DYCOM INDUSTRIES (DY) Company Report

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.

1 day ago

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.

1 day ago

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

Dycom Industries Reports Record Q3 2026 Results and Raises Fiscal 2026 Revenue Outlook

Earnings

Guidance Update

Revenue Acceleration/Inflection

Dycom Industries, Inc. reported record contract revenues of $1.452 billion for the third quarter of fiscal 2026, representing a 14.1% increase over the prior year quarter.
The company achieved record GAAP diluted EPS of $3.63, up 35.4% compared to Q3 2025 Non-GAAP Diluted EPS, and record net income of $106.4 million.
Record Adjusted EBITDA reached $219.4 million, a 28.5% increase, and the company's backlog hit a record $8.2 billion as of October 25, 2025.
Dycom is increasing the midpoint of its fiscal 2026 revenue outlook, now projecting total contract revenues between $5.350 billion and $5.425 billion for the full fiscal year.

Nov 19, 2025, 12:00 PM

8-K

Dycom Industries Discusses Growth Opportunities and Strategic Initiatives

New Projects/Investments

M&A

Guidance Update

Dycom Industries is a premier digital infrastructure solutions provider across all 50 states, with a current year (2025) revenue outlook of approximately $5.3 billion, up from $3.1 billion four years prior.
The company sees significant growth opportunities in fiber-to-the-home builds, with customers committing to 125 million passings out of 145 million total homes, and in the AI data center space, which represents a $20 billion opportunity for Dycom's workstreams over the next five years.
Over 50% of Dycom's business is recurring service and maintenance revenue, providing a stable foundation. The company anticipates BEAD program revenue in Q2 of next year (2026), with approximately two-thirds of the 34 states' announced sub-grantees being fiber or HSE.
Dycom is actively focused on its labor strategy to support continued growth and is aggressively pursuing M&A opportunities that align with its strategic goals.

Sep 11, 2025, 3:50 PM

Transcript

Dycom Industries Discusses Growth Opportunities in Fiber, AI, and BEAD Programs

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Dycom Industries, a digital infrastructure solutions provider, anticipates a $20 billion opportunity in the next five years from workstreams related to AI-driven fiber infrastructure and data center connectivity, including "inside the fence" campus work.
The company expects to see revenue from the BEAD program starting in the second quarter of next year (Q2 2026), with approximately two-thirds of announced sub-grantees' address locations being fiber or HSE, representing about 75% of the dollars.
Dycom reported strong Q2 performance with revenue growth over 14.5% and margin growth of 175 basis points, and continues to see opportunities for further margin and cash flow improvements.
The company is aggressively pursuing M&A opportunities that align with its strategy and culture, aiming for long-term shareholder returns, while also prioritizing investments in labor and equipment to support organic growth.

Sep 11, 2025, 3:50 PM

Transcript

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