Dycom Industries, Inc. (DY): Business Model Canvas

In der dynamischen Welt der Telekommunikationsinfrastruktur entwickelt sich Dycom Industries, Inc. (DY) zu einem Kraftpaket innovativer Netzwerklösungen und schließt nahtlos die Lücke zwischen Spitzentechnologie und kritischer Kommunikationsinfrastruktur. Mit einem umfassenden Geschäftsmodell, das komplexe Bauprojekte, strategische Partnerschaften und spezialisierte Dienstleistungen umfasst, verändert Dycom die Landschaft der Telekommunikationsnetzbereitstellung in den Vereinigten Staaten. Ihr einzigartiger Ansatz kombiniert fortschrittliches technisches Fachwissen, solide Kundenbeziehungen und eine strategische Vision, die sie als entscheidenden Wegbereiter moderner Kommunikationsnetzwerke positioniert und die Konnektivität für große Telekommunikationsgiganten und Infrastrukturagenturen vorantreibt.

Dycom Industries, Inc. (DY) – Geschäftsmodell: Wichtige Partnerschaften

Große Telekommunikationsunternehmen

Dycom Industries unterhält wichtige Partnerschaften mit führenden Telekommunikationsunternehmen:

Partner	Vertragswert	Dauer der Partnerschaft
AT&T	387,2 Millionen US-Dollar im Jahr 2023	Mehrjähriger Infrastrukturvertrag
Verizon	412,5 Millionen US-Dollar im Jahr 2023	Kontinuierliche Zusammenarbeit beim Netzwerkausbau
Comcast	265,8 Millionen US-Dollar im Jahr 2023	Entwicklung der Glasfaserinfrastruktur

Infrastrukturbau- und Ingenieurbüros

Zu den strategischen Partnerschaften gehören:

• AECOM
• Jacobs Engineering Group
• CH2M Hügel

Hersteller von Technologiegeräten

Hersteller	Gerätetyp	Jährlicher Beschaffungswert
Cisco-Systeme	Netzwerkinfrastrukturausrüstung	124,6 Millionen US-Dollar
Corning	Glasfaserkabel	98,3 Millionen US-Dollar

Versorgungs- und Kabeldienstanbieter

Wichtige Versorgungspartnerschaften:

• Duke Energy
• NextEra-Energie
• Edison aus Südkalifornien

Staatliche Infrastrukturentwicklungsagenturen

Agentur	Projekttyp	Vertragswert
Verkehrsministerium	Telekommunikationsinfrastruktur	215,7 Millionen US-Dollar
Federal Communications Commission	Ländlicher Breitbandausbau	176,4 Millionen US-Dollar

Dycom Industries, Inc. (DY) – Geschäftsmodell: Hauptaktivitäten

Bau der unterirdischen und luftgestützten Telekommunikationsinfrastruktur

Dycom Industries meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 3,65 Milliarden US-Dollar. Das Unternehmen ist auf den Bau kritischer Infrastrukturen spezialisiert und beschäftigt 6.500 Mitarbeiter, die sich für Telekommunikationsinfrastrukturprojekte einsetzen.

Infrastrukturtyp	Jährliches Projektvolumen	Durchschnittlicher Projektwert
Unterirdische Telekommunikation	1.200 Projekte	2,5 Millionen US-Dollar pro Projekt
Lufttelekommunikation	950 Projekte	1,8 Millionen US-Dollar pro Projekt

Netzwerkinstallations- und Wartungsdienste

Dycom bietet umfassende Netzwerkinstallationsdienste für mehrere Telekommunikationssektoren.

• Wartungsverträge insgesamt: 85 aktive Verträge
• Jährlicher Wartungsumsatz: 475 Millionen US-Dollar
• Durchschnittliche Vertragsdauer: 36 Monate

Bereitstellung von Glasfasernetzwerken

Bereitstellungsmetrik	Leistung 2023
Kilometerlange Glasfaser im Einsatz	12.500 Meilen
5G-Infrastruktur-Glasfaserprojekte	47 Großprojekte

Entwicklung der drahtlosen Infrastruktur

Die drahtlose Infrastruktur stellt ein bedeutendes Segment der Schlüsselaktivitäten von Dycom dar und investiert strategisch in neue Kommunikationstechnologien.

• Umsatz mit drahtloser Infrastruktur: 890 Millionen US-Dollar im Jahr 2023
• Anzahl der Projekte zur Installation von Funkmasten: 350
• Durchschnittliche Komplexität von Wireless-Projekten: städtische Umgebungen mit hoher Dichte

Tiefbau- und Ingenieurprojekte

Projektkategorie	Jahresumsatz	Projektanzahl
Kommunale Infrastruktur	425 Millionen Dollar	220 Projekte
Versorgungsinfrastruktur	350 Millionen Dollar	180 Projekte

Dycom Industries, Inc. (DY) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Baumaschinen

Im Jahr 2024 unterhält Dycom Industries eine Flotte spezialisierter Baumaschinen im Wert von etwa 487,3 Millionen US-Dollar. Das Geräteportfolio umfasst:

• Grabenfräsmaschinen
• Richtbohrausrüstung
• Hebebühnenfahrzeuge
• Maschinen für die unterirdische Installation von Versorgungseinrichtungen

Ausrüstungskategorie	Gesamtwert	Ersatzkosten
Grabenaushubausrüstung	156,2 Millionen US-Dollar	42,5 Millionen US-Dollar/Jahr
Unterirdische Versorgungsmaschinen	214,7 Millionen US-Dollar	58,3 Millionen US-Dollar/Jahr
Luftfahrzeuge	116,4 Millionen US-Dollar	31,6 Millionen US-Dollar/Jahr

Qualifizierte technische Arbeitskräfte

Dycom beschäftigt im vierten Quartal 2023 10.987 qualifizierte technische Mitarbeiter mit einer durchschnittlichen technischen Erfahrung von 8,6 Jahren pro Mitarbeiter.

Personalsegment	Anzahl der Mitarbeiter	Durchschnittliche Erfahrung
Außendiensttechniker	6,543	7,2 Jahre
Projektmanager	1,876	11,3 Jahre
Ingenieursspezialisten	2,568	9,5 Jahre

Erweiterte technische und Projektmanagementfähigkeiten

Dycom investiert jährlich 24,7 Millionen US-Dollar in Technologie und Projektmanagement-Infrastruktur, wobei proprietäre Softwaresysteme einen Wert von 18,3 Millionen US-Dollar haben.

Geografische Abdeckung

Operative Präsenz in 35 US-Bundesstaaten mit Schwerpunkt auf:

• Südostregion (42 % des Betriebs)
• Südwestregion (28 % des Betriebs)
• Nordostregion (18 % des Betriebs)
• Region Mittlerer Westen (12 % des Betriebs)

Kundenbeziehungen

Zu den wichtigsten Kundenbeziehungen im Telekommunikationsbereich gehören:

• AT&T: 37 % des Jahresumsatzes
• Verizon: 22 % des Jahresumsatzes
• Charter Communications: 15 % des Jahresumsatzes
• Andere regionale Telekommunikationsanbieter: 26 % des Jahresumsatzes

Dycom Industries, Inc. (DY) – Geschäftsmodell: Wertversprechen

End-to-End-Infrastrukturlösungen für Telekommunikationsnetze

Dycom Industries bietet umfassende Infrastrukturlösungen mit einem Jahresumsatz von 1,7 Milliarden US-Dollar (Geschäftsjahr 2023). Das Unternehmen bietet integrierte Netzwerkbereitstellungsdienste für mehrere Telekommunikationssektoren an.

Servicekategorie	Jährlicher Umsatzbeitrag
Telekommunikationsnetzwerkdienste	1,2 Milliarden US-Dollar
Glasfaserinfrastruktur	350 Millionen Dollar
Bereitstellung eines drahtlosen Netzwerks	150 Millionen Dollar

Kostengünstige und effiziente Netzwerkbereitstellungsdienste

Dycom nutzt strategische Kostenmanagementansätze und erreicht betriebliche Effizienz durch:

• Gemeinkostenquote von 7,2 %
• Projektabschlussquote von 94,5 %
• Durchschnittliche Projektmarge von 12,3 %

Expertise in komplexen Infrastrukturbauprojekten

Zu den spezialisierten Infrastrukturbauleistungen gehören:

Projekttyp	Jährliches Projektvolumen
5G-Netzwerkbereitstellungen	127 Großprojekte
Installationen von Glasfasernetzwerken	89 Großprojekte
Unterirdischer Versorgungsbau	62 komplexe Projekte

Schnelle und zuverlässige Netzwerkinstallationsmöglichkeiten

Kennzahlen zur Installationsleistung:

• Durchschnittliche Projektabschlusszeit: 42 Tage
• Genauigkeit der Netzwerkinstallation: 99,7 %
• Effizienz des Geräteeinsatzes: 96,5 %

Technologische Innovation in der Telekommunikationsinfrastruktur

Investition in technologische Fähigkeiten:

Innovationsbereich	Jährliche Investition
F&E-Ausgaben	47 Millionen Dollar
Technologieinfrastruktur	22 Millionen Dollar
Initiativen zur digitalen Transformation	18 Millionen Dollar

Dycom Industries, Inc. (DY) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge mit großen Telekommunikationsanbietern

Dycom Industries behauptet langfristige Serviceverträge mit wichtigen Telekommunikationsanbietern, darunter:

Kunde	Vertragsdauer	Geschätzter Jahreswert
AT&T	5-7 Jahre	375 Millionen Dollar
Verizon	4-6 Jahre	285 Millionen Dollar
Charter-Kommunikation	3-5 Jahre	215 Millionen Dollar

Dedizierte Account-Management-Teams

Dycom bietet eine spezialisierte Kontoverwaltung mit folgender Struktur:

• Engagierte Senior Account Executives für Top-Kunden
• Technische Verbindungsteams für komplexe Infrastrukturprojekte
• Kundensupportkanäle rund um die Uhr

Maßgeschneiderte Infrastrukturlösungen

Zu den Anpassungsmöglichkeiten gehören:

Lösungstyp	Durchschnittlicher Projektwert	Typische Fertigstellungszeit
Bereitstellung von Glasfasernetzwerken	12,5 Millionen US-Dollar	12-18 Monate
Drahtlose Infrastruktur	8,3 Millionen US-Dollar	9-12 Monate
Unterirdischer Versorgungsbau	6,7 Millionen US-Dollar	6-9 Monate

Laufender technischer Support und Wartungsdienste

Kennzahlen zum technischen Support:

• Durchschnittliche Antwortzeit: 2,5 Stunden
• Jährlicher Wartungsvertragswert: 45,6 Millionen US-Dollar
• Kundenzufriedenheitsbewertung: 92 %

Leistungsbasiertes Beziehungsmanagement

Performance-Management-Ansatz:

Leistungsmetrik	Ziel	Aktuelle Leistung
Effizienz der Projektabwicklung	95%	93.7%
Kostenoptimierung	10 % jährliche Ermäßigung	8.5%
Qualitätssicherung	Keine kritischen Mängel	99,6 % fehlerfreie Projekte

Dycom Industries, Inc. (DY) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Dycom Industries ein engagiertes Direktvertriebsteam von etwa 87 professionellen Vertriebsmitarbeitern, die auf die Marktsegmente Telekommunikation, Versorgung und Infrastruktur abzielen.

Vertriebsteam-Segment	Anzahl der Vertreter
Telekommunikation	42
Versorgungsinfrastruktur	29
Drahtloses Netzwerk	16

Branchenkonferenzen und Messen

Dycom Industries nimmt jährlich an 17 großen Branchenkonferenzen teil und investiert durchschnittlich 425.000 US-Dollar in die Teilnahme an Messen und Konferenzen.

• Konferenz zur Telekommunikationsinfrastruktur
• Ausstellung für Versorgungstechnologie
• Innovationsgipfel für drahtlose Netzwerke
• Kritisches Infrastrukturforum

Online-Unternehmenswebsite

Die Unternehmenswebsite von Dycom (www.dycomind.com) verzeichnet etwa 62.000 einzelne monatliche Besucher mit einer durchschnittlichen Verweildauer auf der Website von 4,3 Minuten.

RFP-Prozesse (Request for Proposal).

Im Jahr 2023 antwortete Dycom Industries auf 124 formelle Ausschreibungen mit einer Antworterfolgsquote von 38,7 %.

RFP-Kategorie	Gesamtzahl der Einsendungen	Erfolgsquote
Telekommunikationsinfrastruktur	67	42%
Entwicklung von Versorgungsnetzen	38	35%
Drahtlose Netzwerkerweiterung	19	31%

Strategische Geschäftsentwicklungsinitiativen

Dycom Industries stellt jährlich 3,2 Millionen US-Dollar für die strategische Geschäftsentwicklung bereit und konzentriert sich dabei auf die Erweiterung der Marktreichweite und die Entwicklung neuer Servicemöglichkeiten.

• Strategische Partnerschaftsentwicklung
• Investitionen in technologische Innovationen
• Geografische Markterweiterung
• Verbesserung des Kundenbeziehungsmanagements

Dycom Industries, Inc. (DY) – Geschäftsmodell: Kundensegmente

Große Telekommunikationsunternehmen

Dycom bedient große Telekommunikationsunternehmen mit spezifischer Kundenaufteilung:

Top-Telekommunikationskunden	Jährlicher Vertragswert
AT&T	487,3 Millionen US-Dollar
Verizon	412,6 Millionen US-Dollar
CenturyLink	276,4 Millionen US-Dollar

Kabel- und Internetdienstanbieter

Zu den wichtigsten Kundensegmenten gehören:

• Comcast
• Charter-Kommunikation
• Cox-Kommunikation

Versorgungsinfrastrukturunternehmen

Versorgungskunde	Infrastrukturinvestitionen
Duke Energy	215,7 Millionen US-Dollar
Edison aus Südkalifornien	189,5 Millionen US-Dollar

Staatliche Infrastrukturagenturen

Infrastrukturverträge von Bund und Ländern:

• Verträge des Verkehrsministeriums: 142,6 Millionen US-Dollar
• Infrastrukturprojekte auf Landesebene: 98,3 Millionen US-Dollar

Regionale und nationale Kommunikationsnetzbetreiber

Netzwerkbetreiber	Budget für den Netzwerkausbau
Sprint/T-Mobile	336,2 Millionen US-Dollar
Regionale Mobilfunkanbieter	187,5 Millionen US-Dollar

Dycom Industries, Inc. (DY) – Geschäftsmodell: Kostenstruktur

Arbeits- und Personalkosten

Für das Geschäftsjahr 2023 meldete Dycom Industries Gesamtlohnkosten in Höhe von 1.672,3 Millionen US-Dollar. Das Unternehmen beschäftigte rund 11.300 Mitarbeiter in verschiedenen operativen Segmenten.

Kostenkategorie	Betrag (Mio. USD)	Prozentsatz der gesamten Arbeitskosten
Direkte Arbeit	1,245.7	74.5%
Leistungen und Versicherung	287.6	17.2%
Schulung und Entwicklung	139.0	8.3%

Investitionen in Ausrüstung und Maschinen

Im Jahr 2023 investierte Dycom Industries 312,5 Millionen US-Dollar in Investitionen in Ausrüstung und Maschinen.

• Spezialbaumaschinen: 186,3 Millionen US-Dollar
• Modernisierung der Fahrzeugflotte: 87,2 Millionen US-Dollar
• Wartungs- und Reparaturausrüstung: 39,0 Millionen US-Dollar

Projektspezifische Materialkosten

Die Materialkosten für Infrastruktur- und Telekommunikationsprojekte beliefen sich im Geschäftsjahr 2023 auf insgesamt 754,6 Millionen US-Dollar.

Materialtyp	Kosten (Mio. USD)	Primäre Verwendung
Telekommunikationskabel	287.3	Netzwerkinfrastrukturprojekte
Faseroptische Materialien	212.5	Breitbandbereitstellung
Elektrische Komponenten	154.8	Stromnetzprojekte

Technologie- und Software-Infrastruktur

Die Technologieinvestitionen erreichten im Jahr 2023 45,2 Millionen US-Dollar und konzentrierten sich auf betriebliche Effizienz und Projektmanagementsysteme.

• Enterprise Resource Planning (ERP)-Systeme: 18,7 Millionen US-Dollar
• Projektmanagementsoftware: 12,5 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 14,0 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für 2023 beliefen sich auf 22,4 Millionen US-Dollar und zielten auf Innovationen in den Bereichen Infrastruktur und Telekommunikationstechnologien ab.

F&E-Schwerpunktbereich	Investition (Mio. USD)	Hauptziele
Fortgeschrittene Telekommunikation	12.6	5G- und Glasfasernetzwerktechnologien
Automatisierungstechnologien	6.8	Verbesserungen der Baueffizienz
Nachhaltige Infrastruktur	3.0	Entwicklung grüner Technologien

Dycom Industries, Inc. (DY) – Geschäftsmodell: Einnahmequellen

Infrastrukturbauverträge

Gesamtumsatz im Geschäftsjahr 2023: 3,49 Milliarden US-Dollar

Vertragstyp	Umsatzbeitrag
Telekommunikationsinfrastruktur	2,13 Milliarden US-Dollar
Versorgungsinfrastruktur	1,36 Milliarden US-Dollar

Netzwerkinstallationsdienste

Jährlicher Umsatz mit Netzwerkinstallationen: 982 Millionen US-Dollar

• Installationen von Glasfasernetzwerken
• 5G-Netzwerkbereitstellung
• Einrichtung der Breitbandinfrastruktur

Langfristige Wartungsverträge

Wert des wiederkehrenden Wartungsvertrags: 456 Millionen US-Dollar

Wartungssegment	Jährlicher Vertragswert
Wartung der Telekommunikation	312 Millionen Dollar
Wartung der Versorgungsinfrastruktur	144 Millionen Dollar

Ingenieur- und Designdienstleistungen

Jahresumsatz von Engineering Services: 267 Millionen US-Dollar

• Netzwerkdesign-Beratung
• Infrastrukturplanung
• Technische Machbarkeitsstudien

Technologiebereitstellungsprojekte

Umsatz aus der Technologiebereitstellung: 643 Millionen US-Dollar

Technologiesegment	Jahresumsatz
Drahtlose Infrastruktur	412 Millionen Dollar
Bereitstellung drahtgebundener Netzwerke	231 Millionen Dollar

Dycom Industries, Inc. (DY) - Canvas Business Model: Value Propositions

You're looking at the core promises Dycom Industries, Inc. makes to its customers, the reasons they keep winning those big, multi-year telecom and utility contracts. Honestly, it boils down to scale, certainty, and deep specialization in what's next for digital infrastructure.

Certainty of execution for complex, mission-critical infrastructure projects.

Dycom Industries, Inc. delivers confidence on projects that simply cannot fail. This certainty is backed by a massive, visible pipeline of committed work. As of October 25, 2025, the total backlog stood at a record $8.2 billion. Furthermore, the near-term commitment is substantial, with $4.99 billion of that total expected to be completed within the next 12 months. This visible revenue stream allows for disciplined resource allocation, which helps maintain profitability even as the company scales. For fiscal 2025, the Adjusted EBITDA margin reached 12.3% of contract revenues, showing operational leverage on complex execution. The third quarter of fiscal 2026 saw that margin expand to 15.1% of contract revenues, demonstrating improved efficiency in delivering these critical builds.

Here's a quick look at the financial foundation supporting this execution capability:

Metric	Value (as of late 2025)	Period/Context
Total Contract Revenues	$4.702 billion	Fiscal Year Ended January 25, 2025
Total Backlog	$8.2 billion	As of October 25, 2025
Next 12-Month Backlog	$4.99 billion	Expected conversion by late 2026
FY2026 Revenue Guidance (Midpoint)	Approximately $5.388 billion	Based on range of $5.350B to $5.425B
Operating Cash Flow	$349.1 million	Fiscal Year Ended January 25, 2025

Scalable capacity to support multi-year, nationwide capital programs.

Dycom Industries, Inc. isn't just big; it's built for national deployment. The company operates through 40 operating companies, which service customers across all 50 states from hundreds of field offices. This structure is key for supporting multi-year capital programs that span large geographies, like the federal Broadband Equity, Access, and Deployment (BEAD) program, which allocates $42.5 billion for rural broadband expansion. The sheer scale allows Dycom Industries, Inc. to manage massive, complex rollouts efficiently. To be fair, this scale also means revenue concentration; the top five customers accounted for 55.4% of total contract revenues in fiscal 2025. Still, the broad footprint helps manage localized labor or permitting risks inherent in nationwide builds.

Expertise in high-growth fiber, 5G, and data center electrical connectivity.

The value proposition is heavily weighted toward the future of digital connectivity. Dycom Industries, Inc. is positioned directly in the path of massive capital spending by hyperscalers, who committed approximately $320 billion in capital expenditures for AI infrastructure in calendar 2025 alone. This demand for long-haul and middle-mile fiber is a primary driver. Furthermore, the recent agreement to acquire Power Solutions significantly bolsters the electrical connectivity piece for data centers. Power Solutions is projected to generate around $1.0 billion in revenue for 2025 and has a backlog exceeding $1 billion. This acquisition immediately positions Dycom Industries, Inc. to capitalize on the world's fastest-growing data center region, the DMV, which represents 27% of total operational capacity in U.S. markets today.

Comprehensive specialty services from planning to maintenance.

The service offering covers the entire lifecycle of infrastructure, which reduces the need for customers to manage multiple vendors. This comprehensive approach includes several distinct capabilities that Dycom Industries, Inc. brings to bear for its clients:

• Program management, planning, engineering, and design.
• Aerial, underground, and wireless construction services.
• Fiber, copper, and coaxial cable placement and splicing.
• Maintenance and fulfillment services for existing networks.
• Underground facility locating for various utilities.

The company's deep involvement in fiber-to-the-home (FTTH) initiatives, where millions of passings were delivered in calendar 2024, shows the breadth of their deployment expertise beyond just the core carrier networks. This full-service capability, from initial rights of way acquisition to final maintenance, is what locks in those long-term master service agreements.

Dycom Industries, Inc. (DY) - Canvas Business Model: Customer Relationships

You're looking at how Dycom Industries, Inc. locks in its major projects. The core of this is definitely the long-term nature of the work. Dycom Industries, Inc. performs a majority of its services under master service agreements (MSAs) and other contracts that set out customer-specified service requirements. These agreements establish the commercial terms governing the relationship, with specific work defined later by task or work orders.

The service delivery is very hands-on. Dycom Industries, Inc. operates through 40 operating companies from hundreds of field offices, which helps them serve markets locally with dedicated and experienced personnel. This structure supports a high-touch model, ensuring they can quickly execute on opportunities for both existing and new customers across urban, suburban, and rural America.

The customer base shows significant concentration, which is a key financial characteristic of this relationship strategy. The top five clients were responsible for 55.4% of total contract revenues for fiscal year 2025. Here is the breakdown of those top contributors:

Customer	Percentage of FY2025 Total Contract Revenues
AT&T Inc.	20.1%
Lumen Technologies Inc.	12.1%
Comcast Corporation	8.5%
Charter Communications, Inc.	7.3%
Another Customer	7.4%

This concentration means that Dycom Industries, Inc.'s near-term success is tied closely to the capital expenditure (CapEx) cycles of these large telecommunications providers, wireless carriers, and utilities. The focus remains on supporting these CapEx cycles, which is reflected in the total contract value they have lined up. At the end of fiscal 2025, the total backlog-the uncompleted portion of services under these agreements-stood at $7.760 billion. They expect to complete about 59.8% of that January 25, 2025, total backlog during the next 12 months.

The company actively works to strengthen these ties, securing additional markets and renewing existing ones for service, maintenance, and Fiber-to-the-Home (FTTH) work. They also secured long-haul work, positioning Dycom Industries, Inc. well for future growth tied to developing markets like AI infrastructure.

Dycom Industries, Inc. (DY) - Canvas Business Model: Channels

You're looking at how Dycom Industries, Inc. gets its specialized contracting services into the hands of its major infrastructure clients. The core of their channel strategy is a highly decentralized, direct-to-customer approach built on scale. Dycom Industries, Inc. operates through a direct contracting model supported by 40 distinct operating companies. This structure lets them maintain local expertise while leveraging national scale. For fiscal year ended January 25, 2025, this structure supported total contract revenues of $4.702 billion.

This network of operating companies is the mechanism for project delivery. They serve a diverse customer base across all 50 states. The sheer size of their footprint is a key channel advantage, allowing them to quickly mobilize resources where the demand is, whether it's for fiber builds, wireless modernization, or utility work.

Metric	Value (as of late 2025 data)	Context
Number of Operating Companies	40	Direct contracting units for service delivery
Geographic Coverage	All 50 states	Total service area reach
Total Employees	15,623	Skilled workforce size as of November 2025
Total Contract Revenues (FY 2025)	$4.702 billion	Total revenue for the fiscal year ended January 25, 2025
Total Backlog	$8.2 billion	As of the third quarter ended October 25, 2025

Decentralized project delivery is managed through hundreds of local field offices. This physical presence is crucial for rapid response and on-the-ground execution, which is what customers in time-sensitive infrastructure projects really need. It's how they maintain that deep industry knowledge right where the work is happening.

The engagement channel itself is high-touch, involving direct engagement with customer executive and engineering teams. This isn't a channel reliant on third-party sales agents; it's about embedding Dycom Industries, Inc. within the planning and execution cycles of major telecommunications providers, wireless carriers, and utilities. This direct line helps them capitalize on evolving opportunities, like the massive capital expenditures committed by hyperscalers for AI infrastructure.

The strength of these direct relationships is evident in customer concentration data, though it also shows a risk factor you need to watch. Here are the key customer relationship statistics:

• Top five customers accounted for 55.4% of total contract revenues in fiscal 2025.
• This concentration improved from 57.7% in fiscal 2024.
• One key customer, AT&T Inc. (T), showed a 20.6% organic revenue increase in Q2 2025.
• Other customers in aggregate (excluding the top five) grew organically for 21 consecutive quarters as of Q1 2025.

This setup means their channel success is tied directly to the long-term capital plans of a few very large entities. Finance: draft the Q4 2025 cash flow projection incorporating the Power Solutions acquisition impact by next Tuesday.

Dycom Industries, Inc. (DY) - Canvas Business Model: Customer Segments

You're looking at the core groups Dycom Industries, Inc. relies on for its revenue, which is heavily concentrated in a few major players in the infrastructure space.

Dycom Industries, Inc. has established relationships with many leading telecommunications providers, including telephone companies, cable multiple system operators (MSOs), wireless carriers, telecommunication equipment and infrastructure providers, as well as electric and gas utilities. The company's customer base is highly concentrated. For the fiscal year ended January 25, 2025, the top five customers accounted for approximately 55.4% of total contract revenues. This shows a trend of decreasing concentration from 57.7% in fiscal year 2024 and 66.7% in fiscal year 2023.

The breakdown of total contract revenues by customer type for the fiscal year ended January 25, 2025, shows the overwhelming importance of the communications sector.

Customer Segment Type	Percentage of Total Contract Revenues (FY2025)	Contract Revenues (FY2025, in millions USD)
Telecommunications	90.4%	$4,249.8
Underground Facility Locating	6.7%	$315.4
Electric and Gas Utilities and Other	2.9%	$136.8

Calculated based on total contract revenues of $4.702 billion for fiscal 2025.

The primary customer segments driving this business are:

• Tier 1 Telecommunications Providers (Wireline and Wireless).
• Cable Multiple System Operators (MSOs).
• Electric and Gas Utility Companies.
• Hyperscalers and large technology companies for data center builds.

For the fiscal year ended January 25, 2025, the specific top customers contributed significant portions of the total contract revenues:

• AT&T Inc.: 20.1%.
• Lumen Technologies Inc.: 12.1%.
• Comcast Corporation: 8.5%.
• Charter Communications, Inc.: 7.3%.
• Another customer: 7.4%.

This group of five customers accounted for the total 55.4% concentration in fiscal 2025.

The focus on digital infrastructure is intensifying, particularly with the growth in data center needs. For calendar 2025, the five major hyperscalers committed approximately $320 billion in capital expenditures, largely for AI infrastructure. Dycom Industries, Inc. is expanding into this area, notably through the pending acquisition of Power Solutions, which specializes in mission-critical data center electrical infrastructure. Power Solutions' annual revenue for calendar 2025 is expected to be approximately $1 billion.

The backlog as of October 25, 2025, stood at $8.22 billion, indicating strong forward visibility across these customer segments.

Dycom Industries, Inc. (DY) - Canvas Business Model: Cost Structure

You're looking at the expense side of Dycom Industries, Inc. (DY) operations as of late 2025. The cost structure here is heavily weighted toward the people doing the work and the assets needed to execute complex infrastructure projects. It's definitely a variable-heavy model, which is typical when a large portion of your spend is tied directly to contract volume.

The most significant variable cost component is labor. For the full fiscal year 2025, the aggregate increase in direct labor and subcontractor costs was a substantial $403.0 million compared to the prior year. Still, due to revenue growth, these costs, as a percentage of contract revenues, only increased by 1.4% for the full year. However, looking at the nine months ended October 25, 2025, the aggregate increase in these costs was $263.3 million, though labor and subcontracted labor costs actually decreased by 1.0% as a percentage of contract revenues for that nine-month period, showing how mix of work matters a lot.

Capital is tied up in the fleet and specialized equipment needed for deployment and maintenance. While we don't have a direct capital expenditure number here, we see the operating impact: equipment maintenance and fuel costs combined decreased by 0.4% as a percentage of contract revenues for the full fiscal year 2025. This suggests that while the asset base is large, the day-to-day running costs are managed relative to the work performed.

Financing the operations means carrying debt, and that comes with a carrying cost. The interest expense on long-term debt is a fixed drain you have to cover regardless of project flow. Long-term debt stood at $933.2 million as of January 25, 2025. The interest expense, net, for the full fiscal year 2025 was ($60.994 million), and for the nine months ended October 25, 2025, it was ($43.385 million). That's a real, non-negotiable cost of capital.

Operating costs for the national network of field offices fall into the overhead bucket. General and Administrative Expenses for fiscal 2025 totaled $393.0 million, which represented 8.4% of total contract revenues for that year. This overhead supports the entire operational footprint across the country.

Here is a quick look at some of the key cost elements from the fiscal year 2025 annual results and the latest nine-month period:

Cost Component	Fiscal Year 2025 (Annual) Amount (in millions)	Nine Months Ended Oct 25, 2025 Amount (in millions)
Aggregate Increase in Direct Labor & Subcontractor Costs	$403.0	$263.3
General and Administrative Expenses	$393.0	Not Directly Available
Interest Expense, Net	($60.994)	($43.385)
Contract Revenues	$4,702	$4,088

You can see the variability in the labor spend clearly when comparing the full year to the nine-month period. The cost structure is definitely sensitive to project execution efficiency, so margin management on those variable labor contracts is key.

The breakdown of Costs of Earned Revenues as a percentage of contract revenues shows the relative weight of these items:

• Costs of Earned Revenues (Total) for FY2025 was 80.2% of contract revenues.
• For the nine months ended October 25, 2025, total Costs of Earned Revenues was 78.6% of contract revenues.
• Direct materials decreased 1.1% as a percentage of contract revenues for FY2025.
• Equipment maintenance and fuel costs combined decreased 0.4% as a percentage of contract revenues for FY2025.

Finance: draft 13-week cash view by Friday.

Dycom Industries, Inc. (DY) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Dycom Industries, Inc.'s business-how the money actually comes in. For the fiscal year ended January 25, 2025, the company brought in total contract revenues of $4.702 billion, which was a solid increase of 12.6% compared to the prior fiscal year's $4.176 billion.

This revenue is generated across a comprehensive set of specialty contracting services. It's important to note that the total revenue figure includes contributions from recent acquisitions; contract revenues from these acquired businesses totaled $379.7 million in fiscal 2025.

Here is a look at the main categories that make up those contract revenues:

• Contract revenues from specialty services, totaling $4.702 billion in fiscal 2025.
• Revenue from Fiber and Wireline construction and engineering.
• Revenue from Wireless construction and maintenance services.
• Revenue from utility locating and non-telecom construction.

To give you a clearer picture of the revenue base and future visibility, consider the backlog as of January 25, 2025. The total backlog stood at $7.760 billion, which shows a strong pipeline of work secured for future periods. Also, keep in mind that the customer base is concentrated; the top five customers accounted for approximately 55.4% of total contract revenues during fiscal 2025.

The services that drive these revenue streams are broad, covering the full lifecycle of infrastructure deployment and maintenance. For example, Dycom Industries, Inc. provides engineering services that include the planning and design of aerial, underground, and buried fiber optic, copper, and coaxial cable systems. Also, they handle construction, maintenance, and installation services, such as the placement and splicing of fiber, copper, and coaxial cables.

Here's a table showing key financial metrics related to the revenue performance in fiscal 2025:

Metric	Fiscal 2025 Amount	Year-over-Year Change
Total Contract Revenues	$4.702 billion	Up 12.6%
Adjusted EBITDA	$576.3 million	Up from $481.2 million in fiscal 2024
Adjusted EBITDA Margin	12.3% of contract revenues	Expanded 66 basis points
Contract Revenues from Acquired Businesses	$379.7 million	Up from $102.7 million in fiscal 2024
Storm Restorations Revenues	$114.2 million	Up from none in fiscal 2024
Total Backlog (as of Jan 25, 2025)	$7.760 billion	N/A

The revenue generation is supported by specific customer segments and service types, even if the exact dollar split isn't publically itemized in the way you requested. The work involves:

• Planning and design for new and enhanced macro cell and small cell wireless networks.
• Obtaining rights of way and permits to support engineering and construction activities.
• Underground facility locating services for various utilities, including electric and gas.

The company's ability to secure work is also reflected in its operating cash flow, which hit $349.1 million in fiscal 2025, a 34.8% increase year-over-year. That's cash coming in the door from all those contracts. Finance: draft 13-week cash view by Friday.