First Quarter Highlights(All metrics compared to the first quarter of fiscal 2026)
Contract revenues of $1.965 billion(*) increased 56.1%, or 24.7% organically
Net income of $91.3 million(*), or $3.00(*) per common share diluted
Adjusted Net Income of $134.3 million(*), or $4.42(*) per common share diluted
Adjusted EBITDA of $262.5 million(*), or 13.4% of contract revenues
Total backlog of $11.906 billion(*) an increase of 46.5%
Entered into a definitive agreement to acquire National Technology Integrators
Repurchased 100,000 shares for $36.0 million
(*) Amount represents quarterly record or first quarter record result
WEST PALM BEACH, Fla., May 27, 2026 (GLOBE NEWSWIRE) -- Dycom Industries, Inc. (NYSE:DY) announced today its results for the first quarter ended May 2, 2026.
"Dycom delivered an outstanding start to the year that exceeded the high end of our expectations with strong revenue growth and margin expansion as well as record backlog," said Dan Peyovich, Dycom's President and Chief Executive Officer. "Demand for fiber infrastructure and data center builds is more robust today than it has ever been. We are strategically expanding our capabilities to meet this need both organically and through acquisitions. Power Solutions outperformed in its first full quarter as a part of the Building Systems segment and the acquisition of National Technology Integrators will further enhance our ability to provide comprehensive, end-to-end digital infrastructure solutions for our customers."
"We are in an excellent position to drive continued growth and realize the opportunities we see ahead in this period of unprecedented and intensifying demand, while remaining highly disciplined in our project selection. As a result, we are raising our full year outlook. I want to thank all our teammates for their dedication to safety and execution certainty, which underpins our multi-year growth trajectory and our ability to continue delivering long-term value for our shareholders."
First Quarter ResultsDollars in millions, except per share amounts
Quarter
Quarter
Ended
Ended
May 2, 2026
April 26, 2025
% Change
Contract revenues
$
1,964.8
$
1,258.6
56.1
%
Organic Contract Revenues Growth %
24.7
%
Net income1
$
91.3
$
61.0
49.5
%
Non-GAAP Adjusted Net Income2
$
134.3
$
70.0
92.0
%
Diluted EPS1
$
3.00
$
2.09
43.5
%
Non-GAAP Adjusted Diluted EPS2
$
4.42
$
2.39
84.9
%
Non-GAAP Adjusted EBITDA
$
262.5
$
150.4
74.6
%
Non-GAAP Adjusted EBITDA % of contract revenues
13.4
%
11.9
%
141
bps
Total Backlog
$
11,906.0
$
8,127.1
46.5
%
Segment Results
In Communications, total contract revenues of $1.569 billion exceeded expectations and increased 24.7% organically compared to the prior year quarter. Growth during the period was driven by expansion into additional geographies and fiber-to-the-home builds that ramped ahead of expectations; all aided by a favorable seasonal backdrop. Non-GAAP Adjusted EBITDA margin of 12.3% increased 31 bps over the prior year quarter reflecting operating leverage and continued investment to scale the Company's footprint and increase headcount, further strengthening Dycom's position to execute on multi-year build programs.
In Building Systems, total contract revenues of $395.4 million and Non-GAAP Adjusted EBITDA margin of 17.7% driven by revenue growth and performance which ramped ahead of initial expectations.
Acquisition
Effective May 22, 2026, the Company entered into a definitive agreement to acquire National Technology Integrators, a tenured and fast-growing low-voltage engineering and construction firm based in Maryland, for total consideration of $275 million. The transaction is subject to customary closing and post-closing adjustments and is expected to close before the end of the second fiscal quarter.
National Technology Integrators specializes in inside-plant structured cabling, including within data centers, as well as advanced audio-visual and security systems, with operations spanning Washington D.C, Maryland, Virginia, Texas and the Midwest. At closing, the acquired business will be included in the Building Systems segment and is anticipated to have an initial annual revenue run-rate of approximately $175 million. Historically, the business achieved Adjusted EBITDA margins in the mid-to-high teens, which is expected to continue.
This acquisition enhances Dycom's capabilities in the fast-growing digital infrastructure industry. The acquired company's services are in high-demand and highly complementary to Dycom's work in both segments, which will drive operational efficiencies and support greater combined project wins. The partnership also creates a significantly more complete fiber infrastructure offering, enabling Dycom to support customers from the initial connection at the server racks all the way through the networks connecting data centers, facilities, businesses and homes across America.
Outlook
The following outlook information for fiscal 2027 and the second quarter ended August 1, 2026 exclude any results from the pending acquisition of National Technology Integrators as impacts are dependent on the timing of completion.
Fiscal 2027 Annual Outlook
Based on its strong first quarter results and expectations for the remainder of the year, the Company is increasing its full year fiscal 2027 outlook and now expects the following:
Fiscal Year
Ending
January 30, 2027
Contract revenues
$7.38 billion to $7.65 billion
Contract revenues by segment:
Communications
$6.03 billion to $6.20 billion
Building Systems
$1.35 billion to $1.45 billion
The Company continues to anticipate Adjusted EBITDA margin expansion for the year. In Communications, the Company continues to expect modest Adjusted EBITDA margin improvement compared to fiscal 2026 as operating leverage offsets continued investment to support growth. In Building Systems, the Company now expects Adjusted EBITDA margin in the high teens, similar to performance in the first quarter.
Second Quarter Fiscal 2027 Outlook:
For the second quarter of fiscal 2027, the Company currently expects the following:
Quarter
Ending
August 1, 2026
Contract revenues
$1.94 billion to $2.01 billion
Non-GAAP Adjusted EBITDA
$284 million to $303 million
Non-GAAP Adjusted Diluted EPS (excluding amortization expense)
$4.40 to $4.82
For additional information regarding the Company's outlook, please see the "Outlook Expectations Summary" available on the Company's Investor Center 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 quarterly results releases, conference calls, webcasts, slide presentations and other materials, the Company may use or discuss non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability in making projections and/or certain information not being ascertainable; and because not all of the information and components necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. 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 first quarter results on Wednesday, May 27, 2026 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/BIc988a8ba8b25404b95f6070d40129047. 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/yago4jtm A replay of the live webcast and the related materials will be available on the Company's Investor Center website at https://ir.dycomind.com 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 electrical contracting services for data centers and other vital industries, 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. Forward looking statements can be identified with words such as "believe," "expect," "anticipate," "estimate," "intend," "project," "forecast," "target," "outlook," "may," "should," "could," and similar expressions, as well as statements written in the future tense. These statements, as well as any other written or oral forward-looking statements we may make from time to time in other SEC filings or other public communications are intended to qualify for the "safe harbor" from liability established by 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. These forward-looking statements also include those related to the ability of the Company to consummate the anticipated transaction to acquire National Technology Integrators on a timely basis, or at all; the ability to retain the key employees of the acquired business; unfavorable reaction to the anticipated transaction by key stakeholders, including customers and employees; the ability of the Company to identify and recognize the anticipated benefits of the proposed transaction; and the ability to successfully integrate the acquired business and related operations. 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: projections of revenues, income or loss, or capital expenditures; future economic conditions and trends in the industries we serve; changes in government policies and laws affecting our business, including related to funding for infrastructure projects, trade restrictions and tariff policies or changes to tax laws; our highly concentrated customer base; the competitive environment in which we operate; changes to customer capital budgets and spending priorities; our plans for future operations, growth and services, including contract backlog; our plans for future acquisitions, dispositions or financial needs; expected benefits and synergies of businesses acquired and future opportunities for the combined businesses; our significant accounts receivable and contract assets; the availability of capital; restrictions imposed by our senior notes and credit agreement; use of our cash flow to service our debt; potential liabilities or other adverse effects arising from occupational health, safety, and other regulatory matters; potential exposure to environmental liabilities; our potential exposure to litigation, indemnity claims, warranty claims, and other liabilities and disputes; whether the carrying value of the Company's assets may be impaired; the impacts of public health emergencies; the impact of seasonality and adverse climate and weather conditions; the impact of technological change on our customers' spending and our ability to keep pace with technological developments; our ability to attract qualified employees and subcontractors; the impact of a failure, outage or cybersecurity breach of our technology or information technology systems or those of third-party providers; 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: [email protected] Phone: (561) 627-7171
---Tables Follow---
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Unaudited
May 2, 2026
January 31, 2026
ASSETS
Current assets:
Cash and equivalents
$
538,826
$
709,165
Accounts receivable, net
1,980,558
1,696,973
Contract assets
240,133
162,327
Inventories
143,290
128,349
Income tax receivable
16,897
19,869
Other current assets
50,653
40,212
Total current assets
2,970,357
2,756,895
Property and equipment, net
591,570
575,376
Operating lease right-of-use assets
176,255
169,648
Goodwill and other intangible assets, net
2,324,731
2,369,383
Other assets
117,487
107,880
Total assets
$
6,180,400
$
5,979,182
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
666,643
$
497,263
Current portion of debt
6,000
4,000
Contract liabilities
155,812
158,503
Accrued insurance claims
50,406
47,594
Operating lease liabilities
44,773
42,288
Income taxes payable
—
771
Other accrued liabilities
225,726
256,481
Total current liabilities
1,149,360
1,006,900
Long-term debt
2,809,714
2,810,497
Accrued insurance claims - non-current
66,024
57,977
Operating lease liabilities - non-current
