Dycom delivered a record-breaking QQ3 2026, underscoring its leadership in telecommunications infrastructure and positioning for a material expansion in data-center related services. Total contract revenues reached $1.452 billion, up 14.1% year over year, with Adjusted EBITDA of $219.4 million (margin 15.1%), and GAAP diluted EPS of $3.63. The company also posted a robust backlog of $8.22 billion and a 105-day combined DSO, reflecting disciplined working capital management. Management raised the full-year revenue outlook to $5.35–$5.425 billion, signaling strong visibility into fiber-to-home, wireless, and hyperscaler-driven activity, while highlighting BEAD-enabled growth expected to begin in the next fiscal year. In addition, Dycom solidified its strategic electrolyte for growth by announcing the $1.95 billion Power Solutions acquisition, which is expected to be immediately accretive to EBITDA margins and earnings per share and to deliver a clear deleveraging path toward a 2x net leverage target within 12–18 months post-close. Taken together, the QQ3 results, BEAD momentum, and the Power Solutions combination create a compelling, multi-year growth narrative centered on digital infrastructure, AI-driven demand, and recurring service revenue streams. Investors should monitor the integration progress of Power Solutions, BEAD funding timing, and the pace of deleveraging as evidence of the sustainability of the growth trajectory and margin expansion.