Dycom Industries (DY) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 ended with strong revenue and adjusted EBITDA growth, driven by strategic initiatives, robust industry demand, and resilience despite weather challenges.

• Revenue increased by 50% over three years, with EBITDA margin expanding by 450 basis points.

• Customer base diversification improved, with top five customers now 55%-56.7% of revenue, down from 66% in Fiscal 2022.

• Backlog reached $7.8 billion at year-end, with $4.6 billion expected to be completed in the next 12 months.

• Three acquisitions completed and 410,000 shares repurchased for $65.6 million in Fiscal 2025.

Financial highlights

• Q4 2025 revenue was $1.085 billion, up 13.9% year-over-year; adjusted EBITDA was $116.4 million (10.7% margin).

• Fiscal 2025 revenue totaled $4.702 billion, up 12.6% year-over-year; adjusted EBITDA was $576.3 million (12.3% margin).

• Adjusted net income for Q4 was $34.5 million; adjusted diluted EPS rose 48.1% to $1.17.

• Full-year adjusted net income was $248.7 million; adjusted diluted EPS increased 24.5% to $8.44.

• Operating cash flow for Q4 was $328.2 million; full-year free cash flow rose 82% to $137.8 million.

Outlook and guidance

• Fiscal 2026 revenue expected to grow 10%-13% over Fiscal 2025, excluding storm and BEAD program revenues, with a 53-week fiscal year.

• Q1 2026 guidance: revenue of $1.16-$1.2 billion, adjusted EBITDA of $130.6-$140.6 million, diluted EPS of $1.50-$1.73.

• Capital expenditures for Fiscal 2026 projected at $220-$230 million.

• Fiscal 2026 outlook excludes storm restoration and BEAD program revenues due to uncertainty in timing.