TLDR
- Dycom reported Q2 EBITDA of $315.5 million, beating Wall Street’s estimate of $297 million
- Q2 revenue hit $2 billion, up 46% year over year
- Backlog rose 53% to a record $12.2 billion
- Full-year revenue guidance raised to $7.48B-$7.66B, up from ~$7.5B prior forecast
- DY stock was up ~37% over the past 12 months heading into the report
Dycom Industries (DY) reported strong second-quarter fiscal 2027 results before Wednesday’s open, but the stock pulled back 7.65% despite beating expectations across the board.
Dycom Industries, Inc., DY
The stock was trading around $361.20 in premarket, up 2.7% shortly after results dropped, but reversed course during the session.
Revenue for the quarter came in at $2.006 billion, up 45.6% year over year. Non-GAAP Adjusted EBITDA hit $315.5 million, well above the Wall Street estimate of roughly $297 million.
📊 $DY Dycom Industries Q2 Earnings
✅ Earnings Beat
Adj. EPS: $5.29
vs Est: $4.72 (beat by 12.08%)
YoY: ↑ 58.86% (from $3.33)✅ Revenue Beat
Sales: $2.006B
vs Est: $1.980B (beat by 1.31%)
YoY: ↑ 45.68% (from $1.377B)• Q3 guide: adj. EPS $4.33–$4.79 vs $4.79… pic.twitter.com/lRwJqRm0s3
— CHItrader (@CHItrader) August 26, 2026
GAAP net income for the quarter was $115.6 million, or $3.81 per diluted share. On a non-GAAP adjusted basis, EPS came in at $5.29.
Record Backlog Fuels Confidence
Total backlog reached $12.24 billion, up 53% year over year. Of that, $6.47 billion is expected to be worked through over the next 12 months.
Organic contract revenues grew 16.7% in the quarter and 20.5% year to date, driven by core Communications programs.
Communications revenue came in at $1.608 billion for the quarter, supported by fiber-to-the-home builds, long-haul and middle-mile projects, and maintenance services.
Building Systems generated $397.5 million in quarterly revenue, with an adjusted EBITDA margin of 24.5%, helped by Power Solutions work and project scope changes.
CEO Dan Peyovich said in a statement: “Demand across our portfolio is stronger than ever, fueled by a generational deployment of digital infrastructure that is projected to go well into the next decade.”
Acquisition and Guidance Update
Dycom completed its acquisition of National Technology Integrators during the quarter. The deal, announced in May for $275 million, adds inside-plant structured cabling, audio-visual, and security systems capabilities across several U.S. regions.
National Technology Integrators contributed approximately $22.9 million in revenue during the quarter.
For full-year fiscal 2027, Dycom updated its revenue guidance to a range of $7.48 billion to $7.66 billion, slightly above the prior midpoint of $7.5 billion.
One item to flag: the company noted a deferral of approximately $150 million of wireless program revenues into fiscal 2028, though it said overall program scope remains intact.
Heading into the print, DY stock was up about 4% year to date and 37% over the past 12 months.
The stock had previously jumped 26% after its Q1 report, briefly trading above $535, before pulling back to just above $350 ahead of Wednesday’s release.
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