Dycom Industries, Inc. Reports Fiscal 2026 Second Quarter Results
Second Quarter Highlights(All metrics compared to the second quarter of fiscal 2025)
Record Contract Revenues of $1.378 billion, up 14.5%
Record GAAP Diluted EPS of $3.33, up 35.4% compared to Q2 2025 Non-GAAP Diluted EPS
Record Net Income of $97.5 million, up 42.5%
Record Adjusted EBITDA of $205.5 million, up 29.8% and representing 14.9% of contract revenues
Operating Cash Flows of $57.4 million
Backlog of $8.0 billion as of July 26, 2025
WEST PALM BEACH, Fla., Aug. 20, 2025 (GLOBE NEWSWIRE) -- Dycom Industries, Inc. (NYSE:DY) announced today its results for the second quarter ended July 26, 2025.
"Dycom's first-half performance confirms the strength of our strategy, disciplined execution and ability to capitalize on a rapidly expanding market. This quarter, we delivered record revenue within our range of expectations and record earnings that exceeded our expectations. We meaningfully improved margins through operational efficiency and operating leverage, and strengthened our financial position through measured cash flow management," said Dan Peyovich, Dycom's President and Chief Executive Officer.
"The demand for digital infrastructure is accelerating, and Dycom's breadth and proven execution set us up to lead. Our customers are actively seeking partners with the scale and national reach to meet their ambitious goals. We are well positioned to achieve our full-year growth target and remain squarely focused on creating long-term value for our shareholders and providing long-term opportunities for our people. I want to personally thank all our teammates for their dedication to safety, quality, and to each other every single day. Their hard work is the foundation of our success."
Second Quarter Results
Contract revenues increased 14.5% to $1.378 billion for the quarter ended July 26, 2025, compared to $1.203 billion for the prior year quarter. On an organic basis, contract revenues increased 3.4% after excluding contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year quarters. Total contract revenues from acquired businesses were $139.8 million for the quarter ended July 26, 2025, compared to $5.7 million for the prior year quarter.
Non-GAAP Adjusted EBITDA increased to $205.5 million, or 14.9% of contract revenues, for the quarter ended July 26, 2025, compared to $158.3 million, or 13.2% of contract revenues, for the prior year quarter.
On a GAAP basis, net income increased to $97.5 million, or $3.33 per common share diluted, for the quarter ended July 26, 2025, compared to $68.4 million, or $2.32 per common share diluted, for the prior year quarter. Non-GAAP Adjusted Net Income was $72.5 million, or $2.46 per common share diluted, for the prior year quarter.
Year-to-Date Results
Contract revenues increased 12.4% to $2.637 billion for the six months ended July 26, 2025, compared to $2.345 billion for the prior year period. On an organic basis, contract revenues increased 2.1% after excluding contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods. Total contract revenues from acquired businesses were $256.6 million for the six months ended July 26, 2025, compared to $13.5 million for the prior year period.
Non-GAAP Adjusted EBITDA increased to $355.9 million, or 13.5% of contract revenues, for the six months ended July 26, 2025, compared to $289.2 million, or 12.3% of contract revenues, for the prior year period.
On a GAAP basis, net income increased to $158.5 million, or $5.42 per common share diluted, for the six months ended July 26, 2025, compared to $131.0 million, or $4.44 per common share diluted, for the prior year period. Non-GAAP Adjusted Net Income was $135.0 million, or $4.58 per common share diluted for the prior year period.
During the six months ended July 26, 2025, the Company repurchased 200,000 shares of its common stock in open markettransactions for $30.2 million at an average price of $150.93 per share.
Outlook
Fiscal 2026 Annual Outlook
We continue to expect total contract revenues for fiscal 2026 to range from $5.290 billion to $5.425 billion, representing a range of 12.5% to 15.4% total growth over the prior year. Fiscal 2026 will include 53 weeks of operations due to our fiscal calendar, with the extra week occurring in the Company's fiscal fourth quarter when operations are normally seasonally impacted by winter weather. Additionally, fiscal 2025 included $114.2 million of storm restoration services and we have not included storm restoration revenues in the fiscal 2026 outlook.
Third Quarter Fiscal 2026 Outlook
For the quarter ending October 25, 2025, the Company expects the following:
Contract revenues
$1.38 billion to $1.43 billion
Non-GAAP Adjusted EBITDA
$198 million to $213 million
Diluted Earnings per Common Share
$3.03 to $3.36
For additional information regarding the Company's outlook, please see the presentation materials available on the Company's website posted in connection with the conference call discussed below.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company's quarterly results releases, slide presentations, conference calls, and webcasts, it may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures in the press release tables that follow.
Conference Call Information and Other Selected Data
The Company will host a conference call to discuss fiscal 2026 second quarter results on Wednesday, August 20, 2025 at 9:00 a.m. ET. Interested parties may participate in the question and answer session of the conference call by registering at https://register-conf.media-server.com/register/BIc69c53d3a6cb413c8ae7e2c57286bb9d. Upon registration, participants will receive a dial-in number and unique PIN to access the call. Participants are encouraged to join approximately ten minutes prior to the scheduled start time.
For all other attendees, a live listen-only audio webcast of the call, including an accompanying slide presentation, can be accessed directly at https://edge.media-server.com/mmc/p/2grhmu4j. A replay of the live webcast and the related materials will be available on the Company's Investor Center website at https://dycomind.com/investors for approximately 120 days following the event.
About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. These services include program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities.
Forward Looking Information
This press release contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the Company's current assumptions regarding future business and financial performance, including, but not limited to, those statements found under the "Outlook" section of this press release. Forward-looking statements are based on management's expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this press release. The most significant of these known risks and uncertainties are described in the Company's Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes in government policies and laws affecting our business, including related to funding for infrastructure projects and tariff policies or changes to tax laws, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company's insurance and other reserves and allowances for credit losses, whether the carrying value of the Company's assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company's projects, the impact to the Company's backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, potential liabilities or other adverse effects arising from occupational health, safety, and other regulatory matters, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company's ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company's credit agreement, and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements.
For more information, contact:Callie Tomasso, Vice President Investor RelationsEmail: (561) 627-7171
---Tables Follow---
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Unaudited
July 26,2025
January 25,2025
ASSETS
Current assets:
Cash and equivalents
$
28,460
$
92,670
Accounts receivable, net
1,587,961
1,373,738
Contract assets
119,655
63,375
Inventories
122,560
127,255
Income tax receivable
35,838
2,963
Other current assets
44,448
34,629
Total current assets
1,938,922
1,694,630
Property and equipment, net
564,678
541,921
Operating lease right-of-use assets
112,128
112,151
Goodwill and other intangible assets, net
528,484
550,076
Other assets
75,712
46,589
Total assets
$
3,219,924
$
2,945,367
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
264,908
$
223,490
Current portion of debt
20,000
10,000
Contract liabilities
69,897
73,548
Accrued insurance claims
46,345
46,686
Operating lease liabilities
39,217
35,823
Income taxes payable
—
30,636
Other accrued liabilities
172,335
166,970
Total current liabilities
612,702
587,153
Long-term debt
1,009,058
933,212
Accrued insurance claims - non-current
54,602
49,836
Operating lease liabilities - non-current
78,575
76,928
Deferred tax liabilities, net - non-current
67,678
32,172
Other liabilities
27,578
26,969
Total liabilities
1,850,193
1,706,270
Total stockholders' equity
1,369,731
1,239,097
Total liabilities and stockholders' equity
$
3,219,924
$
2,945,367
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share amounts)
Unaudited
Quarter
Quarter
Six Months
Six Months
Ended
Ended
Ended
Ended
July 26, 2025
July 27, 2024
July 26, 2025
July 27, 2024
Contract revenues
$
1,377,944
$
1,203,059
$
2,636,551
$
2,345,482
Costs of earned revenues, excluding depreciation and amortization
1,070,450
952,882
2,081,562
1,874,518
General and administrative1
106,794
99,583
210,519
194,138
Depreciation and amortization
60,854
