Dycom Industries Inc
DY
$351.80 -0.73%
Exchange: NYSE | Sector: Industrials | Industry: Engineering Construction
Q1 2026
Published: May 22, 2025

Earnings Highlights

  • Revenue of $1.26B up 10.2% year-over-year
  • EPS of $2.09 decreased by 1.9% from previous year
  • Gross margin of 19.7%
  • Net income of 61.05M
  • "Backlog at the end of Q1 was $8.127 billion, including $4.685 billion that is expected to be completed in the next 12 months." - Dan Peyovich
DY
Company DY

Executive Summary

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 $5.29–$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.

Key Performance Indicators

Revenue
Increasing
1.26B
QoQ: 16.05% | YoY: 10.17%
Gross Profit
Increasing
247.50M
19.66% margin
QoQ: 25.90% | YoY: 40.96%
Operating Income
Increasing
85.38M
QoQ: 59.09% | YoY: 5.37%
Net Income
Decreasing
61.05M
QoQ: 86.86% | YoY: -2.41%
EPS
Decreasing
2.11
QoQ: 88.39% | YoY: -1.86%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q3 2026 1,451.80 3.63 +44.1% View
Q2 2026 1,377.94 3.33 +14.5% View
Q1 2026 1,258.61 2.09 +10.2% View
Q4 2025 1,084.53 1.11 +13.9% View
Q3 2025 1,007.41 2.37 -11.3% View