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DNOW Inc. reported a sharp scale-up and a profit swing in the quarter ended March 31, 2026. Revenue nearly doubled to $1.18 billion from $599 million, mainly from the late‑2025 acquisition of MRC Global, with U.S. sales rising to $985 million.
Despite this growth, gross margin compressed to 16.3% and inventory-related transaction charges plus higher costs under the LIFO method pushed operating results to a $50 million loss and a $44 million net loss, versus prior‑year profit. Adjusted EBITDA declined to $39 million, while operating cash flow turned to a $95 million use, alongside higher debt and a $50 million share repurchase and a $46 million Edge Controls acquisition.
DNOW Inc. reported first quarter 2026 results showing strong revenue but a GAAP loss driven by special charges. Revenue was $1,183 million. Gross profit was $193 million, or 16.3% of revenue, while adjusted gross profit was $256 million, or 21.6%, after adding back items such as amortization, LIFO impacts and inventory-related transaction charges.
The company posted a net loss attributable to DNOW of $44 million, or ($0.24) per diluted share, but on an adjusted basis reported $3 million of net income, or $0.01 per diluted share. Adjusted EBITDA was $39 million, or 3.3% of revenue.
DNOW used cash in operating activities of $95 million and ended March 31, 2026 with $116 million of cash and cash equivalents and $571 million of long-term debt, resulting in a net debt leverage ratio of 2.3x. The company repurchased $50 million of common stock under its $160 million program and completed the $46 million acquisition of Edge Controls to expand automation and controls capabilities.
DNOW Inc ownership filing: Vanguard Capital Management reports beneficial ownership of 9,714,361 shares of DNOW common stock, representing 5.21% of the class as of 03/31/2026. The filer discloses sole dispositive power over all 9,714,361 shares and sole voting power for 1,382,802 shares.
DNOW Inc reported that Vanguard Portfolio Management beneficially owned 10,495,011 shares of Common Stock, representing 5.63% of the class. The filing states Vanguard has sole dispositive power over 10,495,011 shares and sole voting power for 71,458 shares. The disclosure describes holdings on behalf of Vanguard funds and affiliated advisory units and is signed by Vanguard's Head of Global Fund Administration on 04/29/2026.
DNOW Inc. is asking shareholders to vote at its May 20, 2026 annual meeting on three items: electing nine directors for one-year terms, ratifying KPMG LLP as 2026 independent auditors, and approving executive pay on an advisory basis.
The proxy details DNOW’s November 6, 2025 acquisition of MRC Global, where each MRC Global share was converted into 0.9489 DNOW shares, and describes expected strategic, operational and financial benefits. The board is led by an independent chair, is majority independent and includes two former MRC Global directors. DNOW highlights extensive committee oversight of audit, compensation, ESG and cybersecurity, plus use of non-GAAP metrics with reconciliations in its 2025 Form 10-K.
The company reports about 5,300 employees as of December 31, 2025, emphasizes succession planning, safety, ESG initiatives and shareholder engagement, and discloses workforce diversity data for its U.S. operations.
DNOW Inc: The Vanguard Group filed Amendment No. 12 to its Schedule 13G/A reporting no beneficial ownership of DNOW common stock. The filing states 0 shares and 0% ownership and explains an internal realignment effective January 12, 2026 under SEC Release No. 34-39538, with certain Vanguard subsidiaries reporting separately.
DNOW Inc. VP and Chief Accounting Officer Gillian Anderson reported a disposition of 834 shares of common stock at $11.29 per share on March 12, 2026. The shares were withheld from the vesting of restricted stock to cover tax obligations, and she now directly holds 69,597 shares.
DNOW Inc. reported that Board member Rodney Eads has informed the company he will not stand for reelection at the 2026 annual meeting of stockholders. He will leave the Board when his current term expires at that meeting.
The company explicitly states that Mr. Eads’ decision is not due to any disagreement with DNOW or its affiliates regarding operations, policies, or practices. The Board expressed appreciation for his dedicated service.
DNOW Inc. is a Houston-based distributor of pipe, valves, fittings, pumps and process equipment serving upstream, midstream, gas utilities, downstream and industrial markets through about 300 locations and roughly 5,300 employees worldwide. The company completed an all-stock acquisition of MRC Global on November 6, 2025, adding its MRCGO™ digital commerce platform and significant scale.
DNOW emphasizes integrated supply-chain solutions, digital platforms (DigitalNOW® and MRCGO™) and engineered production and process systems, including emissions-reduction and vapor recovery technologies that support energy transition and RNG applications. As of June 30, 2025, non-affiliate shareholders held common stock with an aggregate market value of $1.6 billion, and as of February 18, 2026, there were 186,346,145 common shares outstanding.
The filing highlights a strategy focused on integrating MRC Global, targeted M&A, cash generation and capital returns, while diversifying across resilient end-markets. Key risks center on volatile oil and gas prices, cyclic capital spending by energy and gas utility customers, competition, supply-chain and tariff exposure, ERP and cybersecurity challenges, indebtedness of $411 million, and potential goodwill impairment on $617 million of recorded goodwill.