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Dycom reports record Q2, raises 2027 outlook after NATI acquisition

Aug 26, 2026, 7:01 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Strong top-line and backlog growth, coupled with a raised annual outlook and an accretive acquisition, typically drives multiple expansion and investor optimism, despite near-term margin pressures from wireless revenue deferrals.

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What happened, with direct paths to the underlying reporting

Dycom delivered a record second quarter with contract revenues of $2.006B, up 45.6% year over year and 16.7% organically, while backlog rose to $12.242B (+53.2%). The company completed the acquisition of National Technology Integrators, which contributed about $22.9M in revenue this quarter. Management raised the fiscal 2027 outlook to $7.48B–$7.66B, signaling strong visibility from digital-infrastructure deployments and integration synergies, though wireless revenue deferrals temper near-term margins.

Contract revenues $2.006B, up 45.6% YoY; organic growth 16.7%.
Backlog $12.242B, up 53.2% YoY; NATI acquisition included.
Outlook raised for FY2027 to $7.48B–$7.66B in contract revenues.
National Technology Integrators acquired; NATI contributed about $22.9M revenue.
Q3 FY2027 outlook: revenue $1.90B–$1.98B; Adj EBITDA $281–302M.

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