Dycom Industries reported a solid QQ3 2025 showing with revenue of $1.272 billion, up 12% year over year (organic growth 7.6%), and a meaningful improvement in non-GAAP operating metrics as the company capitalizes on a broad set of secular demand drivers. Management highlighted accelerated opportunities from fiber deployments including BEAD rural broadband, AI-enabled data-center interconnects, and hyperscaler private networks, alongside the integration of Black & Veatch’s public carrier wireless business. Backlog swelled to $7.856 billion, with roughly $4.467 billion expected to be completed within the next 12 months, underscoring durable visibility as the company expands its maintenance and operations (M&O) services in parallel with wireline and converged network deployments. In the near term, Dycom guided to mid- to high-single-digit total contract revenue growth for Q4 2025 and a modest margin uptick, reflecting seasonal headwinds and integration costs from recent acquisitions. The combination of robust backlog, strategic wireless integration, and rising BEAD/wireless opportunities supports a constructive long-term investment thesis, albeit with near-term execution and macro risks to monitor.