Dycom delivered solid Q4 2025 results setting up a constructive 2026 investment narrative driven by fiber-to-the-home (FTTH) programs, hyperscaler long-haul deployments, and ongoing maintenance work across a diversified customer base. Q4 revenue of $1.085 billion and adj. EBITDA of $116.4 million yielded a margin of 10.7% for the quarter, with full-year 2025 contract revenues of $4.702 billion and adj. EBITDA of $576.3 million (12.3% of revenue). Backlog remained robust at $7.76 billion, with $4.642 billion expected to be completed within 12 months. The company also highlighted strong cash flow generation, with operating cash flow of $328.2 million in Q4 and free cash flow of $137.8 million for the year, up 82% YoY. A new $150 million stock repurchase program was authorized, augmenting a disciplined capital allocation framework that combines organic growth, acquisitions, and buybacks. Management emphasized the durability of the addressable FTTH and AI/digital infrastructure markets and signaled a multi-year cycle of investment activity, supported by a 53-week fiscal calendar in 2026 and no BEAD/storm revenues included in the guide.