Dycom posts record Q1 revenues, raises FY outlook and plots $275M acquisition

Dycom Industries (NYSE:DY) reported record financial results for its fiscal first quarter of 2027, driven by strong demand for digital infrastructure deployments.

Alongside the performance expansion, the engineering and construction contractor announced a $275 million agreement to acquire National Technology Integrators and upgraded its full-year revenue outlook.

Contract revenues reached $1.965 billion for the quarter, representing a 56.1% increase compared to the same period in the prior fiscal year.

On an organic basis, which filters out recent acquisitions, contract revenues advanced 24.7%.

The top-line acceleration underpinned a solid expansion in underlying profitability, with adjusted EBITDA reaching $262.5 million, translating to a 13.4% margin.

Reported net income stood at $91.3 million, or $3 per diluted share.

On a non-GAAP basis, which adjusts for integration costs and non-recurring items, adjusted net income reached $134.3 million, or $4.42 per adjusted diluted share.

The company's total backlog—a metric indicating future project visibility and contract health—expanded 46.5% year-over-year to a record $11.906 billion, signaling sustained programmatic deployment demand from major telecommunications and data center providers.

To capitalize on ongoing industry scaling, Dycom finalized a definitive agreement to purchase National Technology Integrators for $275 million.

The transaction is expected to expand the firm's capacity to design and execute large-scale technical solutions across key geographical markets.

Backed by the strong quarterly start and the impending integration of its latest asset, Dycom raised its full-year revenue projections for fiscal 2027 to a range between $7.38 billion and $7.65 billion.

For the upcoming second fiscal quarter, the company expects contract revenues to land between $1.94 billion and $2.01 billion, continuing its sequential operational momentum.