Dycom Industries, Inc. Reports Fiscal 2026 Second Quarter Results

Dycom Industries, Inc., a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries in the United States, has released its financial results for the second quarter of fiscal 2026, ending July 26, 2025. The company reported record revenues and earnings, highlighting strong performance and strategic execution in a rapidly expanding market.

Financial Highlights

For the second quarter of fiscal 2026, Dycom Industries reported:

• Record contract revenues of $1.378 billion, a 14.5% increase compared to the same quarter in fiscal 2025.
• Record GAAP diluted earnings per share (EPS) of $3.33, up 35.4% from Q2 2025.
• Record net income of $97.5 million, a 42.5% increase year-over-year.
• Record adjusted EBITDA of $205.5 million, representing 14.9% of contract revenues, up 29.8% from the prior year quarter.
• Operating cash flows of $57.4 million.
• A backlog of $8.0 billion as of July 26, 2025.

Business and Operational Highlights

Dycom's performance was driven by increased demand for digital infrastructure, with significant contributions from acquired businesses. Organic contract revenues, excluding acquisitions, grew by 3.4%. The company also reported substantial improvements in operational efficiency and operating leverage, contributing to enhanced margins.

Strategic Initiatives and Corporate Developments

During the first half of fiscal 2026, Dycom repurchased 200,000 shares of its common stock for $30.2 million at an average price of $150.93 per share. This buyback reflects the company's commitment to returning value to shareholders.

Management's Perspective

Dan Peyovich, Dycom’s President and CEO, commented on the results, stating, "Dycom’s first-half performance confirms the strength of our strategy, disciplined execution, and ability to capitalize on a rapidly expanding market. 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."

Future Outlook

For fiscal 2026, Dycom expects total contract revenues to range from $5.290 billion to $5.425 billion, representing 12.5% to 15.4% growth over the prior year. The company also provided guidance for the third quarter of fiscal 2026, projecting contract revenues between $1.38 billion and $1.43 billion, non-GAAP adjusted EBITDA between $198 million and $213 million, and diluted EPS between $3.03 and $3.36.

SEC Filing: DYCOM INDUSTRIES INC [ DY ] - 8-K - Aug. 20, 2025