Latest analysis
Updated Aug 27, 2026
Dycom Q2 FY2027: Building Systems acquisition wave drives 46% quarterly revenue surge, backlog hits record $12.2B
Dycom's Building Systems segment — assembled via the $2.0B Power Solutions and $271M National Technology Integrators acquisitions — contributed $397.5M in Q2 FY2027 revenue and delivered a 24.5% Adjusted EBITDA margin, materially above the Communications segment's 13.6%. Total backlog reached $12.242 billion as of August 1, 2026, up from $9.542 billion at January 31, 2026, driven by a $2.65B increase in Communications backlog and incremental Building Systems additions. The structural pivot toward data center electrical infrastructure services is the most consequential strategic development in Dycom's recent history, and the margin profile of Building Systems validates the rationale for carrying $2.8B in net debt to execute it.
Tone: bullishRevenue
$5.5B
DY 10-K · FY 2026
Employees
19,556
Revenue FY2025
$4.7B
Founded
1969
Profile
DY 10-K Item 1 · Mar 9, 2026Dycom Industries is a leading U.S. specialty contractor providing construction, maintenance, and installation services for digital infrastructure, telecommunications, and utilities. The company operates through two segments — Communications and Building Systems — serving major telecom carriers, cable operators, wireless providers, and data center general contractors. Its 38 operating companies work across all 50 states under multi-year master service agreements.
Read filing description ↓ Collapse description ↑
Dycom Industries, Inc. is a leading provider of specialty contracting services focused on the digital infrastructure, telecommunications and utilities industries throughout the United States. Since our incorporation in the State of Florida in 1969, we have expanded our scope and service offerings organically and through acquisitions. Today, Dycom is made up of 38 operating companies that serve a diverse customer base across all 50 states from hundreds of field offices. Our deep industry knowledge, strong customer relationships, broad geographic presence and skilled workforce provide the scale needed to quickly execute on opportunities to service existing and new customers throughout urban and rural America. Dycom's operating companies provide a comprehensive portfolio of specialty services, including program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services. 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, with the acquisition of Power Solutions, LLC in the fourth quarter of fiscal 2026, we provide comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities. Dycom supplies the expertise, labor, equipment, and tools necessary to provide services to our customers.
Primary products
- program management, planning, engineering and design
- aerial, underground, and wireless construction
- maintenance
- fulfillment services
- underground facility locating services
- tower construction, lines and antenna installation
Business segments
End markets
Geographies
Named customers
Our customer base is highly concentrated. During fiscal 2026, we derived approximately 25.4% of our total contract revenues from AT&T Inc., 14.0% from Verizon Communications, Inc. and 10.8% from Lumen Technologies Inc.
“We believe that we compare favorably to our competitors when evaluated against these factors.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Contract revenues grew from approximately $4.70 billion in fiscal 2025 to approximately $5.55 billion in fiscal 2026, driven by organic growth and the addition of the Building Systems segment following the Power Solutions acquisition.
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