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Dycom Industries cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$34.1M in Q2 FY27 · $469M over twelve months

Operating cash flow$104M
Capital spending−$69.5M
Free cash flow+$34.1M
Cash / net income0.9×
Cash conversion cycle68 days

Analysis

In Q2 FY27, Dycom Industries generated $104M of operating cash flow and spent $69.5M on capital projects, leaving free cash flow of $34.1M.

Over the twelve months to Aug 1, 2026, operating cash flow was $718M; the largest uses were acquisitions ($1.9B), capital spending ($249M), other financing ($45.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.8B), asset & business sales ($16.7M); the cash balance rose by $312M.

Operating cash flow was $104M against net income of $116M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$237M, depreciation & amortization +$116M, accrued liabilities +$84.0M.

Its cash conversion cycle was 68 days (receivables 97 + inventory 8 − payables 37).

Free cash flow

Dycom Industries: free cash flow by quarterDycom Industries: free cash flow by quarter−$8.8MQ3 FY25$260MQ4 FY25−$133MQ1 FY26$5.8MQ2 FY26$165MQ3 FY26$365MQ4 FY26−$94.9MQ1 FY27$34.1MQ2 FY27
Operating cash flow less capital spending.
Dycom Industries: operating cash flow against capital spendingDycom Industries: operating cash flow against capital spendingOperating cash flowCapital spending$65.8M$74.6MQ3 FY25$328M$68.5MQ4 FY25−$54.0M$79.5MQ1 FY26$57.4M$51.7MQ2 FY26$220M$55.2MQ3 FY26$419M$54.4MQ4 FY26−$24.6M$70.3MQ1 FY27$104M$69.5MQ2 FY27
Latest (Q2 FY27): Operating cash flow $104M, Capital spending $69.5M.

Capital allocation, year by year

Dycom Industries: where the cash came from (up) and went (down), by fiscal yearDycom Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $309MFY22: Net borrowing $265MFY22: Shares issued $2.3MFY22: Asset sales $5.4MFY22: Capital spending −$157MFY22: Buybacks −$106M$581MFY22FY23: Operating cash flow $165MFY23: Net borrowing −$17.5MFY23: Shares issued $4.6MFY23: Asset sales $17.4MFY23: Capital spending −$201MFY23: Acquisitions −$350KFY23: Buybacks −$48.7M$187MFY23FY24: Operating cash flow $259MFY24: Net borrowing −$17.5MFY24: Shares issued $1.1MFY24: Asset sales $35.2MFY24: Capital spending −$218MFY24: Acquisitions −$123MFY24: Buybacks −$49.7M$295MFY24FY25: Operating cash flow $349MFY25: Net borrowing $135MFY25: Shares issued $10.6MFY25: Asset sales $39.1MFY25: Capital spending −$250MFY25: Acquisitions −$184MFY25: Buybacks −$65.6M$534MFY25FY26: Operating cash flow $643MFY26: Net borrowing $1.9BFY26: Shares issued $3.9MFY26: Asset sales $33.6MFY26: Capital spending −$241MFY26: Acquisitions −$1.6BFY26: Buybacks −$30.2M$2.6BFY26
Over these 5 years operating cash flow totalled $1.7B; the largest uses were acquisitions ($1.9B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$340M
Debt$2.8B
Net debt$2.5B
Due within a year$28.4M

Dycom Industries funds itself: free cash flow was $469M over the last twelve months, and $340M of cash and investments stands against $2.8B of debt ($28.4M due within a year, 12.0× covered by cash).

Where the cash came from and went

Dycom Industries: sources (+) and uses (−) of cash, Q2 FY27Dycom Industries: sources (+) and uses (−) of cash, Q2 FY27Acquisitions−$225MCash drawn (+) / kept (−)$199MOperating cash flow$104MCapital spending−$69.5MOther financing−$11.1MAsset & business sales$3.7MNet borrowing (+) / repaid (−)−$97KTaxes on employees’ shares−$23K
Dycom Industries: sources (+) and uses (−) of cash, TTM to Q2 FY27Dycom Industries: sources (+) and uses (−) of cash, TTM to Q2 FY27Acquisitions−$1.9BNet borrowing (+) / repaid (−)$1.8BOperating cash flow$718MCash drawn (+) / kept (−)−$312MCapital spending−$249MOther financing−$45.1MBuybacks−$36.0MTaxes on employees’ shares−$30.8MAsset & business sales$16.7M

From profit to cash

Dycom Industries: net income to operating cash flow, Q2 FY27Dycom Industries: net income to operating cash flow, Q2 FY27Net income$116MDepreciation & amortization$116MStock-based pay$10.3MDeferred taxes$8.3MGains on disposals−$2.3MReceivables−$237MPayables−$51.9MAccrued liabilities$84.0MContract assets$50.2MOperating cash flow$104M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY279783768
Q1 FY278583459
Q4 FY26110103388
Q3 FY26100102387
Q2 FY26103112291
Q1 FY26105122295
Q4 FY251271224116
Q3 FY251131021102

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$104M−$69.5M−$225M—−$97K$199M$34.1M
Q1 FY27−$24.6M−$70.3M−$12.8M−$36.0M—$170M−$94.9M
Q4 FY26$419M−$54.4M−$1.6B—$1.9B−$599M$365M
Q3 FY26$220M−$55.2M——−$90.0M−$81.6M$165M
Q2 FY26$57.4M−$51.7M——−$4.0M−$12.3M$5.8M
Q1 FY26−$54.0M−$79.5M—−$30.2M$89.0M$76.7M−$133M
Q4 FY25$328M−$68.5M—−$35.9M−$155M−$77.4M$260M
Q3 FY25$65.8M−$74.6M−$150M—$155M$4.3M−$8.8M

Dycom Industries: income statement and cash flow

Dycom Industries, Q2 FY27: revenue $2.0B (+46% year over year), operating margin 9.6%. The chart follows the revenue to costs, profit and cash.

Dycom Industries: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.