Dycom Industries Reports Record Q4 and Full-Year Results

Telecom infrastructure provider sees strong organic growth, margin expansion, and cash flow improvements.

Published on Mar. 6, 2026

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Dycom Industries (NYSE:DY) reported fiscal 2026 fourth-quarter and full-year results that management described as an 'excellent finish to a record year,' highlighted by revenue growth, margin expansion, and improved cash generation. The company also outlined fiscal 2027 guidance that includes contributions from its recently acquired Power Solutions business, which prompted a new two-segment reporting structure: Communications and Building Systems.

Why it matters

Dycom's strong performance and optimistic outlook reflect the robust demand for telecom infrastructure services driven by fiber-to-the-home deployments, wireless network upgrades, and data center construction. As a leading provider of specialty contracting services, Dycom's results provide insights into the health of the broader telecommunications industry.

The details

For the fiscal fourth quarter, Dycom posted all-time record quarterly revenue of $1.46 billion, up 34.4% year-over-year. Organic revenue increased 16.6%, which management said reflected backlog strength and momentum entering the new fiscal year. Adjusted EBITDA was $162.4 million with an adjusted EBITDA margin of 11.1%, up about 41 basis points from the prior-year quarter. Non-GAAP adjusted diluted EPS was $2.03, up 42% from the year-ago period. For the full fiscal year, Dycom reported record revenue of $5.55 billion, up 17.9% from fiscal 2025, with organic revenue growth of 6.5%. Non-GAAP adjusted EBITDA was $737.7 million and the adjusted EBITDA margin was 13.3%, representing 105 basis points of margin expansion year-over-year. Non-GAAP adjusted diluted EPS rose 29.7% to $11.97. Operating cash flow for fiscal 2026 totaled $642.5 million, and free cash flow increased 216% to $435.3 million after capital expenditures, net of disposal proceeds.

  • Dycom reported fiscal 2026 fourth-quarter and full-year results.
  • For the fiscal first quarter, Dycom guided revenue of $1.64 billion to $1.71 billion, adjusted EBITDA of $202 million to $218 million, and adjusted diluted EPS of $2.57 to $2.90.

The players

Dycom Industries

A leading provider of specialty contracting services to the telecommunications industry in North America, delivering engineering, construction, installation and maintenance solutions for communications infrastructure.

AT&T

A major telecommunications company that was a significant customer for Dycom in the fourth quarter, contributing $350.5 million in revenue.

Lumen

A telecommunications company that was also a significant customer for Dycom in the fourth quarter, contributing $147.7 million in revenue.

Verizon

A telecommunications company that acquired Frontier during the quarter, with the combined revenue from the two companies exceeding 10% of Dycom's total revenue at $205.6 million.

Brightspeed

A customer of Dycom that exceeded 5% of the company's total consolidated revenue.

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What they’re saying

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What’s next

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The takeaway

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