Overview
- Q4 revenue rose 34.4% to $1.46 billion and full-year revenue reached about $5.55 billion, with FY adjusted EBITDA of $737.7 million and free cash flow up 216% to $435.3 million as DSOs improved to 101 days.
- Total backlog hit a record $9.542 billion with a roughly 1.3x book-to-bill and about $6.358 billion slated to convert within 12 months, providing strong near-term visibility.
- Management guided fiscal 2027 revenue to $6.85–$7.15 billion and reported pro forma net leverage of about 2.3x with a target near 2.0x over the next year.
- The Power Solutions acquisition was integrated, and Dycom began reporting two segments—Communications and Building Systems—expanding capabilities in data center and digital infrastructure work.
- Executives said BEAD-related contracts should start converting in Q1/Q2 with more material revenue ramps in the second half of calendar 2027, while shares fell about 4.8% after the report yet remain up roughly 19% year to date.