Revenue growth accelerated to 56.1% in 2027Q1, yet operating margins remain inconsistent, dropping to 7.3% compared to the 21.9% peak observed in 2026Q4.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jul'17 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'10 | Jul'09 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'04 | Jul'03 | Jul'03 | Jul'02 | Jul'01 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Sales/Revenue | 6.25B | 5.55B | 4.7B | 4.18B | 3.81B | 3.13B | 3.2B | 3.34B | 3.13B | 2.82B | 2.67B | 2.02B | 1.81B | 1.61B | 1.2B | 1.04B | 988.62M | 1.11B | 1.23B | 1.14B | 994.97M | 986.63M | 872.72M | 618.18M | 618.18M | 624.02M | 826.75M | 470.1M | 371.4M | 243M | 143.9M |
| Revenue Growth % | 29.76% | 17.95% | 12.61% | 9.64% | 21.66% | -2.15% | -4.21% | 6.78% | 10.81% | 5.62% | 32.15% | 11.63% | 12.62% | 33.93% | 15.95% | 4.78% | -10.69% | -10% | 8.1% | 14.36% | 0.85% | 13.05% | 41.17% | 0% | -0.94% | -24.52% | 75.87% | 26.58% | 52.84% | 68.87% | 0% |
| Cost of Goods Sold | 5.03B | 4.41B | 3.97B | 3.52B | 3.3B | 2.79B | 2.82B | 2.97B | 2.74B | 2.45B | 2.21B | 1.69B | 1.57B | 1.39B | 1.03B | 899.05M | 872.07M | 960.32M | 1.08B | 973.05M | 857.68M | 832.21M | 713.33M | 482.88M | 482.88M | 478.97M | 615.24M | 365.48M | 298.6M | 246M | 155.8M |
| COGS % of Revenue | - | 79.44% | 84.4% | 84.42% | 86.77% | 89.01% | 88.08% | 88.85% | 87.67% | 86.91% | 82.64% | 83.53% | 86.51% | 86.12% | 85.89% | 86.79% | 88.21% | 86.76% | 87.69% | 85.52% | 86.2% | 84.35% | 81.74% | 78.11% | 78.11% | 76.76% | 74.42% | 77.75% | 80.4% | 101.23% | 108.27% |
| Gross Profit | 1.23B | 1.14B | 733.57M | 650.67M | 504.02M | 343.99M | 381.28M | 372.4M | 385.7M | 369.63M | 464.02M | 333.02M | 244.38M | 223.22M | 169.48M | 136.82M | 116.55M | 146.58M | 151.45M | 164.76M | 137.3M | 154.42M | 159.39M | 135.31M | 135.31M | 145.05M | 211.51M | 135.68M | 90.88M | 65.2M | 38.3M |
| Gross Margin % | 19.61% | 20.56% | 15.6% | 15.58% | 13.23% | 10.99% | 11.92% | 11.15% | 12.33% | 13.09% | 17.36% | 16.47% | 13.49% | 13.88% | 14.11% | 13.21% | 11.79% | 13.24% | 12.31% | 14.48% | 13.8% | 15.65% | 18.26% | 21.89% | 21.89% | 23.24% | 25.58% | 28.86% | 24.47% | 26.83% | 26.62% |
| Gross Profit Growth % | - | 55.42% | 12.74% | 29.1% | 46.52% | -9.78% | 2.39% | -3.45% | 4.35% | -20.34% | 39.34% | 36.27% | 9.48% | 31.71% | 23.87% | 17.39% | -20.49% | -3.21% | -8.08% | 20.01% | -11.09% | -3.12% | 17.8% | 0% | -6.72% | -31.42% | 55.89% | 49.29% | 39.38% | 70.23% | 13.65% |
| Operating Expenses | 473.09M | 445.48M | 393.03M | 327.67M | 293.48M | 262.43M | 259.77M | 254.59M | 269.14M | 249.86M | 216.45M | 178.7M | 159.46M | 135.57M | 104.02M | 94.62M | 98.14M | 98.73M | 98.94M | 90.09M | 78.52M | 79.73M | 74.16M | 109.13M | 109.13M | 127.84M | 113.69M | 70.52M | 53.86M | 42.6M | 28.1M |
| OpEx % of Revenue | - | 8.03% | 8.36% | 7.85% | 7.71% | 8.38% | 8.12% | 7.62% | 8.61% | 8.85% | 8.1% | 8.84% | 8.8% | 8.43% | 8.66% | 9.13% | 9.93% | 8.92% | 8.04% | 7.92% | 7.89% | 8.08% | 8.5% | 17.65% | 17.65% | 20.49% | 13.75% | 15% | 14.5% | 17.53% | 19.53% |
| Selling, General & Admin | 473.09M | 445.48M | 393.03M | 327.67M | 293.48M | 262.43M | 259.77M | 254.59M | 269.14M | 249.86M | 216.45M | 178.7M | 159.46M | 135.57M | 104.02M | 94.62M | 98.14M | 98.73M | 98.94M | 90.09M | 78.52M | 79.73M | 74.16M | 70.06M | 70.06M | 89M | 73.58M | 48.91M | 39.16M | 30.8M | 20.5M |
| SG&A % of Revenue | - | 8.03% | 8.36% | 7.85% | 7.71% | 8.38% | 8.12% | 7.62% | 8.61% | 8.85% | 8.1% | 8.84% | 8.8% | 8.43% | 8.66% | 9.13% | 9.93% | 8.92% | 8.04% | 7.92% | 7.89% | 8.08% | 8.5% | 11.33% | 11.33% | 14.26% | 8.9% | 10.41% | 10.54% | 12.67% | 14.25% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.07M | 39.07M | 38.84M | 40.12M | 21.61M | 14.7M | 11.8M | 7.6M |
| Operating Income | 753.01M | 694.63M | 340.54M | 322.99M | 210.54M | 81.56M | 121.51M | 117.81M | 116.56M | 119.77M | 247.57M | 154.32M | 84.92M | 87.64M | 65.45M | 42.19M | 18.41M | 47.85M | 52.51M | 74.67M | 58.78M | 74.69M | 85.23M | 26.17M | 26.17M | 17.21M | 97.81M | 65.15M | 37.02M | 22.6M | 10.2M |
| Operating Margin % | 12.04% | 12.53% | 7.24% | 7.74% | 5.53% | 2.61% | 3.8% | 3.53% | 3.73% | 4.24% | 9.26% | 7.63% | 4.69% | 5.45% | 5.45% | 4.07% | 1.86% | 4.32% | 4.27% | 6.56% | 5.91% | 7.57% | 9.77% | 4.23% | 4.23% | 2.76% | 11.83% | 13.86% | 9.97% | 9.3% | 7.09% |
| Operating Income Growth % | - | 103.98% | 5.43% | 53.41% | 158.15% | -32.88% | 3.14% | 1.06% | -2.68% | -51.62% | 60.43% | 81.73% | -3.11% | 33.9% | 55.12% | 129.17% | -61.52% | -8.87% | -29.68% | 27.04% | -21.3% | -12.37% | 225.65% | 0% | 52.08% | -82.41% | 50.13% | 76% | 63.81% | 121.57% | 36% |
| EBITDA | 1.08B | 964.2M | 539.11M | 486.08M | 386.79M | 266.05M | 329.23M | 335.4M | 296.17M | 289.88M | 372.51M | 250.36M | 177.69M | 173.13M | 128.15M | 104.73M | 82.02M | 113.28M | 119.8M | 133.28M | 106.73M | 121.28M | 127.3M | 65.25M | 65.25M | 56.05M | 137.93M | 86.76M | 51.72M | 34.4M | 17.8M |
| EBITDA Margin % | 17.21% | 17.39% | 11.47% | 11.64% | 10.16% | 8.5% | 10.29% | 10.04% | 9.47% | 10.27% | 13.94% | 12.38% | 9.81% | 10.76% | 10.67% | 10.11% | 8.3% | 10.23% | 9.74% | 11.71% | 10.73% | 12.29% | 14.59% | 10.55% | 10.55% | 8.98% | 16.68% | 18.46% | 13.92% | 14.16% | 12.37% |
| EBITDA Growth % | 93.27% | 78.85% | 10.91% | 25.67% | 45.38% | -19.19% | -1.84% | 13.25% | 2.17% | -22.18% | 48.79% | 40.9% | 2.64% | 35.1% | 22.36% | 27.69% | -27.6% | -5.44% | -10.12% | 24.87% | -12% | -4.72% | 95.1% | 0% | 16.4% | -59.36% | 58.98% | 67.77% | 50.33% | 93.26% | 21.09% |
| D&A (Non-Cash Add-back) | 322.82M | 269.57M | 198.57M | 163.09M | 176.25M | 184.49M | 207.72M | 217.6M | 179.6M | 170.11M | 124.94M | 96.04M | 92.77M | 85.48M | 62.69M | 62.53M | 63.61M | 65.44M | 67.29M | 58.61M | 47.95M | 46.59M | 42.07M | 39.07M | 39.07M | 38.84M | 40.12M | 21.61M | 14.7M | 11.8M | 7.6M |
| EBIT | 745.74M | 694.63M | 368.78M | 344.6M | 220.74M | 85.94M | 88.89M | 129.4M | 132.41M | 132.22M | 241.05M | 162.61M | 93.15M | 81.53M | 81.28M | 44.5M | 25M | -39.76M | 50.68M | 84.29M | 52.19M | 59.05M | 98.14M | 26.17M | 26.17M | 17.21M | 97.81M | 65.15M | 37.02M | 22.6M | 10.2M |
| Net Interest Income | -88M | -66.51M | -60.99M | -52.6M | -40.62M | -33.17M | -29.67M | -50.86M | -44.37M | -39.12M | -34.72M | -27.02M | -26.83M | -23.33M | -16.72M | -15.91M | -14.18M | -14.48M | -12.4M | -13.84M | -10.08M | 924K | -188.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97K | 261K | 261K | 0 | 0 | 0 | 775.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 88M | 66.51M | 60.99M | 52.6M | 40.62M | 33.17M | 29.67M | 50.86M | 44.37M | 39.12M | 37.36M | 34.72M | 27.02M | 26.83M | 23.33M | 16.72M | 14.27M | 14.74M | 14.74M | 0 | 0 | 0 | 963.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -357.02M | -326.76M | -32.75M | -30.99M | -30.42M | -28.78M | -62.29M | -39.27M | -28.53M | -26.67M | -41.25M | -18.73M | -18.6M | -29.45M | -892K | -13.71M | -7.68M | -102.35M | -14.92M | -5.2M | -18.58M | -16.06M | 11.95M | 4.28M | 4.28M | -43.8M | 7.17M | 1.44M | 505.07K | 1.2M | 1.2M |
| Pretax Income | 395.98M | 367.88M | 307.79M | 292M | 180.12M | 52.78M | 59.22M | 78.54M | 88.04M | 93.1M | 206.33M | 135.58M | 66.32M | 58.2M | 64.56M | 28.48M | 10.73M | -54.5M | 37.58M | 69.48M | 40.2M | 58.63M | 97.18M | 30.45M | 30.46M | -26.59M | 104.98M | 66.59M | 37.52M | 23.8M | 11.4M |
| Pretax Margin % | 6.33% | 6.63% | 6.55% | 6.99% | 4.73% | 1.69% | 1.85% | 2.35% | 2.81% | 3.3% | 7.72% | 6.7% | 3.66% | 3.62% | 5.38% | 2.75% | 1.09% | -4.92% | 3.06% | 6.11% | 4.04% | 5.94% | 11.14% | 4.93% | 4.93% | -4.26% | 12.7% | 14.17% | 10.1% | 9.79% | 7.92% |
| Income Tax | 84.55M | 86.69M | 74.38M | 73.08M | 37.91M | 4.2M | 24.88M | 21.32M | 25.13M | -44.57M | 77.59M | 51.26M | 26.34M | 23.01M | 25.18M | 12.38M | 4.88M | -1.41M | 13.18M | 27.27M | 22.16M | 34.32M | 38.55M | 13.31M | 13.31M | 9.51M | 43.57M | 26.49M | 13.6M | 8M | 3.7M |
| Effective Tax Rate % | 21.35% | 23.56% | 24.16% | 25.03% | 21.05% | 7.96% | 42.01% | 27.15% | 28.55% | -47.87% | 37.6% | 37.81% | 39.72% | 39.54% | 39.01% | 43.45% | 45.49% | 2.58% | 35.07% | 39.26% | 55.12% | 58.53% | 39.67% | 43.69% | 43.69% | -35.76% | 41.5% | 39.78% | 36.23% | 33.61% | 32.46% |
| Net Income | 311.43M | 281.19M | 233.41M | 218.92M | 142.21M | 48.57M | 34.34M | 57.22M | 62.91M | 157.22M | 157.22M | 128.74M | 84.32M | 39.98M | 35.19M | 39.38M | 5.85M | -53.18M | -53.18M | 21.68M | 41.88M | 18.18M | 58.63M | 17.15M | 17.15M | -123.03M | 61.41M | 40.1M | 23.93M | 15.8M | 7.7M |
| Net Margin % | 4.98% | 5.07% | 4.96% | 5.24% | 3.73% | 1.55% | 1.07% | 1.71% | 2.01% | 5.57% | 5.88% | 6.37% | 4.65% | 2.49% | 2.93% | 3.8% | 0.59% | -4.8% | -4.32% | 1.91% | 4.21% | 1.84% | 6.72% | 2.77% | 2.77% | -19.72% | 7.43% | 8.53% | 6.44% | 6.5% | 5.35% |
| Net Income Growth % | 34.29% | 20.47% | 6.62% | 53.94% | 192.78% | 41.46% | -39.99% | -9.05% | -59.99% | 0% | 22.12% | 52.67% | 110.93% | 13.61% | -10.64% | 573.24% | 111% | 0% | -345.32% | -48.24% | 130.38% | -68.99% | 241.9% | -0% | 113.94% | -300.34% | 53.13% | 67.58% | 51.46% | 105.19% | 50.98% |
| Net Income (Continuing) | 311.43M | 281.19M | 233.41M | 218.92M | 142.21M | 48.57M | 34.34M | 57.22M | 62.91M | 157.22M | 157.22M | 128.74M | 84.32M | 39.98M | 35.19M | 39.38M | 5.85M | -53.09M | -53.09M | 24.4M | 42.2M | 18.04M | 58.63M | 17.15M | 17.15M | -36.1M | 61.41M | 40.1M | 23.93M | 15.8M | 7.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.25 | 9.56 | 7.92 | 7.37 | 4.74 | 1.57 | 1.07 | 1.80 | 1.97 | 4.92 | 4.92 | 3.89 | 2.41 | 1.15 | 1.04 | 1.14 | 0.15 | -1.35 | -1.35 | 0.53 | 1.03 | 0.43 | 1.20 | 0.36 | 0.36 | -2.73 | 1.44 | 1.06 | 0.68 | 0.55 | 0.31 |
| EPS Growth % | 32.7% | 20.71% | 7.46% | 55.49% | 201.91% | 46.73% | -40.56% | -8.63% | -59.96% | 0% | 26.48% | 61.41% | 109.57% | 10.58% | -8.77% | 660% | 111.11% | 0% | -354.72% | -48.54% | 139.53% | -64.17% | 233.33% | 0% | 113.19% | -289.58% | 35.85% | 55.88% | 23.64% | 77.42% | 40.91% |
| EPS (Basic) | - | 9.68 | 8.02 | 7.46 | 4.81 | 1.60 | 1.08 | 1.82 | 2.01 | 5.01 | 5.01 | 3.98 | 2.48 | 1.18 | 1.07 | 1.17 | 0.15 | -1.35 | -1.35 | 0.54 | 1.04 | 0.43 | 1.21 | 0.36 | 0.36 | -2.73 | 1.45 | 1.08 | 0.69 | 0.56 | 0.31 |
| Diluted Shares Outstanding | 30.38M | 29.42M | 29.48M | 29.7M | 30M | 30.84M | 31.45M | 31.82M | 31.99M | 31.98M | 31.98M | 33.12M | 35.03M | 34.82M | 33.78M | 34.48M | 39M | 39.25M | 39.25M | 40.6M | 40.71M | 42.06M | 48.82M | 47.64M | 47.64M | 45.05M | 42.77M | 37.91M | 35.19M | 28.73M | 24.84M |
| Basic Shares Outstanding | 29.97M | 29.05M | 29.11M | 29.33M | 29.55M | 30.34M | 31.45M | 31.5M | 31.25M | 31.35M | 31.35M | 32.32M | 34.05M | 33.77M | 33.01M | 33.65M | 38.93M | 39.25M | 39.25M | 40.42M | 40.41M | 41.84M | 48.35M | 47.64M | 47.64M | 45.05M | 42.45M | 37.25M | 34.68M | 28.21M | 24.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 19.2% | 15.82% | - |
High Customer Concentration
According to the latest quarterly income statement, Dycom achieved a significant 56.1% year-over-year revenue growth in 2027Q1, marking a sharp departure from the more moderate double-digit growth rates observed throughout the 2026 fiscal year and suggesting a potential acceleration in large-scale fiber deployment project activity.
The dramatic revenue surge in the most recent quarter indicates that the company is successfully capturing increased capital expenditure from its primary telecommunications partners. Investors should monitor whether this growth is sustainable or if it reflects a temporary concentration of project milestones that may normalize in subsequent periods.
As reported in financial statements, Dycom's gross margin profile has exhibited significant fluctuation, ranging from a low of 12.2% in 2024Q4 to a peak of 30.6% in 2026Q4, highlighting the inherent sensitivity of the company's cost structure to project-specific execution and labor utilization rates.
The wide variance in gross margins suggests that the company's profitability is highly susceptible to operational bottlenecks, such as permitting delays or labor market tightness. The sharp contraction to 14.0% in 2027Q1, despite strong revenue growth, warrants further investigation into whether inflationary pressures or project mix shifts are eroding the benefits of scale.
Based on the provided income statement data, Dycom's operating income has failed to scale linearly with revenue, as evidenced by the 2027Q1 operating margin of 7.3%, which sits well below the 21.9% margin achieved in 2026Q4 despite the significantly higher revenue base in the most recent quarter.
This lack of consistent operating leverage implies that the company's SG&A and direct costs are not yet optimized for the current volume of work. The inability to maintain high operating margins during periods of rapid revenue growth suggests that incremental project wins may be carrying higher execution costs or lower pricing power.
Analysis of the reported figures reveals that net income has been subject to extreme quarterly swings, with net margins fluctuating between 1.1% and 7.3% over the last ten quarters, indicating that bottom-line performance is heavily influenced by non-operating items or lumpy project-based revenue recognition.
The persistent use of stock-based compensation, which averaged roughly $9M to $10M per quarter, represents a consistent drag on earnings that investors should account for when evaluating true operational profitability. The disparity between EPS growth and revenue growth suggests that earnings quality remains vulnerable to the timing of project completions and potential cost overruns.
While revenue growth appears robust, the company's heavy reliance on a limited number of Tier 1 telecom customers, as noted in industry analysis, creates a structural risk where any reduction in client CAPEX could lead to rapid margin compression and significant volatility in future earnings.
Short-term revenue spikes may mask the underlying risk that Dycom lacks the diversification to offset a slowdown in the fiber-to-the-home cycle. Investors should be wary that the current growth trajectory may be unsustainable if major carriers consolidate or pivot their infrastructure spending priorities away from the specific services Dycom provides.
Quick answers to the most common questions about buying DY stock.
For fiscal year 2026, Dycom Industries, Inc. (DY) reported total revenue of $5.55B. This represents a 3754.0% increase compared to $143.9M in 1997.
Dycom Industries, Inc. (DY) is profitable, generating $281.2M in net income for the fiscal year ending 2026 with a net profit margin of 5.1%.
Dycom Industries, Inc. (DY) reported an operating income of $694.6M, resulting in an operating profit margin of 12.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Dycom Industries, Inc. (DY) generated $1.14B in gross profit for the year, representing a gross profit margin of 20.6%. This demonstrates the company's core pricing power and production efficiency.