Dycom Industries Strong F1Q27 Results and F2Q27 Guidance Along with FY Raise, But 2H27 Implied Guidance Is Cautious

Research evidence excerpt

Dycom Industries Strong F1Q27 Results and F2Q27 Guidance Along with FY Raise, But 2H27 Implied Guidance Is Cautious

J P M O R G A N North America Equity Research

27 May 2026

Dycom Industries Overweight

DY, DY US

Strong F1Q27 Results and F2Q27 Guidance Along with Price (26 May 26):$420.47

FY Raise, But 2H27 Implied Guidance Is Cautious

Dycom reported strong F1Q27 results that beat our estimates across the board. The

company reported contract revenues of $1.965b, 17.3% higher than our estimate,

and adj. EBITDA of $262.5b, 24.9% better than our estimate, on a 13.4% margin. Communications Infrastructure

Both segments also reported better results with better revenue and margins. The Richard Choe AC

company announced the acquisition of National Technology Integrators, a low- (1-212) 622-6708

voltage engineering and construction firm based in Maryland, for a total richard.choe@jpmorgan.com

consideration of $275m. The acquisition is expected to add $175m in annual run- Braden Nguyen AC

rate revenue with an adj. EBITDA estimate of mid- to high teens. The acquisition (1-212) 622-1861

braden.nguyen@jpmorgan.com

is not included in the newly revised guidance. On the call, we look for commentary J.P. Morgan Securities LLC

regarding the strong F1H27 expectations for both segments, better margin

performance and outlook for F2Q27, rationale for the National Technology

Integrators acquisition, and any potential headwinds for the rest of the year.

• Strong segment results and solid backlog. Communications segment

revenue was $1.569b, 14.1% better than our estimate and up 24.7% y/y.

Building Systems revenue was $395.4m, 31.8% higher than our $300.0m

estimate. Margins for Communications came in at 12.3% vs. our 11.7%

estimate, and Buildings Systems reported 17.7%, above our 16.5%. The