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Here are 1-2 brief analogies to describe Dycom Industries:

1. They are like Fluor Corporation or Kiewit for the telecommunications sector, specializing in building and maintaining critical fiber optic and 5G network infrastructure.
2. They are the 'picks and shovels' provider for the telecom industry, akin to how Caterpillar supplies heavy equipment for large-scale infrastructure projects globally.

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• Telecommunications Infrastructure Construction: Provides services for the construction, installation, and maintenance of fiber optic, copper, and coaxial telecommunications networks, including underground and aerial placement.
• Network Engineering & Design: Offers comprehensive engineering and design solutions for the planning and development of telecommunications infrastructure projects.
• Program Management: Manages large-scale telecommunications deployment programs, overseeing complex projects from initiation to completion.

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Dycom Industries (NYSE: DY) primarily sells its specialized contracting services to other companies, specifically major telecommunications providers and cable operators, for the construction, installation, and maintenance of their communications infrastructure.

Based on recent fiscal years, Dycom Industries' major customers include:

• AT&T Inc. (NYSE: T)
• Comcast Corporation (NASDAQ: CMCSA)
• Lumen Technologies, Inc. (NYSE: LUMN)
• Verizon Communications Inc. (NYSE: VZ)

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Daniel S. Peyovich has served as Dycom's President and Chief Executive Officer since November 2024. He joined Dycom in January 2021 as Executive Vice President of Operations, then held roles as Executive Vice President and Chief Operating Officer from May 2021 to June 2024, President and Chief Operating Officer from June 2024 to October 2024, and President since October 2024. Before joining Dycom, Mr. Peyovich spent 21 years in various leadership and management roles at Balfour Beatty Construction, including serving as President of its Northwest Division from 2014 to 2021.

H. Andrew DeFerrari has been Dycom's Senior Vice President and Chief Financial Officer since April 2008. Prior to this role, he was the company's Vice President and Chief Accounting Officer from November 2005 to April 2008 and Financial Controller from July 2004 to November 2005. Before joining Dycom, Mr. DeFerrari was a senior audit manager with Ernst & Young Americas, LLC.

Kevin M. Wetherington has served as Dycom's Executive Vice President and Chief Operating Officer since October 2024. Prior to joining Dycom, Mr. Wetherington was the Chief Health, Safety, Environment, Security and Quality Officer for Baker Hughes Company, a global energy technology company. He previously held various other senior positions with Baker Hughes Company, including President, North America Region from 2017 to 2019, during a period when it was a GE company.

Ryan F. Urness has been Dycom's Senior Vice President and General Counsel since April 2025, and also serves as Corporate Secretary since May 2019. He was Vice President and General Counsel from October 2018 to April 2025. Before joining Dycom, Mr. Urness was General Counsel and Corporate Secretary of USI Building Solutions from May 2016 through October 2018. Earlier, he was General Counsel and Corporate Secretary of Speed Commerce, Inc.

Jill L. Ramshaw has served as Dycom's Vice President and Chief Human Resources Officer since February 2025. Before joining Dycom, Ms. Ramshaw was employed as the Senior Vice President of Human Resources for Marathon Oil Corporation. She holds a Master's degree in Psychology from the University of Aberdeen, UK, and a Human Resources Management diploma from Robert Gordon University in Aberdeen, UK.

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The key risks to Dycom Industries (DY) are primarily centered around its customer relationships, the inherent nature of its operations, and the dynamics of the telecommunications industry it serves.

1. Customer Concentration Risk: Dycom Industries has a highly concentrated customer base, with a significant portion of its revenue derived from a limited number of clients. For instance, in fiscal year 2025, the top five customers accounted for approximately 55.4% of total contract revenues, with AT&T Inc. alone representing about 20.1% and Lumen Technologies Inc. about 12.1%. The loss of one or more major customers, or significant reductions in their capital expenditure, could have a material adverse effect on Dycom's financial performance.
2. Cyclicality and Seasonality of Operations: The demand for Dycom's services is influenced by the cyclical nature of the telecommunications industry and seasonal spending patterns of its customers. Adverse weather conditions and reduced daylight hours, particularly during winter months, can impact productivity and profitability due to the outdoor nature of much of their work. Factors such as overall economic conditions, the cost of capital, new technologies, and customers' financial performance directly affect their capital expenditure budgets, which in turn influences Dycom's contract revenues and results of operations.
3. Dependence on and Pressures within the Telecommunications Industry and Competitive Landscape: Dycom's business is intrinsically linked to the health and investment patterns of the telecommunications industry. This sector faces ongoing pressures from increasing competition, technological disruptions, and evolving regulatory landscapes, which could impact Dycom's project pipeline and revenue sustainability. The industry for telecommunications infrastructure services is highly competitive, requiring Dycom to continuously innovate, deliver high-quality services, and manage costs effectively to maintain its market position against numerous large and specialized competitors.

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Dycom Industries (symbol: DY) operates primarily within the United States, providing specialty contracting services to the telecommunications infrastructure and utility industries. Their main services include program management, planning, engineering and design, aerial, underground, and wireless construction, as well as maintenance, fulfillment, and underground facility locating for telecommunications and utility providers.

Based on available information, the addressable markets for Dycom's services are as follows:

• U.S. Outside Plant Data Center Network Infrastructure: Dycom estimates an addressable market of over $20 billion for the next five years in the U.S. for outside plant data center network infrastructure, with significant growth anticipated in 2027 and beyond. This market expansion is driven by hyperscaler and data center growth, particularly influenced by AI-driven infrastructure.
• U.S. Telecommunications Infrastructure Services: The North American telecom infrastructure market, where the U.S. holds a dominant share, was valued at 42.1% of the global market in 2024. The global telecom infrastructure market reached approximately $246.78 billion in 2024 and is projected to grow to approximately $409.21 billion by 2033, at a compound annual growth rate (CAGR) of 5.78% from 2025 to 2033. Another estimate values the global telecom network infrastructure market at $96.9 billion in 2022, with a projection to reach $173.8 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
• U.S. Fiber Optic Cable Market: The U.S. fiber optic cable market was valued at $2.9 billion in 2024 and is expected to grow at a CAGR of 8.3% during 2025–2032, reaching an estimated $5.3 billion in 2032. Another source indicates the U.S. fiber optics market size was $3.1 billion in 2024 and is expected to reach $7.8 billion by 2033, with a CAGR of 10.8% during 2025-2033. The U.S. fiber optics market generated $1,462.9 million in revenue in 2023 and is projected to reach $1,972.1 million by 2030, with a CAGR of 4.4% from 2024 to 2030. These figures are specifically for the U.S. region.

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Dycom Industries (DY) anticipates several key drivers for future revenue growth over the next two to three years:

• Continued Fiber-to-the-Home (FTTH) Deployments: Dycom expects sustained revenue growth from multi-year capital commitments by its customers for fiber-to-the-home deployments. This is a recurring theme across recent earnings calls and investor presentations, indicating strong demand for expanding gigabit wireline networks.
• Fiber Infrastructure for Data Center Growth and AI Workloads: The company is benefiting from increasing demand for fiber infrastructure specifically to support the expansion of data centers and the growing needs of artificial intelligence (AI) workloads, particularly from hyperscalers. This represents a significant, multi-year opportunity.
• Wireless Network Modernization: Upgrades and expansion of wireless networks, including 4G and 5G technologies, are identified as an ongoing driver of revenue. Dycom is involved in construction projects for various wireless communication needs, from macro cells to small cells.
• State and Federal Broadband Program Spending: Government initiatives aimed at bridging the digital divide, such as the Broadband Equity, Access, and Deployment (BEAD) program, Rural Digital Opportunity Fund (RDOF), American Rescue Plan Act of 2021 (ARPA), and USDA ReConnect Program, are expected to generate substantial revenue opportunities, with BEAD program revenues anticipated to ramp up in fiscal year 2026.
• Expansion of Core Maintenance and Operations Services: As the amount of deployed telecommunications and digital infrastructure increases, there is a corresponding rise in the need for ongoing maintenance and operations services. Dycom views this as a growing and long-term value driver, essential for the extensive outside plant that requires continuous upkeep.

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Share Repurchases

• Dycom's Board of Directors authorized a new $150 million stock repurchase program on February 26, 2025, which replaced a previous program with approximately $55 million remaining.
• During fiscal year 2025, Dycom repurchased 410,000 shares of its common stock for $65.6 million.
• On March 3, 2021, a new $150 million program was authorized to repurchase shares over the subsequent eighteen months.

Share Issuance

• Dycom's common stock outstanding decreased from 30,615,908 shares as of March 2, 2021, to 28,979,138 shares as of February 25, 2025, and 28,924,837 shares as of May 20, 2025, primarily due to share repurchases.

Outbound Investments

• In August 2024, Dycom Industries acquired Black & Veatch's public carrier wireless telecommunications infrastructure business for $150 million in cash.
• This acquisition is projected to contribute $250 million to $275 million in contract revenues for fiscal year 2026 and add about $1 billion to the total backlog.
• Integration costs of approximately $4.2 million were incurred for a business acquired during the quarter ended October 26, 2024.

Capital Expenditures

• Capital expenditures decreased to $39.1 million in the second quarter of fiscal year 2026, compared to $55.9 million in the prior-year period.
• Cash flow for capital expenditures was -$52 million for the three months ended July 2025.
• Capital expenditures are primarily focused on supporting operational growth, the normal replacement cycle of fleet assets, and strategic growth initiatives, particularly in fiber deployment and AI-driven infrastructure expansion.