UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 20, 2025
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) | ||||||||||||||||||
| (Address of principal executive offices) (Zip Code) | ||||||||||||||||||||
Registrant’s telephone number, including area code: (561 ) 627-7171
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On August 20, 2025, Dycom Industries, Inc. (the “Company”) issued a press release reporting fiscal 2026 second quarter results. The Company also provided forward guidance. Additionally, on August 20, 2025, the Company made available related materials to be discussed during the Company’s webcast and conference call referred to in such press release. A copy of the press release and related conference call materials are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated into Item 2.02 of this Current Report on Form 8-K by reference.
The information in the preceding paragraphs, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933 (the “Securities Act”) if such subsequent filing specifically references this Current Report on Form 8-K.
Forward Looking Statements
This Current Report on Form 8-K, including the press release and related slide presentation and Non-GAAP reconciliations that are furnished as exhibits to this Current Report on Form 8-K, contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements are subject to change. Forward-looking statements are based on management’s current expectations, estimates and projections. These statements are subject to risks and uncertainties that may cause actual results for completed periods and periods in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. The most significant of these 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 future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for credit losses, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, potential liabilities or other adverse effects arising from occupational health, safety, and other regulatory matters, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov. The Company does not undertake any obligation to update forward-looking statements.
Item 9.01 Financial Statement and Exhibits.
(d)Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: August 20, 2025
| DYCOM INDUSTRIES, INC. (Registrant) | |||||
| By: | /s/ Ryan F. Urness | ||||
| Name: | Ryan F. Urness | ||||
| Title: | Senior Vice President, General Counsel and Corporate Secretary | ||||
Exhibit 99.1
 | NEWS RELEASE | ||||
August 20, 2025 | |||||
DYCOM INDUSTRIES, INC. REPORTS FISCAL 2026 SECOND QUARTER RESULTS
Second Quarter Highlights
(All metrics compared to the second quarter of fiscal 2025)
•Record Contract Revenues of $1.378 billion, up 14.5%
•Record GAAP Diluted EPS of $3.33, up 35.4% compared to Q2 2025 Non-GAAP Diluted EPS
•Record Net Income of $97.5 million, up 42.5%
•Record Adjusted EBITDA of $205.5 million, up 29.8% and representing 14.9% of contract revenues
•Operating Cash Flows of $57.4 million
•Backlog of $8.0 billion as of July 26, 2025
West Palm Beach, Florida, August 20, 2025 - Dycom Industries, Inc. (NYSE: DY) announced today its results for the second quarter ended July 26, 2025.
“Dycom’s first-half performance confirms the strength of our strategy, disciplined execution and ability to capitalize on a rapidly expanding market. This quarter, we delivered record revenue within our range of expectations and record earnings that exceeded our expectations. We meaningfully improved margins through operational efficiency and operating leverage, and strengthened our financial position through measured cash flow management,” said Dan Peyovich, Dycom’s President and Chief Executive Officer.
“The demand for digital infrastructure is accelerating, and Dycom’s breadth and proven execution set us up to lead. Our customers are actively seeking partners with the scale and national reach to meet their ambitious goals. We are well positioned to achieve our full-year growth target and remain squarely focused on creating long-term value for our shareholders and providing long-term opportunities for our people. I want to personally thank all our teammates for their dedication to safety, quality, and to each other every single day. Their hard work is the foundation of our success.”
Second Quarter Results
Contract revenues increased 14.5% to $1.378 billion for the quarter ended July 26, 2025, compared to $1.203 billion for the prior year quarter. On an organic basis, contract revenues increased 3.4% after excluding contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year quarters. Total contract revenues from acquired businesses were $139.8 million for the quarter ended July 26, 2025, compared to $5.7 million for the prior year quarter.
Non-GAAP Adjusted EBITDA increased to $205.5 million, or 14.9% of contract revenues, for the quarter ended July 26, 2025, compared to $158.3 million, or 13.2% of contract revenues, for the prior year quarter.
On a GAAP basis, net income increased to $97.5 million, or $3.33 per common share diluted, for the quarter ended July 26, 2025, compared to $68.4 million, or $2.32 per common share diluted, for the prior year quarter. Non-GAAP Adjusted Net Income was $72.5 million, or $2.46 per common share diluted, for the prior year quarter.
Year-to-Date Results
Contract revenues increased 12.4% to $2.637 billion for the six months ended July 26, 2025, compared to $2.345 billion for the prior year period. On an organic basis, contract revenues increased 2.1% after excluding contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods. Total contract revenues from acquired businesses were $256.6 million for the six months ended July 26, 2025, compared to $13.5 million for the prior year period.
Non-GAAP Adjusted EBITDA increased to $355.9 million, or 13.5% of contract revenues, for the six months ended July 26, 2025, compared to $289.2 million, or 12.3% of contract revenues, for the prior year period.
On a GAAP basis, net income increased to $158.5 million, or $5.42 per common share diluted, for the six months ended July 26, 2025, compared to $131.0 million, or $4.44 per common share diluted, for the prior year period. Non-GAAP Adjusted Net Income was $135.0 million, or $4.58 per common share diluted for the prior year period.
During the six months ended July 26, 2025, the Company repurchased 200,000 shares of its common stock in open market
transactions for $30.2 million at an average price of $150.93 per share.
Outlook
Fiscal 2026 Annual Outlook
We continue to expect total contract revenues for fiscal 2026 to range from $5.290 billion to $5.425 billion, representing a range of 12.5% to 15.4% total growth over the prior year. Fiscal 2026 will include 53 weeks of operations due to our fiscal calendar, with the extra week occurring in the Company’s fiscal fourth quarter when operations are normally seasonally impacted by winter weather. Additionally, fiscal 2025 included $114.2 million of storm restoration services and we have not included storm restoration revenues in the fiscal 2026 outlook.
Third Quarter Fiscal 2026 Outlook
For the quarter ending October 25, 2025, the Company expects the following:
| Contract revenues | $1.38 billion to $1.43 billion | ||||
| Non-GAAP Adjusted EBITDA | $198 million to $213 million | ||||
| Diluted Earnings per Common Share | $3.03 to $3.36 | ||||
For additional information regarding the Company’s outlook, please see the presentation materials available on the Company’s 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 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. 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 fiscal 2026 second quarter results on Wednesday, August 20, 2025 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/BIc69c53d3a6cb413c8ae7e2c57286bb9d. 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/2grhmu4j. A replay of the live webcast and the related materials will be available on the Company's Investor Center website at https://dycomind.com/investors 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 underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities.
2
Forward Looking Information
This press release contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. 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. 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 future economic conditions and trends including the potential impacts of an inflationary economic environment, changes in government policies and laws affecting our business, including related to funding for infrastructure projects and tariff policies or changes to tax laws, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for credit losses, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, potential liabilities or other adverse effects arising from occupational health, safety, and other regulatory matters, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, 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
Email: investorrelations@dycomind.com
Phone: (561) 627-7171
---Tables Follow---
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| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Dollars in thousands) | |||||||||||
| Unaudited | |||||||||||
| July 26, 2025 | January 25, 2025 | ||||||||||
| ASSETS | |||||||||||
| 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 | |||||||
4
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
| (Dollars in thousands, except share amounts) | |||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||
| Quarter | Quarter | Six Months | Six Months | ||||||||||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||||||||||
| July 26, 2025 | July 27, 2024 | July 26, 2025 | July 27, 2024 | ||||||||||||||||||||
| 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 | |||||||||||||||||||
5
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||
| CONTRACT REVENUES, NON-GAAP ORGANIC CONTRACT REVENUES, AND GROWTH % | |||||||||||||||||||||||
| Quarter | Quarter | Six Months | Six Months | ||||||||||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||||||||||
| July 26, 2025 | July 27, 2024 | July 26, 2025 | July 27, 2024 | ||||||||||||||||||||
| Contract Revenues - GAAP | $ | 1,377,944 | $ | 1,203,059 | $ | 2,636,551 | $ | 2,345,482 | |||||||||||||||
| Contract Revenues - GAAP Growth % | 14.5 | % | 12.4 | % | |||||||||||||||||||
| Contract Revenues - GAAP | $ | 1,377,944 | $ | 1,203,059 | $ | 2,636,551 | $ | 2,345,482 | |||||||||||||||
Revenues from acquired businesses4 | (139,766) | (5,732) | (256,575) | (13,529) | |||||||||||||||||||
| Non-GAAP Organic Contract Revenues | $ | 1,238,178 | $ | 1,197,327 | $ | 2,379,976 | $ | 2,331,953 | |||||||||||||||
| Non-GAAP Organic Contract Revenues Growth % | 3.4 | % | 2.1 | % | |||||||||||||||||||
| NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||||||||||||||
| Quarter | Quarter | Six Months | Six Months | ||||||||||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||||||||||
| July 26, 2025 | July 27, 2024 | July 26, 2025 | July 27, 2024 | ||||||||||||||||||||
| Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||||||||||||||
| Net income | $ | 97,483 | $ | 68,400 | $ | 158,530 | $ | 130,954 | |||||||||||||||
| Interest expense, net | 15,558 | 14,657 | 29,603 | 27,490 | |||||||||||||||||||
| Provision for income taxes | 33,635 | 26,419 | 51,187 | 41,309 | |||||||||||||||||||
| Depreciation and amortization | 60,854 | 46,572 | 119,243 | 91,777 | |||||||||||||||||||
| EBITDA | 207,530 | 156,048 | 358,563 | 291,530 | |||||||||||||||||||
| Gain on sale of fixed assets | (10,103) | (8,160) | (19,875) | (20,564) | |||||||||||||||||||
| Stock-based compensation expense | 8,100 | 9,482 | 17,199 | 17,305 | |||||||||||||||||||
Loss on debt extinguishment2 | — | 965 | — | 965 | |||||||||||||||||||
| Non-GAAP Adjusted EBITDA | $ | 205,527 | $ | 158,335 | $ | 355,887 | $ | 289,236 | |||||||||||||||
| Non-GAAP Adjusted EBITDA % of contract revenues | 14.9 | % | 13.2 | % | 13.5 | % | 12.3 | % | |||||||||||||||
6
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED) | |||||||||||||||||||||||
| (Dollars in thousands, except share amounts) | |||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||
| NET INCOME, NON-GAAP ADJUSTED NET INCOME, DILUTED EARNINGS PER COMMON SHARE, AND NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE | |||||||||||||||||||||||
| Quarter | Quarter | Six Months | Six Months | ||||||||||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||||||||||
| July 26, 2025 | July 27, 2024 | July 26, 2025 | July 27, 2024 | ||||||||||||||||||||
| Reconciliation of net income to Non-GAAP Adjusted Net Income: | |||||||||||||||||||||||
| Net income | $ | 97,483 | $ | 68,400 | $ | 158,530 | $ | 130,954 | |||||||||||||||
| Pre-Tax Adjustments: | |||||||||||||||||||||||
Loss on debt extinguishment2 | — | 965 | — | 965 | |||||||||||||||||||
Stock-based compensation modification5 | — | 2,231 | — | 2,231 | |||||||||||||||||||
| Tax Adjustments: | |||||||||||||||||||||||
| Tax impact of pre-tax adjustments | — | 899 | — | 899 | |||||||||||||||||||
| Total adjustments, net of tax | — | 4,095 | — | 4,095 | |||||||||||||||||||
| Non-GAAP Adjusted Net Income | $ | 97,483 | $ | 72,495 | $ | 158,530 | $ | 135,049 | |||||||||||||||
| Reconciliation of diluted earnings per common share to Non-GAAP Adjusted Diluted Earnings per Common Share: | |||||||||||||||||||||||
| GAAP diluted earnings per common share | $ | 3.33 | $ | 2.32 | $ | 5.42 | $ | 4.44 | |||||||||||||||
| Total adjustments, net of tax | — | 0.14 | — | 0.14 | |||||||||||||||||||
| Non-GAAP Adjusted Diluted Earnings per Common Share | $ | 3.33 | $ | 2.46 | $ | 5.42 | $ | 4.58 | |||||||||||||||
| Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share | 29,242,455 | 29,435,895 | 29,253,040 | 29,508,906 | |||||||||||||||||||
| Amounts in tables above may not add due to rounding. | |||||||||||||||||||||||
7
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)
Explanation of Non-GAAP Financial Measures
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, excluding certain non-recurring items. 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 certain non-recurring items and the related tax impact. Management believes Non-GAAP Adjusted Net Income is a helpful measure for comparing the Company’s operating performance with prior periods.
•Non-GAAP Adjusted Diluted Earnings per Common Share - Non-GAAP Adjusted Net Income divided by weighted average diluted shares outstanding.
Management excludes or adjusts each of the items identified below from Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings per Common Share:
•Loss on debt extinguishment - Loss on debt extinguishment includes the write-off of deferred financing fees in connection with the amendment of the Company’s credit agreement during the quarter ended July 27, 2024. Management believes excluding the loss on debt extinguishment from the Company’s Non-GAAP financial measures assists investors’ overall understanding of the Company’s current financial performance and provides management with a consistent measure for assessing the current and historical financial results.
•Stock-based compensation modification - In connection with the Company’s CEO succession plan and transition completed in November 2024, the Company incurred stock-based compensation modification expense. The Company excludes the impact of the modification because the Company believes it is not indicative of its underlying results or ongoing operations.
•Tax impact of pre-tax adjustments - 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.
8
Notes
1 Includes stock-based compensation expense of $8.1 million and $9.5 million for the quarters ended July 26, 2025 and July 27, 2024, respectively, and $17.2 million and $17.3 million for the six months ended July 26, 2025 and July 27, 2024, respectively.
2 During the quarter ended July 27, 2024, the Company recognized a loss on debt extinguishment of approximately $1.0 million in connection with the amendment of its credit agreement.
3 Provision for income taxes includes tax benefits resulting from the vesting and exercise of share-based awards of approximately $0.6 million and $0.1 million for the quarters ended July 26, 2025 and July 27, 2024, respectively, and approximately $2.8 million and $6.0 million for the six months ended July 26, 2025 and July 27, 2024, respectively.
4 Amounts represent contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods.
5 In connection with the Company’s CEO succession plan and transition completed in November 2024, the Company incurred stock-based compensation modification expense of $2.2 million during the quarter and six months ended July 27, 2024 related to previously issued equity awards.
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2ND QUARTER 2026 RESULTS AUGUST 20, 2025 THE PEOPLE CONNECTING AMERICA®
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the Company’s current assumptions regarding future business and f inancial performance, including, but not limited to, those statements related to our recent acquisitions and those found under the “Outlook” slides of this presentation. 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 presentation. The most signif icant 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 future economic conditions and trends including the potential impacts of an inflationary economic environment, changes in government policies and laws affecting our business, including related to funding for infrastructure projects and tariff policies or changes to tax laws, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for credit losses, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, potential liabilities or other adverse effects arising from occupational health, safety, and other regulatory matters, the adequacy of our liquidity, the availability of f inancing to address our f inancial needs, the Company’s ability to generate suff icient cash to service its indebtedness, the impact of restrictions imposed by the Company’s Senior Credit Facility, and other risks and uncertainties detailed from time to time in the Company’s f ilings with the Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements. NON-GAAP FINANCIAL MEASURES This presentation includes certain “Non-GAAP” f inancial measures as defined by Regulation G of the SEC. As required by the SEC, an explanation of the Non-GAAP f inancial measures and a reconciliation of those measures to the most directly comparable GAAP f inancial measures are provided beginning on slide 10 of this presentation. Non-GAAP f inancial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. IMPORTANT INFORMATION 2
“ “ FINANCIAL HIGHLIGHTS Delivered strong revenue growth and margin expansion Dycom’s first-half performance confirms the strength of our strategy, disciplined execution and ability to capitalize on a rapidly expanding market. This quarter, we delivered record revenue within our range of expectations and record earnings that exceeded our expectations. The demand for digital infrastructure is accelerating, and Dycom’s breadth and proven execution set us up to lead. - Dan Peyovich, President and CEO $ MILLIONS, except EPS Q2 2026 Q2 2025 Y/Y Total Contract Revenues1 $ 1,377.9 $ 1,203.1 14.5% Organic Revenue Growth 3.4% Adjusted EBITDA $ 205.5 $ 158.3 29.8% Adjusted EBITDA % 14.9% 13.2% 175 bps Adjusted Diluted EPS $ 3.33 $ 2.46 35.4% Reconciliations of Non-GAAP measures begin on slide 10. 3
Expansion of Core Maintenance and Operations Services Continued State and Federal Program Spending to Bridge the Digital Divide Multi-Year Capital Commitments for Fiber-to- the-Home Deployments Wireless Network Modernization to Meet Increasing Digital Demands Increasing Demand for Fiber Infrastructure to Support Data Center Growth Increasing amounts of capital in the industry for the deployment and operation of high-capacity telecommunications and digital infrastructure INDUSTRY DRIVERS 4
BACKLOG Key wins across diverse demand drivers support backlog quality Total Backlog2 and Next 12 Months Backlog increased 16.9% and 20.2% year-over-year, respectively Subsequent to the quarter, we secured a signif icant new award for both service and maintenance and FTTH work across numerous states 5 $ BILLIONS Next 12 Month Backlog $6.834 $7.856 $7.760 $8.127 $7.989 $3.830 $4.467 $4.642 $4.685 $4.604 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
DEBT AND LIQUIDITY OVERVIEW Debt maturity profile and strong liquidity position provide f inancial flexibility DEBT SUMMARY Q2 2026 Q1 2026 $ MILLIONS 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility, matures January 2029:3 Term Loan Facility 450.0 450.0 Revolving Facility 85.0 89.0 Total Notional Amount of Debt $ 1,035.0 $ 1,039.0 Less: Cash and Equivalents 28.5 16.1 Notional Net Debt $ 1,006.5 $ 1,022.9 6 Liquidity4 $ 545.9 $ 529.6
CASH FLOW OVERVIEW Capital allocation prioritizes organic growth, followed by M&A and opportunistic share repurchases, within the context of the Company’s historical range of net leverage CASH FLOW SUMMARY Q2 2026 Q2 2025 $ MILLIONS Operating cash flows $ 57.4 $ (7.5) Capital expenditures, net of proceeds from sale of assets $ (39.1) $ (55.9) Cash paid for acquisitions, net of cash acquired $ - $ (20.8) (Repayments) Borrowings on Senior Credit Facility $ (4.0) $ 84.4 Debt issuance costs $ - $ (6.6) Other financing and investing activities, net $ (2.0) $ (0.1) Days Sales Outstanding (“DSO”)5 Q2 2026 Q2 2025 Total DSO 108 117 7
We are reaffirming our Fiscal 2026 revenue outlook range of $5.290 billion to $5.425 billion, representing a range of 12.5% to 15.4% total growth over the prior year. We continue to see a marketplace of unprecedented opportunity as our customers’ ambitious plans grow. The increasing addressable market, coupled with our proven ability to execute, bolster our confidence to achieve our full-year growth target. FISCAL YEAR ENDING JANUARY 31, 2026 FISCAL 2026 OUTLOOK 8 Fiscal 2026 will include 53 weeks of operations due to our fiscal calendar, with the extra week occurring in the Company’s fiscal fourth quarter when operations are normally seasonally impacted by winter weather Additionally, fiscal 2025 included $114.2 million of storm restoration services and we have not included storm restoration revenues in our fiscal 2026 outlook
$1.38 BILLION to $1.43 BILLION $11.8 MILLION $8.2 MILLION $14.7 MILLION 26.0% 29.3 MILLION $198 MILLION to $213 MILLION $3.03 to $3.36 TOTAL CONTRACT REVENUES Amortization Expense Stock-Based Compensation Expense Interest Expense, Net Non-GAAP Effective Income Tax Rate Diluted Shares NON-GAAP ADJUSTED EBITDA DILUTED EPS 9 Q3 2026 OUTLOOK QUARTER ENDING OCTOBER 25, 2025
Q2 2026 NON-GAAP RECONCILIATIONS
The Company reports its f inancial 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 f inancial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes that the presentation of certain Non-GAAP f inancial 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 f inancial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non-GAAP f inancial 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, excluding contract revenues from certain non-recurring items. 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. • Non-GAAP Adjusted EBITDA – EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for gain on sale of f ixed 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 certain non-recurring items and the related tax impact. Management believes Non-GAAP Adjusted Net Income is a helpful measure for comparing the Company’s operating performance with prior periods. • Non-GAAP Adjusted Diluted Earnings per Common Share - Non-GAAP Adjusted Net Income divided by weighted average diluted shares outstanding. • Notional Net Debt - aggregate face amount of outstanding debt less cash and equivalents. Management believes notional net debt is a helpful measure to assess the Company’s liquidity. Management excludes or adjusts each of the items identif ied below from Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings per Common Share: • Loss on debt extinguishment - Loss on debt extinguishment includes the write-off of deferred f inancing fees in connection with the amendment of the Company’s credit agreement during the quarter ended July 27, 2024. Management believes excluding the loss on debt extinguishment from the Company’s Non- GAAP f inancial measures assists investors’ overall understanding of the Company’s current f inancial performance and provides management with a consistent measure for assessing the current and historical f inancial results. • Stock-based compensation modification - In connection with the Company’s CEO succession plan and transition completed in November 2024, the Company incurred stock-based compensation modif ication expense. The Company excludes the impact of the modif ication because the Company believes it is not indicative of its underlying results or ongoing operations. • Tax impact of pre-tax adjustments - The tax impact of pre-tax adjustments reflects the Company’s estimated tax impact of specif ic adjustments and the effective tax rate used for f inancial planning for the applicable period. EXPLANATION OF NON-GAAP FINANCIAL MEASURES 11
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES Quarter Ended July 26, 2025 Quarter Ended July 27, 2024 Six Months Ended July 26, 2025 Six Months Ended July 27, 2024 Contract Revenues – GAAP $ 1,377.9 $ 1,203.1 $ 2,636.6 $ 2,345.5 Contract Revenues – GAAP Growth % 14.5% 12.4% Contract Revenues – GAAP $ 1,377.9 $ 1,203.1 $ 2,636.6 $ 2,345.5 Revenues from acquired businesses6 (139.8) (5.7) (256.6) (13.5) Non-GAAP Organic Contract Revenues $ 1,238.2 $ 1,197.3 $ 2,380.0 $ 2,332.0 Non-GAAP Organic Contract Revenues Growth % 3.4% 2.1% CONTRACT REVENUES AND NON-GAAP ORGANIC CONTRACT REVENUES UNAUDITED $ MILLIONS 12 Amounts in table above may not add due to rounding
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES Quarter Ended July 26, 2025 Quarter Ended July 27, 2024 Six Months Ended July 26, 2025 Six Months Ended July 27, 2024 Net income $ 97.5 $ 68.4 $ 158.5 $ 131.0 Interest expense, net 15.6 14.7 29.6 27.5 Provision for income taxes 33.6 26.4 51.2 41.3 Depreciation and amortization 60.9 46.6 119.2 91.8 EBITDA 207.5 156.0 358.6 291.5 Gain on sale of fixed assets (10.1) (8.2) (19.9) (20.6) Stock-based compensation expense 8.1 9.5 17.2 17.3 Loss on debt extinguishment7 - 1.0 - 1.0 Non-GAAP Adjusted EBITDA $ 205.5 $ 158.3 $ 355.9 $ 289.2 Non-GAAP Adjusted EBITDA % of contract revenues 14.9% 13.2% 13.5% 12.3% NET INCOME AND NON-GAAP ADJUSTED EBITDA UNAUDITED $ MILLIONS 13 Amounts in table above may not add due to rounding
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES Quarter Ended July 26, 2025 Quarter Ended July 27, 2024 Six Months Ended July 26, 2025 Six Months Ended July 27, 2024 Net income $ 97.5 $ 68.4 $ 158.5 $ 131.0 Pre-tax Adjustments: Loss on debt extinguishment7 - 1.0 - 1.0 Stock-based compensation modification8 - 2.2 - 2.2 Tax impact of pre-tax adjustments - 0.9 - 0.9 Total adjustments, net of tax - 4.1 - 4.1 Non-GAAP Adjusted Net Income $ 97.5 $ 72.5 $ 158.5 $ 135.0 GAAP diluted earnings per common share $ 3.33 $ 2.32 $ 5.42 $ 4.44 Total adjustments, net of tax - 0.14 - 0.14 Non-GAAP Adjusted Diluted Earnings per Common Share $ 3.33 $ 2.46 $ 5.42 $4.58 Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share 29.2 29.4 29.3 29.5 NET INCOME AND NON-GAAP ADJUSTED NET INCOME UNAUDITED $ MILLIONS 14 Amounts in table above may not add due to rounding
1. AT&T and Lumen each exceeded 10% of total revenues for Q2 2026. Customers exceeding 5% of total revenues for Q2 2026 were Brightspeed, Charter, Comcast, Frontier, Verizon and an unnamed customer. 2. 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 signif icant 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 generally accepted accounting principles (“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. 3. As of both Q2 2026 and Q1 2026, the Company had $47.5 million of standby letters of credit outstanding under the Senior Credit Facility. 4. Liquidity represents the sum of availability from the Company’s Senior Credit Facility, considering net funded debt balances, and available cash and equivalents. For calculation of availability under the Senior Credit Facility, applicable cash and equivalents are netted against the funded debt amount. 5. DSO is calculated as the summation of current and non-current accounts receivable (including unbilled receivables), net of allowance for doubtful accounts, plus current contract assets, less contract liabilities, divided by average revenue per day during the respective quarter. Long-term contract assets are excluded from the calculation of DSO, as these amounts represent payments made to customers pursuant to long-term agreements and are recognized as a reduction of contract revenues over the period for which the related services are provided to the customers. 6. Amounts represent contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods. 7. During the quarter ended July 27, 2024, the Company recognized a loss on debt extinguishment of approximately $1.0 million in connection with the amendment of its credit agreement. 8. In connection with the Company’s CEO succession plan and transition completed in November 2024, the Company incurred stock-based compensation modif ication expense of $2.2 million during the quarter and six months ended July 27, 2024 related to previously issued equity awards. NOTES 15
THE PEOPLE CONNECTING AMERICA®