# Dycom Industries, Inc. (DY) Q2 2026 Financial Results Summary
**Release Date: August 20, 2025**
Dycom Industries, Inc. (NYSE: DY) reported its financial results for the second quarter of fiscal 2026, which ended on July 26, 2025. The company achieved several milestones in terms of revenue and earnings, showcasing growth compared to the same quarter in the previous year (Q2 2025). Below is a summary of the key financial metrics and highlights from the report.
### Second Quarter Highlights
– **Contract Revenues:**
– Achieved record contract revenues of **$1.378 billion**, an increase of **14.5%** compared to **$1.203 billion** in Q2 2025.
– Organic contract revenues (excluding revenues from acquired businesses) grew by **3.4%**.
– **Net Income:**
– Reported a record net income of **$97.5 million**, up **42.5%** from **$68.4 million** in Q2 2025.
– Diluted earnings per share (EPS) of **$3.33**, reflecting a **35.4%** increase from **$2.32** reported a year earlier.
– **Adjusted EBITDA:**
– Non-GAAP Adjusted EBITDA reached **$205.5 million**, an increase of **29.8%** compared to **$158.3 million** in Q2 2025.
– Adjusted EBITDA represented **14.9%** of contract revenues, compared to **13.2%** in the prior year.
– **Operating Cash Flows:**
– Generated operating cash flows of **$57.4 million** for the quarter.
– **Backlog:**
– Total backlog stood at **$8.0 billion** as of July 26, 2025.
### Year-to-Date Results
– **Contract Revenues:**
– For the six months ending July 26, 2025, contract revenues were **$2.637 billion**, a **12.4%** increase from **$2.345 billion** in the prior year period.
– **Net Income:**
– Net income for the first half of the fiscal year was **$158.5 million**, representing an increase of **20.4%** from **$131.0 million** in the same period in fiscal 2025.
– Diluted EPS for the six months was **$5.42**, up **22.1%** from **$4.44** in the previous half-year.
– **Adjusted EBITDA:**
– Non-GAAP Adjusted EBITDA totaled **$355.9 million**, up **23.1%** from **$289.2 million** for the same period last year.
### Share Repurchase
– Dycom Industries repurchased **200,000 shares** of its common stock during the six months for **$30.2 million**, at an average price of **$150.93** per share.
### Outlook for Fiscal 2026
– **Annual Revenue Forecast:**
– The company expects total contract revenues for fiscal 2026 to be in the range of **$5.290 billion to $5.425 billion**, indicating a projected growth of **12.5% to 15.4%** over fiscal 2025.
– **Third Quarter Fiscal 2026 Expectations:**
– Forecasted contract revenues of **$1.38 billion to $1.43 billion**.
– Expected Non-GAAP Adjusted EBITDA of **$198 million to $213 million**.
– Predicted diluted EPS in the range of **$3.03 to $3.36**.
### Summary
The second quarter results released by Dycom Industries reflect strong financial performance, characterized by significant growth in revenues and profits compared to the same quarter in the previous year. The company is well-positioned for continued growth amid increasing demand for digital infrastructure services. The ongoing share repurchase program signals a commitment to enhancing shareholder value while maintaining a robust backlog.
| Quarter Ended | July 26, 2025 | July 27, 2024 | Six Months Ended | Six Months Ended |
|---|---|---|---|---|
| Contract revenues | $1,377,944 | $1,203,059 | $2,636,551 | $2,345,482 |
| Costs of earned revenues, excluding depreciation and amortization | $1,070,450 | $952,882 | $2,081,562 | $1,874,518 |
| General and administrative1 | $106,794 | $99,583 | $210,519 | $194,138 |
| Depreciation and amortization | $60,854 | $46,572 | $119,243 | $91,777 |
| Total | $1,238,098 | $1,099,037 | $2,411,324 | $2,160,433 |
| Interest expense, net | $-15,558 | $-14,657 | $-29,603 | $-27,490 |
| Loss on debt extinguishment2 | $— | $-965 | $— | $-965 |
| Other income, net | $6,830 | $6,419 | $14,093 | $15,669 |
| Income before income taxes | $131,118 | $94,819 | $209,717 | $172,263 |
| Provision for income taxes3 | $33,635 | $26,419 | $51,187 | $41,309 |
| Net income | $97,483 | $68,400 | $158,530 | $130,954 |
| Earnings per common share: | ||||
| Basic earnings per common share | $3.37 | $2.35 | $5.48 | $4.50 |
| Diluted earnings per common share | $3.33 | $2.32 | $5.42 | $4.44 |
| Shares used in computing earnings per common share: | ||||
| Basic | 28,941,976 | 29,096,224 | 28,936,188 | 29,105,081 |
| Diluted | 29,242,455 | 29,435,895 | 29,253,040 | 29,508,906 |
| ASSETS | July 26, 2025 | January 25, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | $28,460 | $92,670 |
| Accounts receivable, net | $1,587,961 | $1,373,738 |
| Contract assets | $119,655 | $63,375 |
| Inventories | $122,560 | $127,255 |
| Income tax receivable | $35,838 | $2,963 |
| Other current assets | $44,448 | $34,629 |
| Total current assets | $1,938,922 | $1,694,630 |
| Property and equipment, net | $564,678 | $541,921 |
| Operating lease right-of-use assets | $112,128 | $112,151 |
| Goodwill and other intangible assets, net | $528,484 | $550,076 |
| Other assets | $75,712 | $46,589 |
| Total assets | $3,219,924 | $2,945,367 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $264,908 | $223,490 |
| Current portion of debt | $20,000 | $10,000 |
| Contract liabilities | $69,897 | $73,548 |
| Accrued insurance claims | $46,345 | $46,686 |
| Operating lease liabilities | $39,217 | $35,823 |
| Income taxes payable | $— | $30,636 |
| Other accrued liabilities | $172,335 | $166,970 |
| Total current liabilities | $612,702 | $587,153 |
| Long-term debt | $1,009,058 | $933,212 |
| Accrued insurance claims – non-current | $54,602 | $49,836 |
| Operating lease liabilities – non-current | $78,575 | $76,928 |
| Deferred tax liabilities, net – non-current | $67,678 | $32,172 |
| Other liabilities | $27,578 | $26,969 |
| Total liabilities | $1,850,193 | $1,706,270 |
| Total stockholders’ equity | $1,369,731 | $1,239,097 |
| Total liabilities and stockholders’ equity | $3,219,924 | $2,945,367 |
