Dycom Industries (DY) Q4 2026 earnings summary

Executive summary

• Achieved record fourth quarter and full-year results, exceeding the high end of annual revenue outlook with strong organic growth and margin expansion.

• Strategic M&A, notably the acquisition of Power Solutions, broadened business reach and accelerated entry into the data center market.

• Positioned for continued growth in FY 2027, leveraging robust demand drivers in digital infrastructure and data centers.

• Revised segment reporting to Communications and Building Systems to reflect expanded platform and strategy.

Financial highlights

• Q4 revenue reached $1.46 billion, up 34.4% year-over-year; organic revenue grew 16.6%.

• Q4 adjusted EBITDA was $162.4 million (11.1% margin), up 41 basis points year-over-year.

• Q4 adjusted diluted EPS was $2.03, a 42% increase year-over-year.

• Full-year revenue was $5.55 billion, up 17.9% year-over-year; organic revenue up 6.5%.

• Full-year adjusted EBITDA was $737.7 million (13.3% margin), up 105 basis points; adjusted EPS $11.97, up 29.7%.

• Free cash flow for FY26 was $435.3 million, up 216%.

Outlook and guidance

• FY 2027 revenue expected between $6.85 billion and $7.15 billion, representing 23.6%-29% total growth, or 6.6%-10.3% organic growth.

• Continued adjusted EBITDA margin expansion anticipated, with Building Systems targeting mid-teens margin.

• Communications segment revenue guidance: $5.70-$5.90 billion; Building Systems: $1.15-$1.25 billion.

• Q1 FY 2027 guidance: revenue $1.64-$1.71 billion, adjusted EBITDA $202-$218 million, adjusted EPS $2.57-$2.90.