The following is a summary of the Dycom Industries, Inc. (DY) Q3 2025 Earnings Call Transcript:

Financial Performance:

• Q3 2025 revenue was $1.272 billion, a 12% increase year-over-year, with organic revenue growth at 7.6%.

• Non-GAAP gross margin improved to 20.8% up from 20.4% last year, a 45 basis point increase.

• Adjusted EBITDA reached $170.7 million, about 13.4% of revenue;

• Adjusted earnings per share was $2.68, showing a marked increase from the prior year.

• Liquidity remains strong at $462.8 million.

Business Progress:

• Dycom's focus remains on gigabit deployments across wireline and wireless networks with significant presence in fiber-to-the-home work.

• Completion of the acquisition of Black & Veatch's public carrier wireless telecommunications infrastructure business.

• Welcomed Kevin Wetherington as the new COO, enhancing operational leadership.

• Experiencing a ramp in wireless network modernization and deployments.

• Increased capital expenditure commitments by customers, particularly in extending their fiber networks for increased capacity and new homes passed.

Opportunities:

• Growth prospects are driven by the continuing expansion of fiber networks by major customers, leveraging both renewed commitments and increased infrastructure spending.

• The acquisition of Black & Veatch positions Dycom to capitalize on the growing demand in telecommunications infrastructure, specifically in wireless telecommunications.

• Federal and state support for rural broadband deployment presents significant opportunities for generational infrastructure deployment.

• Hyperscalers' investment in data center connectivity presents new business opportunities for high capacity, low latency networks.

Risks:

• No explicit risks detected

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.