The record backlog and raised guidance confirm strong demand for fiber and data center infrastructure, but the Communications margin compression and $150M wireless revenue deferral into FY2028 warrant monitoring. The stock should react positively to the EPS beat and raised outlook, but the margin headwind in the largest segment may cap upside. Watch for execution on wireless program timing and Building Systems margin sustainability.
Price Chart
Executive Summary
Dycom Industries reported record Q2 FY2027 results with contract revenues of $2.006B (+45.6% YoY, +16.7% organically) and Non-GAAP Adjusted Diluted EPS of $5.29, beating consensus of $4.72 by 12.1%. The company raised its full-year FY2027 revenue outlook to $7.48B-$7.66B but guided for a slight decline in Communications segment EBITDA margin due to wireless program deferrals into FY2028. Record backlog of $12.242B (+53.2% YoY) supports multi-year visibility, but the Communications margin compression and $150M wireless revenue push-out temper the otherwise strong quarter.
Key Financial Metrics
Key Facts
- Contract revenues of $2.006B, +45.6% YoY (+16.7% organic)
- Non-GAAP Adjusted Diluted EPS $5.29 vs consensus $4.72 (+12.1% beat)
- Record total backlog of $12.242B, +53.2% YoY
- FY2027 revenue guidance raised to $7.48B-$7.66B (from $7.38B-$7.65B)
- Communications segment EBITDA margin declined 134 bps to 13.6% due to scaling investments and wireless deferrals
- Building Systems segment EBITDA margin of 24.5% with strong operational execution
- Completed acquisition of National Technology Integrators for $275M
- Operating cash flow of $103.7M vs $57.4M in prior year quarter
Financial Impact
Record quarterly revenue of $2.006B and Non-GAAP Adjusted Diluted EPS of $5.29, beating consensus by 12.1%
Risk Factors
- Communications segment EBITDA margin declined 134 bps YoY to 13.6% due to scaling investments and wireless program deferrals
- Approximately $150M of wireless program revenues deferred from FY2027 into FY2028
- Higher fuel costs and cost pressure in Communications segment
- Integration risk from National Technology Integrators acquisition ($275M)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000067215-26-000039 |
| Document: 0000067215-26-000039-index.html | 0000067215-26-000039 |
| Document: 0000067215-26-000039.txt | 0000067215-26-000039 |
| 8-K Data (Synthetic) | 0000067215-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | Insider Buy | $290.49 $287.38 | ▼ −1.07% | ▼ −0.41% | $273.75 (−5.76%) |
Sep 1, 2026 4w ago | Insider Buy | $296.98 $295.93 | ▼ −0.35% | ▲ +0.60% | $273.75 (−7.82%) |
Aug 26, 2026 5w ago | 8-K | $310.91 $296.98 | ▼ −4.48% | ▼ −4.36% | $273.75 (−11.95%) |
Aug 25, 2026 5w ago | 8-K | $351.80 $287.30 | ▼ −18.33% | ▼ −17.80% | $273.75 (−22.19%) |
Aug 14, 2026 7w ago | Press Release | $419.07 $392.95 | ▲ +6.23% | ▲ +4.86% | $273.75 (+34.68%) |
Jul 25, 2026 9w ago | Institutional Cluster | $424.21 $401.07 | ▼ −5.45% | ▼ −6.53% | $273.75 (−35.47%) |
Jun 1, 2026 17w ago | 8-K | $493.89 $466.28 | ▼ −5.59% | ▼ −2.84% | $273.75 (−44.57%) |
May 27, 2026 18w ago | 8-K | $529.13 $484.11 | ▼ −8.51% | ▼ −8.98% | $273.75 (−48.26%) |
May 27, 2026 18w ago | Press Release | $529.13 $485.97 | ▼ −8.16% | ▼ −9.36% | $273.75 (−48.26%) |
May 15, 2026 20w ago | Press Release | $437.37 $411.20 | ▼ −5.98% | ▼ −6.95% | $273.75 (−37.41%) |
US Market Status
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