Here are 1-3 brief analogies to describe Dycom Industries (DY):

• Dycom is like the Fluor for building and maintaining the physical infrastructure of the internet and wireless networks.
• Dycom is a specialized Quanta Services focused on constructing and maintaining critical fiber optic and wireless communication systems.

• Telecommunications Infrastructure Services: Provides program management, engineering, planning, design, construction, maintenance, and installation of fiber optic, copper, and coaxial cable systems for telecommunication providers.
• Wireless Infrastructure Services: Offers tower construction, antenna installation, foundation work, small cell placement, and related equipment services for wireless carriers.
• Customer Premise Equipment Services: Installs and maintains various customer equipment like digital video recorders, set-top boxes, and modems for cable system operators.
• Utility Infrastructure Services: Delivers construction and maintenance for electric and gas utilities and other customers.
• Underground Facility Locating: Identifies and locates existing underground utility lines for various utility companies.

Dycom Industries (DY) primarily provides services to other companies. Its major customers are large telecommunications providers, wireless carriers, cable system operators, and utilities in the United States. Based on its service descriptions and industry context, key major customers include:

• AT&T Inc. (Symbol: T)

• Verizon Communications Inc. (Symbol: VZ)

• Comcast Corporation (Symbol: CMCSA)

• Charter Communications, Inc. (Symbol: CHTR)

• T-Mobile US, Inc. (Symbol: TMUS)

• Lumen Technologies, Inc. (Symbol: LUMN)

• Various other national and regional telecommunications, cable, wireless, electric, and gas utility companies.

Daniel S. Peyovich, President and Chief Executive Officer

Appointed Chief Executive Officer in November 2024. He joined Dycom in January 2021 as Executive Vice President of Operations, then served as Executive Vice President and Chief Operating Officer, and later President and Chief Operating Officer before becoming President and CEO. Prior to 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, Senior Vice President and Chief Financial Officer

Has been Senior Vice President and Chief Financial Officer since April 2008. Prior to that, Mr. DeFerrari 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. He was previously a senior audit manager with Ernst & Young Americas, LLC.

Kevin M. Wetherington, Executive Vice President and Chief Operating Officer

Has been Executive Vice President and Chief Operating Officer since October 2024. Before joining Dycom, Mr. Wetherington was Chief Health, Safety, Environment, Security and Quality Officer for Baker Hughes Company, a global energy technology company. He also held various other senior positions with Baker Hughes Company, including President, North America Region from 2017 to 2019.

Ryan F. Urness, Senior Vice President and General Counsel

Has been Senior Vice President and General Counsel since April 2025 and Vice President and General Counsel from October 2018 to April 2025. He has been the Corporate Secretary since May 2019. Before joining Dycom, Mr. Urness was General Counsel and Corporate Secretary of USI Building Solutions from May 2016 through October 2018, and prior to that, was General Counsel and Corporate Secretary of Speed Commerce, Inc.

Jill L. Ramshaw, Vice President and Chief Human Resources Officer

Has been 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.

Dycom Industries (DY) faces key business risks primarily centered around its customer relationships and operational environment.

1. Customer Concentration and Reliance on Major Telecommunications and Utility Providers' Capital Expenditures: Dycom Industries derives a substantial portion of its total contract revenues from a concentrated base of major customers, predominantly large telecommunications providers such as AT&T, Verizon Communications, and Lumen Technologies. For example, in fiscal year 2026, AT&T Inc. contributed approximately 25.4% of the company's total contract revenues, with Verizon Communications Inc. and Lumen Technologies Inc. also representing significant portions. Historically, Dycom's top five customers have accounted for over half of its total revenues. This high level of customer concentration means that the loss of one or more of these key clients, or a significant reduction in their capital expenditure (CapEx) budgets and spending priorities, could have a material adverse effect on Dycom's financial performance and revenue streams. Many of the company's contracts are Master Service Agreements (MSAs), which do not contractually commit customers to specific volumes of service and can be canceled with little or no advance notice, further exacerbating this risk. The cyclical nature of the industry and macroeconomic factors also influence customer capital budgets and demand for Dycom's services.

2. Highly Competitive Market and Challenges in Securing and Retaining Skilled Labor: The specialty contracting services industry in which Dycom operates is highly competitive, with numerous players including large corporations and smaller, regional firms vying for market share. To maintain its competitive position, Dycom must continuously invest in technology, training, and service quality, which can strain its financial resources and impact profitability. Additionally, Dycom's business model is labor-intensive and its success is dependent on its ability to attract, train, and retain a skilled workforce. The construction industry frequently faces shortages of skilled workers, which can make it challenging for Dycom to find qualified employees. Such labor shortages can lead to increased operating costs, project delays, and ultimately reduce the company's profitability.

The decline in traditional cable television subscriptions due to the rise of streaming services poses a clear emerging threat to Dycom Industries' business segment that installs and maintains customer premise equipment, such as digital video recorders and set-top boxes, for cable system operators.

Addressable Markets for Dycom Industries' Main Products and Services:

• Telecommunications Infrastructure (Fiber Optic and Broadband): The U.S. fiber-optic cable market was valued at approximately USD 2.9 billion in 2024 and is projected to grow to USD 5.3 billion by 2032. Another estimate places the U.S. fiber optics market at USD 3.4 billion in 2025, with an expected increase to USD 8.3 billion by 2034. Investments by America's broadband providers in U.S. communications infrastructure reached USD 89.6 billion in 2024. The U.S. broadband services market, encompassing a significant portion of fiber-to-the-home and other related services, was valued at USD 62.6 billion in 2023 and is anticipated to reach USD 152.7 billion by 2032.
• 5G and Wireless Infrastructure: The U.S. 5G infrastructure market was estimated at USD 3.52 billion in 2023 and is projected to grow to USD 17.26 billion by 2030. Other reports indicate the U.S. 5G infrastructure market reached USD 5.13 billion in 2025 and is expected to significantly expand to USD 95.95 billion by 2034.
• Utility System Construction (Electric and Gas Utilities): The total value of utilities construction in the U.S. is projected to be around USD 189.2 billion in 2025. The utility system construction industry in the U.S., which includes power and communication lines, oil and gas pipelines, and water/sewer lines, generates approximately USD 158 billion annually.
• Underground Facility Locating Services: The utility locator market size in North America was valued at USD 2.33 billion in 2024 and is expected to reach USD 4.11 billion by 2032. The global utility locator market was valued at USD 911.9 million in 2024 and is projected to reach USD 1469.8 million by 2032.

Dycom Industries (DY) is expected to experience significant revenue growth over the next 2-3 years, driven by several key factors within the telecommunications and digital infrastructure sectors.

Here are 3-5 expected drivers of future revenue growth:

1. Accelerated Fiber-to-the-Home (FTTH) Deployments: Dycom is strategically positioned for strong growth led by substantial increases in fiber-to-the-home deployments, which are crucial for connecting residences directly to internet providers. This includes long-haul and middle-mile fiber infrastructure deployments, with management noting FTTH as a primary demand driver and a robust growth generator.
2. Broadband Equity, Access and Deployment (BEAD) Program: The multi-year Broadband Equity, Access and Deployment (BEAD) program, with substantial state and territory spending, particularly for accelerating broadband expansion into underserved rural America, is expected to be a major catalyst. Analysts estimate this program represents a $15 billion addressable market for Dycom, with 2026 anticipated as a significant inflection point for these deployments.
3. Increasing Demand for Data Center and Hyperscaler Infrastructure: There is increasing demand for communications and building systems services to support data center and hyperscaler (large cloud provider) builds. Artificial intelligence (AI) has significantly pushed fiber demand for the high speeds required within data centers, creating a near-term $20 billion market opportunity for Dycom.
4. Strategic Acquisition of Power Solutions: Dycom's acquisition of Power Solutions, LLC in fiscal year 2026 (completed in December 2025) significantly expands its service offerings into building infrastructure solutions, particularly for data centers. This acquisition is expected to drive 15% to 25% growth in the newly formed Building Systems segment in fiscal year 2027.

Share Repurchases

• Dycom Industries authorized a new $150 million share repurchase program in March 2021, active over the subsequent eighteen months.
• In February 2025, the company announced another new $150 million share repurchase program, which replaced a prior program that had approximately $55.0 million remaining.
• During fiscal year 2025 (ended January 25, 2025), Dycom repurchased 410,000 shares of its common stock for $65.6 million.

Share Issuance

• As part of an acquisition with a base price of $1.95 billion, announced in November 2025, Dycom intends to issue common stock as a portion of the consideration.

Outbound Investments

• In fiscal year 2025, Dycom completed three acquisitions, including the $150 million purchase of the wireless business from Black & Veatch.
• During the first quarter of fiscal 2025, the company acquired a telecommunications construction contractor for $16.0 million, expanding its geographic presence in the midwestern United States.
• Dycom acquired Power Solutions in fiscal year 2026 to enhance its data center building systems capabilities and broaden its geographic footprint through targeted acquisitions.

Capital Expenditures

• Capital expenditures, net of disposal proceeds, were -$240.79 million over the last 12 months (ending approximately early 2026).
• For fiscal year 2027, Dycom expects annual capital expenditures, net of disposal proceeds, to range from $210 million to $220 million.
• The primary focus of capital expenditures includes reinvestment in fiber buildouts and data connectivity.