Dycom delivered a strong second quarter of fiscal 2026, advancing its growth strategy in a rapidly expanding addressable market for digital infrastructure. Revenue rose 14.5% year over year to $1.378 billion, with adjusted EBITDA of $205.5 million and an EBITDA margin of 14.9%, reflecting meaningful operating leverage and ongoing efficiency gains. Net income of $97.5 million and diluted EPS of $3.33 exceeded guidance, and management highlighted a disciplined focus on cash flow and backlog growth, finishing the quarter with total backlog of $7.989 billion and a next-twelve-month backlog of $4.604 billion, up 16.9% and 20.2% respectively versus the prior year. Platform breadth was emphasized, including FTTH programs, wireless activity, maintenance services, and hyperscaler data-center initiatives, contributing to a diversified pipeline across all 50 states.
Management reaffirmed the full-year revenue target of $5.29 billion to $5.425 billion, reinforcing confidence in continued momentum into the second half of 2026. The company highlighted substantial opportunity in data-center and outside-plant fiber networks tied to AI-driven infrastructure, with an addressable market estimate of over $20 billion over the next five years for outside-plant data-center networks. Dycom also noted favorable policy dynamics (tax reform benefits and permitting initiatives) and a growing shift by customers toward consolidating engineering, construction, and service/maintenance work with national providers like Dycom. While BEAD-related revenue is not included in the current outlook, management expects meaningful BEAD-related opportunities as plans finalize. Overall, Dycom projects durable, multi-year growth supported by a robust backlog, recurring service revenue, and expanding opportunities with hyperscalers and defense-related work, underpinning an optimistic long‑term value proposition for investors.