dy-20251025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 25, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-10613

DYCOM INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Florida

59-1277135

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

300 Banyan Blvd., Suite 1101

West Palm Beach

33401

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (561) 627-7171

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, par value $0.33 1/3 per share

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 28,956,051 shares of common stock with a par value of $0.33 1/3 outstanding at November 18, 2025.

Dycom Industries, Inc.

Table of Contents



PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	41

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 5.	Other Information	43
Item 6.	Exhibits	44

SIGNATURES		45

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Table of Contents

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)


	October 25, 2025		January 25, 2025
ASSETS
Current assets:
Cash and equivalents	$	110,109	$	92,670
Accounts receivable, net (Note 6)	1,586,884		1,373,738
Contract assets	147,576		63,375
Inventories	120,057		127,255
Income tax receivable	19,869		2,963
Other current assets	41,475		34,629
Total current assets	2,025,970		1,694,630

Property and equipment, net	567,918		541,921
Operating lease right-of-use assets	118,769		112,151
Goodwill	332,645		330,330
Intangible assets, net	183,999		219,746
Other assets	95,523		46,589

Total assets	$	3,324,824	$	2,945,367

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	297,130	$	223,490
Current portion of debt	20,000		10,000
Contract liabilities	54,766		73,548
Accrued insurance claims	53,060		46,686
Operating lease liabilities	38,135		35,823
Income taxes payable	—		30,636
Other accrued liabilities	193,367		166,970
Total current liabilities	656,458		587,153

Long-term debt	919,480		933,212
Accrued insurance claims - non-current	66,101		49,836
Operating lease liabilities - non-current	87,032		76,928
Deferred tax liabilities, net - non-current	85,082		32,172
Other liabilities	27,376		26,969
Total liabilities	1,841,529		1,706,270

COMMITMENTS AND CONTINGENCIES (Note 21)

Stockholders’ equity:
Preferred stock, par value $1.00 per share: 1,000,000 shares authorized: no shares issued and outstanding	—		—
Common stock, par value $0.33 1/3 per share: 150,000,000 shares authorized: 28,955,901 and 28,978,949 issued and outstanding, respectively	9,652		9,659
Additional paid-in capital	22,377		8,991

Retained earnings	1,451,266		1,220,447
Total stockholders’ equity	1,483,295		1,239,097
Total liabilities and stockholders’ equity	$	3,324,824	$	2,945,367

See notes to the condensed consolidated financial statements.

Table of Contents

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share amounts)

(Unaudited)


	For the Three Months Ended
	October 25, 2025		October 26, 2024

Contract revenues	$	1,451,798	$	1,272,007


Costs of earned revenues, excluding depreciation and amortization	1,131,596		1,007,412
General and administrative	107,297		110,777
Depreciation and amortization	62,159		52,001

Total	1,301,052		1,170,190

Interest expense, net	(13,782)		(17,451)

Other income, net	3,298		6,926
Income before income taxes	140,262		91,292




Provision for income taxes	33,897		21,503

Net income	$	106,365	$	69,789

Earnings per common share:
Basic earnings per common share	$	3.67	$	2.39

Diluted earnings per common share	$	3.63	$	2.37

Shares used in computing earnings per common share:
Basic	28,953,396		29,154,262

Diluted	29,330,297		29,481,003

See notes to the condensed consolidated financial statements.

Table of Contents

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share amounts)

(Unaudited)


	For the Nine Months Ended
	October 25, 2025		October 26, 2024

Contract revenues	$	4,088,349	$	3,617,489


Costs of earned revenues, excluding depreciation and amortization	3,213,158		2,881,930
General and administrative	317,816		304,915

SEC Form 10-Q filed by Dycom Industries Inc.