Now (DNOW) financial statements
Now reported revenue of $2.8B in fiscal 2025, up 3.3% a year over 9 years.
Net income was -$89M and the operating margin -3.3%, against -10.5% in 2016.
Free cash flow was $134M, and the company returned $37M in net buybacks.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Now's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $2.6B | $3.1B | $3.0B | $1.6B | $1.6B | $2.1B | $2.3B | $2.4B | $2.8B |
| Cost of revenue | $1.8B | $2.1B | $2.5B | $2.4B | $1.3B | $1.3B | $1.6B | $1.8B | $1.8B | $2.3B |
| Gross profit | $345M | $501M | $630M | $586M | $292M | $357M | $506M | $539M | $531M | $478M |
| Selling, general and admin | — | — | — | — | — | — | — | $395M | $416M | $559M |
| Operating income | -$222M | -$41M | $73M | -$83M | -$420M | $9M | $131M | $144M | $109M | -$93M |
| Pre-tax income | -$230M | -$52M | $58M | -$93M | -$430M | $12M | $139M | $142M | $110M | -$100M |
| Income tax | $4M | — | $6M | $4M | -$3M | $7M | $10M | -$109M | $31M | -$12M |
| Net income | -$234M | -$52M | $52M | -$97M | -$427M | $5M | $128M | $250M | $78M | -$89M |
| EPS (diluted) | -$2.18 | -$0.48 | $0.47 | -$0.89 | -$3.91 | $0.05 | $1.13 | $2.27 | $0.71 | -$0.76 |
| Diluted shares | 107M | 108M | 109M | 109M | 109M | 110M | 111M | 108M | 107M | 118M |
| Gross margin | 16.4% | 18.9% | 20.1% | 19.9% | 18.0% | 21.9% | 23.7% | 23.2% | 22.4% | 17.0% |
| Operating margin | -10.5% | -1.5% | 2.3% | -2.8% | -25.9% | 0.6% | 6.1% | 6.2% | 4.6% | -3.3% |
| Net margin | -11.1% | -2.0% | 1.7% | -3.3% | -26.4% | 0.3% | 6.0% | 10.8% | 3.3% | -3.2% |
Balance sheet
Fiscal years, from Now's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $106M | $98M | $116M | $183M | $387M | $313M | $212M | $299M | $256M | $164M |
| Receivables | $354M | $423M | $482M | $370M | $198M | $304M | $398M | $384M | $388M | $874M |
| Inventory | $483M | $590M | $602M | $465M | $262M | $250M | $381M | $366M | $352M | $1.2B |
| Total current assets | $959M | $1.1B | $1.2B | $1.1B | $861M | $883M | $1.0B | $1.1B | $1.0B | $2.3B |
| Property, plant and equipment | $143M | $119M | $106M | $120M | $98M | $111M | $119M | $131M | $157M | $264M |
| Goodwill | $311M | $328M | $314M | $245M | $0 | $67M | $116M | $139M | $230M | $617M |
| Total assets | $1.6B | $1.7B | $1.8B | $1.6B | $1.0B | $1.1B | $1.3B | $1.5B | $1.6B | $3.9B |
| Total current liabilities | $347M | $394M | $441M | $396M | $272M | $369M | $439M | $418M | $442M | $974M |
| Long-term debt | $65M | $162M | $132M | — | — | — | — | — | — | — |
| Total liabilities | $420M | $564M | $581M | $447M | $309M | $392M | $476M | $466M | $493M | $1.7B |
| Shareholders' equity | $1.2B | $1.2B | $1.2B | $1.1B | $699M | $711M | $842M | $1.1B | $1.1B | $2.2B |
| Net debt | -$41M | $64M | $16M | -$183M | -$387M | -$313M | -$212M | -$299M | -$256M | -$164M |
Cash flow
Fiscal years, from Now's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $235M | -$115M | $73M | $224M | $189M | $30M | $0 | $188M | $298M | $155M |
| Capital spending | $4M | $4M | $11M | $12M | $8M | $5M | $9M | $17M | $9M | $21M |
| Free cash flow | $231M | -$119M | $62M | $212M | $181M | $25M | -$9M | $171M | $289M | $134M |
| Stock-based compensation | $23M | $20M | $16M | $13M | $6M | $8M | $11M | $15M | $13M | $29M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$7M | -$50M | -$23M | -$37M |
| Free cash flow margin | 11.0% | -4.5% | 2.0% | 7.2% | 11.2% | 1.5% | -0.4% | 7.4% | 12.2% | 4.8% |
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Open DNOW in InvestinglyQuestions
What was Now's revenue in 2025?
$2.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Now generate?
$134M in fiscal 2025 (operating cash flow minus capital spending).
From Now's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.