Dycom reported QQ2 2025 contract revenues of $1.203 billion, up 15.5% year over year and 9.2% organically, as the company benefited from fiber/wireless deployments, data-center edge activity, and ongoing multi-year capital programs. Gross margin rose 52 basis points to 20.8%, with adjusted EBITDA of $158.3 million (13.2% of revenue) and non-GAAP EPS of $2.46, underscoring a mix shift toward higher-margin projects and improved productivity. Backlog expanded to $6.834 billion at quarter-end, up from $6.364 billion a year ago, with roughly $3.83 billion expected to be completed in the next 12 months, reinforcing a robust revenue runway even as demand accelerates in wireless/wireline deployments. The quarter featured the August closing of the Black & Veatch public carrier wireless infrastructure acquisition for $150 million (cash), expanding Dycom’s geographic footprint and strengthening wireless capabilities; management indicated the acquired business is expected to contribute $250–$275 million of revenue in fiscal 2026 with margins in line with the consolidated average. Management also highlighted BEAD as a “generational deployment opportunity” with over $40 billion of BEAD-related funding and a pipeline of state approvals, with BEAD opportunities anticipated in calendar year 2025 and beyond. Despite positive momentum, near-term cash generation was restrained by working capital dynamics, including a 117-day DSOs/contract assets and elevated accounts receivable, contributing to negative operating cash flow in QQ2. The company maintained a disciplined balance sheet with total debt of about $1.021 billion and liquidity of $622 million, while signaling disciplined capital allocation focused on organic growth, select M&A, and share repurchases within leverage targets.