DYCOM INDUSTRIES INCDY
DYCOM INDUSTRIES INC Segments Disclosure
Segment Reporting
The Company operates in two reportable segments, which derive revenues by providing specialty contracting services throughout the United States on a decentralized basis. Dycom’s reportable segments are: Communications and Building Systems. This segment structure reflects the financial information and reports used by the Company's Chief Executive Officer, the chief operating decision maker (CODM), to make decisions regarding the Company's business, including performance assessments and strategic and operational planning in compliance with ASC 280, Segment Reporting.
Communications. The Communications segment provides specialty contracting services, including program management, planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications and digital infrastructure providers. The Communications segment also provides underground facility locating services for various utilities and other construction and maintenance services for electric and gas utilities. The Communications segment services are provided by its operating segments that consist of a subsidiary (or in certain instances, the combination of two or more subsidiaries), whose results are regularly reviewed by the CODM. The Communications segment’s operating segments have been aggregated into one reportable segment based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods.
Building Systems. During fiscal 2026, following the acquisition of Power Solutions, the CODM reevaluated the Company’s reportable segments, which resulted in the addition of the Building Systems segment as a component of management’s internal financial information used for operational decision-making. Beginning in fiscal 2026, the Company has reported the results of the Building Systems segment separately as a reportable segment. The Building Systems segment reflects the results of Power Solutions following the acquisition on December 23, 2025. The Building Systems segment specializes in providing comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities.
The key measure of segment profit or loss utilized by the CODM to assess performance of and allocate resources to the Company’s operating segments is income before income taxes. Significant segment expenses included in income before income taxes are cost of earned revenues, depreciation and amortization, and other segment items, which include general and administrative expenses, segment interest expense and other income (expense). The measure of segment assets regularly provided to the CODM is consistent with total assets as reported on the consolidated balance sheets.
The CODM reviews contract revenues and income before income taxes compared to historical, forecasted and budgeted amounts to assess the performance of the Company’s operating segments and allocate resources.
Certain corporate costs are not allocated, including certain acquisition and integration costs, interest expense (income) and senior notes, and loss on debt extinguishment.
Segment financial information during fiscal 2026, fiscal 2025, and fiscal 2024, was as follows (dollars in millions):
Fiscal Year Ended January 31, 2026 | Communications | Building Systems | Total | ||||||||||||||
| Contract revenues | $ | 5,450,072 | $ | 95,840 | $ | 5,545,912 | |||||||||||
| Costs of earned revenues, excluding depreciation and amortization | 4,322,847 | 82,948 | 4,405,795 | ||||||||||||||
| Depreciation and amortization | 248,972 | 20,594 | 269,566 | ||||||||||||||
Other segment items (1) | 408,259 | 1,872 | 410,131 | ||||||||||||||
| Segment income (loss) before income taxes | $ | 469,994 | $ | (9,574) | $ | 460,420 | |||||||||||
Corporate and non-allocated costs (2) | 92,545 | ||||||||||||||||
| Total consolidated income before income taxes | $ | 367,875 | |||||||||||||||
Fiscal Year Ended January 25, 2025 | Communications | Building Systems | Total | ||||||||||||||
| Contract revenues | $ | 4,702,014 | $ | — | $ | 4,702,014 | |||||||||||
| Costs of earned revenues, excluding depreciation and amortization | 3,769,877 | — | 3,769,877 | ||||||||||||||
| Depreciation and amortization | 198,571 | — | 198,571 | ||||||||||||||
Other segment items (1) | 363,766 | — | 363,766 | ||||||||||||||
| Segment income before income taxes | $ | 369,800 | $ | — | $ | 369,800 | |||||||||||
Corporate and non-allocated costs (2) | 62,010 | ||||||||||||||||
| Total consolidated income before income taxes | $ | 307,790 | |||||||||||||||
Fiscal Year Ended January 27, 2024 | Communications | Building Systems | Total | ||||||||||||||
| Contract revenues | $ | 4,175,574 | $ | — | $ | 4,175,574 | |||||||||||
| Costs of earned revenues, excluding depreciation and amortization | 3,361,815 | — | 3,361,815 | ||||||||||||||
| Depreciation and amortization | 163,092 | — | 163,092 | ||||||||||||||
Other segment items (1) | 306,068 | — | 306,068 | ||||||||||||||
| Segment income before income taxes | $ | 344,599 | $ | — | $ | 344,599 | |||||||||||
Corporate and non-allocated costs (2) | 52,600 | ||||||||||||||||
| Total consolidated income before income taxes | $ | 291,999 | |||||||||||||||
(1) Other segment items include general and administrative expenses, interest expense and other income (expense).
(2) Corporate and non-allocated costs include certain acquisition and integration costs, interest expense, net, and loss on debt extinguishment.
| Fiscal Year Ended | |||||||||||
| January 31, 2026 | January 25, 2025 | ||||||||||
| Total Assets: | |||||||||||
| Communications | $ | 2,842,483 | $ | 2,738,087 | |||||||
Building Systems | 2,263,307 | — | |||||||||
| Corporate | 873,392 | 207,280 | |||||||||
| Consolidated total assets | $ | 5,979,182 | $ | 2,945,367 | |||||||
| Fiscal Year Ended | |||||||||||||||||
| January 31, 2026 | January 25, 2025 | January 27, 2024 | |||||||||||||||
| Capital Expenditures: | |||||||||||||||||
| Communications | $ | 225,426 | $ | 237,258 | $ | 208,900 | |||||||||||
Building Systems | — | — | — | ||||||||||||||
| Corporate | 15,365 | 13,199 | 9,592 | ||||||||||||||
| Consolidated capital expenditures: | $ | 240,791 | $ | 250,457 | $ | 218,492 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 9, 2026 | Showing above |
| 2025 | Feb 28, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.