# DYCOM INDUSTRIES INC (DY)

Informational only - not investment advice.

CIK: 0000067215
SIC: 1623 Water, Sewer, Pipeline, Comm & Power Line Construction
SIC breadcrumb: [Construction](/division/C/) > [SIC Major Group 16](/major-group/16/) > [SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction](/industry/1623/)
Latest 10-K filed: 2026-03-09
SEC page: https://www.sec.gov/edgar/browse/?CIK=67215
Filing source: https://www.sec.gov/Archives/edgar/data/67215/000006721526000008/dy-20260131.htm

## At a glance

FY2026 · period end 2026-01-31 · filed 2026-03-09 · accession 0000067215-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000067215.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 5,545,912,000 USD | 2026 | verified |
| Net income | 281,189,000 USD | 2026 | verified |
| Assets | 5,979,182,000 USD | 2026 | verified |
| Free cash flow | 401,712,000 USD | 2026 | computed |
| Net margin | 5.07% | 2026 | computed |
| Revenue YoY | +17.95% | 2026 | computed |
| ROE | 15.12% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | DY | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 5.1% | 3.6% | 77 | 14 |
| Revenue growth | 17.9% | 12.7% | 79 | 15 |
| FCF margin | 7.2% | 5.0% | 86 | 15 |
| ROE | 15.1% | 13.7% | 54 | 14 |
| ROA | 4.7% | 4.7% | 46 | 14 |
| Liabilities / equity | 2.22 | 2.02 | 64 | 15 |
| Current ratio | 2.74 | 1.33 | 93 | 15 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 16 SIC Major Group 16, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 5545912000 | USD | 2026 | 2026-03-09 |
| Net income | 281189000 | USD | 2026 | 2026-03-09 |
| Assets | 5979182000 | USD | 2026 | 2026-03-09 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000067215.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 3,066,880,000 | 655,133,000 | 3,127,700,000 | 3,339,682,000 | 3,199,165,000 | 3,130,519,000 | 3,808,462,000 | 4,175,574,000 | 4,702,014,000 | 5,545,912,000 |
| Net income | 128,740,000 | 157,217,000 |  | 62,907,000 | 57,215,000 | 34,337,000 | 48,574,000 | 142,213,000 | 218,923,000 | 233,413,000 | 281,189,000 |
| Diluted EPS | 3.89 | 4.92 |  | 1.97 | 1.80 | 1.07 | 1.57 | 4.74 | 7.37 | 7.92 | 9.56 |
| Operating cash flow | 275,731,000 | 256,443,000 |  | 124,447,000 | 57,999,000 | 381,777,000 | 308,655,000 | 164,789,000 | 258,976,000 | 349,096,000 | 642,503,000 |
| Capital expenditures | 186,011,000 | 201,197,000 |  | 164,963,000 | 120,574,000 | 58,047,000 | 157,042,000 | 200,955,000 | 218,492,000 | 250,457,000 | 240,791,000 |
| Share buybacks | 169,997,000 | 62,909,000 |  | 0.00 | 0.00 | 100,000,000 | 106,133,000 | 48,732,000 | 49,659,000 | 65,640,000 | 30,185,000 |
| Assets |  | 1,899,307,000 | 1,840,956,000 | 2,097,503,000 | 2,217,631,000 | 1,944,165,000 | 2,118,224,000 | 2,313,254,000 | 2,516,885,000 | 2,945,367,000 | 5,979,182,000 |
| Liabilities |  | 1,227,724,000 | 1,115,960,000 | 1,293,335,000 | 1,349,027,000 | 1,132,857,000 | 1,359,680,000 | 1,444,499,000 | 1,462,229,000 | 1,706,270,000 | 4,120,046,000 |
| Stockholders' equity |  | 671,583,000 | 724,996,000 | 804,168,000 | 868,604,000 | 811,308,000 | 758,544,000 | 868,755,000 | 1,054,656,000 | 1,239,097,000 | 1,859,136,000 |
| Cash and cash equivalents |  | 38,608,000 | 84,029,000 | 128,342,000 | 54,560,000 | 11,770,000 | 310,757,000 | 224,186,000 | 101,086,000 | 92,670,000 | 709,165,000 |
| Free cash flow | 89,720,000 | 55,246,000 |  | -40,516,000 | -62,575,000 | 323,730,000 | 151,613,000 | -36,166,000 | 40,484,000 | 98,639,000 | 401,712,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 5.13% |  | 2.01% | 1.71% | 1.07% | 1.55% | 3.73% | 5.24% | 4.96% | 5.07% |
| Return on equity |  | 23.41% |  | 7.82% | 6.59% | 4.23% | 6.40% | 16.37% | 20.76% | 18.84% | 15.12% |
| Return on assets |  | 8.28% |  | 3.00% | 2.58% | 1.77% | 2.29% | 6.15% | 8.70% | 7.92% | 4.70% |
| Liabilities / equity |  | 1.83 | 1.54 | 1.61 | 1.55 | 1.40 | 1.79 | 1.66 | 1.39 | 1.38 | 2.22 |
| Current ratio |  | 2.95 | 3.49 | 3.85 | 3.90 | 2.61 | 3.55 | 3.18 | 3.06 | 2.89 | 2.74 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/DY/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000067215.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q2 | 2022-07-30 |  |  | 1.46 | reported discrete quarter |
| 2023-Q3 | 2022-10-29 |  |  | 1.80 | reported discrete quarter |
| 2024-Q1 | 2023-04-29 |  |  | 1.73 | reported discrete quarter |
| 2024-Q2 | 2023-07-29 | 1,041,535,000 | 60,246,000 | 2.03 | reported discrete quarter |
| 2024-Q3 | 2023-10-28 | 1,136,110,000 | 83,736,000 | 2.82 | reported discrete quarter |
| 2024-Q4 | 2024-01-27 | 952,455,000 | 23,418,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-04-27 | 1,142,423,000 | 62,554,000 | 2.12 | reported discrete quarter |
| 2025-Q2 | 2024-07-27 | 1,203,059,000 | 68,400,000 | 2.32 | reported discrete quarter |
| 2025-Q3 | 2024-10-26 | 1,272,007,000 | 69,789,000 | 2.37 | reported discrete quarter |
| 2025-Q4 | 2025-01-25 | 1,084,525,000 | 32,670,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-04-26 | 1,258,608,000 | 61,048,000 | 2.09 | reported discrete quarter |
| 2026-Q2 | 2025-07-26 | 1,377,944,000 | 97,483,000 | 3.33 | reported discrete quarter |
| 2026-Q3 | 2025-10-25 | 1,451,798,000 | 106,365,000 | 3.63 | reported discrete quarter |
| 2026-Q4 | 2026-01-31 | 1,457,563,000 | 16,293,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-05-02 | 1,964,782,000 | 91,289,000 | 3.00 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from DY's latest 10-K: [/company/DY/business/](/company/DY/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from DY's latest 10-K: [/company/DY/risk-factors/](/company/DY/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/67215/000006721526000025/dy-20260502.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-28
Report date: 2026-05-02

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K for fiscal 2026. Our Annual Report on Form 10-K for fiscal 2026 was filed with the SEC on March 9, 2026, and is available on the SEC’s website at www.sec.gov and on our website at www.dycomind.com.

Introduction

We are a leading provider of specialty contracting services focused on the digital infrastructure, telecommunications and utilities 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 and digital infrastructure providers. We also provide underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities. Additionally, we provide comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities. We supply the labor, tools, and equipment necessary to provide these services to our customers.

Demand for high-speed and low-latency connectivity is expanding, driven by data-intensive applications and mobile usage, necessitating extensive wireline network upgrades and extensions, new and expanding fiber and electrical infrastructure for data centers to meet the current and future needs of cloud compute and artificial intelligence (“AI”), and advanced wireless network deployments. This widespread need for expanded and enhanced connectivity fuels significant opportunities within the digital infrastructure industry. Our relationships, national footprint, and ability to manage increasingly complex services differentiate us and we are confident in our ability to capitalize on industry opportunities.

Our strategy centers on our core maintenance and operations services which provide a strong foundation to capitalize on other drivers of demand for digital infrastructure. These include multi-year fiber-to-the-home deployments throughout the United States, increasing fiber and electrical infrastructure builds to support hyperscaler data center growth, continued state and federal program spending to bridge the digital divide and wireless network modernization programs to meet increasing digital demands.

The cyclical nature of the industries we serve affects demand for our services, and our contract revenues and results of operations exhibit seasonality as a significant portion of our Communications segment work is performed outdoors. The capital expenditure and maintenance budgets of our customers, and the related timing of approvals and seasonal spending patterns, influence our contract revenues and results of operations. Factors affecting our customers and their capital expenditure budgets include, but are not limited to, overall economic conditions, the introduction of new technologies, our customers’ debt levels and capital structures, our customers’ financial performance, and our customers’ positioning and strategic plans. Other factors that may affect our customers and their capital expenditure budgets include the availability of state and federal funding, the implementation or enforcement of regulations or regulatory actions impacting our customers’ businesses, merger or acquisition activity involving our customers, and the physical maintenance needs of our customers’ infrastructure.

Customer Relationships and Contractual Arrangements

We have established relationships with many leading telecommunications providers, including telephone companies, cable multiple system operators, wireless carriers, telecommunications equipment and infrastructure providers, as well as electric and gas utilities and many leading general contractors specializing in data center construction.

Our customer base is highly concentrated. The following reflects the percentage of total contract revenues from customers who contributed at least 10% to our total contract revenues during the three months ended May 2, 2026 and April 26, 2025:

28

Table of Contents

[[GREPCENT_TABLE]]
[["","For the Three Months Ended"],["","May 2, 2026","","April 26, 2025"],["AT&T, Inc. (1)","20.6%","","25.8%"],["Verizon Communications Inc. (2)","12.6%","","13.7%"]]
[[/GREPCENT_TABLE]]

(1) On February 2, 2026, AT&T, Inc. completed its acquisition of substantially all of the mass markets fiber business from Lumen Technologies, Inc. As a result, amounts reported for AT&T Inc. in the current fiscal year include revenues from the mass markets fiber business to the extent they have transferred from Lumen Technologies Inc.

(2) Includes revenue attributable to Frontier Communications Corporation retrospectively for all periods presented as a result of the acquisition by Verizon Communications, Inc. on January 20, 2026.

We perform a majority of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks. We generally possess multiple agreements with each of our significant customers. To the extent that such agreements specify exclusivity, there are often exceptions, including the ability of the customer to issue work orders valued above a specified dollar amount to other service providers, the performance of work with the customer’s own employees, and the use of other service providers when jointly placing facilities with another utility. In many cases, a customer may terminate an agreement for convenience. Historically, multi-year master service agreements have been awarded primarily through a competitive bidding process; however, occasionally we are able to negotiate extensions to these agreements. We provide the remainder of our services pursuant to contracts for specific projects. These contracts may be long-term (with terms greater than one year) or short-term (with terms less than one year) and at times include retainage provisions under which the customer may withhold 5% to 10% of the invoiced amounts pending project completion and closeout. Contract revenues from multi-year master service agreements and other long-term contracts, as a percentage of contract revenues, was 95.5% and 92.5% for the three months ended May 2, 2026 and April 26, 2025

Acquisitions

As part of our growth strategy, we may acquire companies that expand, complement, or diversify our business. We regularly review opportunities and periodically engage in discussions regarding possible acquisitions. Our ability to sustain our growth and maintain our competitive position may be affected by our ability to identify, acquire, and successfully integrate companies.

Fiscal 2026. During the fourth quarter of fiscal 2026, we acquired Power Solutions, LLC (“Power Solutions”), a company that provides comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities in the Greater Washington D.C., Maryland, and Virginia area. This acquisition expands our service offerings and our customer base. The purchase price was valued at $1.95 billion as of the signing of the acquisition on a cash-free, debt-free basis. The value was subject to post-closing adjustment, including the final determination of cash, indebtedness and working capital balances. At the closing date, the funding of the acquisition included a cash payment of $1,644.9 million ($1,628.6 million net of cash acquired of $16.3 million), the issuance of 1,011,069 shares of Dycom common stock to the sellers valued at $351.0 million and the assumption of seller indebtedness of $64.8 million. A post-closing working capital adjustment of $12.8 million was recorded during the first quarter of fiscal 2027. Total consideration was $2,008.7 million. The acquisition of Power Solutions resulted in the addition of a new operating segment which is also a new reportable segment – Building Systems. For additional information on our reportable segments, see Note 20, Segment Reporting.

Results of the business acquired are included our condensed consolidated financial statements from the date of acquisition and represents the newly formed Building Systems reportable segment. For additional information on our reportable segments, including the results of the Building Systems segment, see Note 20, Segment Reporting..

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations is based on our condensed consolidated financial statements. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In conformity with GAAP, the preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. These estimates and assumptions require the use of judgment as to the likelihood of various future outcomes and, as a result, actual results could differ materially from these estimates. There have been no material changes to our significant accounting policies and critical accounting estimates described in our Annual Report on Form 10-K for fiscal 2026.

29

Table of Contents

Understanding Our Results of Operations

The following information is presented so that the reader may better understand certain factors impacting our results of operations and should be read in conjunction with our condensed consolidated financial statements and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q and Critical Accounting Policies and Estimates within Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as Note 2, Significant Accounting Policies and Estimates, in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for fiscal 2026.

Our fiscal year ends on the last Saturday in January. As a result, each fiscal year consists of either 52 weeks or 53 weeks of operations (with the additional week of operations occurring in the fourth quarter). Fiscal 2027 consists of 52 weeks of operations, while fiscal 2026 consisted of 53 weeks of operations.

Contract Revenues. We perform a significant amount of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks including, for example, the placement of underground or aerial fiber, directional boring, and fiber splicing, each based on a specific unit of measure. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable. Our services are performed for the sole benefit of our customers, whereby the assets being created or maintained are controlled by the customer and the services we perform do not have alternative benefits for us. Contract revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits we provide. Output measures such as units delivered are utilized to assess progress against specific contractual performance obligations for the majority of our services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/67215/000006721526000008/dy-20260131.htm
Complete FY 2026 MD&A: /company/DY/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-09
Report date: 2026-01-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our consolidated financial statements and the accompanying notes, as well as Part I, Item 1. Business, and Part I, Item 1A. Risk Factors, of this Annual Report on Form 10-K.

24

Table of Contents

Introduction

We are a leading provider of specialty contracting services focused on the digital infrastructure, telecommunications and utilities 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 and digital infrastructure providers. We also provide underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities. Additionally, we provide comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities. We supply the labor, tools, and equipment necessary to provide these services to our customers.

Demand for high-speed and low-latency connectivity is expanding, driven by data-intensive applications and mobile usage, necessitating extensive wireline network upgrades and extensions, new and expanding fiber and electrical infrastructure for data centers to meet the current and future needs of cloud compute, AI and advanced wireless network deployments. This widespread need for expanded and enhanced connectivity fuels significant opportunities within the digital infrastructure industry. Our relationships, national footprint, and ability to manage increasingly complex services differentiate us and we are confident in our ability to capitalize on industry opportunities.

Our strategy centers on our core maintenance and operations services which provide a strong foundation to capitalize on other drivers of demand for digital infrastructure. These include multi-year fiber-to-the-home deployments throughout the United States, increasing fiber and electrical infrastructure builds to support hyperscaler data center growth, continued state and federal program spending to bridge the digital divide and wireless network modernization programs to meet increasing digital demands.

The cyclical nature of the industries we serve affects demand for our services, and our contract revenues and results of operations exhibit seasonality as a significant portion of our Communications segment work is performed outdoors. The capital expenditure and maintenance budgets of our customers, and the related timing of approvals and seasonal spending patterns, influence our contract revenues and results of operations. Factors affecting our customers and their capital expenditure budgets include, but are not limited to, overall economic conditions, the introduction of new technologies, our customers’ debt levels and capital structures, our customers’ financial performance, and our customers’ positioning and strategic plans. Other factors that may affect our customers and their capital expenditure budgets include the availability of state and federal funding, the implementation or enforcement of regulations or regulatory actions impacting our customers’ businesses, merger or acquisition activity involving our customers, and the physical maintenance needs of our customers’ infrastructure.

Customer Relationships and Contractual Arrangements

We have established relationships with many leading telecommunications providers, including telephone companies, cable multiple system operators, wireless carriers, telecommunications equipment and infrastructure providers, as well as electric and gas utilities and many leading general contractors specializing in data center construction. Our customer base is highly concentrated. The following reflects the percentage of total contract revenues from customers who contributed at least 10% to our total contract revenues during fiscal 2026, fiscal 2025, or fiscal 2024:

[[GREPCENT_TABLE]]
[["","Fiscal Year Ended"],["","January 31, 2026","","January 25, 2025","","January 27, 2024"],["AT&T, Inc. (1)","25.4%","","20.1%","","16.9%"],["Verizon Communications, Inc. (2)","14.0%","","12.2%","","14.0%"],["Lumen Technologies, Inc. (1)","10.8%","","12.1%","","15.6%"],["Comcast Corporation","7.4%","","8.5%","","10.7%"]]
[[/GREPCENT_TABLE]]

(1) On February 2, 2026, AT&T Inc. completed its acquisition of substantially all of the mass markets fiber business from Lumen Technologies Inc. Since this transaction occurred subsequent to fiscal 2026, we have continued to report revenues for the mass markets fiber business under Lumen Technologies Inc.

(2) Includes revenue attributable to Frontier Communications Corporation retrospectively for all periods presented as a result of its acquisition by Verizon Communications, Inc. on January 20, 2026.

25

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We perform a majority of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks. We generally possess multiple agreements with each of our significant customers. To the extent that such agreements specify exclusivity, there are often exceptions, including the ability of the customer to issue work orders valued above a specified dollar amount to other service providers, the performance of work with the customer’s own employees, and the use of other service providers when jointly placing facilities with another utility. In many cases, a customer may terminate an agreement for convenience. Historically, multi-year master service agreements have been awarded primarily through a competitive bidding process; however, occasionally we are able to negotiate extensions to these agreements. We provide the remainder of our services pursuant to contracts for specific projects. These contracts may be long-term (with terms greater than one year) or short-term (with terms less than one year) and at times include retainage provisions under which the customer may withhold 5% to 10% of the invoiced amounts pending project completion and closeout.

The following table summarizes our contract revenues from multi-year master service agreements and other long-term contracts, as a percentage of contract revenues:

[[GREPCENT_TABLE]]
[["","Fiscal Year Ended"],["","January 31, 2026","","January 25, 2025","","January 27, 2024"],["Multi-year master service agreements","86.6","%","","79.3","%","","77.7","%"],["Other long-term contracts","5.6","%","","10.0","%","","11.9","%"],["Total long-term contracts","92.2","%","","89.3","%","","89.6","%"]]
[[/GREPCENT_TABLE]]

Acquisitions

As part of our growth strategy, we may acquire companies that expand, complement, or diversify our business. We regularly review opportunities and periodically engage in discussions regarding possible acquisitions. Our ability to sustain our growth and maintain our competitive position may be affected by our ability to identify, acquire, and successfully integrate companies.

Fiscal 2026. During the fourth quarter of fiscal 2026, we acquired Power Solutions, LLC (“Power Solutions”), a company that provides comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities in the Greater Washington D.C., Maryland, and Virginia area. This acquisition expands our service offerings and our customer base. The purchase price was valued at $1.95 billion as of the signing of the acquisition on a cash-free, debt-free basis. The value is subject to post-closing adjustment, including the final determination of cash, indebtedness and working capital balances. At the closing date, the funding of the acquisition included a cash payment of $1,644.9 million ($1,628.6 million net of cash acquired of $16.3 million), the issuance of 1,011,069 shares of Dycom common stock to the sellers valued at $351.0 million, and the assumption of seller indebtedness of $64.8 million. Total consideration was $1,995.9 million. The acquisition of Power Solutions resulted in the addition of a new operating segment which is also a new reportable segment – Building Systems. For a discussion of our business and reportable segments, see Item 1. “Business.”

Fiscal 2025. During the third quarter of fiscal 2025, we acquired certain assets and assumed certain liabilities of a telecommunications construction contractor for a cash purchase price of $150.7 million. The acquired business provides wireless construction services for telecommunications providers in various states. This acquisition expands our geographic presence within our existing customer base.

During the second quarter of fiscal 2025, we acquired a telecommunications construction contractor for a total purchase price of $24.5 million ($20.4 million purchase price plus cash acquired of $4.1 million). The acquired company is located in the northwestern United States and provides construction and maintenance services to telecommunications providers, with the majority of its revenues generated in Alaska. This acquisition expands our geographic presence and our customer base.

During the first quarter of fiscal 2025, we acquired a telecommunications construction contractor for $16.0 million ($12.8 million purchase price, plus cash acquired of $3.2 million). The acquired company provides construction and maintenance services for telecommunications providers in the midwestern United States. This acquisition expands our geographic presence within our existing customer base.

26

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Fiscal 2024. During August 2023, we acquired Bigham Cable Construction, Inc. (“Bigham”), for $131.2 million ($127.0 million fixed purchase price, plus cash acquired of $8.3 million, less indebtedness of $4.1 million). Bigham provides construction and maintenance services for telecommunications providers in the southeastern United States. This acquisition expands our geographic presence within our existing customer base

Results of the businesses acquired are included in our consolidated financial statements from their respective dates of acquisition. The purchase price allocation of the company acquired in fiscal 2026 is preliminary and will be completed when valuations for intangible assets and other amounts are finalized within the 12-month measurement period from the date of acquisition.

Understanding Our Results of Operations

The following information is presented so that the reader may better understand certain factors impacting our results of operations, and should be read in conjunction with Critical Accounting Policies and Estimates below, as well as Note 2, Significant Accounting Policies & Estimates, in the Notes to the Consolidated Financial Statements in this Annual Report on Form 10-K. Fiscal 2026 had 53 weeks of operations while fiscal 2025 had 52 weeks.

Contract Revenues. We perform a significant amount of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks including, for example, the placement of underground or aerial fiber, directional boring, and fiber splicing, each based on a specific unit of measure. Contract revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits we provide. Output measures, such as units delivered, are utilized to assess progress against specific contractual performance obligations for the majority of our services. For certain contracts, we use the cost-to-cost measure of progress as more fully described within Critical Accounting Policies and Estimates below

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/DY/mda/fy2026/
All MD&A years: /company/DY/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/DY/mda/fy2025/): filed 2025-02-28; accession 0000067215-25-000012 (https://www.sec.gov/Archives/edgar/data/67215/000006721525000012/dy-20250125.htm)
- [FY 2024 MD&A](/company/DY/mda/fy2024/): filed 2024-03-01; accession 0000067215-24-000014 (https://www.sec.gov/Archives/edgar/data/67215/000006721524000014/dy-20240127.htm)
- [FY 2023 MD&A](/company/DY/mda/fy2023/): filed 2023-03-03; accession 0000067215-23-000011 (https://www.sec.gov/Archives/edgar/data/67215/000006721523000011/dy-20230128.htm)
- [FY 2022 MD&A](/company/DY/mda/fy2022/): filed 2022-03-04; accession 0000067215-22-000011 (https://www.sec.gov/Archives/edgar/data/67215/000006721522000011/dy-20220129.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 1623 Water, Sewer, Pipeline, Comm & Power Line Construction) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Growth & output](/thread/growth-output/), [Housing & construction](/thread/housing-construction/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DY.md · JSON record: /company/DY.json · verified financials: /company/DY/financials.json / /company/DY/financials.csv · machine TOC for the whole site: /llms.txt