Slide 1: Fourth Quarter and Full-Year 2025 Earnings Presentation
Fourth Quarter and Full-Year 2025 Earnings Presentation February 20, 2026
Slide 2: Disclosure Statement
Disclosure Statement Statements made in the course of this presentation that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially fro
Slide 3: DNOW: Premier Energy and Industrial Solutions Provider
DNOW: Premier Energy and Industrial Solutions Provider NYSE: DNOW 300 5,300 LOCATIONS EMPLOYEES As of December 31, 2025 Balanced Portfolio Across Diverse Industries with Multiple Opportunities for Long-term Growth Operating for over 160 years Headquartered in Houston, Texas Comprehensive network of
Slide 4: Full-Year 2025 Consolidated Financial Highlights
Full-Year 2025 Consolidated Financial Highlights Includes partial fourth quarter results of MRC Global $2,820M $(89)M $104M 1 REVENUE NET LOSS ADJUSTED NET INCOME Up 19% year over year, attributable to DNOW Inc; Diluted EPS attributable attributable to DNOW Inc; adjusted diluted EPS Q4 up 51% sequen
Slide 5: 4Q25 and Full-Year 2025 Key Takeaways
4Q25 and Full-Year 2025 Key Takeaways Continued strong execution, growing fourth quarter Closed merger with MRC Global, creating a premier sequential consolidated revenue. solutions provider to the energy and industrial markets, Fifth consecutive year of top line growth. greatly increasing scale and
Slide 6: DNOW MRC Global Integration and Cost Synergies Update
DNOW MRC Global Integration and Cost Synergies Update 4Q 2025 Progress Breakdown of Synergy Opportunity Closed merger on November 6, 2025 Established Steering Committee and Integration Management Office Public (IMO) to oversee integration activities 23% Company Announced new Board of Directors, exec
Slide 7: Consolidated 4Q 2025 and Full-Year 2025 Revenue Comparison
Consolidated 4Q 2025 and Full-Year 2025 Revenue Comparison by reporting segment ($ millions) United States Canada International $765 MRC Global $298 Stub Period Contribution $451 $143 $66 $51 MRC Global $90 Stub Period Contribution $467 $54 $53 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 $2,294 $312 MRC Global $2
Slide 8: Quarterly Financial Performance - GAAP
Quarterly Financial Performance - GAAP ($ millions, except per share data) Revenue Gross Profit & % Margin $2,820 $531 $2,373 $478 $959 $133 $143 $634 $571 $68 23.3% 22.6% 7.1% 22.4% 17.0% 4Q24 3Q25 4Q25 YTD 2024 YTD 2025 4Q24 3Q25 4Q25 2024 2025 Net Income (Loss) attributable to DNOW Inc. Diluted E
Slide 9: Quarterly Financial Performance - Adjusted
Quarterly Financial Performance - Adjusted ($ millions, except per share data) Adjusted EBITDA & % Margin1 Adjusted Gross Profit & % Margin1 $651 $549 $209 $176 $217 $61 $136 $147 $45 $51 7.9% 8.0% 6.4% 7.4% 7.4% 23.8% 23.2% 22.6% 23.1% 23.1% 4Q24 3Q25 4Q25 2024 2025 4Q24 3Q25 4Q25 2024 2025 Adjuste
Slide 10: Consolidated Revenue Composition - 4Q 2025
Consolidated Revenue Composition - 4Q 2025 Includes partial fourth quarter results of MRC Global By Geographic Segment By End-Market Sector By Product Group Valves, Automation, Measurement & 26% Instrumentation Gas Utilities International 16% Fittings, Flanges & Other 15% 16% Connectors Canada 5% Pi
Slide 11: 4Q 2025 Revenue by End-Market Sector and by Segment
4Q 2025 Revenue by End-Market Sector and by Segment Includes partial fourth quarter results of MRC Global Upstream 9% 9% 9% United States 8% Canada Upstream 8% Upstream International 8% Midstream Midstream Gas Utilities Midstream 25% Midstream 25% Downstream Midstream 25% 59% 59% 59% Midstream 6% an
Slide 12: Selected Quarterly Trend Results
Selected Quarterly Trend Results Revenue & Adjusted Gross Profit Percent1 Adjusted Net Income attributable to DNOW Inc.1 ($ millions) ($ millions) 23.8% 22.6% 23.3% 23.5% 23.2% 23.2% 22.7% 22.8% $959 $633 $606 $599 $628 $634 $563 $571 $29 $28 $27 $28 $23 $22 $24 $23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q2
Slide 13: Selected Quarterly Trend Results
Selected Quarterly Trend Results Adjusted EBITDA1 Cash Flow from (used in) Operations ($ millions) ($ millions) 7.9% 7.9% 8.1% 8.0% $122 7.7% $155M CFFO 6.9% 6.9% for full-year 2025 6.4% $81 $83 $74 $61 $45 $43 $50 $51 $51 $45 $46 $39 $42 $21 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $(16) Adjusted EB
Slide 14: Selected Quarterly Trend Results
Selected Quarterly Trend Results Working Capital excl. Cash and as % of Revenue Total Liquidity at December 31, 2025 ($ millions) ($ millions) Excluding the ending fourth quarter working capital balances from the merger and the related partial quarter of sales contribution, working capital, excludin
Slide 15: Strong Balance Sheet with Financial Flexibility
Strong Balance Sheet with Financial Flexibility ($ millions) Capital Structure Focused on deleveraging debt incurred December 31, 2025 from the merger with MRC Global Cash and Cash Equivalents $ 164 Sr. Secured ABL Facility 411 Ample liquidity, $588M in total liquidity Total Debt $ 411 Total stockho
Slide 16: Investor Relations
Investor Relations Brad Wise Vice President, Digital Strategy & Investor Relations Contact email: ir@dnow.com For the most up to date investor information, please click here
Slide 17: Appendix
Appendix
Slide 18: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation THREE MONTHS ENDED YEAR ENDED ($ millions) December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 % of % of % of % of % of Amount Amount Amount Amount Amount Revenue Revenue Revenue Revenue Revenue Revenue $ 959 $ 571 $ 634 $2,
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation THREE MONTHS ENDED YEAR ENDED ($ millions) December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 % of % of % of % of % of Amount Amount Amount Amount Amount Revenue Revenue Revenue Revenue Revenue Revenue $ 959 $ 571 $ 634 $ 2,820 $
Slide 20: Adjusted Net Income Reconciliation
Adjusted Net Income attributable to DNOW Inc. Stockholders Reconciliation ($ millions) THREE MONTHS ENDED YEAR ENDED December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 Net (loss) income attributable to DNOW Inc. $ (147) $ 23 $ 23 $ (89) $ 78 Increase in LIFO r
Slide 21: Adjusted Diluted Earnings Per Share Reconciliation
Adjusted Diluted Earnings Per Share attributable to DNOW Inc. Stockholders Reconciliation THREE MONTHS ENDED YEAR ENDED December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 Diluted (loss) earnings per share attributable to $ (0.95) $ 0.21 $ 0.21 $ (0.76) $ 0.71
Slide 22: Net Debt & Leverage Ratio Calculation
Net Debt & Leverage Ratio Calculation ($ millions) December 31, 2025 Long-term debt $ 411 Plus: current portion of debt obligations - Total debt $ 411 Less: cash 164 Net debt $247 Net debt $ 247 Adjusted EBITDA 209 Net debt leverage ratio 1.2x Note: Net debt, net debt leverage ratio and Adjusted EBI