MRC Global Inc 2025年季度报告

FORM10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDEDSEPTEMBER 30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission file number:001-35479MRC GLOBAL INC.(Exact name of registrant as specified in its charter) Delaware20-5956993(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. EmployerIdentification No.) (877)294-7574(Registrant’s Telephone Number, including Area Code)________________ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to filesuch reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period thatthe registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. (Check one): Large Accelerated Filer☒Accelerated Filer☐Non-Accelerated Filer☐Smaller Reporting Company☐Emerging GrowthCompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ There were84,992,662shares of the registrant’s common stock (excluding 95,979unvested restricted shares), par value $0.01 pershare, issued and outstanding as of October 29, 2025. INDEX TO QUARTERLY REPORT ON FORM 10-Q PART I – FINANCIAL INFORMATION ITEM 1.FINANCIAL STATEMENTS (UNAUDITED)3CONDENSED CONSOLIDATED BALANCE SHEETS – SEPTEMBER 30, 2025ANDDECEMBER31,20243CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – THREE AND NINE MONTHSENDED SEPTEMBER 30, 2025AND SEPTEMBER 30, 20244CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME– THREE ANDNINE MONTHS ENDED SEPTEMBER 30, 2025AND SEPTEMBER 30, 20245CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY –THREE AND NINEMONTHS ENDED SEPTEMBER 30, 2025AND SEPTEMBER 30, 20246CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – NINE MONTHS ENDEDSEPTEMBER 30, 2025AND SEPTEMBER 30, 20247NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – SEPTEMBER 30,20258ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS21ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK36ITEM 4.CONTROLS AND PROCEDURES36PART II – OTHER INFORMATIONITEM 1.LEGAL PROCEEDINGS37ITEM 1A.RISK FACTORS37ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS37ITEM 3.DEFAULTS UPON SENIOR SECURITIES37ITEM 4.MINING SAFETY DISCLOSURES37ITEM 5.OTHER INFORMATION37ITEM 6.EXHIBITS382 Table of Contents ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)MRC GLOBAL INC.(in millions, except per share amounts) Stockholders' equity:Common stock, $0.01par value per share:500million shares authorized,110,424,832and109,460,293issued, respectively11Additional paid-in capital1,7851,779Retained deficit(670)(652)Less: Treasury stock at cost:25,433,286and24,216,330shares, respectively(390)(375)Accumulated other comprehensive loss(195)(237)Total stockholders' equity531516Total liabilities and stockholders' equity$1,795$1,624 Table of Contents NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)MRC GLOBAL INC. NOTE1– BACKGROUND AND BASIS OF PRESENTATION Business Operations:MRC Global Inc. ("MRC Global") is a holding company headquartered in Houston, Texas. Our whollyowned subsidiaries are global distributors of pipe, valves, fittings (“PVF”) and infrastructure products and services across each ofthe following sectors: ●Gas Utilities:(storage and distribution of natural gas)●DIET:downstream, industrial and energy transition (crude oil refining, petrochemical and chemical processing, generalindustrials and energy transition projects)●PTI:production and transmission infrastructure (exploration, production extraction, gathering, processing and transmissionof oil and gas) We have service centers in industrial, chemical, gas distribution and hydrocarbon producing and refining area