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• Q4 Revenue: $1.085 billion, a 13.9% increase over Q4 of last year.

• Q4 Adjusted EBITDA: $116.4 million, representing 10.7% of revenue.

• Fiscal 2025 Revenue: $4.702 billion, a 12.6% increase year-over-year.

• Fiscal 2025 Adjusted EBITDA Margin: 12.3%.

• Q4 Adjusted Net Income: $34.5 million.

• Q4 Adjusted Diluted EPS: $1.17, a 48.1% increase.

• Fiscal 2025 Adjusted Net Income: $248.7 million.

• Fiscal 2025 Adjusted Diluted EPS: $8.44, a 24.5% increase from fiscal 2024.

• Backlog: $7.8 billion, with $4.6 billion expected to be completed in the next 12 months.

• Operating Cash Flow: $328.2 million in Q4; $349.1 million for the full year.

• Free Cash Flow: $137.8 million for fiscal 2025, an 82% increase.

• Share Repurchases: 410,000 shares repurchased in fiscal 2025, totaling $65.6 million.

• Fiscal 2026 Revenue Outlook: Expected increase of 10% to 13% over fiscal 2025.

• Q1 Fiscal 2026 Revenue Outlook: $1.16 billion to $1.2 billion.

• Q1 Fiscal 2026 Adjusted EBITDA Outlook: $130.6 million to $140.6 million.

• Q1 Fiscal 2026 Diluted EPS Outlook: $1.50 to $1.73 per share.

• Warning! GuruFocus has detected 2 Warning Sign with UTHR.

Release Date: February 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Dycom Industries Inc (NYSE:DY) reported strong fourth-quarter revenues of $1.085 billion, reflecting a 13.9% increase over the previous year.

• The company achieved an adjusted EBITDA of $116.4 million, representing 10.7% of revenue, despite facing unforeseen weather challenges.

• Dycom Industries Inc (NYSE:DY) announced a new $150 million stock repurchase program, demonstrating a commitment to returning capital to shareholders.

• The company has diversified its customer base, reducing reliance on its top five customers from 66% of revenue in fiscal 2022 to 55% in fiscal 2025.

• Dycom Industries Inc (NYSE:DY) has a strong backlog of $7.8 billion, with $4.6 billion expected to be completed over the next 12 months, indicating robust future revenue potential.

Negative Points

• The company's fiscal 2026 outlook does not include any revenue from storm restoration services, which contributed $114.2 million in fiscal 2025.

• Dycom Industries Inc (NYSE:DY) is not including any potential revenue from the BEAD program in its fiscal 2026 outlook, indicating uncertainty in this area.

• The company faces competitive pressures in the long-haul market, which could impact pricing and margins.

• Dycom Industries Inc (NYSE:DY) experienced a sequential reduction in headcount, which may indicate challenges in workforce management or project demand.

• The company's SG&A expenses have grown faster than revenues in recent years, potentially impacting operating leverage and profitability.