TradingKey – Dycom Industries (NYSE: DY) posted fiscal 2026 Q1 numbers on May 20 that were better than consensus. Revenue increased 14.8% year-over-year to $1.12 billion. Adjusted EBITDA margin expanded to 11.5% and backlog increased to $4.8 billion, a record. The $4.8 billion backlog is the largest and most relevant number in the entire earnings release. In a sense, DY revenue does not depend on demand cycles of any given product or seasonal demand of chips. DY revenue is dependent on contracting and delivering a project. Hence, the backlog tells you how many months of revenue are locked in to be delivered. Dycom (DY) is not a semiconductor stock, not software company. It is the infrastructure builder (fiber, broadband) for all the…