DYCOM INDUSTRIES INC

For the period ended Jan 31, 2026. Filed Mar 9, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2026 · Filed Mar 9, 2026

DY$218.80-0.5%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Year Ended
	January 31, 2026	January 25, 2025	January 27, 2024
Cash flows from operating activities:
Net income	$281,189	$233,413	$218,923
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	269,566	198,571	163,092
Non-cash lease expense	53,717	41,030	35,181
Deferred income tax provision (benefit)	52,986	(17,390)	(10,643)
Stock-based compensation	34,468	40,320	25,457
Provision for (recovery of) bad debt, net	1,633	(1,184)	274
Gain on sale of fixed assets	(26,708)	(36,461)	(28,348)
Loss on debt extinguishment	7,268	965	—
Amortization of debt issuance costs and other	4,183	4,431	2,984
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(842)	(117,766)	(142,383)
Contract assets/liabilities, net	(111,256)	31,191	23,034
Other current assets and inventories	(8,198)	4,284	3,085
Other assets	(50,247)	(20,956)	408
Income taxes receivable/payable	(46,770)	26,476	(14,205)
Accounts payable	223,234	(16,810)	6,989
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities	(41,720)	(21,018)	(24,872)
Net cash provided by operating activities	642,503	349,096	258,976
Cash flows from investing activities:
Capital expenditures	(240,791)	(250,457)	(218,492)
Proceeds from sale of assets	33,633	39,135	35,231
Cash paid for acquisitions, net of cash acquired	(1,628,581)	(183,876)	(122,902)
Net cash used in investing activities	(1,835,739)	(395,198)	(306,163)
Cash flows from financing activities:
Proceeds from borrowings on senior credit agreement, including term loans	2,969,000	987,375	763,000
Principal payments on senior credit agreement, including term loans	(1,079,000)	(852,375)	(780,500)
Debt issuance costs	(33,870)	(6,671)	—
Repurchase of common stock	(30,185)	(65,640)	(49,659)
Proceeds from borrowings on senior secured bridge loan	600,000	—	—
Principal payments on senior secured bridge loan	(600,000)	—	—
Exercise of stock options	(1,912)	(7,959)	1,149
Restricted stock tax withholdings	(14,402)	(17,044)	(9,903)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Continued)

	Fiscal Year Ended
	January 31, 2026	January 25, 2025	January 27, 2024
Net cash provided by (used in) financing activities	1,809,631	37,686	(75,913)
Net increase (decrease) in cash, cash equivalents and restricted cash	616,395	(8,416)	(123,100)
Cash, cash equivalents and restricted cash at beginning of period (Note 8)	94,474	102,890	225,990
Cash, cash equivalents and restricted cash at end of period (Note 8)	$710,869	$94,474	$102,890
Supplemental disclosure of other cash flow activities and non-cash investing and financing activities:
Cash paid for interest	$62,302	$57,924	$50,679
Cash paid for taxes, net	$84,117	$61,542	$96,616
Purchases of capital assets included in accounts payable or other accrued liabilities at period end	$6,790	$16,059	$7,338
Deferred financing costs included in accounts payable or other accrued liabilities at period end	$2,904	$—	$—
Supplemental disclosure of non-cash information:
Common stock issued for acquisitions	$350,952	$—	$—
See notes to the consolidated financial statements.

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