Dycom is a specialty contractor that builds and maintains telecommunications and data center infrastructure across the U.S. The company operates through two segments. The Communications segment — the core of the business — provides fiber and cable construction, network maintenance, underground utility locating, wireless tower work, and engineering services for telecom carriers, cable operators, and wireless carriers. Most of this work is executed under multi-year master service agreements (MSAs), which set per-task pricing but leave volume at the customer's discretion. Customers typically supply materials; Dycom supplies the labor and equipment, keeping the model relatively asset-light. The Building Systems segment, added via the ~$1.95B acquisition of Power Solutions in late 2025, provides electrical infrastructure, energy management, security, and fire safety systems for data centers, predominantly in the DMV area. Power Solutions derives over 90% of its revenue from data center construction and operates primarily as a subcontractor on fixed-price projects for hyperscalers. Dycom's growth is driven by fiber-to-the-home deployments, long-haul fiber builds for hyperscalers, federal BEAD broadband funding, and data center construction activity. AT&T, Verizon/Frontier, and Lumen together represent roughly half of Communications revenue. Management argues that Dycom's national scale and workforce of roughly 19,500 people are the core competitive advantages, particularly as skilled labor becomes the binding constraint across multiple large programs ramping simultaneously.