DYCOM INDUSTRIES (DY) Company Report

Dycom Industries' CEO Daniel Peyovich anticipates continued expansion in fiber-to-the-home construction, projecting 80% or 120-125 million homes in America will be passed, driving sustained revenue growth for the company.
Significant market opportunities include an $18 billion addressable market from the BEAD program (expected to generate revenue starting Q2 2026) and a $20 billion long-haul fiber market over the next five years, primarily for data centers.
The skilled workforce is identified as a critical bottleneck, with considerable strain anticipated around calendar 2027-2028 due to the simultaneous ramp-up of fiber-to-the-home, BEAD, and hyperscaler long-haul builds.
Dycom recently acquired Power Solutions to expand its data center electrical work and deepen relationships with hyperscaler customers, with further M&A in this space anticipated.

Dec 9, 2025, 8:45 PM

Transcript

Dycom Industries Discusses Growth Drivers and Strategic Priorities at UBS Conference

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Dycom anticipates continued significant growth in fiber-to-the-home (FTTH) construction, with customers ramping programs and an estimated 120-125 million total passings in the U.S.. The BEAD program is expected to contribute an $18 billion addressable market for FTTH and HFC, with revenue starting in Q2 2026.
The company sees a substantial $20 billion market opportunity over the next five years in long-haul fiber and data center connectivity, driven by hyperscalers' needs for capacity, low latency, and redundancy.
A significant strain on the skilled workforce is projected for calendar 2027-2028 due to the simultaneous demands of FTTH, BEAD, and hyperscaler infrastructure builds.
Permitting continues to be a primary bottleneck for construction, although new policies are being introduced to help streamline the process.
Dycom recently acquired Power Solutions to expand its capabilities in data center electrical work, aiming to deepen relationships with hyperscalers and anticipates further strategic M&A in this area.

Dec 9, 2025, 8:45 PM

Transcript

Dycom Industries Discusses Growth Drivers, Market Opportunities, and Strategic Initiatives at UBS Conference

New Projects/Investments

Revenue Acceleration/Inflection

M&A

Dycom Industries reported a significant growth year and anticipates continued ramp-up in fiber-to-the-home (FTTH) construction, targeting 120-125 million homes (approximately 80% of total US homes) over the next seven-plus years.
The company expects $18 billion in addressable market from the BEAD program, with revenue anticipated to begin in Q2 2026, and a $20 billion long-haul fiber market opportunity over the next five years, primarily driven by data centers.
Key challenges identified include permitting and a projected strain on the skilled workforce in 2027-2028 due to the combined demands of FTTH, BEAD, and hyperscaler long-haul builds.
Dycom recently acquired Power Solutions to expand into data center electrical work and plans further M&A in this space, expecting to reduce net leverage below two times within 12-18 months post-acquisition.

Dec 9, 2025, 8:45 PM

Transcript

Dycom Discusses Strategic Acquisition and Market Opportunities at UBS Conference

M&A

New Projects/Investments

Revenue Acceleration/Inflection

CEO Dan Peyovich highlighted Dycom's strong performance over the past year, including top-line growth, improved margins, and enhanced cash flows.
Dycom completed a $2 billion acquisition of Power Solutions, strategically expanding into the data center market, particularly in the DMV region which represents 27% of U.S. data center capacity. This acquisition is expected to improve cash flow.
The company projects a $20 billion market opportunity over the next five years for fiber network upgrades, driven by increasing data consumption and the need to modernize infrastructure for hyperscalers.
Dycom reported significant margin improvement, with 169 basis points year-over-year in the last quarter, and achieved a 14-day reduction in Days Sales Outstanding (DSOs), indicating durable cash flow improvements.

Dec 3, 2025, 8:30 PM

Transcript

Dycom Discusses Strategic Acquisition, Growth Drivers, and Margin Improvement

M&A

New Projects/Investments

Revenue Acceleration/Inflection

CEO Dan Peyovich highlighted Dycom's strong performance over the past year, including top-line growth, margin growth, and improved cash flows.
Dycom completed a $2 billion acquisition of Power Solutions, expanding into internal electrical and data center services, particularly in the DMV area, which accounts for 27% of U.S. data center capacity.
The company anticipates 7 to 10 more years of growth in fiber to the home (FTTH), aiming for 125 million homes passed, and expects the BEAD program to create an $18-$20 billion addressable market over five-plus years, with significant revenue in calendar 2027 and 2028.
Dycom achieved 169 basis points of year-over-year margin improvement in the last reported quarter and expects continued margin growth.

Dec 3, 2025, 8:30 PM

Transcript

Dycom Reports Record Q3 2026 Results and Announces Power Solutions Acquisition

Earnings

M&A

Guidance Update

Dycom reported record Q3 2026 revenue of $1.45 billion, a 14.1% increase compared to Q3 FY 2025, with adjusted EBITDA of $219 million and EPS of $3.63. The company also achieved an all-time high backlog of $8.2 billion.
The company announced the acquisition of Power Solutions for $1.95 billion, consisting of approximately $293 million in Dycom common stock and the remainder in cash, with the transaction expected to close in fiscal Q4. Power Solutions, which is expected to have $1 billion in revenue for 2025 and consistent mid to high teens EBITDA margins, is anticipated to be immediately accretive to Dycom's adjusted EBITDA margin and adjusted diluted EPS.
Dycom increased the midpoint of its full-year fiscal 2026 revenue outlook to a range of $5.35 billion-$5.425 billion. For Q4 2026, the company expects contract revenues of $1.26 billion-$1.34 billion, adjusted EBITDA of $140 million-$155 million, and diluted EPS of $1.30-$1.65 per share.
The acquisition positions Dycom to capitalize on the growing digital and AI infrastructure market, including an estimated $240 billion for data center labor over the next five years in the U.S.. Dycom also has over $500 million in verbal awards related to the BEAD program, with revenue projected to start in Q2 of next fiscal year.

Nov 19, 2025, 2:00 PM

Transcript

Dycom Reports Strong Q3 2026 Results and Announces $1.95 Billion Acquisition of Power Solutions

Earnings

Guidance Update

M&A

Dycom (DY) reported strong Q3 2026 financial results, including Total Contract Revenues of $1,451.8 million, Adjusted EBITDA of $219.4 million, and Adjusted Diluted EPS of $3.63, with 7.2% organic revenue growth.
The company raised its fiscal year 2026 revenue guidance to a range of $5.350 billion to $5.425 billion, representing 13.8% to 15.4% total growth over the prior year.
Dycom announced the acquisition of Power Solutions, LLC for $1.95 billion, comprising approximately $293 million in common stock and the rest in cash.
The Power Solutions acquisition, expected to close in Q4 2026, is projected to be immediately accretive to Adjusted EBITDA margin and Adjusted Diluted EPS, with Power Solutions expected to generate approximately $1.0 billion in annual revenue for CY2025.
Dycom's Next 12 Month Backlog grew 11.8% year-over-year to $4.994 billion in Q3 2026, and the company reported $706.5 million in liquidity.

Nov 19, 2025, 2:00 PM

Presentation

Dycom Reports Record Q3 2026 Results and Announces Acquisition of Power Solutions

Earnings

M&A

New Projects/Investments

Dycom reported record-setting Q3 FY 2026 financial results, including $1.45 billion in revenue, $219 million in adjusted EBITDA, and $3.63 in EPS.
The company announced the acquisition of Power Solutions for $1.95 billion, a strategic move to enter the digital and AI infrastructure market, which is expected to be immediately accretive to adjusted EBITDA margin and adjusted diluted EPS.
Power Solutions, a specialist in electrical infrastructure for data centers, is expected to generate approximately $1 billion in 2025 revenue with over $1 billion in current backlog and has consistently delivered EBITDA margins in the mid to high teens.
Dycom increased its full-year FY 2026 revenue outlook to a range of $5.35 billion - $5.425 billion and provided Q4 FY 2026 guidance, including expected contract revenues of $1.26 billion - $1.34 billion and diluted EPS of $1.30 - $1.65.
The company is capitalizing on significant market opportunities, including a $20 billion addressable market for outside plant data center network construction and securing over $500 million in verbal awards for BEAD deployments.

Nov 19, 2025, 2:00 PM

Transcript

Dycom Reports Record Q3 2026 Results and Announces Acquisition of Power Solutions

Earnings

M&A

Guidance Update

Dycom reported record-setting Q3 2026 revenue of $1.45 billion, an increase of 14.1% compared to Q3 FY 2025, with adjusted EBITDA of $219 million and EPS of $3.63.
The company announced an agreement to acquire Power Solutions for $1.95 billion, consisting of approximately $293 million payable in Dycom common stock and the remainder in cash, with the transaction expected to close in fiscal Q4 and be immediately accretive to adjusted EBITDA margin and adjusted diluted EPS.
Dycom increased its full-year fiscal 2026 revenue outlook to a range of $5.35 billion-$5.425 billion, representing 13.8%-15.4% total growth over the prior year, excluding the pending acquisition.
The company highlighted a $20 billion addressable market for outside plant data center network construction over the next five years and secured over $500 million in verbal awards related to BEAD deployments, with revenue projected to begin in Q2 of next fiscal year.

Nov 19, 2025, 2:00 PM

Transcript

Dycom Industries to Acquire Power Solutions for $1.95 Billion

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Dycom Industries, Inc. has signed a definitive agreement to acquire Power Solutions, LLC, a data center electrical contractor, for a total consideration of $1.95 billion.
Power Solutions specializes in electrical infrastructure solutions for data centers in the Greater Washington D.C., Maryland, and Virginia area, and is expected to have annual revenue of approximately $1.0 billion for calendar 2025.
The transaction is expected to be immediately accretive to Dycom’s Adjusted EBITDA margin and Adjusted Diluted EPS, and is projected to improve free cash flow for the combined company.
The acquisition will be funded by approximately $293 million in Dycom common stock, with the remaining cash portion financed through cash on hand, a committed $1.0 billion senior secured term loan A facility, and a committed $700 million senior secured 364-day bridge loan facility.
The transaction is subject to customary closing conditions and is expected to close before the end of the fiscal year.

Nov 19, 2025, 12:04 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for DYCOM INDUSTRIES.

Q3 2026

Nov 19, 2025

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Q2 2026

Aug 20, 2025

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Q1 2026

May 21, 2025

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DYCOM INDUSTRIES (DY)

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Q3 2026

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Executives

Daniel S. Peyovich

H. Andrew DeFerrari

Kevin M. Wetherington

Ryan F. Urness

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Carmen M. Sabater

Eitan Gertel

Jennifer M. Fritzsche

Laurie J. Thomsen

Luis Avila-Marco

Peter T. Pruitt, Jr.

Phillip R. Gallagher

Richard K. Sykes

Stephen O. LeClair

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