Dycom Industries Q4 2025: Unpacking Contradictions on Storm Revenues, AI Prospects, and BEAD Program Impact
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Dycom Industries reported strong Q4 2025 results with revenue of $1.085 billion and adjusted EBITDA of $116.4 million. The company closed the fiscal year with $4.702 billion in revenue and a 12.3% EBITDA margin. Key growth drivers included fiber-to-the-home programs and new projects for hyperscalers. Customer diversification improved, with the top 5 customers contributing 56.7% of revenue. For fiscal 2026, Dycom anticipates a revenue increase of 10% to 13%, focusing on fiber expansion and wireless equipment replacements, while maintaining balanced capital allocation strategies.
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