Record Contract Revenues of $1.452 billion, up 14.1%
Record GAAP Diluted EPS of $3.63, up 35.4% compared to Q3 2025 Non-GAAP Diluted EPS
Record Net Income of $106.4 million, up 34.4% compared to Q3 2025 Non-GAAP Net Income
Record Adjusted EBITDA of $219.4 million, up 28.5% and representing 15.1% of contract revenues
Strong Operating Cash Flows of $220.0 million
Record Backlog of $8.2 billion as of October 25, 2025
Increasing Midpoint of Fiscal 2026 Revenue Outlook
WEST PALM BEACH, Fla., Nov. 19, 2025 (GLOBE NEWSWIRE) -- Dycom Industries, Inc. (NYSE:DY) announced today its results for the third quarter ended October 25, 2025.
"We delivered an exceptional third quarter with record revenue, profitability and backlog, reinforcing our industry leadership and operational discipline. As a result of our strong performance, we are increasing the midpoint of our full-year revenue outlook," said Dan Peyovich, Dycom's President and Chief Executive Officer.
"The demand drivers for telecommunications and digital infrastructure have never been stronger, fueled by accelerating fiber builds, a massive ramp-up in data center needs, and the much anticipated arrival of BEAD. Dycom's unique scale, expertise, and deep customer relationships position us to lead this significant, long-term deployment of digital infrastructure and deliver substantial value to our shareholders. I want to sincerely thank the Dycom team for their commitment to excellence and their focus on delivering for our customers every day."
Third Quarter Results
Contract revenues increased 14.1% to $1.452 billion for the quarter ended October 25, 2025, compared to $1.272 billion for the prior year quarter. On an organic basis, contract revenues increased 7.2% after excluding contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year quarters. Total contract revenues from acquired businesses were $110.9 million for the quarter ended October 25, 2025, compared to $21.0 million for the prior year quarter.
Non-GAAP Adjusted EBITDA increased to $219.4 million, or 15.1% of contract revenues, for the quarter ended October 25, 2025, compared to $170.7 million, or 13.4% of contract revenues, for the prior year quarter.
On a GAAP basis, net income increased to $106.4 million, or $3.63 per common share diluted, for the quarter ended October 25, 2025, compared to $69.8 million, or $2.37 per common share diluted, for the prior year quarter. Non-GAAP Adjusted Net Income was $79.2 million, or $2.68 per common share diluted, for the prior year quarter.
Year-to-Date Results
Contract revenues increased 13.0% to $4.088 billion for the nine months ended October 25, 2025, compared to $3.617 billion for the prior year period. On an organic basis, contract revenues increased 3.9% after excluding contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods. Total contract revenues from acquired businesses were $377.6 million for the nine months ended October 25, 2025, compared to $47.6 million for the prior year period.
Non-GAAP Adjusted EBITDA increased to $575.3 million, or 14.1% of contract revenues, for the nine months ended October 25, 2025, compared to $460.0 million, or 12.7% of contract revenues, for the prior year period.
On a GAAP basis, net income increased to $264.9 million, or $9.05 per common share diluted, for the nine months ended October 25, 2025, compared to $200.7 million, or $6.81 per common share diluted, for the prior year period. Non-GAAP Adjusted Net Income was $214.2 million, or $7.26 per common share diluted for the prior year period.
Outlook
Fiscal 2026 Annual Outlook
As a result of our strong performance and favorable demand outlook, the Company is increasing the midpoint of its revenue outlook for the year. We now expect total contract revenues for fiscal 2026 to range from $5.350 billion to $5.425 billion, representing a range of 13.8% to 15.4% total growth over the prior year. Fiscal 2026 will include 53 weeks of operations due to our fiscal calendar, with the extra week occurring in the Company's fiscal fourth quarter when operations are normally seasonally impacted by winter weather.
Fourth Quarter Fiscal 2026 Outlook
For the quarter ending January 31, 2026, the Company expects the following:
Contract revenues
$1.26 billion to $1.34 billion
Non-GAAP Adjusted EBITDA
$140 million to $155 million
Diluted Earnings per Common Share
$1.30 to $1.65
Non-GAAP Adjusted Diluted Earnings per Common Share*
$1.62 to $1.97
*Beginning in the fiscal fourth quarter ending January 31, 2026, the Company expects to exclude the impact of intangible amortization expense in its calculation of Non-GAAP Adjusted Earnings per Common Share.
For additional information regarding the Company's outlook, please see the presentation materials available on the Company's website posted in connection with the conference call discussed below.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company's quarterly results releases, slide presentations, conference calls, and webcasts, it may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures in the press release tables that follow.
Conference Call Information and Other Selected Data
The Company will host a conference call to discuss fiscal 2026 third quarter results on Wednesday, November 19, 2025 at 9:00 a.m. ET. Interested parties may participate in the question and answer session of the conference call by registering at https://register-conf.media-server.com/register/BI9a839022ad944fb09c33dfa69ba71132. Upon registration, participants will receive a dial-in number and unique PIN to access the call. Participants are encouraged to join approximately ten minutes prior to the scheduled start time.
For all other attendees, a live listen-only audio webcast of the call, including an accompanying slide presentation, can be accessed directly at https://edge.media-server.com/mmc/p/uapuurgx/lan/en/. A replay of the live webcast and the related materials will be available on the Company's Investor Center website at https://dycomind.com/investors for approximately 120 days following the event.
About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. These services include program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities.
Forward Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include those related to the Company's current assumptions regarding future business and financial performance, including, but not limited to, those statements found under the "Outlook" section of this press release. Forward-looking statements are based on management's expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this press release. The most significant of these known risks and uncertainties are described in the Company's Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes in government policies and laws affecting our business, including related to funding for infrastructure projects and tariff policies or changes to tax laws, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company's insurance and other reserves and allowances for credit losses, whether the carrying value of the Company's assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company's projects, the impact to the Company's backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, potential liabilities or other adverse effects arising from occupational health, safety, and other regulatory matters, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company's ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company's credit agreement, and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements.
For more information, contact:Callie Tomasso, Vice President, Investor Relations & Corporate CommunicationsEmail: (561) 627-7171
---Tables Follow---
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Unaudited
October 25, 2025
January 25, 2025
ASSETS
Current assets:
Cash and equivalents
$
110,109
$
92,670
Accounts receivable, net
1,586,884
1,373,738
Contract assets
147,576
63,375
Inventories
120,057
127,255
Income tax receivable
19,869
2,963
Other current assets
41,475
34,629
Total current assets
2,025,970
1,694,630
Property and equipment, net
567,918
541,921
Operating lease right-of-use assets
118,769
112,151
Goodwill and other intangible assets, net
516,644
550,076
Other assets
95,523
46,589
Total assets
$
3,324,824
$
2,945,367
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
297,130
$
223,490
Current portion of debt
20,000
10,000
Contract liabilities
54,766
73,548
Accrued insurance claims
53,060
46,686
Operating lease liabilities
38,135
35,823
Income taxes payable
—
30,636
Other accrued liabilities
193,367
166,970
Total current liabilities
656,458
587,153
Long-term debt
919,480
933,212
Accrued insurance claims - non-current
66,101
49,836
Operating lease liabilities - non-current
87,032
76,928
Deferred tax liabilities, net - non-current
85,082
32,172
Other liabilities
27,376
26,969
Total liabilities
1,841,529
1,706,270
Total stockholders' equity
1,483,295
1,239,097
Total liabilities and stockholders' equity
$
3,324,824
$
2,945,367
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share amounts)
Unaudited
Quarter
Quarter
Nine Months
Nine Months
Ended
Ended
Ended
Ended
October 25, 2025
October 26, 2024
October 25, 2025
October 26, 2024
Contract revenues
$
1,451,798
$
1,272,007
$
4,088,349
$
3,617,489
Costs of earned revenues, excluding depreciation and amortization
1,131,596
1,007,412
3,213,158
2,881,930
General and administrative1
107,297
110,777
317,816
304,915
Depreciation and amortization
62,159
52,001
