Filing Flows › Dnow (DNOW) › How it makes money
How Dnow (DNOW) makes money
Dnow (DNOW) made $1.3B of revenue in the third quarter 2026 (Q3 2026), +111% from a year earlier. Upstream brought in $486M (36%); Gas Utilities brought in $321M (24%); Midstream brought in $292M (22%). Of every dollar of revenue, 20¢ was left as gross profit, 2¢ was left as operating profit, 2¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Upstream | $486M | 36.4% | -4% | +12% |
| Gas Utilities | $321M | 24.0% | +4% | 29× |
| Midstream | $292M | 21.8% | +7% | +100% |
| Downstream and Industrial | $238M | 17.8% | +10% | +453% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.3B | 100.0% |
| Cost of revenue | $1.1B | 80.2% |
| Gross profit | $265M | 19.8% |
| Operating expenses | $232M | 17.4% |
| Operating profit | $33.0M | 2.5% |
| Net earnings | $26.0M | 1.9% |
| Operating cash flow | $120M | 9.0% |
| Free cash flow | $106M | 7.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.3B | +111% |
| Q2 2026 | $1.3B | +108% |
| Q1 2026 | $1.2B | +98% |
| Q4 2025 | $959M | +68% |
| Q3 2025 | $634M | +5% |
| Q2 2025 | $628M | -0.8% |
| Q1 2025 | $599M | +6% |
From Dnow's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Dnow make money?
Dnow (DNOW) made $1.3B of revenue in the third quarter 2026 (Q3 2026), +111% from a year earlier. Upstream brought in $486M (36%); Gas Utilities brought in $321M (24%); Midstream brought in $292M (22%). Of every dollar of revenue, 20¢ was left as gross profit, 2¢ was left as operating profit, 2¢ was left as net earnings.
What is Dnow's biggest business?
Upstream: $486M in the third quarter 2026, 36% of revenue, +12% from a year earlier.
What is Dnow's profit margin?
Net earnings were $26.0M, 1.9% of revenue, in the third quarter 2026; the operating margin was 2.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.