Dycom Industries Inc

dycomind.com

What Do They Do?

Builds and maintains communications networks and utility infrastructure, and installs building systems for telecommunications providers, utilities, and data center contractors.

How Do They Make Money?

Dycom charges for individually priced service tasks such as placing cable, and earns revenue as the work is performed or tasks are completed. For some short projects, payment may come at milestones or in a lump sum at the end.

revenue

Segment	Share	Revenue	How money arrives
Communications Sold outright	98%		Sold outright
Building Systems	1.7%

Who Are Their Customers?

Dycom serves telecommunications providers, electric and gas utilities, and general contractors specializing in data center construction.

Customers above 10% of revenue, FY2026

of revenue from three customers (25%, 14%, 11%)

FY2024: 57% from four customers

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2026 and turned 7 cents into free cash flow.

Net income, FY2026

5% of revenue

▲ +20% vs FY2025 ($233.4M, 5%)

Free cash flow, FY2026

7% of revenue

▲ +307% vs FY2025 ($98.6M, 2%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2027, the three months to Aug 1, 2026

Revenue: ▲ +46%; vs $1.4B in Q2 FY2026
Net income: ▲ +19%; vs $97.5M in Q2 FY2026

Communications share of revenue vs 100.0% in Q2 FY2026

Aug 26, 2026 Completed National Technology Integrators acquisition and raised full-year revenue outlook The revised fiscal 2027 revenue outlook is $7.48 billion to $7.66 billion; the acquired business adds structured cabling, audio-visual and security systems.

Growing. Revenue grew 77% in 4 years, from $3.1B in FY2022 to $5.5B in FY2026, about 15% a year.

Data center building systems The latest report adds electrical, energy management, security, and fire safety systems for data centers and other critical facilities to the earlier telecommunications and utility contracting portfolio.

Revenue over time

Communications Building Systems

$10B$5B$0

FY2024 FY2025 FY2026

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