Dycom Industries, Inc. Reports Record First Quarter Results and Raises Full Year Fiscal 2027 Outlook
Rhea-AI Summary
Dycom (NYSE: DY) reported record fiscal Q1 2027 results, with contract revenues of $1.965 billion, up 56.1% year over year and 24.7% organically. Net income was $91.3 million ($3.00 diluted EPS); non-GAAP adjusted net income was $134.3 million ($4.42 adjusted diluted EPS).
Adjusted EBITDA reached $262.5 million (13.4% margin) and total backlog rose to $11.906 billion (46.5% growth). Dycom agreed to acquire National Technology Integrators for $275 million and raised its fiscal 2027 revenue outlook to $7.38–$7.65 billion, with Q2 revenues expected at $1.94–$2.01 billion.
AI-generated analysis. Not financial advice.
Positive
- Q1 2027 contract revenues $1.9648 billion, up 56.1% year over year
- Organic contract revenue growth of 24.7% in Q1 2027
- Non-GAAP adjusted net income up 92.0% to $134.3 million
- Non-GAAP adjusted EBITDA up 74.6% to $262.5 million (13.4% margin)
- Backlog increased 46.5% to $11.906 billion
- Definitive agreement to acquire National Technology Integrators for $275 million
- Raised fiscal 2027 contract revenue outlook to $7.38–$7.65 billion
- Q2 2027 guidance: $1.94–$2.01 billion revenue and $284–$303 million adjusted EBITDA
- Repurchased 100,000 shares for $36.0 million in Q1 2027
Negative
- None.
News Market Reaction – DY
On the day this news was published, DY gained 25.84%, reflecting a significant positive market reaction. Argus tracked a peak move of +28.2% during that session. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $3.49B to the company's valuation, bringing the market cap to $17.00B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
DY is up 2.25% with peers generally positive but not in scanner: IESC +3.17%, PRIM +8.48%, FLR +2.77%, KBR +0.36%, ROAD +0.07%. Scanner data flags this as stock-specific rather than a coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 15 | Earnings call notice | Neutral | -3.0% | Scheduled announcement of upcoming Q1 2027 results call. |
| Apr 06 | Executive appointment | Positive | +2.3% | New Chief Information and Digital Officer to drive digital transformation. |
| Mar 31 | Chief Revenue Officer | Positive | +2.5% | First Chief Revenue Officer appointed to lead growth initiatives. |
| Mar 24 | Board appointment | Positive | +0.8% | Technology-focused executive added to Board to support strategy. |
| Mar 20 | Former CEO joins peer | Neutral | +4.0% | Former Dycom CEO joins Centuri board, highlighting sector expertise. |
Recent news flow has focused on governance and leadership enhancements, typically followed by modest single-day price moves in either direction, suggesting investors react incrementally to corporate updates.
Over the past few months, Dycom has highlighted governance and leadership changes rather than financial results. In March–April 2026, it added a new director with deep technology experience and appointed both a Chief Revenue Officer and a Chief Information and Digital Officer, signaling emphasis on scaling digital and revenue capabilities. An April SCHEDULE 13G showed a >5% holder. The latest earnings release with record Q1 2027 results and a raised full-year outlook marks a shift from structural positioning toward delivering and guiding on substantial financial growth.
Regulatory & Risk Context
Dycom has an effective Form S-3ASR shelf registration filed on 2026-03-05, allowing it to offer common and preferred stock, debt securities, depositary shares, warrants, purchase contracts and units from time to time. The prospectus lists potential uses of proceeds including working capital, debt repayment, acquisitions, share repurchases and capital expenditures, and notes 29,970,067 common shares outstanding as of March 3, 2026. No takedowns have been recorded (usage_count 0).
Market Pulse Summary
The stock surged +25.8% in the session following this news. A strong positive reaction aligns with Dycom’s record Q1 2027 performance, including contract revenues of $1.9648B, adjusted EBITDA of $262.5M, and a backlog of $11.906B, alongside a raised full-year revenue outlook of $7.38B–$7.65B. The pending $275M NTI acquisition adds a targeted data-center capability. Investors should weigh this strength against the company’s effective S-3ASR shelf and potential future capital raises, as well as execution risk on elevated growth and margin expectations.
Key Terms
non-gaap financial measures financial
adjusted ebitda financial
regulation g regulatory
form s-3 shelf registration regulatory
AI-generated analysis. Not financial advice.
Delivers Record First Quarter Results and Exceeds High End of Fiscal Q1 2027 Outlook
Raises Full Year Fiscal 2027 Outlook
Announces Acquisition of National Technology Integrators Further Extending Capabilities in the High-Growth Data Center Industry
First Quarter Highlights
(All metrics compared to the first quarter of fiscal 2026)
- Contract revenues of
$1.965 billion (*) increased56.1% , or24.7% 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 (*), or13.4% of contract revenues - Total backlog of
$11.906 billion (*) an increase of46.5% - 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 Results
Dollars 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
In Building Systems, total contract revenues of
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
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
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 | |
| Contract revenues by segment: | |
| Communications | |
| Building Systems |
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 | |
| Non-GAAP Adjusted EBITDA | |
| Non-GAAP Adjusted Diluted EPS (excluding amortization expense) |
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 Communications
Email: investorrelations@dycomind.com
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 | 138,448 | 135,221 | |||
| Deferred tax liabilities, net - non-current | 96,489 | 85,159 | |||
| Other liabilities | 24,661 | 24,292 | |||
| Total liabilities | 4,284,696 | 4,120,046 | |||
| Total stockholders’ equity | 1,895,704 | 1,859,136 | |||
| Total liabilities and stockholders’ equity | $ | 6,180,400 | $ | 5,979,182 | |
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (Dollars in thousands, except share amounts) | |||||||
| Unaudited | |||||||
| Quarter | Quarter | ||||||
| Ended | Ended | ||||||
| May 2, 2026 | April 26, 2025 | ||||||
| Contract revenues | $ | 1,964,782 | $ | 1,258,608 | |||
| Costs of earned revenues, excluding depreciation and amortization | 1,578,055 | 1,011,112 | |||||
| General and administrative3 | 131,329 | 103,726 | |||||
| Depreciation and amortization | 111,644 | 58,389 | |||||
| Total | 1,821,028 | 1,173,227 | |||||
| Interest expense, net | (35,535 | ) | (14,045 | ) | |||
| Other income, net | (1,510 | ) | 7,264 | ||||
| Income before income taxes | 106,709 | 78,600 | |||||
| Provision for income taxes | 15,420 | 17,552 | |||||
| Net income | $ | 91,289 | $ | 61,048 | |||
| Earnings per common share: | |||||||
| Basic earnings per common share | $ | 3.05 | $ | 2.11 | |||
| Diluted earnings per common share | $ | 3.00 | $ | 2.09 | |||
| Shares used in computing earnings per common share: | |||||||
| Basic | 29,972,366 | 28,930,399 | |||||
| Diluted | 30,382,270 | 29,263,624 | |||||
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| SUPPLEMENTAL SEGMENT DATA | |||||||
| Unaudited | |||||||
| Quarter | Quarter | ||||||
| Ended | Ended | ||||||
| May 2, 2026 | April 26, 2025 | ||||||
| (Dollars in thousands) | |||||||
| Contract revenues | |||||||
| Communications | $ | 1,569,407 | $ | 1,258,608 | |||
| Building Systems | 395,375 | — | |||||
| Total | $ | 1,964,782 | $ | 1,258,608 | |||
| Non-GAAP Adjusted EBITDA | |||||||
| Communications | $ | 192,422 | $ | 150,360 | |||
| Building Systems | 70,044 | — | |||||
| Total | $ | 262,466 | $ | 150,360 | |||
| Non-GAAP Adjusted EBITDA % of Contract Revenues | |||||||
| Communications | 12.3 | % | 11.9 | % | |||
| Building Systems | 17.7 | % | — | % | |||
| Total | 13.4 | % | 11.9 | % | |||
| May 2, 2026 | January 31, 2026 | April 26, 2025 | |||||||||||||||
| Total Backlog | Next 12 Months (included in Total Backlog) | Total Backlog | Next 12 Months (included in Total Backlog) | Total Backlog | Next 12 Months (included in Total Backlog) | ||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Backlog4 | |||||||||||||||||
| Communications | $ | 10,800 | $ | 5,376 | $ | 8,333 | $ | 5,250 | $ | 8,127 | $ | 4,685 | |||||
| Building Systems | 1,106 | 1,021 | 1,209 | 1,108 | — | — | |||||||||||
| Total | $ | 11,906 | $ | 6,397 | $ | 9,542 | $ | 6,358 | $ | 8,127 | $ | 4,685 | |||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, slide presentations, conference calls, and webcasts, it may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes that the presentation of certain Non-GAAP financial measures in these materials provides information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non-GAAP financial measures used as follows:
- Non-GAAP Organic Contract Revenues - contract revenues from businesses that are included for the entirety of both the current and prior year periods. Non-GAAP Organic Contract Revenue change percentage is calculated as the change in Non-GAAP Organic Contract Revenues from the comparable prior year period divided by the comparable prior year period Non-GAAP Organic Contract Revenues. Management believes Non-GAAP Organic Contract Revenues is a helpful measure for comparing the Company’s revenue performance with prior periods.
- Non-GAAP Adjusted EBITDA - EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items. Management believes Non-GAAP Adjusted EBITDA is a helpful measure for comparing the Company’s operating performance with prior periods as well as with the performance of other companies with different capital structures or tax rates.
- Non-GAAP Adjusted Net Income - GAAP net income before amortization of intangible assets as well as certain non-recurring items and the related tax impacts. The tax impact of pre-tax adjustments reflects the Company’s estimated tax impact of specific adjustments and the effective tax rate used for financial planning for the applicable period. Management believes Non-GAAP Adjusted Net Income is a helpful measure for comparing the Company’s operating performance with prior periods. Beginning in the fiscal fourth quarter ending January 31, 2026, the Company excludes the impact of intangible amortization expense in its calculation of Non-GAAP Adjusted Net Income.
- Non-GAAP Adjusted Diluted Earnings per Common Share - Non-GAAP Adjusted Net Income divided by weighted average diluted shares outstanding.
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||
| (Dollars in thousands, except share amounts) | ||||||
| Unaudited | ||||||
| NON-GAAP ORGANIC CONTRACT REVENUES AND GROWTH % | ||||||
| Quarter | Quarter | |||||
| Ended | Ended | |||||
| May 2, 2026 | April 26, 2025 | |||||
| Contract Revenues - GAAP | $ | 1,964,782 | $ | 1,258,608 | ||
| Contract Revenues - GAAP Growth % | 56.1 | % | ||||
| Contract Revenues - GAAP | $ | 1,964,782 | $ | 1,258,608 | ||
| Revenues from acquired businesses5 | (395,375 | ) | — | |||
| Non-GAAP Organic Contract Revenues | $ | 1,569,407 | $ | 1,258,608 | ||
| Non-GAAP Organic Contract Revenues Growth % | 24.7 | % | ||||
| NON-GAAP ADJUSTED NET INCOME AND NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE | |||||||
| Quarter | Quarter | ||||||
| Ended | Ended | ||||||
| May 2, 2026 | April 26, 2025 | ||||||
| Reconciliation of net income to Non-GAAP Adjusted Net Income: | |||||||
| Net income | $ | 91,289 | $ | 61,048 | |||
| Pre-Tax Adjustments: | |||||||
| Amortization expense2 | 58,294 | 11,978 | |||||
| Tax Adjustments: | |||||||
| Tax impact of pre-tax adjustments | (15,261 | ) | (3,066 | ) | |||
| Total adjustments, net of tax | 43,033 | 8,912 | |||||
| Non-GAAP Adjusted Net Income | $ | 134,322 | $ | 69,960 | |||
| Reconciliation of diluted earnings per common share to Non-GAAP Adjusted Diluted Earnings per Common Share: | |||||||
| GAAP diluted earnings per common share | $ | 3.00 | $ | 2.09 | |||
| Total adjustments, net of tax | 1.42 | 0.30 | |||||
| Non-GAAP Adjusted Diluted Earnings per Common Share | $ | 4.42 | $ | 2.39 | |||
| Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share | 30,382,270 | 29,263,624 | |||||
| Amounts in tables above may not add due to rounding. | |||||||
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||
| (Dollars in thousands) | |||||||
| Unaudited | |||||||
| NON-GAAP ADJUSTED EBITDA | |||||||
| Quarter | Quarter | ||||||
| Ended | Ended | ||||||
| May 2, 2026 | April 26, 2025 | ||||||
| Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||
| Net income | $ | 91,289 | $ | 61,048 | |||
| Interest expense, net | 35,535 | 14,045 | |||||
| Provision for income taxes | 15,420 | 17,552 | |||||
| Depreciation and amortization | 111,644 | 58,389 | |||||
| Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 253,888 | 151,034 | |||||
| Gain on sale of fixed assets | (1,995 | ) | (9,773 | ) | |||
| Stock-based compensation expense | 10,573 | 9,099 | |||||
| Non-GAAP Adjusted EBITDA | $ | 262,466 | $ | 150,360 | |||
| Non-GAAP Adjusted EBITDA % of contract revenues | 13.4 | % | 11.9 | % | |||
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||
| (Dollars in thousands) | |||||||
| Unaudited | |||||||
| COMMUNICATIONS SEGMENT - NON-GAAP ADJUSTED EBITDA | |||||||
| Quarter | Quarter | ||||||
| Ended | Ended | ||||||
| May 2, 2026 | April 26, 2025 | ||||||
| Reconciliation of Income before income taxes to Non-GAAP Adjusted EBITDA: | |||||||
| Income before income taxes | $ | 118,847 | $ | 92,645 | |||
| Interest (income) expense, net | — | — | |||||
| Depreciation and amortization | 65,211 | 58,389 | |||||
| EBITDA | 184,058 | 151,034 | |||||
| Gain on sale of fixed assets | (1,984 | ) | (9,773 | ) | |||
| Stock-based compensation expense | 10,348 | 9,099 | |||||
| Non-GAAP Adjusted EBITDA | $ | 192,422 | $ | 150,360 | |||
| Non-GAAP Adjusted EBITDA % of contract revenues | 12.3 | % | 11.9 | % | |||
| BUILDING SYSTEMS SEGMENT - NON-GAAP ADJUSTED EBITDA | |||||||
| Quarter | Quarter | ||||||
| Ended | Ended | ||||||
| May 2, 2026 | April 26, 2025 | ||||||
| Reconciliation of Income before income taxes to Non-GAAP Adjusted EBITDA: | |||||||
| Income before income taxes | $ | 23,801 | $ | — | |||
| Interest (income) expense, net | (404 | ) | — | ||||
| Depreciation and amortization | 46,433 | — | |||||
| EBITDA | 69,830 | — | |||||
| Gain on sale of fixed assets | (11 | ) | |||||
| Stock-based compensation expense | 226 | — | |||||
| Non-GAAP Adjusted EBITDA | $ | 70,044 | $ | — | |||
| Non-GAAP Adjusted EBITDA % of contract revenues | 17.7 | % | — | % | |||
Notes
1 Results for the quarter ended May 2, 2026 include income tax benefits resulting from the vesting and exercise of share-based awards of
2 The Company excludes amortization of intangible assets from its Non-GAAP Adjusted Net Income beginning with the results reported for the fourth quarter and fiscal year ended January 31, 2026. Amortization of intangible assets are impacted by the Company’s acquisition activities and therefore can vary from period to period. The exclusion of the amortization expense from the Company’s non-GAAP financial measures provides management with a consistent measure for assessing financial results. Prior periods have been adjusted for comparability with the current presentation as follows: Amortization expense of
3 Includes stock-based compensation expense of
4 The Company’s backlog represents an estimate of services to be performed pursuant to master service agreements and other contractual agreements over the terms of those contracts. These estimates are based on contract terms and evaluations regarding the timing of the services to be provided. In the case of master service agreements, backlog is estimated based on the work performed in the preceding 12-month period, when available. When estimating backlog for newly initiated master service agreements and other long and short-term contracts, the Company also considers the anticipated scope of the contract and information received from the customer during the procurement process. A significant majority of the Company’s backlog comprises services under master service agreements and other long-term contracts. Backlog is not a measure defined by United States GAAP and should be considered in addition to, but not as a substitute for, information provided in accordance with GAAP. Participants in the Company’s industry also disclose a calculation of their backlog; however, the Company’s methodology for determining backlog may not be comparable to the methodologies used by others. Dycom utilizes the calculation of backlog to assist in measuring aggregate awards under existing contractual relationships with its customers. The Company believes its backlog disclosures will assist investors in better understanding this estimate of the services to be performed pursuant to awards by its customers under existing contractual relationships.
5 Amounts represent contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods.
