Dycom delivered a strong start to fiscal 2026, surpassing the high end of guidance across key metrics. Q1 revenue of $1.259 billion rose 10.2% year over year, with adjusted EBITDA of $150.4 million (11.9% of revenue) and GAAP/EPS metrics above Street expectations. The company boosted its full-year 2026 revenue outlook to $5.29â$5.425 billion, underscoring confidence in fiber-to-the-home (FTTH) ramp, maintenance and services, and hyperscaler programs. Backlog reached a record $8.13 billion, including $4.685 billion of next-12-month revenue, signaling robust visibility into future growth. Management highlighted ongoing diversification across drivers (FTTH, long-haul/middle-mile, hyperscalers, maintenance) as a key pillar of resiliency, with service and maintenance acting as a stabilizing, recurring revenue engine. While BEAD remains a meaningful long-term opportunity, it is not included in 2026 guidance, with potential awards anticipated in calendar 2026/fiscal 2027. The company also returned capital to shareholders through a $30.2 million stock repurchase and maintained a disciplined approach to cost and cash flow management, though free cash flow remained negative in Q1 due to working capital dynamics and capex intensity. Investors should monitor BEAD timing, tariff developments, hyperscaler award momentum, and the pace of backlog conversion as primary near-term risk/operating levers.