EarningsQ2 2026 Earnings Report
MX:DNOW Q2 2026 EPS Results
Actual EPS$2.17
Consensus EPS$1.70
Beat/MissBeat by +$0.47
One Year Ago EPS$4.89
MX:DNOW Q2 2026 Revenue Results
Actual Revenue$23.65B
Expected Revenue$22.90B
Beat/MissBeat by +$746.97M
YoY Revenue Growth+108.12%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:DNOW Upcoming Earnings
Now's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DNOW Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed meaningful operational and financial progress: double-digit sequential revenue growth, a 54% sequential rise in adjusted EBITDA, record quarterly operating cash flow, improved leverage (net debt/EBITDA 1.7x), accelerating synergy realization and active share repurchases. Near-term challenges include integration/ERP-related costs, some inventory and vendor-related margin pressure, downstream timing sensitivity and regional geopolitical delays, plus a GAAP loss driven by tax/LIFO adjustments. Overall, management presented multiple quantifiable improvements and a clear path to continued margin and cash-flow gains while acknowledging manageable near-term headwinds.Company Guidance
Revenue Growth and Scale
Total revenue of $1.3 billion in 2Q26, a sequential increase of $124 million or 10%. U.S. revenue was $1.1 billion, up $124 million or 13% sequentially.
Strong EBITDA Improvement
Adjusted EBITDA rose to $60 million in 2Q26, a $21 million or 54% sequential improvement; EBITDA margin improved to 4.6%, up 130 basis points from 1Q26.
Record Operating Cash Flow and Cash Generation
Generated $133 million of cash flow from operations in 2Q26 (a DNOW second-quarter record), resulting in a positive $38 million year-to-date cash inflow.
Balance Sheet Strength and Leverage Reduction
Net debt reduced by $95 million during the quarter to $360 million; trailing 12-month net debt to EBITDA leverage ratio improved to 1.7x. Total liquidity of $472 million (including $114 million cash and $358 million revolver availability).
Working Capital and Inventory Improvements
Inventory reduced by $131 million sequentially to $1.1 billion with an annualized turn rate of 4.0x; days sales outstanding (DSO) improved to 62 days, down 7 days sequentially; accounts receivable held flat at $889 million despite 10% revenue growth.
Synergy Realization Exceeding Initial Targets
First-year cost synergy exit-rate expectation revised to approximately $30 million (versus original $17 million estimate); three-year annualized synergy target remains $70 million.
Sector and Product Momentum
U.S. midstream annualized revenue rate pierced $1 billion for the first time; gas utilities grew 15% sequentially (an 11-quarter revenue high); Process Solutions delivered its highest-ever quarterly revenue; international revenue increased to $151 million (+3% sequentially).
Share Repurchases and Capital Allocation
Repurchased $25 million of shares in 2Q26 (total repurchases of $75 million in the first half of 2026), and $112 million repurchased under the current program to date, while continuing to prioritize debt reduction and organic investments.
MX:DNOW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed