How did DY's revenue and expenses trend in Q4 2025 compared to previous quarters?

Dycom Industries Inc (DY) demonstrated robust growth in its fourth quarter of fiscal year 2025, with notable increases in revenue and certain expenses compared to the immediate previous quarter, Q3 2025, and the year-ago Q4 2024.

1. Revenue Trend:
   • Q4 2025 vs Q3 2025: Dycom's contract revenues surged by approximately 13.9% to $1.085 billion in Q4 2025, up from $1.272 billion in Q3 2025.
   • Q4 2025 vs Q4 2024: There is no direct comparison available for Q4 2024 revenues. However, the full-year fiscal 2025 revenues were $4.702 billion, marking a 12.6% increase year-over-year.

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DY Total Revenue

2. Expense Trend:
   • Q4 2025 Expenses: Dycom reported an adjusted EBITDA of $116.4 million, representing 10.7% of revenues, which is a notable figure despite facing unforeseen weather challenges.
   • Q3 2025 Expenses: In Q3 2025, Dycom's adjusted EBITDA was $170.7 million, or 13.4% of contract revenues.
   • Cost Management: The company's focus on integrating sustainable practices into operations is likely to drive efficiencies and reduce environmental impact, aligning with growing customer and regulatory expectations for sustainability.
3. Profitability Metrics:
   • Net Income: Dycom reported a net income of $32.7 million in Q4 2025, with an adjusted net income of $34.5 million and an adjusted EPS of $1.17, reflecting a 48.1% increase.
   • Cash Flows: The company maintained strong cash flows, with operating cash flow amounting to $328.2 million in Q4 2025, and free cash flow increasing by 82% to $137.8 million for the full fiscal year 2025.
4. Future Outlook: Dycom anticipates a promising fiscal 2026, with a revenue outlook expected to increase by 10% to 13% over fiscal 2025, indicating continued growth potential.

In conclusion, Dycom Industries Inc (DY) experienced significant revenue growth in Q4 2025 compared to Q3 2025, with robust profitability and cash flow metrics. The company's strategic initiatives, including a new stock repurchase program and commitment to sustainability, are likely to support its continued performance and market position.