Q3 Financial Performance: Dycom Industries reported a Q3 Non-GAAP EPS of $2.68, missing expectations by $0.53, while revenue reached $1.45 billion, exceeding estimates by $40 million and reflecting a 14.2% year-over-year increase.
Record Financial Metrics: The company achieved a record Adjusted EBITDA of $219.4 million, up 28.5%, and strong operating cash flows of $220 million, alongside a record backlog of $8.2 billion as of October 25, 2025.
Fiscal 2026 Revenue Outlook: Dycom is increasing the midpoint of its fiscal 2026 revenue outlook to a range of $5.350 billion to $5.425 billion, indicating a growth of 13.8% to 15.4% over the previous year, with an additional operational week due to the fiscal calendar.
Fourth Quarter Projections: For the quarter ending January 31, 2026, the company anticipates contract revenues between $1.26 billion and $1.34 billion, with Non-GAAP Adjusted EBITDA expected to be between $140 million and $155 million, and diluted earnings per share projected at $1.30 to $1.65.
Wall Street analysts forecast DY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for DY is 367.14 USD with a low forecast of 320.00 USD and a high forecast of 392.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
Wall Street analysts forecast DY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for DY is 367.14 USD with a low forecast of 320.00 USD and a high forecast of 392.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Buy
0 Hold
0 Sell
Strong Buy
Current: 365.650
Low
320.00
Averages
367.14
High
392.00
Current: 365.650
Low
320.00
Averages
367.14
High
392.00
KeyBanc
Overweight
maintain
$392 -> $426
Al Analysis
2026-01-07
Reason
KeyBanc
Price Target
$392 -> $426
Al Analysis
2026-01-07
maintain
Overweight
Reason
KeyBanc raised the firm's price target on Dycom to $426 from $392 and keeps an Overweight rating on the shares. The firm maintain Dycom as one of its top picks and raise its price target on the improved growth and margin outlook.
Vertical Research
NULL -> Buy
initiated
$420
2025-12-23
Reason
Vertical Research
Price Target
$420
2025-12-23
initiated
NULL -> Buy
Reason
Vertical Research initiated coverage of Dycom with a Buy rating and $420 price target.
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Goldman Sachs
Neutral
initiated
$1.85
2025-12-17
Reason
Goldman Sachs
Price Target
$1.85
2025-12-17
initiated
Neutral
Reason
Goldman Sachs initiated coverage of Deep Yellow with a Neutral rating and A$1.85 price target. The stock has benefited from rising spot uranium prices in the past, but Goldman is cautious around near-term project uncertainty that could limit upside, the analyst tells investors in a research note.
Bernstein
Outperform
upgrade
$320 -> $392
2025-11-21
Reason
Bernstein
Price Target
$320 -> $392
2025-11-21
upgrade
Outperform
Reason
Bernstein raised the firm's price target on Dycom to $392 from $320 and keeps an Outperform rating on the shares. The firm notes the company reported a platform acquisition, entering the electrical space, reported Q3 above expectations, and is anticipating BEAD revenues starting in Q2 2027.
About DY
Dycom Industries, Inc. is a provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. These services include program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. The Company also provides electrical contracting services for data centers and other vital industries, underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities. The Company provides engineering services to telecommunications providers, including the planning and design of aerial, underground, and buried fiber optic, copper, and coaxial cable systems that extend from the telephone company hub location, or cable operator headend, to a consumer’s home or business.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
