Dycom Industries, Inc. (DY): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'infrastructure des télécommunications, Dycom Industries, Inc. (DY) émerge comme une puissance de solutions de réseau innovantes, combler de manière transparente l'écart entre la technologie de pointe et l'infrastructure de communication critique. Avec un modèle commercial complet qui couvre des projets de construction complexes, des partenariats stratégiques et des services spécialisés, Dycom transforme le paysage du déploiement du réseau de télécommunications à travers les États-Unis. Leur approche unique combine une expertise technique avancée, des relations avec les clients robustes et une vision stratégique qui les positionne comme un catalyseur critique des réseaux de communication modernes, stimulant la connectivité pour les principaux géants et agences d'infrastructure des télécommunications.

Dycom Industries, Inc. (DY) - Modèle commercial: partenariats clés

Grandes entreprises de télécommunications

Dycom Industries maintient des partenariats critiques avec les principales sociétés de télécommunications:

Partenaire	Valeur du contrat	Durée du partenariat
AT&T	387,2 millions de dollars en 2023	Contrat d'infrastructure pluriannuel
Verizon	412,5 millions de dollars en 2023	Collaboration en cours d'expansion du réseau
Comcast	265,8 millions de dollars en 2023	Développement des infrastructures à fibre optique

Entreprises de construction et d'ingénierie des infrastructures

Les partenariats stratégiques comprennent:

• Aecom
• Jacobs Engineering Group
• Colline CH2M

Fabricants d'équipements technologiques

Fabricant	Type d'équipement	Valeur d'achat annuelle
Systèmes Cisco	Équipement d'infrastructure réseau	124,6 millions de dollars
Corning	Câbles à fibre optique	98,3 millions de dollars

Fournisseurs de services publics et de câblodistribution

Partenariats clés des services publics:

• Énergie duc
• Énergie nextère
• Californie du Sud Edison

Agences de développement des infrastructures gouvernementales

Agence	Type de projet	Valeur du contrat
Ministère des Transports	Infrastructure de télécommunications	215,7 millions de dollars
Commission des communications fédérales	Expansion rurale du large bande	176,4 millions de dollars

Dycom Industries, Inc. (DY) - Modèle d'entreprise: activités clés

Construction d'infrastructures de télécommunications souterraines et aériennes

Dycom Industries a déclaré 3,65 milliards de dollars de revenus totaux pour l'exercice 2023. La société est spécialisée dans la construction d'infrastructures critiques avec 6 500 employés dédiés aux projets d'infrastructure de télécommunications.

Type d'infrastructure	Volume annuel du projet	Valeur moyenne du projet
Télécommunications souterraines	1 200 projets	2,5 millions de dollars par projet
Télécommunications aériennes	950 projets	1,8 million de dollars par projet

Services d'installation et de maintenance réseau

Dycom fournit des services d'installation de réseau complets dans plusieurs secteurs de télécommunications.

• Contrats de maintenance totale: 85 accords actifs
• Revenus de services de maintenance annuels: 475 millions de dollars
• Durée du contrat moyen: 36 mois

Déploiement du réseau à fibre optique

Métrique de déploiement	Performance de 2023
Miles de fibres déployées	12 500 miles
Projets de fibres d'infrastructure 5G	47 projets majeurs

Développement d'infrastructures sans fil

L'infrastructure sans fil représente un segment important des activités clés de Dycom, avec des investissements stratégiques dans les technologies de communication émergentes.

• Revenus d'infrastructure sans fil: 890 millions de dollars en 2023
• Nombre de projets d'installation de tour sans fil: 350
• Complexité moyenne du projet sans fil: environnements urbains à haute densité

Projets de construction civile et d'ingénierie

Catégorie de projet	Revenus annuels	Décompte des projets
Infrastructure municipale	425 millions de dollars	220 projets
Infrastructure utilitaire	350 millions de dollars	180 projets

Dycom Industries, Inc. (DY) - Modèle d'entreprise: Ressources clés

Équipement de construction spécialisé

En 2024, Dycom Industries maintient une flotte d'équipements de construction spécialisés d'une valeur d'environ 487,3 millions de dollars. Le portefeuille d'équipement comprend:

• Tranchés
• Équipement d'alcoffage directionnel
• Véhicules de levage aérien
• Machines d'installation de services publics souterrains

Catégorie d'équipement	Valeur totale	Coût de remplacement
Équipement de tranchées	156,2 millions de dollars	42,5 millions de dollars / an
Machines de services publics souterrains	214,7 millions de dollars	58,3 millions de dollars / an
Véhicules aériens	116,4 millions de dollars	31,6 millions de dollars / an

Main-d'œuvre technique qualifiée

Dycom emploie 10 987 travailleurs techniques qualifiés au quatrième trimestre 2023, avec une expérience technique moyenne de 8,6 ans par employé.

Segment de la main-d'œuvre	Nombre d'employés	Expérience moyenne
Techniciens de terrain	6,543	7,2 ans
Chefs de projet	1,876	11.3 ans
Spécialistes de l'ingénierie	2,568	9,5 ans

Capacités de génie avancé et de gestion de projet

Dycom investit 24,7 millions de dollars par an dans l'infrastructure de la technologie et de la gestion de projet, avec des systèmes logiciels propriétaires d'une valeur de 18,3 millions de dollars.

Couverture géographique

Présence opérationnelle dans 35 États américains, avec une concentration primaire dans:

• Région du sud-est (42% des opérations)
• Région du sud-ouest (28% des opérations)
• Région du nord-est (18% des opérations)
• Région du Midwest (12% des opérations)

Relations avec les clients

Les relations avec les clients des télécommunications comprennent:

• AT&T: 37% des revenus annuels
• Verizon: 22% des revenus annuels
• Communications à charte: 15% des revenus annuels
• Autres fournisseurs régionaux de télécommunications: 26% des revenus annuels

Dycom Industries, Inc. (DY) - Modèle d'entreprise: propositions de valeur

Solutions d'infrastructure de bout en bout pour les réseaux de télécommunications

Dycom Industries fournit des solutions d'infrastructure complètes avec 1,7 milliard de dollars de revenus annuels (2023 exercices). La société fournit des services de déploiement de réseau intégrés dans plusieurs secteurs de télécommunications.

Catégorie de service	Contribution annuelle des revenus
Services du réseau de télécommunications	1,2 milliard de dollars
Infrastructure à fibre optique	350 millions de dollars
Déploiement du réseau sans fil	150 millions de dollars

Services de déploiement réseau rentables et efficaces

Dycom utilise des approches stratégiques de gestion des coûts, réalisant l'efficacité opérationnelle avec:

• Ratio de coûts aériens de 7,2%
• Taux d'achèvement du projet de 94,5%
• Marge de projet moyenne de 12,3%

Expertise dans les projets de construction d'infrastructures complexes

Les capacités de construction d'infrastructures spécialisées comprennent:

Type de projet	Volume annuel du projet
Déploiements de réseau 5G	127 projets majeurs
Installations de réseau à fibre optique	89 projets à grande échelle
Construction des services publics souterrains	62 projets complexes

Capacités d'installation de réseau rapide et fiable

Métriques de performance d'installation:

• Temps d'achèvement moyen du projet: 42 jours
• Précision d'installation du réseau: 99,7%
• Efficacité du déploiement de l'équipement: 96,5%

Innovation technologique dans les infrastructures de télécommunications

Investissement dans les capacités technologiques:

Zone d'innovation	Investissement annuel
Dépenses de R&D	47 millions de dollars
Infrastructure technologique	22 millions de dollars
Initiatives de transformation numérique	18 millions de dollars

Dycom Industries, Inc. (DY) - Modèle d'entreprise: relations avec les clients

Contrats de services à long terme avec les principaux fournisseurs de télécommunications

Dycom Industries maintient Contrats de service à long terme avec les principaux fournisseurs de télécommunications, notamment:

Client	Durée du contrat	Valeur annuelle estimée
AT&T	5-7 ans	375 millions de dollars
Verizon	4-6 ans	285 millions de dollars
COMMUNICATIONS CHARTER	3-5 ans	215 millions de dollars

Équipes de gestion des comptes dédiés

Dycom fournit une gestion des comptes spécialisée avec la structure suivante:

• Cadres de compte senior dédié pour les clients de haut niveau
• Équipes de liaison technique pour des projets d'infrastructure complexes
• Canaux de support client 24/7

Solutions d'infrastructure personnalisées

Les capacités de personnalisation comprennent:

Type de solution	Valeur moyenne du projet	Temps d'achèvement typique
Déploiement du réseau à fibre optique	12,5 millions de dollars	12-18 mois
Infrastructure sans fil	8,3 millions de dollars	9-12 mois
Construction des services publics souterrains	6,7 millions de dollars	6-9 mois

Services de support technique et de maintenance en cours

Métriques de support technique:

• Temps de réponse moyen: 2,5 heures
• Valeur du contrat de maintenance annuel: 45,6 millions de dollars
• Évaluation de satisfaction du client: 92%

Gestion des relations basées sur la performance

Approche de gestion des performances:

Métrique de performance	Cible	Performance actuelle
Efficacité d'achèvement du projet	95%	93.7%
Optimisation des coûts	10% de réduction annuelle	8.5%
Assurance qualité	Zéro défauts critiques	Projets sans défaut à 99,6%

Dycom Industries, Inc. (DY) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Dycom Industries maintient une équipe de vente directe dédiée d'environ 87 représentants commerciaux professionnels ciblant les télécommunications, les services publics et les segments du marché des infrastructures.

Segment de l'équipe de vente	Nombre de représentants
Télécommunications	42
Infrastructure utilitaire	29
Réseau sans fil	16

Conférences et salons commerciaux de l'industrie

Dycom Industries participe à 17 grandes conférences de l'industrie par an, avec un investissement moyen de 425 000 $ dans les salons commerciaux et la participation de la conférence.

• Conférence des infrastructures de télécommunications
• Expo de la technologie des services publics
• Sommet sur l'innovation du réseau sans fil
• Forum d'infrastructure critique

Site Web d'entreprise en ligne

Le site Web d'entreprise de Dycom (www.dycomind.com) reçoit environ 62 000 visiteurs mensuels uniques, avec un temps d'engagement moyen de 4,3 minutes.

Demande de processus de proposition (DP)

En 2023, Dycom Industries a répondu à 124 RFP formels, avec un taux de réussite de la réponse de 38,7%.

Catégorie de RFP	Soumissions totales	Taux de réussite
Infrastructure de télécommunications	67	42%
Développement du réseau de services publics	38	35%
Extension du réseau sans fil	19	31%

Initiatives stratégiques de développement commercial

Dycom Industries alloue 3,2 millions de dollars par an au développement stratégique des entreprises, en se concentrant sur la mise en place de la portée du marché et le développement de nouvelles capacités de service.

• Développement de partenariat stratégique
• Investissement de l'innovation technologique
• Expansion du marché géographique
• Amélioration de la gestion de la relation client

Dycom Industries, Inc. (DY) - Modèle d'entreprise: segments de clientèle

Grandes entreprises de télécommunications

Dycom sert de grandes sociétés de télécommunications avec une rupture spécifique des clients:

Top clients des télécommunications	Valeur du contrat annuel
AT&T	487,3 millions de dollars
Verizon	412,6 millions de dollars
Clin	276,4 millions de dollars

Fournisseurs de services de câble et Internet

Les segments clés des clients comprennent:

• Comcast
• COMMUNICATIONS CHARTER
• COX Communications

Sociétés d'infrastructure de services publics

Client des services publics	Investissement en infrastructure
Énergie duc	215,7 millions de dollars
Californie du Sud Edison	189,5 millions de dollars

Agences d'infrastructure gouvernementales

Contrats d'infrastructures fédérales et étatiques:

• Contrats du ministère des Transports: 142,6 millions de dollars
• Projets d'infrastructure au niveau de l'État: 98,3 millions de dollars

Opérateurs de réseaux de communication régionaux et nationaux

Opérateur de réseau	Budget d'expansion du réseau
Sprint / t-mobile	336,2 millions de dollars
Fournisseurs de sans fil régionaux	187,5 millions de dollars

Dycom Industries, Inc. (DY) - Modèle d'entreprise: Structure des coûts

Frais de main-d'œuvre et de main-d'œuvre

Depuis l'exercice 2023, Dycom Industries a déclaré des coûts de main-d'œuvre totaux de 1 672,3 millions de dollars. L'entreprise a employé environ 11 300 travailleurs dans divers segments opérationnels.

Catégorie de coûts	Montant ($ m)	Pourcentage du total des coûts de main-d'œuvre
Travail direct	1,245.7	74.5%
Avantages et assurance	287.6	17.2%
Formation et développement	139.0	8.3%

Investissements d'équipement et de machines

En 2023, Dycom Industries a investi 312,5 millions de dollars dans les dépenses en capital pour l'équipement et les machines.

• Équipement de construction spécialisé: 186,3 millions de dollars
• Mises à niveau de la flotte de véhicules: 87,2 millions de dollars
• Équipement d'entretien et de réparation: 39,0 millions de dollars

Coût des matériaux spécifiques au projet

Les coûts des matériaux pour les projets d'infrastructures et de télécommunications ont totalisé 754,6 millions de dollars au cours de l'exercice 2023.

Type de matériau	Coût ($ m)	Utilisation principale
Câble de télécommunications	287.3	Projets d'infrastructure réseau
Matériaux à fibre optique	212.5	Déploiement à large bande
Composants électriques	154.8	Projets de réseau électrique

Infrastructure technologique et logicielle

Les investissements technologiques ont atteint 45,2 millions de dollars en 2023, en se concentrant sur l'efficacité opérationnelle et les systèmes de gestion de projet.

• Systèmes de planification des ressources d'entreprise (ERP): 18,7 millions de dollars
• Logiciel de gestion de projet: 12,5 millions de dollars
• Infrastructure de cybersécurité: 14,0 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2023 étaient de 22,4 millions de dollars, ciblant l'innovation dans les technologies d'infrastructure et de télécommunications.

Zone de focus R&D	Investissement ($ m)	Objectifs clés
Télécommunications avancées	12.6	Technologies de réseau 5G et fibres
Technologies d'automatisation	6.8	Améliorations de l'efficacité de la construction
Infrastructure durable	3.0	Développement de la technologie verte

Dycom Industries, Inc. (DY) - Modèle d'entreprise: Strots de revenus

Contrats de construction d'infrastructures

Exercice 2023 Revenu total: 3,49 milliards de dollars

Type de contrat	Contribution des revenus
Infrastructure de télécommunications	2,13 milliards de dollars
Infrastructure utilitaire	1,36 milliard de dollars

Services d'installation réseau

Revenus d'installation du réseau annuel: 982 millions de dollars

• Installations de réseau à fibre optique
• Déploiement du réseau 5G
• Configuration d'infrastructure à large bande

Accords de maintenance à long terme

Valeur du contrat de maintenance récurrente: 456 millions de dollars

Segment de maintenance	Valeur du contrat annuel
Entretien des télécommunications	312 millions de dollars
Maintenance des infrastructures des services publics	144 millions de dollars

Services d'ingénierie et de conception

Revenus annuels des services d'ingénierie: 267 millions de dollars

• Conseil de conception de réseau
• Planification des infrastructures
• Études de faisabilité technique

Projets de déploiement technologique

Revenus de déploiement technologique: 643 millions de dollars

Segment technologique	Revenus annuels
Infrastructure sans fil	412 millions de dollars
Déploiement du réseau filaire	231 millions de dollars

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.