NOW(US:DNOW)2025-11-05 14:00Financial Performance - Revenue for the third quarter of 2025 reached $634 million, a 1% sequential increase and a 5% year-over-year increase[14, 15] - GAAP net income attributable to DNOW Inc was $25 million, with a GAAP diluted EPS of $0.23[16, 17] - Non-GAAP net income attributable to DNOW Inc, excluding other costs, was $28 million, with a non-GAAP diluted EPS of $0.26[18, 19] - EBITDA was $51 million, representing 80% of revenue, consistent sequentially[20, 21] - Gross margins were 229%, up year-over-year and compared to full-year 2024[22, 23] - Free cash flow generation of $39 million in the third quarter of 2025[58] Capital Allocation and Liquidity - The company has $629 million in total liquidity[25, 51] - Working capital, excluding cash, represented 156% of revenue[23] - A new $160 million share repurchase program was authorized in January 2025, with $27 million repurchased YTD as of September 30, 2025, currently paused due to the MRC Global merger[30] Strategic Initiatives - Announced MRC Global merger agreement to increase scale and scope across diverse industries and global markets[31, 56] - Closed Natron International acquisition in April 2025[31] Segment Results (Year-over-Year) - United States revenue increased to $527 million, a 9% increase[40] - Canada revenue decreased to $53 million, an 18% decrease[40] - International revenue decreased to $54 million, an 8% decrease[40] Outlook - Expect full-year 2025 EBITDA approaching 8% of revenue[62] - Reaffirm full-year 2025 free cash flow expected to approach $150 million[62]