Dnow Q3 2026 Earnings Call Transcript - Dnow (NYSE:DNOW)

Dnow (NYSE:DNOW) reported third-quarter 2026 results on Thursday, with revenue of $1.34 billion, up 2.3% versus the second quarter. Adjusted gross margins improved by 40 basis points to 21.2%, while EBITDA rose to $76 million, or 5.7% of revenue. Management attributed a $16 million sequential EBITDA improvement to disciplined pricing, cost management, and operational execution. Cash flow from operations totaled $120 million for the quarter, taking year-to-date cash flow to $158 million and above expectations. The company reduced net debt by $95 million, ending at $265 million, and cut leverage to 1.1 times trailing 12-month EBITDA.