dy-20260502

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 May 2, 2026

☐ 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 30,031,455 shares of common stock with a par value of $0.33 1/3 outstanding at May 26, 2026.

Dycom Industries, Inc.

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PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	40

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 5.	Other Information	41
Item 6.	Exhibits	42

SIGNATURES		43

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

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DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)


	May 2, 2026		January 31, 2026
ASSETS
Current assets:
Cash and equivalents	$	538,826	$	709,165
Accounts receivable, net (Note 6)	1,980,558		1,696,973
Contract assets	240,133		162,327
Inventories	143,290		128,349
Income tax receivable	16,897		19,869
Other current assets	50,653		40,212
Total current assets	2,970,357		2,756,895

Property and equipment, net	591,570		575,376
Operating lease right-of-use assets	176,255		169,648
Goodwill	1,457,077		1,443,435
Intangible assets, net	867,654		925,948
Other assets	117,487		107,880

Total assets	$	6,180,400	$	5,979,182

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	666,643	$	497,263
Current portion of debt	6,000		4,000
Contract liabilities	155,812		158,503
Accrued insurance claims	50,406		47,594
Operating lease liabilities	44,773		42,288
Income taxes payable	—		771
Other accrued liabilities	225,726		256,481
Total current liabilities	1,149,360		1,006,900

Long-term debt	2,809,714		2,810,497
Accrued insurance claims - non-current	66,024		57,977
Operating lease liabilities - non-current	138,448		135,221
Deferred tax liabilities, net - non-current	96,489		85,159
Other liabilities	24,661		24,292
Total liabilities	4,284,696		4,120,046

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: 30,024,974 and 29,969,648 issued and outstanding, respectively	10,008		9,990
Additional paid-in capital	326,920		381,659

Retained earnings	1,558,776		1,467,487
Total stockholders’ equity	1,895,704		1,859,136
Total liabilities and stockholders’ equity	$	6,180,400	$	5,979,182

See notes to the condensed consolidated financial statements.

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DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Dollars in thousands, except share amounts)

(Unaudited)


	For the Three Months Ended
	May 2, 2026		April 26, 2025

Contract revenues	$	1,964,782	$	1,258,608


Costs of earned revenues, excluding depreciation and amortization	1,578,055		1,011,112
General and administrative	131,329		103,726
Depreciation and amortization	111,644		58,389

Total	1,821,028		1,173,227

Interest expense, net	(35,535)		(14,045)

Other (expense) income, net	(1,510)		7,264
Income before income taxes	106,709		78,600




Provision for income taxes	15,420		17,552

Net income and comprehensive income	$	91,289	$	61,048

Earnings per common share:
Basic earnings per common share	$	3.05	$	2.11

Diluted earnings per common share	$	3.00	$	2.09

Shares used in computing earnings per common share:
Basic	29,972,366		28,930,399

Diluted	30,382,270		29,263,624

See notes to the condensed consolidated financial statements.

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DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)


	For the Three Months Ended
	May 2, 2026
	Common Stock			Additional Paid-in Capital		Retained Earnings		Total Equity
	Shares	Amount
Balances as of January 31, 2026	29,969,648	$	9,990	$	381,659	$	1,467,487	$	1,859,136

Stock-based compensation	124	—		10,573		—		10,573
Issuance of restricted stock, net of tax withholdings	155,202	51		(29,382)		—		(29,331)
Repurchase of common stock, including applicable excise tax	(100,000)	(33)		(35,930)		—		(35,963)

Net income	—	—		—		91,289		91,289
Balances as of May 2, 2026	30,024,974	$	10,008	$	326,920	$	1,558,776	$	1,895,704

	For the Three Months Ended
	April 26, 2025
	Common Stock			Additional Paid-in Capital		Retained Earnings		Total Equity
	Shares	Amount
Balances as of January 25, 2025	28,978,949	$	9,659	$	8,991	$	1,220,447	$	1,239,097

Stock-based compensation	189	—		9,099		—		9,099
Issuance of restricted stock, net of tax withholdings	145,188	48		—		(12,949)		(12,901)
Repurchase of common stock, including applicable excise tax	(200,000)	(66)		(8,991)		(21,128)		(30,185)

Net income	—	—		—		61,048		61,048
Balances as of April 26, 2025	28,924,326	$	9,641	$	9,099	$	1,247,418	$	1,266,158

See notes to the condensed consolidated financial statements.

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DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	For the Three Months Ended
	May 2, 2026		April 26, 2025
Cash flows from operating activities:
Net income	$	91,289	$	61,048
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	111,644		58,389
Non-cash lease expense	15,587		12,982
Deferred income tax provision (benefit)	11,330		(149)
Stock-based compensation	10,573		9,099

Provision for (recovery of) bad debt, net	280		(170)
Gain on sale of fixed assets	(1,995)		(9,773)


Amortization of debt issuance costs and other	1,905		747

Change in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(283,866)		(154,108)
Contract assets, net	(80,497)		(20,056)
Other current assets and inventories	(25,044)		(16,515)
Other assets	(4,969)		(11,736)
Income taxes payable/receivable	2,201		17,413
Accounts payable	169,390		40,908
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities	(42,414)		(42,045)
Net cash used in operating activities	(24,586)		(53,966)

Cash flows from investing activities:
Capital expenditures	(70,315)		(79,499)
Proceeds from sale of assets	2,787		10,900
Cash paid for acquisitions, net of cash acquired	(12,828)		—


Net cash used in investing activities	(80,356)		(68,599)

Cash flows from financing activities:

Proceeds from borrowings on senior credit agreement, including term loan	—		285,000
Principal payments on senior credit agreement, including term loan	—		(196,000)

Debt issuance costs	(103)		—
Repurchase of common stock	(35,963)		(30,185)






Restricted stock tax withholdings	(29,331)		(12,901)

Net cash (used in) provided by financing activities	(65,397)		45,914
Net decrease in cash, cash equivalents and restricted cash	(170,339)		(76,651)

Cash, cash equivalents and restricted cash at beginning of period (Note 8)	710,869		94,474

Cash, cash equivalents and restricted cash at end of period (Note 8)	$	540,530	$	17,823

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Supplemental disclosure of other cash flow activities and non-cash investing and financing activities:
Cash paid for interest	$	40,586	$	18,712
Cash paid for taxes, net	$	1,876	$	420
Purchases of capital assets included in accounts payable or other accrued liabilities at period end	$	7,173	$	9,959


See notes to the condensed consolidated financial statements.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

Dycom Industries, Inc. (“Dycom,” the “Company,” “we,” “our,” or “us”) is a leading provider of specialty contracting services focused on the digital infrastructure, telecommunications and utilities 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 and digital infrastructure providers. We also provide underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities. Additionally, with the acquisition of Power Solutions, LLC (“Power Solutions”) in the fourth quarter of fiscal 2026, we provide comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities. Dycom supplies the labor, tools, and equipment necessary to provide these services to its customers.

Accounting Period. Our fiscal year ends on the last Saturday in January. As a result, each fiscal year consists of either 52 weeks or 53 weeks of operations (with the additional week of operations occurring in the fourth quarter). Fiscal 2027 consists of 52 weeks of operations, while fiscal 2026 consisted of 53 weeks of operations.

The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries, all of which are wholly-owned, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for fiscal 2026, filed with the SEC on March 9, 2026. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods presented have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. Operating results for the interim period are not necessarily indicative of the results expected for any subsequent interim or annual period.

Segment Information. The Company operates in two reportable segments, Communications and Building Systems and services are provided on a decentralized basis. Each operating segment consists of a subsidiary (or in certain instances, the combination of two or more subsidiaries), whose results are regularly reviewed by the Company’s Chief Executive Officer, the chief operating decision maker (“CODM”). All of the Company’s Communications operating segments have been aggregated into one reportable segment based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. During fiscal 2026, following the acquisition of Power Solutions, LLC (“Power Solutions”), the CODM reevaluated the Company’s reportable segments, which resulted in the addition of the Building Systems segment as a component of management’s internal financial information used for operational decision-making. Beginning in fiscal 2026, the Company reports the results of the Building Systems segment separately as a reportable segment. The Building Systems segment specializes in providing comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities. See Note 20, Segment Reporting, for additional information.

2. Significant Accounting Policies and Estimates

There have been no material changes to the Company’s significant accounting policies and critical accounting estimates described in the Company’s Annual Report on Form 10-K for fiscal 2026.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. These estimates are based on our historical experience and management’s understanding of current facts and circumstances. At the time they are made, we believe that such estimates are fair when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates.

Per Share Data. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares arising from

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our stock-based awards (including unvested restricted share units) if their inclusion is dilutive under the treasury stock method. Common stock equivalents related to stock-based awards are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive.

3. Accounting Standards

Recently issued accounting pronouncements are disclosed in the Company’s Annual Report on Form 10-K for fiscal 2026. As of the date of this Quarterly Report on Form 10-Q, there have been no changes in the expected dates of adoption or estimated effects on the Company’s condensed consolidated financial statements of recently issued accounting pronouncements from those disclosed in the Company’s Annual Report on Form 10-K for fiscal 2026. Further, there have been no additional accounting standards issued as of the date of this Quarterly Report on Form 10-Q that are applicable to the condensed consolidated financial statements of the Company.

Recently Adopted Accounting Standards

None.

Accounting Standards Not Yet Adopted

Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public entities to disclose, in the notes to the financial statements, specified information about certain costs and expenses at each interim and annual reporting period. In January 2025, the FASB issued ASU 2025-01, Income Statements (Subtopic 220-40): Clarifying the Effective Date. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of the standard on our condensed consolidated financial statements.

Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU modernizes the approach for internal-use software by eliminating the previous stage-based capitalization model so that the guidance is neutral to different software development projects. Entities may apply the guidance using a prospective, retrospective or modified transition approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027. We are currently evaluating the impact of the standard on our condensed consolidated financial statements.

All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

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4. Computation of Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts):


	For the Three Months Ended
	May 2, 2026		April 26, 2025
Net income available to common stockholders (numerator)	$	91,289	$	61,048

Weighted-average number of common shares (denominator)	29,972,366		28,930,399

Basic earnings per common share	$	3.05	$	2.11

Weighted-average number of common shares	29,972,366		28,930,399
Potential shares of common stock arising from stock options, and unvested restricted share units	409,904		333,225
Total shares-diluted (denominator)	30,382,270		29,263,624

Diluted earnings per common share	$	3.00	$	2.09

Anti-dilutive weighted shares excluded from the calculation of earnings per common share	78,806		143,121

5. Acquisitions

Fiscal 2026. During the fourth quarter of fiscal 2026, we acquired Power Solutions, LLC (“Power Solutions”), a company that provides comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities i

SEC Form 10-Q filed by Dycom Industries Inc.