Slug: dycom-industries
Queue id: 189 · theme industrials
Last updated: 2026-10-13
Primary sources: Form 10-K for fiscal year ended January 31, 2026; Q4/FY2026 earnings release (EX-99.1, filed ~March 4, 2026); company IR / about pages.
Labels: FACT = stated in filing/release; SECONDARY = reputable press; INFERENCE = arithmetic or plain-language interpretation of FACT.
Dycom Industries, Inc. (NYSE: DY) is a U.S. specialty contractor for telecommunications infrastructure and utilities. It provides program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment for telecom providers, plus underground facility locating and construction/maintenance for electric and gas utilities. Incorporated in Florida in 1969; headquarters West Palm Beach. About 40 operating companies, hundreds of field offices, all 50 states. Tagline/vision: “To Connect America.” (FACT — about page / 10-K business description via earnings release “About.”)
In Q4 FY2026 Dycom acquired Power Solutions, LLC (closed December 23, 2025): electrical infrastructure for data centers and critical facilities in the Greater Washington D.C. / Maryland / Virginia area; 2,900+ skilled employees. (FACT — FY2026 earnings release.)
Beginning Q4 FY2026 Dycom reports two segments: Communications and Building Systems (Power Solutions). (FACT.)
(FACT — 10-K fiscal-year note; earnings release.)
| Metric | FY2026 | FY2025 | Change |
|---|---|---|---|
| Contract revenues | $5,545.9M ($5.546B) | $4,702.0M | +17.9% |
| Organic contract revenue growth (non-GAAP) | +6.5% | — | excl. acquired + extra week |
| Net income | $281.2M | $233.4M | +20.5% |
| Diluted EPS | $9.56 | $7.92 | +20.7% |
| Adj. Net Income (non-GAAP) | $352.1M | $272.2M | +29.4% |
| Adj. EBITDA (non-GAAP) | $737.7M (13.3% of revenue) | $576.3M (12.3%) | +28.0% / +105 bps |
| Operating cash flow | $642.5M | $349.1M | +84% |
| Free Cash Flow (non-GAAP) | $435.3M | $137.8M | +216% |
Costs of earned revenues (ex D&A) $4,405.8M; G&A $445.5M; D&A $269.6M; total costs $5,120.8M.
INFERENCE: approximate GAAP operating profit before interest/other = $5,545.9M − $5,120.8M = $425.1M (~7.7% of contract revenues). Income before taxes $367.9M.
(FACT — condensed statements of operations in earnings release; INFERENCE for $425.1M.)
| Segment | Contract revenues | Adj. EBITDA |
|---|---|---|
| Communications | $5,450.1M (98.3%) | $726.6M (13.3% margin) |
| Building Systems | $95.8M (1.7%; post-acquisition stub) | $11.1M (11.6%) |
(FACT — supplemental segment data.)
Organic growth drivers cited: fiber-to-the-home (incl. rural), long-haul/middle-mile fiber, inside-the-fence work, maintenance & operations. Acquired-business revenues $563.8M in FY2026 vs $109.1M in FY2025. (FACT.)
FY2026 share of total contract revenues (FACT — 10-K / customer table):
Highly concentrated customer base; identity of top customers fluctuates. (FACT.)
As of January 31, 2026 (FACT):
| Total backlog | Next 12 months | |
|---|---|---|
| Communications | $8,333.5M | $5,249.6M |
| Building Systems | $1,208.5M | $1,108.4M |
| Total | $9,542.0M | $6,358.0M |
Prior year total backlog $7,759.9M. Backlog is mostly MSAs and other long-term contracts; not a GAAP measure. (FACT.)
Employees: approximately 19,556 as of January 31, 2026. (FACT — 10-K.)
Cash & equivalents $709.2M; total assets $6.0B; long-term debt $2.81B; stockholders’ equity $1.86B. Goodwill & intangibles rose sharply with Power Solutions ($2.37B vs $550M prior year). (FACT — condensed balance sheet.)
Contract revenues guided $6.85B–$7.15B (Communications $5.70–$5.90B; Building Systems $1.15–$1.25B). (FACT that management stated this; not used as historical revenue.)
Dycom sells specialty contracting services under master service agreements (MSAs) and other contracts with large telecom/utility customers. Revenue is contract revenue recognized as work is performed (fiber construction, wireless, locating, maintenance, electrical fit-out). Commercial form = long-term enterprise MSAs; billing scales with volume of work. Best atlas fit: enterprise-contracts (negotiated MSAs with AT&T/Verizon/Lumen etc.; not a consumer meter, not retail hardware). Alternative considered: usage-based (units of work) — rejected because atlas usage-based peers are metered tariffs/API/payroll; Dycom’s lead product is the enterprise MSA relationship.
# Dycom Industries — research brief **Slug:** dycom-industries **Queue id:** 189 · theme industrials **Last updated:** 2026-10-13 **Primary sources:** Form 10-K for fiscal year ended January 31, 2026; Q4/FY2026 earnings release (EX-99.1, filed ~March 4, 2026); company IR / about pages. Labels: **FACT** = stated in filing/release; **SECONDARY** = reputable press; **INFERENCE** = arithmetic or plain-language interpretation of FACT. --- ## What Dycom is Dycom Industries, Inc. (NYSE: **DY**) is a U.S. specialty contractor for telecommunications infrastructure and utilities. It provides program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment for telecom providers, plus underground facility locating and construction/maintenance for electric and gas utilities. Incorporated in Florida in 1969; headquarters West Palm Beach. About **40 operating companies**, hundreds of field offices, all 50 states. Tagline/vision: “To Connect America.” (**FACT** — about page / 10-K business description via earnings release “About.”) In Q4 FY2026 Dycom acquired **Power Solutions, LLC** (closed December 23, 2025): electrical infrastructure for data centers and critical facilities in the Greater Washington D.C. / Maryland / Virginia area; **2,900+** skilled employees. (**FACT** — FY2026 earnings release.) Beginning Q4 FY2026 Dycom reports **two segments**: **Communications** and **Building Systems** (Power Solutions). (**FACT**.) --- ## Fiscal calendar (use company labels — do not convert to calendar year) - Fiscal year ends on the **last Saturday in January** (52/53-week year). - **FY2026** = **53 weeks ended January 31, 2026**. - **FY2025** = **52 weeks ended January 25, 2025**. - Next year outlook labeled **FY2027** ending January 30, 2027. (**FACT** — 10-K fiscal-year note; earnings release.) --- ## Full-year financials (FY2026) | Metric | FY2026 | FY2025 | Change | |--------|--------|--------|--------| | Contract revenues | **$5,545.9M** ($5.546B) | $4,702.0M | **+17.9%** | | Organic contract revenue growth (non-GAAP) | **+6.5%** | — | excl. acquired + extra week | | Net income | **$281.2M** | $233.4M | **+20.5%** | | Diluted EPS | **$9.56** | $7.92 | +20.7% | | Adj. Net Income (non-GAAP) | **$352.1M** | $272.2M | +29.4% | | Adj. EBITDA (non-GAAP) | **$737.7M** (13.3% of revenue) | $576.3M (12.3%) | +28.0% / +105 bps | | Operating cash flow | **$642.5M** | $349.1M | +84% | | Free Cash Flow (non-GAAP) | **$435.3M** | $137.8M | +216% | Costs of earned revenues (ex D&A) $4,405.8M; G&A $445.5M; D&A $269.6M; total costs $5,120.8M. **INFERENCE:** approximate GAAP operating profit before interest/other = $5,545.9M − $5,120.8M = **$425.1M** (~**7.7%** of contract revenues). Income before taxes $367.9M. (**FACT** — condensed statements of operations in earnings release; INFERENCE for $425.1M.) ### Segment mix FY2026 | Segment | Contract revenues | Adj. EBITDA | |---------|-------------------|-------------| | Communications | **$5,450.1M** (98.3%) | $726.6M (13.3% margin) | | Building Systems | **$95.8M** (1.7%; post-acquisition stub) | $11.1M (11.6%) | (**FACT** — supplemental segment data.) Organic growth drivers cited: fiber-to-the-home (incl. rural), long-haul/middle-mile fiber, inside-the-fence work, maintenance & operations. Acquired-business revenues $563.8M in FY2026 vs $109.1M in FY2025. (**FACT**.) --- ## Customers & concentration FY2026 share of total contract revenues (**FACT** — 10-K / customer table): - **AT&T Inc.** ~**25.4%** - **Verizon Communications** ~**14.0%** (includes Frontier retrospectively after Verizon’s Jan 20, 2026 acquisition of Frontier) - **Lumen Technologies** ~**10.8%** (AT&T later bought Lumen’s mass-markets fiber Feb 2, 2026 — post year-end; still reported under Lumen for FY2026) - **Comcast** ~**7.4%** Highly concentrated customer base; identity of top customers fluctuates. (**FACT**.) --- ## Backlog & workforce As of January 31, 2026 (**FACT**): | | Total backlog | Next 12 months | |--|---------------|----------------| | Communications | $8,333.5M | $5,249.6M | | Building Systems | $1,208.5M | $1,108.4M | | **Total** | **$9,542.0M** | **$6,358.0M** | Prior year total backlog $7,759.9M. Backlog is mostly MSAs and other long-term contracts; not a GAAP measure. (**FACT**.) Employees: approximately **19,556** as of January 31, 2026. (**FACT** — 10-K.) --- ## Balance sheet snapshots (Jan 31, 2026) Cash & equivalents **$709.2M**; total assets **$6.0B**; long-term debt **$2.81B**; stockholders’ equity **$1.86B**. Goodwill & intangibles rose sharply with Power Solutions ($2.37B vs $550M prior year). (**FACT** — condensed balance sheet.) --- ## FY2027 outlook (forward-looking — not a FACT for ranking) Contract revenues guided **$6.85B–$7.15B** (Communications $5.70–$5.90B; Building Systems $1.15–$1.25B). (**FACT** that management stated this; not used as historical revenue.) --- ## Business model engine (for atlas primaryTag) Dycom sells **specialty contracting services** under **master service agreements (MSAs)** and other contracts with large telecom/utility customers. Revenue is **contract revenue recognized as work is performed** (fiber construction, wireless, locating, maintenance, electrical fit-out). Commercial form = long-term enterprise MSAs; billing scales with volume of work. Best atlas fit: **enterprise-contracts** (negotiated MSAs with AT&T/Verizon/Lumen etc.; not a consumer meter, not retail hardware). Alternative considered: usage-based (units of work) — rejected because atlas usage-based peers are metered tariffs/API/payroll; Dycom’s lead product is the enterprise MSA relationship. --- ## Sources 1. Dycom FY2026 Q4 earnings release (EX-99.1): https://www.sec.gov/Archives/edgar/data/67215/000006721526000004/dyfy2026q4earningsreleasee.htm 2. Form 10-K for year ended January 31, 2026: https://www.sec.gov/Archives/edgar/data/67215/000006721526000008/dy-20260131.htm 3. Company about: https://dycomind.com/about-us/ 4. Investor center: https://dycomind.com/investors / https://ir.dycomind.com/