Dycom Industries, Inc. (DY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la infraestructura de telecomunicaciones, Dycom Industries, Inc. (DY) emerge como una potencia de soluciones de red innovadoras, cerrando sin problemas la brecha entre la tecnología de punta e infraestructura de comunicación crítica. Con un modelo comercial integral que abarca proyectos de construcción complejos, asociaciones estratégicas y servicios especializados, Dycom transforma el panorama de la implementación de la red de telecomunicaciones en los Estados Unidos. Su enfoque único combina experiencia técnica avanzada, relaciones sólidas de los clientes y una visión estratégica que los posiciona como un facilitador crítico de las redes de comunicación modernas, impulsando la conectividad para los principales gigantes de las telecomunicaciones y las agencias de infraestructura.

Dycom Industries, Inc. (DY) - Modelo de negocios: asociaciones clave

Principales compañías de telecomunicaciones

Dycom Industries mantiene asociaciones críticas con las principales compañías de telecomunicaciones:

Pareja	Valor de contrato	Duración de la asociación
AT&T	$ 387.2 millones en 2023	Acuerdo de infraestructura de varios años
Verizon	$ 412.5 millones en 2023	Colaboración de expansión de red en curso
Comcast	$ 265.8 millones en 2023	Desarrollo de infraestructura de fibra óptica

Construcción de infraestructura e empresas de ingeniería

Las asociaciones estratégicas incluyen:

• Aecom
• Jacobs Engineering Group
• CH2M Hill

Fabricantes de equipos de tecnología

Fabricante	Tipo de equipo	Valor de adquisición anual
Sistemas de Cisco	Equipo de infraestructura de red	$ 124.6 millones
Corning	Cables de fibra óptica	$ 98.3 millones

Proveedores de servicios de servicios públicos y cable

Asociaciones de utilidad clave:

• Energía de Duke
• Energía nextera
• Sur de California Edison

Agencias de desarrollo de infraestructura gubernamental

Agencia	Tipo de proyecto	Valor de contrato
Departamento de Transporte	Infraestructura de telecomunicaciones	$ 215.7 millones
Comisión Federal de Comunicaciones	Expansión de banda ancha rural	$ 176.4 millones

Dycom Industries, Inc. (DY) - Modelo de negocio: actividades clave

Construcción de infraestructura de telecomunicaciones subterráneas y aéreas

Dycom Industries reportó $ 3.65 mil millones en ingresos totales para el año fiscal 2023. La compañía se especializa en construcción de infraestructura crítica con 6,500 empleados dedicados a proyectos de infraestructura de telecomunicaciones.

Tipo de infraestructura	Volumen anual del proyecto	Valor promedio del proyecto
Telecomunicaciones subterráneas	1.200 proyectos	$ 2.5 millones por proyecto
Telecomunicaciones aéreas	950 proyectos	$ 1.8 millones por proyecto

Servicios de instalación y mantenimiento de la red

Dycom proporciona servicios integrales de instalación de redes en múltiples sectores de telecomunicaciones.

• Contratos de mantenimiento total: 85 acuerdos activos
• Ingresos del servicio de mantenimiento anual: $ 475 millones
• Duración promedio del contrato: 36 meses

Implementación de red de fibra óptica

Métrico de despliegue	2023 rendimiento
Millas de fibra desplegada	12,500 millas
Proyectos de fibra de infraestructura 5G	47 proyectos importantes

Desarrollo de infraestructura inalámbrica

La infraestructura inalámbrica representa un segmento significativo de las actividades clave de Dycom, con inversiones estratégicas en tecnologías de comunicación emergentes.

• Ingresos de infraestructura inalámbrica: $ 890 millones en 2023
• Número de proyectos de instalación de torres inalámbricas: 350
• Complejidad promedio del proyecto inalámbrico: entornos urbanos de alta densidad

Proyectos de construcción civil e ingeniería

Categoría de proyecto	Ingresos anuales	Recuento de proyectos
Infraestructura municipal	$ 425 millones	220 proyectos
Infraestructura de servicios públicos	$ 350 millones	180 proyectos

Dycom Industries, Inc. (DY) - Modelo de negocios: recursos clave

Equipo de construcción especializado

A partir de 2024, Dycom Industries mantiene una flota de equipos de construcción especializados valorados en aproximadamente $ 487.3 millones. La cartera de equipos incluye:

• Máquinas de zanja
• Equipo aburrido direccional
• Vehículos de elevación aérea
• Maquinaria de instalación de servicios públicos subterráneos

Categoría de equipo	Valor total	Costo de reemplazo
Equipo de zanja	$ 156.2 millones	$ 42.5 millones/año
Maquinaria de servicios públicos subterráneos	$ 214.7 millones	$ 58.3 millones/año
Vehículos aéreos	$ 116.4 millones	$ 31.6 millones/año

Fuerza laboral técnica calificada

Dycom emplea a 10,987 trabajadores técnicos calificados a partir del cuarto trimestre de 2023, con una experiencia técnica promedio de 8.6 años por empleado.

Segmento de la fuerza laboral	Número de empleados	Experiencia promedio
Técnicos de campo	6,543	7.2 años
Gerentes de proyecto	1,876	11.3 años
Especialistas en ingeniería	2,568	9.5 años

Capacidades avanzadas de ingeniería y gestión de proyectos

Dycom invierte $ 24.7 millones anuales en infraestructura de gestión de tecnología y proyectos, con sistemas de software patentados valorados en $ 18.3 millones.

Cobertura geográfica

Presencia operativa en 35 estados de EE. UU., Con concentración primaria en:

• Región del sudeste (42% de las operaciones)
• Región del suroeste (28% de las operaciones)
• Región del noreste (18% de las operaciones)
• Región del Medio Oeste (12% de las operaciones)

Relaciones con los clientes

Las principales relaciones con los clientes de telecomunicaciones incluyen:

• AT&T: 37% de los ingresos anuales
• Verizon: 22% de los ingresos anuales
• Comunicaciones charter: 15% de los ingresos anuales
• Otros proveedores de telecomunicaciones regionales: 26% de los ingresos anuales

Dycom Industries, Inc. (DY) - Modelo de negocio: propuestas de valor

Soluciones de infraestructura de extremo a extremo para redes de telecomunicaciones

Dycom Industries proporciona soluciones integrales de infraestructura con $ 1.7 mil millones en ingresos anuales (año fiscal 2023). La compañía ofrece servicios de implementación de red integrados en múltiples sectores de telecomunicaciones.

Categoría de servicio	Contribución anual de ingresos
Servicios de red de telecomunicaciones	$ 1.2 mil millones
Infraestructura de fibra óptica	$ 350 millones
Implementación de red inalámbrica	$ 150 millones

Servicios de implementación de redes rentables y eficientes

Dycom utiliza enfoques estratégicos de gestión de costos, logrando la eficiencia operativa con:

• Ratio de costo de gastos generales del 7,2%
• Tasa de finalización del proyecto del 94.5%
• Margen promedio del proyecto del 12.3%

Experiencia en proyectos de construcción de infraestructura complejos

Las capacidades de construcción de infraestructura especializada incluyen:

Tipo de proyecto	Volumen anual del proyecto
Implementaciones de red 5G	127 proyectos importantes
Instalaciones de red de fibra óptica	89 proyectos a gran escala
Construcción de servicios públicos subterráneos	62 proyectos complejos

Capacidades de instalación de red rápidas y confiables

Métricas de rendimiento de instalación:

• Tiempo promedio de finalización del proyecto: 42 días
• Precisión de instalación de la red: 99.7%
• Eficiencia de implementación del equipo: 96.5%

Innovación tecnológica en infraestructura de telecomunicaciones

Inversión en capacidades tecnológicas:

Área de innovación	Inversión anual
Gasto de I + D	$ 47 millones
Infraestructura tecnológica	$ 22 millones
Iniciativas de transformación digital	$ 18 millones

Dycom Industries, Inc. (DY) - Modelo de negocios: relaciones con los clientes

Contratos de servicio a largo plazo con los principales proveedores de telecomunicaciones

Dycom Industries mantiene contratos de servicio a largo plazo con proveedores clave de telecomunicaciones, que incluyen:

Cliente	Duración del contrato	Valor anual estimado
AT&T	5-7 años	$ 375 millones
Verizon	4-6 años	$ 285 millones
Comunicaciones de la Carta	3-5 años	$ 215 millones

Equipos de gestión de cuentas dedicados

Dycom proporciona gestión de cuentas especializada con la siguiente estructura:

• Ejecutivos de cuentas senior dedicadas para clientes de primer nivel
• Equipos de enlace técnico para proyectos de infraestructura complejos
• Canales de atención al cliente 24/7

Soluciones de infraestructura personalizadas

Las capacidades de personalización incluyen:

Tipo de solución	Valor promedio del proyecto	Tiempo de finalización típico
Implementación de red de fibra óptica	$ 12.5 millones	12-18 meses
Infraestructura inalámbrica	$ 8.3 millones	9-12 meses
Construcción de servicios públicos subterráneos	$ 6.7 millones	6-9 meses

Servicios técnicos continuos y servicios de mantenimiento

Métricas de soporte técnico:

• Tiempo de respuesta promedio: 2.5 horas
• Valor de contrato de mantenimiento anual: $ 45.6 millones
• Calificación de satisfacción del cliente: 92%

Gestión de relaciones basada en el desempeño

Enfoque de gestión del rendimiento:

Métrico de rendimiento	Objetivo	Rendimiento actual
Eficiencia de finalización del proyecto	95%	93.7%
Optimización de costos	10% de reducción anual	8.5%
Seguro de calidad	Cero defectos críticos	99.6% de proyectos sin defectos

Dycom Industries, Inc. (DY) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Dycom Industries mantiene un equipo de ventas directo dedicado de aproximadamente 87 representantes de ventas profesionales que se dirigen a segmentos del mercado de telecomunicaciones, servicios públicos e infraestructura.

Segmento del equipo de ventas	Número de representantes
Telecomunicaciones	42
Infraestructura de servicios públicos	29
Red inalámbrica	16

Conferencias de la industria y ferias comerciales

Dycom Industries participa en 17 principales conferencias de la industria anualmente, con una inversión promedio de $ 425,000 en ferias comerciales y participación de conferencias.

• Conferencia de infraestructura de telecomunicaciones
• Expo de tecnología de servicios públicos
• Cumbre de innovación de red inalámbrica
• Foro de infraestructura crítica

Sitio web corporativo en línea

El sitio web corporativo de Dycom (www.dycomind.com) recibe aproximadamente 62,000 visitantes mensuales únicos, con un tiempo promedio de participación del sitio de 4.3 minutos.

Procesos de solicitud de propuesta (RFP)

En 2023, Dycom Industries respondió a 124 RFP formales, con una tasa de éxito de respuesta del 38,7%.

Categoría de RFP	Presentaciones totales	Tasa de éxito
Infraestructura de telecomunicaciones	67	42%
Desarrollo de redes de servicios públicos	38	35%
Expansión de la red inalámbrica	19	31%

Iniciativas estratégicas de desarrollo empresarial

Dycom Industries asigna $ 3.2 millones anuales al desarrollo de negocios estratégicos, centrándose en expandir el alcance del mercado y desarrollar nuevas capacidades de servicio.

• Desarrollo de asociación estratégica
• Inversión de innovación tecnológica
• Expansión del mercado geográfico
• Mejora de la gestión de la relación con el cliente

Dycom Industries, Inc. (DY) - Modelo de negocios: segmentos de clientes

Grandes compañías de telecomunicaciones

Dycom atiende a las principales compañías de telecomunicaciones con un desglose específico del cliente:

Los principales clientes de telecomunicaciones	Valor anual del contrato
AT&T	$ 487.3 millones
Verizon	$ 412.6 millones
Centurilink	$ 276.4 millones

Proveedores de servicios de cable e internet

Los segmentos clave de los clientes incluyen:

• Comcast
• Comunicaciones de la Carta
• Comunicaciones de Cox

Compañías de infraestructura de servicios públicos

Cliente de servicios públicos	Inversión en infraestructura
Energía de Duke	$ 215.7 millones
Sur de California Edison	$ 189.5 millones

Agencias de infraestructura gubernamental

Contratos de infraestructura federal y estatal:

• Contratos del Departamento de Transporte: $ 142.6 millones
• Proyectos de infraestructura a nivel estatal: $ 98.3 millones

Operadores de redes de comunicación regionales y nacionales

Operador de red	Presupuesto de expansión de la red
Sprint/t-mobile	$ 336.2 millones
Proveedores inalámbricos regionales	$ 187.5 millones

Dycom Industries, Inc. (DY) - Modelo de negocio: Estructura de costos

Gastos de mano de obra y de la fuerza laboral

A partir del año fiscal 2023, Dycom Industries reportó costos laborales totales de $ 1,672.3 millones. La compañía empleó a aproximadamente 11,300 trabajadores en varios segmentos operativos.

Categoría de costos	Cantidad ($ m)	Porcentaje de costos laborales totales
Trabajo directo	1,245.7	74.5%
Beneficios y seguro	287.6	17.2%
Capacitación y desarrollo	139.0	8.3%

Inversiones de equipos y maquinaria

En 2023, Dycom Industries invirtió $ 312.5 millones en gastos de capital para equipos y maquinaria.

• Equipo de construcción especializado: $ 186.3 millones
• Actualizaciones de la flota de vehículos: $ 87.2 millones
• Equipo de mantenimiento y reparación: $ 39.0 millones

Costos de material específicos del proyecto

Los costos de materiales para los proyectos de infraestructura y telecomunicaciones totalizaron $ 754.6 millones en el año fiscal 2023.

Tipo de material	Costo ($ M)	Uso principal
Cable de telecomunicaciones	287.3	Proyectos de infraestructura de red
Materiales de fibra óptica	212.5	Despliegue de banda ancha
Componentes eléctricos	154.8	Proyectos de red eléctrica

Infraestructura de tecnología e software

Las inversiones en tecnología alcanzaron $ 45.2 millones en 2023, centrándose en la eficiencia operativa y los sistemas de gestión de proyectos.

• Sistemas de planificación de recursos empresariales (ERP): $ 18.7 millones
• Software de gestión de proyectos: $ 12.5 millones
• Infraestructura de ciberseguridad: $ 14.0 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 fueron de $ 22.4 millones, dirigidos a la innovación en tecnologías de infraestructura y telecomunicaciones.

Área de enfoque de I + D	Inversión ($ m)	Objetivos clave
Telecomunicaciones avanzadas	12.6	5G y tecnologías de red de fibra
Tecnologías de automatización	6.8	Mejoras de eficiencia de construcción
Infraestructura sostenible	3.0	Desarrollo de tecnología verde

Dycom Industries, Inc. (DY) - Modelo de negocios: flujos de ingresos

Contratos de construcción de infraestructura

Año fiscal 2023 Ingresos totales: $ 3.49 mil millones

Tipo de contrato	Contribución de ingresos
Infraestructura de telecomunicaciones	$ 2.13 mil millones
Infraestructura de servicios públicos	$ 1.36 mil millones

Servicios de instalación de red

Ingresos anuales de instalación de la red: $ 982 millones

• Instalaciones de red de fibra óptica
• Implementación de red 5G
• Configuración de infraestructura de banda ancha

Acuerdos de mantenimiento a largo plazo

Valor del contrato de mantenimiento recurrente: $ 456 millones

Segmento de mantenimiento	Valor anual del contrato
Mantenimiento de telecomunicaciones	$ 312 millones
Mantenimiento de infraestructura de servicios públicos	$ 144 millones

Servicios de ingeniería y diseño

Servicios de ingeniería Ingresos anuales: $ 267 millones

• Consultoría de diseño de red
• Planificación de infraestructura
• Estudios de viabilidad técnica

Proyectos de implementación de tecnología

Ingresos de implementación de tecnología: $ 643 millones

Segmento tecnológico	Ingresos anuales
Infraestructura inalámbrica	$ 412 millones
Implementación de red de cable	$ 231 millones

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.