The Q1 beat on revenue and margin combined with a materially raised full-year outlook (new midpoint $7.515B vs prior $7.0B) signal strong fundamental momentum despite the adjusted EPS miss vs consensus. The Building Systems segment's 17.7% margin and the accretive NTI acquisition further support the bull case. Watch for the NTI deal close (expected before end of Q2) and the pace of fiber-to-the-home deployments. Any follow-on M&A within the Building Systems segment could be a further catalyst.
Price Chart
Executive Summary
Dycom reported record Q1 FY2027 results with contract revenues up 56.1% to $1.965B (24.7% organic), GAAP diluted EPS of $3.00, and adjusted diluted EPS of $4.42, which missed consensus of $4.72 by ~6.4%. The company raised its full-year FY2027 revenue guidance to $7.38B-$7.65B from the prior $6.85B-$7.15B and announced a $275M acquisition of National Technology Integrators to expand data center infrastructure capabilities.
Key Financial Metrics
Key Facts
- Record Q1 contract revenues: $1.965B, +56.1% YoY (+24.7% organic)
- GAAP diluted EPS: $3.00; Adjusted diluted EPS: $4.42 (missed consensus $4.72 by ~6.4%)
- Adjusted EBITDA: $262.5M, +74.6% YoY; margin expanded 141 bps to 13.4%
- Total backlog reached record $11.906B, +46.5% YoY
- FY2027 revenue guidance raised to $7.38B-$7.65B from prior $6.85B-$7.15B
- Acquisition of National Technology Integrators for $275M, ~$175M annual revenue run-rate
- Building Systems segment (incl. Power Solutions) generated $395.4M revenue with 17.7% Adjusted EBITDA margin
- Repurchased 100,000 shares for $36.0M during the quarter
Financial Impact
Record Q1 revenue of $1.965B (+56% YoY, +24.7% organic), adjusted diluted EPS $4.42 missed consensus $4.72 by ~$0.30 (-6.4%). Raised FY2027 revenue guide by ~$0.53B at midpoint. Adjusted EBITDA margins expanded 141bps. Backlog growth supports multi-year visibility.
Risk Factors
- Adjusted EPS of $4.42 missed consensus of $4.72 by ~6.4% — could trigger near-term profit-taking
- Integration risk from two large acquisitions (Power Solutions, National Technology Integrators) within six months
- Heavy customer concentration (AT&T and Verizon each >10% of revenue)
- Cash burn in Q1: operating cash flow -$24.6M, FCF -$92.1M, net debt rose to $2.30B
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000067215-26-000023 |
| Document: dy-20260527.htm | 0000067215-26-000023 |
| Document: q12027presentationmateri.htm | 0000067215-26-000023 |
| Document: 0000067215-26-000023-index-headers.html | 0000067215-26-000023 |
| Document: 0000067215-26-000023-index.html | 0000067215-26-000023 |
| Document: 0000067215-26-000023.txt | 0000067215-26-000023 |
| 8-K Data (Synthetic) | 0000067215-26-000023 |
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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