quarter 2025 (Q4 2025), +68% from a year earlier and +51% from the quarter before. Operating margin was -19.6%, net loss $161M (16.8% of revenue).
Dnow, Q4 2025: revenue $959M (+68% year over year), operating margin -19.6%, net loss $161M, operating cash flow $83.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $959M | +51% | +68% |
| Operating profit | −$188M | -670% | — |
| Net earnings | −$161M | -744% | — |
| Operating cash flow | $83.0M | +93% | -32% |
| Free cash flow | $76.0M | +95% | -36% |
What changed
Revenue was $959.0M in Q4 2025, up 68% year over year and up 51% from the previous quarter.
Gross margin was 7.1%. Operating costs exceeded revenue by $188.0M, an operating margin of -19.6%. The quarter ended with a net loss of $161.0M, after a profit of $25.0M the previous quarter.
Operating cash flow was $83.0M (down 32% year over year). Non-cash charges added back $20.0M of depreciation and amortization and $17.0M of share-based compensation. Working capital and other items added $207.0M. Capital expenditures of $7.0M left free cash flow of $76.0M.
Questions
What was Dnow's revenue in the fourth quarter 2025?
Dnow (DNOW) reported revenue of $959M for the fourth quarter 2025 (Q4 2025), +68% from a year earlier and +51% from the quarter before.
Was Dnow profitable in the fourth quarter 2025?
Operating loss was $188M (-19.6% of revenue) and net loss $161M.
Source: Dnow 10-K on SEC EDGAR.