Stock Analysis · Bulls vs Bears

Dycom Industries DY

🐂 Bulls vs Bears 🐻Report #110 Oct 2026
★ Willem owns this stock · 1.1% of the portfolioOlder version — see the latest →
49
moderate risk
🐂 7vs8 🐻
Bears lead
45%
▲ Chance of the biggest tailwind the forecasts miss
25%
▼ Chance of the biggest headwind the forecasts miss
The verdict

Dycom is a scale "picks-and-shovels" contractor for a multi-year fiber build, with a newly bought data-center electrical arm. It has delivered on revenue and cash flow, but it has no pricing power and depends on a handful of buyers' capex calendars. The ~50% fall from the May high (to ~$274) has reset expectations. Owning it is a bet that FTTH volumes hold while long-haul AI fiber and BEAD arrive on time to offset…

The Bulls vs Bears podcast is being made
Two AI hosts debate this report, NotebookLM-style. It appears here automatically within a few hours.

Written by Claude (Anthropic’s AI) from public sources · Willem owns DY · AI can make mistakes — numbers in brackets point to the sources · Not financial advice

🐂 Bull arguments 7

  1. 1Lead contractor in a decade-long home-fiber buildStrong
  2. 2AI data centers need long-haul fiber, and Dycom already has the workMedium
  3. 3Record backlog, much of it recurringMedium
  4. 4Power Solutions gives profitable data-center exposureMedium
  5. 5Strong record on revenue and cashMedium
  6. 6BEAD rural broadband is upside not in guidanceMedium
  7. 7Expectations have been reset; insiders buyingWeak

🐻 Bear arguments 8

  1. 1A few customers control the volume, and they can change it anytimeHigh
  2. 2No pricing power, and telecom margins are going backwardsMedium
  3. 3Power Solutions: one region, one end-market, fixed-price contractsMedium
  4. 4Much more debt than beforeLow
  5. 5The fiber cycle eventually ends, and the next owners may build differentlyMedium
  6. 6Labour is the bottleneckMedium
  7. 7BEAD is shrinking and slippingLow
  8. 8Low barriers to entry in the core workLow

Bull arguments show how well they survive the devil’s advocate (strong / medium / weak); bear arguments show the damage they could do after the counter-argument (high / medium / low).

Bull case — all positive points (most important first)

🐂 Bull #1Lead contractor in a decade-long home-fiber build

  • The point: US carriers are replacing copper and cable with fiber to homes on a scale never seen before, and Dycom does more of that work than anyone.
  • Evidence:
    • AT&T reached 38.6M fiber locations in Q2 2026, is "on track" for >40M by end-2026 and >60M by 2030, with capex of $23–24B a year in 2026–28 [21].
    • Verizon closed Frontier (2026-01-20), has >30M passings and targets 40–50M medium term [33].
    • Fiber passed 11.8M new US homes in 2025, and 60M homes have still never been passed by fiber [25].
    • Dycom's home-fiber revenue rose ~60% in H1 FY27, and "all customers reaffirmed" their builds [15,16].
    • The FCC's copper-retirement order (2026-03-26) makes it easier for carriers to switch off copper, which pushes them to finish fiber [49].
  • Why it matters: Every home passed is unit-price work orders for Dycom, plus years of maintenance afterwards.
  • 😈 Devil's advocate:
    • These builds end. A Value Investors Club bear thesis argues wireline capex peaks in 2026–27 [44].
    • AT&T plans to sell control of "Forged Fiber", the Lumen fiber network it bought, to an equity partner. A new owner may set its own build pace and pick its own contractors [22].
    • Verizon cut 2026 capex to $16.0–16.5B [33].
    • Charter (9.1% of Dycom receivables) has signalled falling capex after closing Cox [35].
  • Verdict: Strong for the next ~3 years; the backlog and the carriers' public targets reach through 2028–30. It is weaker beyond that.

🐂 Bull #2AI data centers need long-haul fiber, and Dycom already has the work

  • The point: Long-distance ("long-haul") and regional ("middle-mile") fiber routes between data centers are a new, large work stream that is mostly not in guidance.
  • Evidence:
    • Dycom has >$1B contracted in long-haul/middle-mile/"inside-the-fence" fiber backlog, with "hundreds of millions" already performed. It sees a ~$20B addressable market, "back half-loaded towards the end of the decade" [15,17].
    • Drivers named by the CEO: Lumen's hyperscaler fabric deals (~$13B secured per Lumen's 2026 Investor Day), Verizon–Google dark fiber (>$1B, 2026-07-24), Verizon's 80M-mile Corning fiber supply deal for 2027–32, and Zayo–NVIDIA's >8,000 new route miles [18,24,33,34,36].
    • Dycom already does Lumen's "overpull" work, pulling new cable through existing ducts [20].
  • Why it matters: These are large, multi-year, technically demanding programmes, where national scale and crew capacity matter most.
  • 😈 Devil's advocate:
    • Timing keeps sliding: management "declined" to say when the backlog converts [16].
    • Ribbon fiber lead times reportedly exceed 60 weeks, so materials may gate the work (RCR Wireless, Sept 2026, secondary, not independently verified).
    • On pricing, the CEO said only: "we will see how it plays out with competitive dynamics" [15].
  • Verdict: Medium Strong. The demand is documented by multiple carriers and hyperscalers, but the timing and margins are unproven.

🐂 Bull #3Record backlog, much of it recurring

  • The point: Dycom has more visible future work than ever.
  • Evidence:
    • Backlog was $12.24B at 2026-08-01, up 53% y/y and up from $7.76B in January 2025. Of that, $6.47B is due within 12 months [6].
    • Q1 book-to-bill was 2.2x and Q2 1.2x (1.1x organic) [15,14].
    • Customers are "contracting work that's three or four years out" to secure crews [14].
  • Why it matters: Visibility lowers the risk of a sudden revenue cliff and supports hiring.
  • 😈 Devil's advocate:
    • MSA backlog is Dycom's own extrapolation of past work orders, and customers can cancel [1].
    • Much of the jump came from acquisitions: Building Systems is $1.26B of it [6].
    • The next-12-month figure barely moved from Q1 ($6.4B) to Q2 ($6.47B) [6]. Interpretation: the growth is in the out-years, which are the least certain part.
  • Verdict: Medium The backlog is real but softer than its size suggests.

🐂 Bull #4Power Solutions gives profitable data-center exposure

  • The point: The acquisition moves Dycom into data-center electrical work, a faster-growing, higher-margin market.
  • Evidence:
    • Building Systems margin was 17.7% in Q1 and 24.5% in Q2 FY27, against "mid-teens" guided in March [5,7].
    • Segment revenue guidance went from $1.15–1.25B (March) to $1.58–1.65B (August, incl. ~$90M NTI) [5,8].
    • The business had ~15% revenue CAGR over four years and >$1B backlog at purchase [9].
    • US data-center construction starts were $84.1B year-to-date through July 2026, about 3x a year earlier [32].
  • Why it matters: It adds a second growth engine that does not depend on telecom capex.
  • 😈 Devil's advocate:
    • Power Solutions is >90% data centers, concentrated in one region and a few general contractors [9,1].
    • Part of the Q2 margin was a one-off from favourable estimate changes [5].
    • Dycom paid ~$2.0B, booking $1.11B of goodwill, which is 77% of Dycom's goodwill [1].
  • Verdict: Medium Execution so far beats the plan, but the risk is concentrated.

🐂 Bull #5Strong record on revenue and cash

  • The point: Management under-promises on revenue and converts profit to cash.
  • Evidence:
    • Revenue guidance was raised repeatedly in FY26 and FY27, and both FY27 quarters beat on EPS (Section 1) [5,7,8,12].
    • FY26 free cash flow was $435.3M, up from ~$138M [8].
    • Receivable days (DSO) fell from 114 to 101 [1,15].
  • Why it matters: Cash flow funds de-leveraging, buybacks and hiring without new shares.
  • 😈 Devil's advocate: H1 FY27 operating cash flow was only $79.1M, against $139.8M of capex and $238.3M for NTI [3]. Cash fell from $709M to $340M [3]. The H1 figure is seasonal, but the cash story rests on H2.
  • Verdict: Medium Strong.

🐂 Bull #6BEAD rural broadband is upside not in guidance

  • The point: The $42.45B federal BEAD programme finally has all 56 state/territory plans approved (2026-08-25), and construction starts in CY2027 [29,30].
  • Evidence:
    • Dycom cites a ~$17B addressable market and had >$500M in "verbal awards" by December 2025 [19,15].
    • BEAD is explicitly excluded from guidance [16].
    • A 2026-09-03 NTIA notice lets states re-bid leftover locations [31].
  • Why it matters: It is extra, multi-year, government-funded volume, mostly fiber.
  • 😈 Devil's advocate:
    • The "Benefit of the Bargain" rules cut ~$21B from the original plans and moved locations to satellite and fixed wireless: New York ~31% fiber, California 53% [29,38].
    • Dycom's own BEAD timing has slid from "2H 2025" to "2026" to "2027" [20,19,15].
  • Verdict: Medium The upside is real but smaller and later than first promoted.

🐂 Bull #7Expectations have been reset; insiders buying

  • The point: The bar is lower now.
  • Evidence:
    • The stock fell from a $535.20 close (2026-05-28) to a $265.09 intraday low (2026-10-01), now ~$274 [41,42].
    • Most analysts kept Buy/Overweight while cutting targets (e.g. Cantor $654→$476, KeyBanc $610→$423) [39,40].
    • CEO and two directors made open-market buys at $280–297 [12].
  • Why it matters: Interpretation: less good news is now needed to move the stock.
  • 😈 Devil's advocate: Insider buys total ~$0.55M, which is token size. The price targets are stale, paywalled rationales that lag the price.
  • Verdict: Weak as a business point. It is a sentiment factor only.

Bear case — all negative points (most important first)

🐻 Bear #1A few customers control the volume, and they can change it anytime

  • The point: Dycom's revenue depends on the capex calendars of a handful of carriers that have no volume commitment.
  • Evidence:
    • AT&T, Verizon and Lumen were 35.8% of Q2 revenue and 50.2% of FY26 revenue [1,3].
    • Customers can cancel "for convenience" and give big orders to others or to their own staff [1].
    • In August, ~$150M of wireless revenue moved from H2 FY27 into FY28 at one unnamed customer. Management would not name it [5,16].
    • MasTec cut its own communications guide to ~$3.25B the month before, as carriers delayed spectrum-related equipment builds, which shows the delay is industry-wide [27,28].
    • Dycom stock fell ~22% in that week [43].
  • Why it matters: One budget decision at one carrier can move a quarter. Planning crews for work that slips costs margin.
  • 🛡️ Counter-argument: Management says the programme scope is unchanged and simply ends in FY28 [15]. Customer mix is diversifying, with 64% of Q2 revenue from outside the top three, up from 47.5% [3].
  • Severity: High This is structural and has just shown up in the numbers.

🐻 Bear #2No pricing power, and telecom margins are going backwards

  • The point: Dycom cannot pass on its rising costs.
  • Evidence:
    • Telecom adjusted EBITDA margin was 13.6% in Q2, down 134 bps. Full-year guidance moved to a "slight decline" [5].
    • Fuel alone cost ~35 bps, and the CFO did not say how it is recovered [15].
    • Most tasks are fixed unit prices, which "limits" passing on inflation [1].
    • Industry fiber build costs rose (underground +3%, aerial +14% per foot in 2025), with labour 64–72% of cost and 88% of builders expecting further rises in 2026 [26].
  • Why it matters: Revenue growth means little if each new crew earns less.
  • 🛡️ Counter-argument: The drag is partly temporary: the wireless deferral cost operating leverage, and new crews are less productive at first [15]. Dycom's margin is still well above MasTec's comms (8.2%) [27].
  • Severity: Medium High.

🐻 Bear #3Power Solutions: one region, one end-market, fixed-price contracts

  • The point: The new growth engine is concentrated and harder to forecast.
  • Evidence:
    • Over 90% of Power Solutions revenue is data centers, based in the Washington D.C./Maryland/Virginia hub [9].
    • Customers are a few general contractors, "highly concentrated" [1].
    • Contracts are fixed-price, so cost-to-cost revenue rose to 22% of the total [3].
    • The 24.5% Q2 margin included "favorable changes in cost estimates" [5].
    • Local opposition is rising: >300 US jurisdictions have data-center bans or moratoria, and Loudoun County, Virginia has weighed new limits [37,46]. These sources are secondary and of uneven quality.
    • Management says it sees no slowdown in its D.C./Virginia region [16].
  • Why it matters: A hyperscaler capex pause, a power-grid bottleneck or a cost overrun would hit a segment that is now ~20% of revenue and carries $1.1B of goodwill.
  • 🛡️ Counter-argument: Construction starts are ~3x a year ago, and Power Solutions is turning work away for lack of electricians, so demand far exceeds its capacity [32,15].
  • Severity: Medium today, rising if AI capex wobbles.

🐻 Bear #4Much more debt than before

  • The point: Buying Power Solutions took Dycom from ~1.2x to ~2.3x net leverage.
  • Evidence:
    • Debt is ~$2.8B against $340M cash at 2026-08-01, including $2.34B of floating-rate term loans [3,15].
    • Q2 interest was $38.0M vs $15.6M a year earlier [3].
    • Covenant maximum net leverage is 4.5x, stepping to 4.0x after the second anniversary [10].
  • Why it matters: Less room for error in a downturn, and floating debt costs more if rates rise.
  • 🛡️ Counter-argument:
    • No maturity before April 2029, and an undrawn $800M revolver [3].
    • FY26 free cash flow of $435M could cut leverage toward the ~2.0x target [8,15].
    • The leverage covenant has wide headroom.
  • Severity: Low Medium.

🐻 Bear #5The fiber cycle eventually ends, and the next owners may build differently

  • The point: Telecom capex is cyclical, and the current wave has a horizon.
  • Evidence:
    • Verizon's 2026 capex is lower than 2025's [33].
    • Charter–Cox closed 2026-08-20, with capex reportedly set to decline [35].
    • AT&T is looking for an equity partner to take control of Forged Fiber, the ex-Lumen network; no partner is named yet [22].
    • Lumen's share of Dycom revenue fell from 15.6% (FY24) to 5.3% [1,3].
    • Fixed-wireless substitutes are growing: AT&T added 279k FWA customers in Q2 [21].
  • Why it matters: After 2028–30, the home-fiber volume that drives Dycom's growth could fall sharply.
  • 🛡️ Counter-argument: Long-haul, BEAD and data-center electrical are separate demand streams that peak later. Fiber maintenance grows with the installed base [15].
  • Severity: Medium It is a 3–5 year issue rather than a now issue.

🐻 Bear #6Labour is the bottleneck

  • The point: Dycom sells labour, and skilled labour is scarce.
  • Evidence:
    • "Electricians... are still in short demand... there are still projects that we are turning away" (CEO, Q2) [15].
    • Dycom added 730 people in Q1 FY27 and is building a training centre that will not open until H1 CY2027 [14,15].
    • The 10-K flags immigration and worker-eligibility compliance as a risk [1].
  • Why it matters: Growth is capped by hiring, and wage inflation lands on fixed unit prices (see Bear #2).
  • 🛡️ Counter-argument: Scarcity also protects incumbents with trained crews, which is the core of Dycom's edge.
  • Severity: Medium

🐻 Bear #7BEAD is shrinking and slipping

  • The point: The rural-broadband upside keeps getting smaller and later.
  • Evidence:
    • The NTIA rewrite moved ~21% of locations to satellite and cut ~$21B of spend [38,29].
    • Only two states had construction underway in July 2026 [50].
    • Dycom's own estimate of the opportunity slid from ~$20B to ~$17B [15,19].
  • Why it matters: It reduces one of the follow-on demand streams the bull case leans on.
  • 🛡️ Counter-argument: It is not in guidance, so slippage costs the forecast nothing [16].
  • Severity: Low

🐻 Bear #8Low barriers to entry in the core work

  • The point: Dycom's own 10-K says there are "relatively few barriers to entry", and customers can use in-house crews [1].
  • Evidence: The market is fragmented, with large rivals (MasTec, Quanta, Primoris) and many regionals [1,27].
    • MasTec bought The Superior Group to enter data-center electrical [27].
  • Why it matters: When the build cycle cools, contractors cut prices to keep crews busy.
  • 🛡️ Counter-argument: In today's labour-scarce market, scale and trained crews are a real moat. Dycom is gaining share, growing ~2.7x MasTec's comms rate [27].
  • Severity: Low now, Medium in a downturn.

Tailwinds NOT in the forecasts

  • Long-haul/AI fiber becomes a >$500M-a-year revenue line by FY29 — 45% chance within 36 months · Impact if it happens: High

    • What it is: The >$1B contracted backlog converts, and new hyperscaler/carrier routes (Lumen, Verizon–Google, Zayo–NVIDIA) are awarded [15,24,33,36].
    • Why it's not priced in: Management gives no timing, guidance includes none of the ramp, and analysts model low-single-digit H2 telecom growth [16].
    • What would trigger it / the sign to watch: Long-haul backlog disclosed above ~$2B, or named route awards; management guiding FY28 telecom growth above 10%.
    • Why this probability: Demand is well documented by several buyers, but fiber supply and permitting may push big revenue past FY29.

  • BEAD construction adds meaningful revenue (>$300M a year) by FY29 — 40% chance within 36 months · Impact: Medium

    • What it is: States sign sub-grantee contracts, and Dycom converts its verbal awards plus re-bid wins [19,31].
    • Why it's not priced in: It is excluded from guidance [16].
    • What would trigger it / the sign to watch: BEAD backlog disclosed, or construction starts across multiple states in H1 CY2027.
    • Why this probability: All plans are approved, but the programme has slipped three times and its fiber share was cut.

  • Another accretive Building Systems acquisition outside the D.C./Virginia region — 55% chance within 36 months · Impact: Medium

    • What it is: Management has said it is looking at more data-center systems M&A in other regions [15].
    • Why it's not priced in: Forecasts only include announced deals.
    • What would trigger it / the sign to watch: Leverage back to ~2.0x, then a deal announcement.
    • Why this probability: The intent is stated and the NTI deal shows the playbook, but the leverage target constrains timing.

  • AT&T's Forged Fiber partner accelerates the ex-Lumen build — 20% chance · Impact: Medium

    • What it is: A new equity partner co-invests to speed up passings on the acquired network [22].
    • Why it's not priced in: No partner is named yet.
    • What would trigger it / the sign to watch: A partner announcement with a build target.
    • Why this probability: Partners usually want returns and discipline, not acceleration, and could equally slow the build.

Headwinds NOT in the forecasts

  • Data-center construction slowdown that shrinks Building Systems revenue — 25% chance within 36 months · Impact: High

    • What it is: A hyperscaler capex pause, power-grid limits or local moratoria in the D.C./Virginia region cut Power Solutions' work [37,46].
    • Why it's not priced in: Guidance assumes 15–25% growth for this business [9,5].
    • What would trigger it / the sign to watch: Building Systems book-to-bill below 1, hyperscaler capex cuts, or Dominion/Loudoun hookup restrictions.
    • Why this probability: Demand is far ahead of supply today, but a ~3x jump in starts in one year is the kind of boom that historically corrects.

  • Telecom margin keeps falling below 12% for a full year — 30% chance · Impact: Medium

    • What it is: Wage, fuel and training costs outrun unit prices.
    • Why it's not priced in: Guidance says only "slight decline" [5].
    • What would trigger it / the sign to watch: Q3/Q4 telecom margin below 12.5%, or a further guide cut.
    • Why this probability: The FBA data show costs rising across the industry [26], but Dycom has historically recovered through productivity.

  • A large carrier cuts its FTTH pace (AT&T post-partner, Verizon, Charter) by FY29 — 25% chance · Impact: High

    • What it is: A slower build at one of the big three carriers.
    • Why it's not priced in: Consensus FY28 EPS of $19.94 (+22%) assumes continued growth [48].
    • What would trigger it / the sign to watch: Carrier capex guides for 2027, or passings targets lowered.
    • Why this probability: The public targets run to 2030, but Verizon and Charter capex is already falling.

  • Power Solutions goodwill impairment or a large fixed-price loss — 10% chance · Impact: Medium

    • What it is: A write-down of the $1.11B goodwill or a loss-making fixed-price project [1].
    • Why it's not priced in: It has no current indication.
    • What would trigger it / the sign to watch: Negative estimate changes, or Building Systems margin below 15%.
    • Why this probability: It would need both a downturn and an execution miss.

Investment Risk Score: 49/100

Risk area Weight Score (0–100) Why
Business & competition 25% 52 Fragmented market with low barriers and no pricing power, offset by scale leadership in a labour-scarce market and share gains vs MasTec.
Financial health & dilution 20% 40 ~2.3x net leverage and $2.34B floating debt, but no maturity before 2029, strong FCF and minimal dilution (shares used only in deals).
Execution (delivering the plan) 20% 50 Strong revenue beats, but telecom margins are slipping, a fixed-price acquisition is being integrated and the labour ramp is untested.
Dependency & concentration 15% 62 AT&T/Verizon/Lumen ~36% of revenue, cancellable MSAs, and Power Solutions >90% data centers in one region via a few GCs.
Regulation, policy & geopolitics 10% 45 BEAD rules and timing, data-center moratoria, immigration and labour rules, tariffs on fiber/vehicles.
Sentiment & expectations 10% 40 The stock has halved from its peak and analysts cut targets; FY28 consensus still assumes ~20% EPS growth.

Overall = 49/100 (moderate). 52×0.25 + 40×0.20 + 50×0.20 + 62×0.15 + 45×0.10 + 40×0.10 = 48.8. The main risk is dependence on a few buyers' capex timing, now spread across two cyclical end-markets: carrier fiber and AI data centers. The balance sheet and management's revenue record keep the score out of "high". First deep dive, so no change to report.

Conclusion

  • What kind of company this is: A labour-heavy services contractor whose value is its trained crews and national reach. Owning it is a bet on the volume and duration of US fiber and data-center capex, not on any technology or pricing power.
  • The 2–3 things that will decide the outcome:
    1. Whether AT&T and Verizon keep their FTTH pace through 2028–30, including after AT&T brings in a Forged Fiber partner.
    2. When long-haul AI fiber actually converts to revenue.
    3. Whether Power Solutions keeps high-teens-plus margins as data-center construction normalises.
  • Signposts:
    • Confirm bull:
      • Long-haul backlog disclosed above ~$2B, or named route awards.
      • Telecom margin stabilises at ≥13.5% in Q4/Q1.
      • FY28 guidance (March 2027) at double-digit organic growth.
      • Net leverage ≤2.0x by early 2027.
    • Break bull:
      • Another customer deferral or MSA loss.
      • Building Systems margin below 15% or book-to-bill below 1.
      • AT&T/Verizon 2027 capex cuts.
      • BEAD construction still not material in H2 CY2027.
  • Balanced verdict: The strongest bull case is that Dycom is the best-positioned contractor for three overlapping build waves: home fiber now, AI long-haul fiber from 2027–28, and BEAD from 2027. A profitable data-center electrical arm sits on top, and the stock has already halved. The strongest bear case is that Dycom sells labour at fixed unit prices to a few buyers who can change volume at will. Its margins are already slipping in the best demand environment in its history, and it has just levered up to buy a regional, single-end-market business at the height of a data-center boom. Today the evidence leans modestly positive on demand durability, which is documented by multiple buyers, and negative on margin quality. The next two quarters' telecom margins and any long-haul conversion are the swing factors.

Open questions & data gaps

  • Wireless deferral customer: not named by management. Industry evidence (MasTec) points to spectrum-equipment timing at carriers. Matters moderately: it tells us whether the AT&T or Verizon relationship is softening.
  • Building Systems end customers and contract terms: no named hyperscalers or general contractors, and the size of the Q2 favourable estimate changes is not disclosed. Matters a lot for judging the 24.5% margin.
  • Transcript quality: I read third-party transcripts (MarketBeat, EarningsWhispers), not Dycom's own; the Dycom IR site returned 403.
  • Cause of the September slide (~-27% in a month after the post-Q2 drop): no company-specific explanation found. Secondary sources cite AI-infrastructure sector rotation (unconfirmed).
  • Analyst rationale: post-Q2 analyst consensus and the full reasoning are paywalled. Wells Fargo's new target conflicts between sources ($550 vs $476).
  • Lumen reporting: whether Dycom's "Lumen" revenue line still includes the fiber assets AT&T bought is unclear (the 10-K vs 10-Q wording differs).
  • Safety record (TRIR): not found.
  • Data-center moratoria in Loudoun/Prince William: current status not verified.
Sources
  1. Dycom Industries Form 10-K, FY ended 2026-01-31 — SEC EDGAR — 2026-03-09 — https://www.sec.gov/Archives/edgar/data/67215/000006721526000008/dy-20260131.htm
  2. Dycom Industries Form 10-K, FY ended 2025-01-25 — SEC EDGAR — 2025-02-28 — https://www.sec.gov/Archives/edgar/data/67215/000006721525000012/dy-20250125.htm
  3. Dycom Form 10-Q, quarter ended 2026-08-01 — SEC EDGAR — 2026-08-27 — https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm
  4. Dycom Form 10-Q, quarter ended 2026-05-02 — SEC EDGAR — 2026-05-28 — https://www.sec.gov/Archives/edgar/data/67215/000006721526000025/dy-20260502.htm
  5. Dycom Q2 FY27 earnings release (8-K Ex. 99.1) — SEC EDGAR — 2026-08-26 — https://www.sec.gov/Archives/edgar/data/67215/000006721526000039/dyfy2027q2earningsreleasee.htm
  6. Dycom Q2 FY27 results presentation (Ex. 99.2) — SEC EDGAR — 2026-08-26 — https://www.sec.gov/Archives/edgar/data/67215/000006721526000039/q22027presentationmateri.htm
  7. Dycom Q1 FY27 earnings release — SEC EDGAR — 2026-05-27 — https://www.sec.gov/Archives/edgar/data/67215/000006721526000023/dyfy2027q1earningsreleasee.htm
  8. Dycom Q4 FY26 earnings release — SEC EDGAR — 2026-03-04 — https://www.sec.gov/Archives/edgar/data/67215/000006721526000004/dyfy2026q4earningsreleasee.htm
  9. Dycom to Acquire Power Solutions (press release) — SEC EDGAR — 2025-11-19 — https://www.sec.gov/Archives/edgar/data/67215/000006721525000075/dyfy2026q4pressreleaseex991.htm
  10. Form 8-K: completion of Power Solutions acquisition, amended credit agreement — SEC EDGAR — 2025-12-23 — https://www.sec.gov/Archives/edgar/data/67215/000119312525330970/d41994d8k.htm
  11. Form 8-Ks Item 5.02/5.07 (board changes, annual meeting) — SEC EDGAR — 2026-03-24, 2026-06-01, 2026-08-04, 2026-08-25 — https://www.sec.gov/Archives/edgar/data/67215/000006721526000032/dy-20260804.htm
  12. Dycom Form 4 filings (Peyovich 2026-09-09, Fallon 2026-09-01, Sabater 2026-09-23 and others); FY26 guidance history in prior earnings releases — SEC EDGAR — 2025-02 to 2026-10-07 — https://data.sec.gov/submissions/CIK0000067215.json
  13. Dycom Q4 FY26 earnings call transcript — MarketBeat (third-party) — 2026-03-04 — https://www.marketbeat.com/earnings/reports/2026-3-4-dycom-industries-inc-stock/
  14. Dycom Q1 FY27 earnings call transcript — MarketBeat (third-party) — 2026-05-27 — https://www.marketbeat.com/earnings/reports/2026-5-27-dycom-industries-inc-stock/
  15. Dycom Q2 FY27 earnings call transcript — MarketBeat (third-party) — 2026-08-26 — https://www.marketbeat.com/earnings/reports/2026-8-26-dycom-industries-inc-stock/
  16. Dycom Q2 FY27 earnings call transcript/summary — Earnings Whispers — 2026-08-26 — https://earningswhispers.com/transcript/DY/Q22027
  17. Dycom's Q2 long-haul and middle-mile backlog surpasses $1B — Lightwave — 2026-09-14 — https://www.lightwaveonline.com/home/news/55404827/dycoms-q2-long-haul-and-middle-mile-backlog-surpasses-1b
  18. Dycom's CEO says AT&T, Meta and Verizon hyperscale plans confirm its data center network build thesis — Lightwave — 2026-03-10 — https://www.lightwaveonline.com/home/article/55363060/dycoms-ceo-says-att-meta-and-verizon-hyperscale-plans-confirm-its-data-center-network-build-thesis
  19. Dycom's CEO says it has secured half a billion in verbal agreements for BEAD projects — Lightwave — 2025-12-08 — https://www.lightwaveonline.com/home/news/55336969/dycoms-ceo-says-it-has-secured-half-a-billion-in-verbal-agreements-for-bead-projects
  20. Dycom sees revenue upside in FTTH, AI-centric data center builds — Lightwave — 2025-03-04 — https://www.lightwaveonline.com/home/article/55272341/dycom-sees-revenue-upside-in-ftth-ai-centric-data-center-builds
  21. AT&T Q2 2026 earnings release (8-K Ex. 99.1) — SEC EDGAR — 2026-07-22 — https://www.sec.gov/Archives/edgar/data/0000732717/000073271726000294/t-2q2026exhibit991.htm
  22. AT&T Form 10-Q, quarter ended 2026-06-30 (Forged Fiber held for sale) — SEC EDGAR — 2026-07 — https://www.sec.gov/Archives/edgar/data/0000732717/000073271726000297/t-20260630.htm
  23. Lumen Technologies Reports Second Quarter 2026 Results — Lumen — 2026-08-04 — https://s21.q4cdn.com/756714007/files/doc_news/Lumen-Technologies-Reports-Solid-Second-Quarter-2026-Results-Digital-Transformation-Accelerates-2026.pdf
  24. Lumen Marks New Phase of Transformation at 2026 Investor Day — Lumen — 2026-02 — https://s21.q4cdn.com/756714007/files/doc_news/Lumen-Marks-New-Phase-of-Transformation-at-2026-Investor-Day-2026.pdf
  25. FBA Reports Historic Fiber Deployment Highs (RVA study) — Fiber Broadband Association — 2025-12-16 — https://fiberbroadband.org/2025/12/16/fiber-broadband-association-reports-historic-fiber-deployment-highs/
  26. FBA Reports Rapid Fiber Expansion Amid Rising Labor, Materials, Permitting Costs — Fiber Broadband Association — 2026-01-20 — https://fiberbroadband.org/2026/01/20/fiber-broadband-association-reports-rapid-fiber-expansion-amid-rising-labor-materials-permitting-costs/
  27. MasTec Reports Second Quarter 2026 Results (reposted release) — 01net / Business Wire — 2026-07-30 — https://www.01net.it/mastec-reports-second-quarter-2026-results-and-updates-full-year-2026-financial-guidance/
  28. MasTec Q2 earnings call highlights — MarketBeat — 2026-07-31 — https://www.marketbeat.com/instant-alerts/mastec-q2-earnings-call-highlights-2026-07-31/
  29. Illinois becomes the final domino as NTIA approves all 56 BEAD plans — Wireless Estimator — 2026-08-28 — https://wirelessestimator.com/articles/2026/illinois-becomes-the-final-domino-as-ntia-approves-all-56-bead-plans/
  30. NTIA Announces All 56 BEAD Final Proposals Now Approved — Benton Institute (repost) — 2026-08-25 — https://www.benton.org/headlines/ntia-announces-all-56-bead-final-proposals-now-approved
  31. BEAD non-deployment funds to be used for deployment — Light Reading — 2026-09 — https://www.lightreading.com/broadband/bead-non-deployment-funds-to-be-used-for-deployment-ntia
  32. September 2026 Data Center Report — ConstructConnect — 2026-09 — https://news.constructconnect.com/september-2026-data-center-report-year-to-date-spending-nearly-three-times-a-year-ago
  33. Verizon stock pulls back on record margins; Google dark fiber deal — TechTimes — 2026-07-28 — https://www.techtimes.com/articles/321821/20260728/verizon-stock-pulls-back-record-margins-google-dark-fiber-deal-signal-new-era.htm
  34. Verizon just locked in 80 million miles of fiber through 2032 — 24/7 Wall St — 2026-09-08 — https://247wallst.com/investing/2026/09/08/verizon-just-locked-in-80-million-miles-of-fiber-through-2032/
  35. Charter-Cox deal is a wrap — Benton / Light Reading — 2026-08 — https://www.benton.org/headlines/charter-cox-deal-wrap-spectrum-brand-take-over-within-year
  36. Zayo teams with NVIDIA to scale network capacity for AI factories — Light Reading — 2026-08-06 — https://lightreading.com/ai-machine-learning/zayo-teams-with-nvidia-to-scale-network-capacity-for-ai-factories
  37. More cities are pressing pause on data centers as local backlash grows — Civic Media — 2026-05-29 — https://civicmedia.us/news/2026/05/29/more-cities-are-pressing-pause-on-data-centers-as-local-backlash-grows
  38. Starlink BEAD funding tallies — Brander Group — 2025-12 — https://brandergroup.net/2025/12/starlink-bead-funding-winner/
  39. Cantor Fitzgerald lowers Dycom price target to $476 — Daily Political (MarketBeat syndication) — 2026-08-27 — https://www.dailypolitical.com/2026/08/27/cantor-fitzgerald-lowers-dycom-industries-nysedy-price-target-to-476-00-2.html
  40. KeyCorp sets Dycom target $423; JPMorgan cuts to $570 — Defense World / Daily Political — 2026-08-28/29 — https://www.defenseworld.net/2026/08/28/dycom-industries-nysedy-given-new-423-00-price-target-at-keycorp.html
  41. Dycom sets new 1-year low — MarketBeat — 2026-10-01 — https://www.marketbeat.com/instant-alerts/price-dycom-industries-nyse-dy-sets-new-1-year-low-heres-why-2026-10-01/
  42. Dycom Industries Inc (DY) quote and 52-week range — Investing.com — 2026-10-03 — https://za.investing.com/equities/dycom-industries-inc
  43. Why Dycom Industries stock is plummeting this week — Motley Fool / Nasdaq — 2026-08-28 — https://www.nasdaq.com/articles/why-dycom-industries-stock-plummeting-week
  44. Dycom Industries (DY): A bear case theory (Value Investors Club summary) — Insider Monkey / Yahoo Finance — 2025-12 (approx.) — https://finance.yahoo.com/news/dycom-industries-inc-dy-bear-153937773.html
  45. DY short interest — Benzinga — 2026-08-28 — https://www.benzinga.com/quote/DY/sentiment
  46. Loudoun County weighs new restrictions on data centre development — Datacentres.com — 2026 (date unclear) — https://www.datacentres.com/news/virginia-moratorium-loudoun-county-2026
  47. DY earnings date (expected 2026-11-25, unconfirmed) — Earnings Whispers — 2026-10 — https://beta.earningswhispers.com/go/w/DY
  48. Dycom stock up 21.2% year to date: is the rally still worth chasing? (Zacks consensus FY27/FY28) — Nasdaq / Zacks — 2026-06 — https://www.nasdaq.com/articles/dycom-stock-212-year-date-rally-still-worth-chasing
  49. FCC adopts copper retirement and call-center onshoring orders — Broadband Breakfast — 2026-03-26 — https://broadbandbreakfast.com/fcc-adopts-copper-retirement-call-center-onshoring-orders/
  50. NTIA Administrator Roth updates Congress about BEAD — Blandin on Broadband — 2026-07-03 — https://blandinonbroadband.org/2026/07/03/ntia-administrator-arielle-roth-updates-congress-about-bead/
All DY Bulls vs Bears reports
Disclaimer. AI-generated research and podcast (Claude by Anthropic, voices by Google Gemini) for educational purposes — not financial advice and not a recommendation to buy or sell. Willem (MR.INVEST) owns this stock. Check the company’s own filings before making any decision.
← All Bulls vs Bears reports