Bowman Reports Record Second Quarter 2025 Results

Rhea-AI Summary

Bowman Consulting Group (NASDAQ: BWMN) reported strong Q2 2025 financial results, with gross contract revenue rising 17% to $122.1 million and net income reaching $6.0 million compared to a loss in Q2 2024. The company achieved record Adjusted EBITDA of $20.2 million, up 50.7% year-over-year, with margins expanding 440 basis points to 18.7%.

Notable highlights include organic net service billing growth of 8.4% and increased demand across core verticals, particularly in transportation, renewables, and energy transmission. The company's gross backlog grew 24.7% to $438.2 million. During Q2, Bowman repurchased $6.7 million of common stock at an average price of $22.19 per share and received board authorization for a new $25 million share repurchase program.

Management raised FY2025 guidance, projecting net revenue of $430-442 million and Adjusted EBITDA of $71-77 million.

Positive

• None.

Negative

• Significant portion of growth (6.6%) came from acquisitions rather than organic growth
• Stock repurchase activity may reduce available capital for strategic investments

Insights

Financial Analyst

Bowman delivers exceptional Q2 results with strong organic growth, record margins, and raised 2025 guidance signaling continued business momentum.

Bowman's Q2 2025 results demonstrate remarkable financial transformation, turning a $2.1 million loss in Q2 2024 into a $6 million profit this quarter. The record 18.7% Adjusted EBITDA margin (up 440 basis points year-over-year) showcases significant operational efficiency improvements and stronger pricing power.

The company's revenue metrics tell a compelling story: $122.1 million in gross contract revenue (17% growth) with 8.4% organic net service billing growth. This organic growth acceleration from 5.8% in the previous year demonstrates Bowman's increasing market penetration independent of acquisitions.

Particularly impressive is the backlog growth of 24.7% to $438.2 million, providing substantial revenue visibility and indicating strong future business momentum. The company's strategic focus on high-growth infrastructure segments like transportation, renewables, and energy transmission is proving effective.

Cash flow generation improved significantly with $16.3 million from operations in H1 2025 versus $5.6 million in H1 2024, nearly a 191% increase. This cash conversion improvement enables both strategic stock repurchases ($6.7 million in Q2) and innovation investments through their BIG Fund initiative.

Management's decision to raise full-year guidance ($430-442 million revenue, $71-77 million Adjusted EBITDA) signals strong confidence in continued business momentum. The strategic decision to reclassify data center revenue into Power and Utilities better aligns with evolving market dynamics and provides transparency on shifting business trends.

Organic revenue and backlog growth reinforce long-term strength of end-markets

RESTON, Va., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced financial results for the quarter ended June 30, 2025.

“We are experiencing strong momentum across the business as our teams continue to execute with discipline and deliver high-impact outcomes for our clients,” said Gary Bowman, CEO of Bowman. “The second quarter marked another period of outpaced growth and strategic progress underpinned by strong demand across our core verticals. New orders were especially strong in transportation, renewables, and energy transmission – markets where our expertise and differentiated capabilities are driving increased client engagement and long-term opportunities. Our record Adjusted EBITDA margin and backlog reflect not only the strength of our value proposition but also the confidence of our clients in our ability to deliver. As we look ahead, we remain focused on scaling efficiently, investing in talent, and reinforcing our leadership position as a lifecycle infrastructure solutions provider.”

Second Quarter 2025 Compared to Second Quarter 2024 Financial Results:

• Gross contract revenue of $122.1 million compared to $104.5 million, a 17% increase
• Net service billing¹ of $108.0 million compared to $94.0 million, a 15% increase
• Organic net service billing² growth of 8.4% compared to 5.8%
• Net income of $6.0 million compared to a net loss of $2.1 million
• Adjusted EBITDA¹ of $20.2 million compared to $13.4 million, a 50.7% increase
• Adjusted EBITDA margin, net ¹ of 18.7% compared to 14.3%, a 440-bps increase
• Cash flows from operations of $4.3 million compared to $3.1 million

First Six Months of 2025 Compared to First Six Months of 2024 Financial Results:

• Gross contract revenue of $235.0 million compared to $199.4 million, an 18% increase
• Net service billing¹ of $208.1 million compared to $179.7 million, a 16% increase
• Organic net service billing² growth of 9.8% compared to 9.6%
• Net income of $4.3 million compared to a net loss of $3.6 million
• Adjusted EBITDA¹ of $34.7 million compared to $25.5 million, a 36.1% increase
• Adjusted EBITDA margin, net ¹ of 16.7% compared to 14.2%, a 250-bps increase
• Cash flows from operations of $16.3 million compared to $5.6 million
• Gross backlog of $438.2 million compared to $351.4 million, a 24.7% increase

CFO Commentary

“Our continued improvement in second quarter performance demonstrates the strength and resilience of our business model,” said Bruce Labovitz, CFO of Bowman. “We continue to deliver on our commitments to improve profitability and cash conversion, optimize capital allocation, and maintain an underleveraged and healthy balance sheet.  During the early part of the quarter we deployed capital to provide liquidity in our stock and align with shareholders in our belief that our equity was undeservedly undervalued.  Our recently introduced BIG Fund reflects our commitment to aggressively invest free cash flow into innovation that will expand our revenue sources, accelerate and optimize our processes, and improve our margins.  The Fund is actively sponsoring several compelling innovation initiatives throughout the company, and we are excited about the return on investment we expect to achieve.  Having delivered solid first half results, including nearly 10% organic net service billing growth, a 36% increase in Adjusted EBITDA and a 250-basis point improvement in Adjusted EBITDA Margin, we are entering the second half of the year with strong momentum and a high degree of optimism about our future.”

"Given the changing dynamics associated with the evolving power demands inherent in data center design, we have elected to reclassify the revenue of that sub-vertical into our Power and Utilities category," continued Labovitz. "To represent consistency between periods, we have likewise reclassified data center revenue from 2024. We believe this classification better reflects the current profile of our work with our data center customers."

Stock Repurchase Activities

Bowman repurchased $6.7 million of common stock during the three months ended June 30, 2025, with $1.3 million from the repurchase of shares from employees in connection with the payment of taxes associated with vesting events and $5.4 million under an existing $35 million repurchase authorization (the “Authorization”). The average price paid during the three months was approximately $22.19 per share repurchased. Total shares outstanding on June 30, 2025, were 17.2 million. Subsequent to the end of the second quarter, no repurchases have been made under the Authorization.

On June 6, 2025, the board of directors authorized a new share program under which the Company may repurchase up to $25 million of its common stock over a 12-month period beginning June 9, 2025. This repurchase plan replaced the Authorization referred to above and which was scheduled to expire on July 31, 2025.

Non-GAAP Adjusted Earnings per Share³

In connection with the release of financial results, the Company reported the non-GAAP financial metric of Adjusted Earnings per Share as follows:

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
Adjusted Earnings Per Share (Non-GAAP)	2025	2024	2025	2024
Basic	$0.56	$(0.03)	$0.63	$0.17
Diluted	$0.55	$(0.03)	$0.62	$0.16

Fiscal Year 2025 Guidance

The table below raises Bowman’s guidance for fiscal year 2025:

Date Issued	Net Revenue	Adjusted EBITDA
August 2025	$430 - $442 MM	$71 - $77 MM

The current outlook for 2025 is based on completed and definitively contracted acquisitions as of the date of this release and does not include contributions from any future acquisitions. Management discusses the Company’s acquisition pipeline and its prospective impact during regularly scheduled earnings calls.

Conference Call Information

Bowman will host a conference call to discuss financial results tomorrow morning, August 7, 2025, at 9:00 a.m. ET. Access to a live webcast is available through the Investor Relations section of the Company’s website at investors.bowman.com.

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is a national engineering services firm offering infrastructure engineering, technical services and project management solutions to owners and operators of the built environment. With over 2,300 employees in more than 100 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

¹ Non-GAAP financial metric the Company believes offers valuable perspective on results of operations (see non-GAAP tables below for reconciliations).

² Organic growth for the three months ended 06/30/25 excludes revenue from acquisitions completed after June 30, 2024. Year over year growth rates only reflect revenue realized post-acquisition.

³ Basic Adjusted EPS and Diluted Adjusted EPS are all non-GAAP financial metrics the Company believes offer valuable perspectives on results of operations (see non-GAAP tables below for reconciliations). Adjusted EPS (Basic and Diluted) include addbacks for non-reoccurring expenses specific to acquisitions, non-cash stock compensation expense associated with pre-IPO grants, and other expenses not in the ordinary course of business. With respect to the elimination of any non-cash stock compensation expense, the Company computes an adjusted tax expense or benefit which accounts for the elimination of any periodic windfall or shortfall tax effects resulting from the difference between grant date fair value and vest date value. With respect to all other eliminations, the Company applies its average marginal statutory tax rate, currently 25.8%, to derive the tax adjustment associated with the elimination of expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is included with this press release for reference.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Investor Relations Contact:
Betsy Patterson
ir@bowman.com 

BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data)
	June 30, 2025				December 31, 2024
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	15,540			$	6,698
Accounts receivable, net		113,131				105,105
Contract assets		52,468				43,369
Notes receivable, current portion		903				-
Notes receivable - officers, employees, affiliates, current portion		443				1,889
Prepaid and other current assets		14,240				19,560
Total current assets		196,725				176,621
Non-Current Assets
Property and equipment, net		45,163				42,011
Operating lease, right-of-use assets		42,122				42,085
Goodwill		135,929				134,653
Notes receivable, less current portion		-				903
Notes receivable - officers, employees, affiliates, less current portion		1,108				638
Other intangible assets, net		61,403				65,409
Deferred tax asset, net		54,225				42,040
Other assets		1,570				1,521
Total Assets	$	538,245			$	505,881
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Revolving credit facility		59,516				37,000
Accounts payable and accrued liabilities, current portion		42,954				51,626
Contract liabilities		13,522				7,905
Notes payable, current portion		15,316				17,075
Operating lease obligation, current portion		11,142				10,979
Finance lease obligation, current portion		13,113				10,394
Total current liabilities		155,563				134,979
Non-Current Liabilities
Other non-current obligations		55,705				45,079
Notes payable, less current portion		16,003				19,992
Operating lease obligation, less current portion		36,936				37,058
Finance lease obligation, less current portion		19,721				17,940
Pension and post-retirement obligation, less current portion		4,674				4,718
Total liabilities	$	288,602			$	259,766
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024		-				-
Common stock, $0.01  par value; 30,000,000  shares authorized as of June 30, 2025 and December 31, 2024; 21,706,804  shares issued and 17,240,980 outstanding, and 21,281,247 shares issued and 17,382,138 outstanding as of June 30, 2025 and December 31, 2024, respectively		217				213
Additional paid-in-capital		341,727				329,073
Accumulated other comprehensive income		1,082				1,146
Treasury stock, at cost;  4,465,824 and 3,899,109 shares, respectively		(74,253	)			(60,901	)
Stock subscription notes receivable		(9	)			(30	)
Accumulated deficit		(19,121	)			(23,386	)
Total shareholders' equity	$	249,643			$	246,115
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	538,245			$	505,881

BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) (Unaudited)
	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2025				2024				2025				2024
Gross Contract Revenue	$	122,090			$	104,501			$	235,021			$	199,409
Contract costs:(exclusive of depreciation and amortization below)
Direct payroll costs		42,425				39,096				84,390				76,776
Sub-consultants and expenses		14,093				10,520				26,971				19,738
Total contract costs		56,518				49,616				111,361				96,514
Operating Expenses:
Selling, general and administrative		49,759				49,154				100,239				93,874
Depreciation and amortization		6,544				7,181				13,065				13,177
Loss (gain) on sale, net		225				(215	)			176				(311	)
Total operating expenses		56,528				56,120				113,480				106,740
Income (loss) from operations		9,044				(1,235	)			10,180				(3,845	)
Other expense		1,636				2,027				3,746				4,428
Income (loss) before tax benefit		7,408				(3,262	)			6,434				(8,273	)
Income tax expense (benefit)		1,399				(1,180	)			2,169				(4,633	)
Net income (loss)	$	6,009			$	(2,082	)		$	4,265			$	(3,640	)
Earnings allocated to non-vested shares		307				–				218				–
Net income (loss) attributable to common shareholders	$	5,702			$	(2,082	)		$	4,047			$	(3,640	)
Earnings (loss) per share
Basic	$	0.35			$	(0.13	)		$	0.25			$	(0.24	)
Diluted	$	0.34			$	(0.13	)		$	0.24			$	(0.24	)
Weighted average shares outstanding:
Basic		16,331,964				16,301,926				16,344,173				15,064,827
Diluted		16,583,034				16,301,926				16,589,787				15,064,827

BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited)
	For the Six Months Ended June 30,
	2025				2024
Cash Flows from Operating Activities:
Net income (loss)	$	4,265			$	(3,640	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization - property, plant and equipment		7,932				6,023
Amortization of intangible assets		5,133				7,154
Loss (gain) on sale of assets		176				(311	)
Credit losses		745				656
Stock based compensation		9,694				13,876
Deferred taxes		(12,185	)			5,348
Accretion of discounts on notes payable		404				307
Other		(35	)			–
Changes in operating assets and liabilities
Accounts receivable		(8,112	)			(6,080	)
Contract assets		(8,656	)			(4,366	)
Prepaid expenses and other assets		5,945				4,063
Accounts payable and accrued expenses		5,573				(15,633	)
Contract liabilities		5,414				(1,809	)
Net cash provided by operating activities		16,293				5,588
Cash Flows from Investing Activities:
Purchases of property and equipment		(1,119	)			(600	)
Fixed assets converted to lease financing		–				(29	)
Proceeds from sale of assets and disposal of leases		102				317
Payments received under loans to shareholders		–				54
Proceeds from notes receivable		718				–
Acquisitions of businesses, net of cash acquired		(1,559	)			(20,347	)
Collections under stock subscription notes receivable		21				23
Net cash used in investing activities		(1,837	)			(20,582	)
Cash Flows from Financing Activities:
Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs		-				47,151
(Repayments) Borrowings under revolving credit facility		22,515				(17,441	)
Repayments under fixed line of credit		–				(345	)
Proceeds from notes payable		–				6,209
Repayment under notes payable		(8,919	)			(7,464	)
Proceeds from finance leases		–				4,567
Payments on finance leases		(5,600	)			(4,053	)
Payment of contingent consideration from acquisitions		(1,171	)			–
Payments for purchase of treasury stock		(3,894	)			(10,037	)
Repurchases of common stock		(9,458	)			(2,084	)
Proceeds from issuance of common stock		913				947
Net cash (used in) provided by financing activities		(5,614	)			17,450
Net increase in cash and cash equivalents		8,842				2,456
Cash and cash equivalents, beginning of period		6,698				20,687
Cash and cash equivalents, end of period	$	15,540			$	23,143
Supplemental disclosures of cash flow information:
Cash paid for interest	$	3,812			$	3,457
Cash paid for income taxes	$	681			$	1,552
Non-cash investing and financing activities
Property and equipment acquired under finance lease	$	(10,144	)		$	(6,755	)
Note payable converted to common shares	$	(434	)		$	(2,696	)
Issuance of notes payable for acquisitions	$	(2,056	)			(13,636	)
Issuance of contingent considerations	$	–				(1,504	)
Settlement of contingent consideration	$	2,338				567

BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data)
		For the Three Months Ended June 30,								For the Six Months    Ended June 30,
		2025				2024				2025				2024
Net income (loss) (GAAP)		$	6,009			$	(2,082	)		$	4,265			$	(3,640	)
+ tax expense (benefit) (GAAP)			1,399				(1,180	)			2,169				(4,633	)
Income (loss) before tax expense (GAAP)		$	7,408			$	(3,262	)		$	6,434			$	(8,273	)
+ acquisition related expenses			1,149				1,936				1,744				3,286
+ amortization of intangibles			2,517				3,815				5,133				7,154
+ non-cash stock comp related to pre-IPO			330				1,121				824				2,678
+ other non-core expenses			188				414				331				813
Adjusted income before tax expense		$	11,592			$	4,024			$	14,466			$	5,658
Adjusted income tax expense			1,981				4,593				3,657				2,933
Adjusted net income (loss)		$	9,611			$	(569	)		$	10,809			$	2,725
Adjusted earnings allocated to non-vested shares			491				–				553				229
Adjusted net income (loss) attributable to common shareholders		$	9,120			$	(569	)		$	10,256			$	2,496
Earnings (loss) per share (GAAP)
Basic		$	0.35			$	(0.13	)		$	0.25			$	(0.24	)
Diluted		$	0.34			$	(0.13	)		$	0.24			$	(0.24	)
Adjusted earnings (loss) per share (Non-GAAP)
Basic		$	0.56			$	(0.03	)		$	0.63			$	0.17
Diluted		$	0.55			$	(0.03	)		$	0.62			$	0.16
Weighted average shares outstanding
Basic			16,331,964				16,301,926				16,344,173				15,064,827
Diluted			16,583,034				16,301,926				16,589,787				15,766,765
Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP		For the Three Months Ended June 30,								For the Six Months    Ended June 30,
		2025				2024				2025				2024
Income (loss) per share (GAAP)		$	0.35			$	(0.13	)		$	0.25			$	(0.24	)
Pre-tax basic per share adjustments		$	0.36			$	0.38			$	0.64			$	0.62
Adjusted earnings per share before tax expense		$	0.71			$	0.25			$	0.89			$	0.38
Tax expense per share adjustment		$	0.13			$	0.28			$	0.22			$	0.19
Adjusted earnings (loss) per share - adjusted net income		$	0.59			$	(0.03	)		$	0.67			$	0.19
Adjusted earnings per share allocated to non-vested shares		$	0.03			$	–			$	0.04			$	0.02
Adjusted earnings (loss) per share attributable to common shareholders		$	0.56			$	(0.03	)		$	0.63			$	0.17
Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP		For the Three Months Ended June 30,								For the Six Months    Ended June 30,
		2025				2024				2025				2024
Income (loss) per share (GAAP)		$	0.34			$	(0.13	)		$	0.24			$	(0.24	)
Pre-tax diluted per share adjustments		$	0.36			$	0.38			$	0.63			$	0.60
Adjusted earnings per share before tax expense		$	0.70			$	0.25			$	0.87			$	0.36
Tax expense per share adjustment		$	0.12			$	0.28			$	0.22			$	0.19
Adjusted earnings (loss) per share - adjusted net income		$	0.58			$	(0.03	)		$	0.65			$	0.17
Adjusted earnings per share allocated to non-vested shares		$	0.03			$	–			$	0.03			$	0.01
Adjusted earnings (loss) per share attributable to common shareholders		$	0.55			$	(0.03	)		$	0.62			$	0.16

BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands except per share data)
Condensed Combined Statement of Operations Reconciliation		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Gross contract revenue		$	122,090			$	104,501			$	235,021			$	199,409
Contract costs (exclusive of depreciation and amortization)			56,518				49,616				111,361				96,514
Operating expense			56,528				56,120				113,480				106,740
Income (loss) from operations			9,044				(1,235	)			10,180				(3,845	)
Other expense			1,636				2,027				3,746				4,428
Income tax expense (benefit)			1,399				(1,180	)			2,169				(4,633	)
Net income (loss)		$	6,009			$	(2,082	)		$	4,265			$	(3,640	)
Net margin			4.9	%		(2.0		)%			1.8	%		(1.8		)%
Other financial information1
Net service billing		$	107,997			$	93,981			$	208,050			$	179,671
Adjusted EBITDA			20,203				13,412				34,708				25,541
Adjusted EBITDA margin, net			18.7	%			14.3	%			16.7	%			14.2	%
Gross Contract Revenue to Net Service Billing Reconciliation		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Gross contract revenue		$	122,090			$	104,501			$	235,021			$	199,409
Less: sub-consultants and other direct expenses			14,093				10,520				26,971				19,738
Net service billing		$	107,997			$	93,981			$	208,050			$	179,671
Adjusted EBITDA Reconciliation		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Net Service Billing		$	107,997			$	93,981			$	208,050			$	179,671
Net income (loss)		$	6,009			$	(2,082	)		$	4,265			$	(3,640	)
+ interest expense			2,259				1,775				4,372				3,906
+ depreciation & amortization			6,544				7,181				13,065				13,177
+ tax expense (benefit)			1,399				(1,180	)			2,169				(4,633	)
EBITDA		$	16,211			$	5,694			$	23,871			$	8,810
+ non-cash stock compensation			3,093				6,077				9,734				13,938
+ settlements and other non-core expenses			188				414				331				813
+ acquisition expenses			711				1,227				772				1,980
Adjusted EBITDA		$	20,203			$	13,412			$	34,708			$	25,541
Adjusted EBITDA margin, net			18.7	%			14.3	%			16.7	%			14.2	%

¹ Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.

BOWMAN CONSULTING GROUP LTD. GROSS CONTRACT REVENUE COMPOSITION (Unaudited)
(dollars in thousands)	For the Three Months Ended June 30,
Consolidated Gross Revenue	2025			%			2024			%			Change			% Change
Building Infrastructure1	56,561			46.3	%		52,442			50.2	%		4,119			7.9	%
Transportation	24,611			20.2	%		19,233			18.4	%		5,378			28.0	%
Power and Utilities1	26,843			22.0	%		22,917			21.9	%		3,926			17.1	%
Natural Resources & Imaging2	14,075			11.5	%		9,909			9.5	%		4,166			42.0	%
Total	122,090			100.0	%		104,501			100.0	%		17,589			16.8	%
Acquired3	6,459			5.3	%		17,429			16.7	%		(10,970	)		(62.9	)%
(dollars in thousands)	For the Six Months Ended June 30,
Consolidated Gross Revenue	2025			%			2024			%			Change			% Change
Building Infrastructure1	108,593			46.2	%		101,844			51.1	%		6,749			6.6	%
Transportation	48,340			20.6	%		37,361			18.7	%		10,979			29.4	%
Power and Utilities1	52,153			22.2	%		44,768			22.5	%		7,385			16.5	%
Natural Resources & Imaging2	25,935			11.0	%		15,436			7.7	%		10,499			68.0	%
Total	235,021			100.0	%		199,409			100.0	%		35,612			17.9	%
Acquired3	11,476			4.9	%		26,435			13.3	%		(14,959	)		(56.6	)%

¹ Includes periodic reclassifications of revenue between categories from prior periods for consistency of presentation. For the three and six months ended June 30, 2024, $3.5 million and $6.8 million, respectively, of data center revenue were reclassified from Building Infrastructure to Power & Utilities.

² Formerly Emerging Markets which  represents environmental, mining, water resources, imaging and mapping, and other.

³ Acquired revenue in prior periods as previously reported; four quarters post-closing, acquired revenue is thereafter reclassified as organic for the purpose of calculating organic growth rates.

BOWMAN CONSULTING GROUP LTD.
ORGANIC GROWTH ANALYSIS
(Unaudited)
	For the Three Months Ended June 30,
(dollars in thousands)	2025			%			2024			%			Change			Organic +/-
Gross Revenue, Organic	115,631			100.0	%		104,501			100.0	%		11,130			10.7	%
Building Infrastructure	55,525			48.0	%		52,442			50.2	%		3,083			5.9	%
Transportation	22,876			19.8	%		19,233			18.4	%		3,643			18.9	%
Power and Utilities	24,495			21.2	%		22,917			21.9	%		1,578			6.9	%
Natural Resources & Imaging	12,735			11.0	%		9,909			9.5	%		2,826			28.5	%
	For the Six Months Ended June 30,
(dollars in thousands)	2025			%			2024			%			Change			Organic +/-
Gross Revenue, Organic	223,545			100.0	%		199,409			100.0	%		24,136			12.1	%
Building Infrastructure	107,155			48.0	%		101,844			51.1	%		5,311			5.2	%
Transportation	44,123			19.7	%		37,361			18.7	%		6,762			18.1	%
Power and Utilities	48,041			21.5	%		44,768			22.5	%		3,273			7.3	%
Natural Resources & Imaging	24,226			10.8	%		15,436			7.7	%		8,790			56.9	%
	For the Three Months Ended June 30,
(dollars in thousands)	2025			%			2024			%			Change			Organic +/-
Net Revenue, Organic	101,890			100.0	%		93,981			100.0	%		7,909			8.4	%
Building Infrastructure	50,398			49.4	%		48,533			51.6	%		1,865			3.8	%
Transportation	18,724			18.4	%		15,507			16.5	%		3,217			20.7	%
Power and Utilities	22,184			21.8	%		21,050			22.4	%		1,134			5.4	%
Natural Resources & Imaging	10,584			10.4	%		8,891			9.5	%		1,693			19.0	%
	For the Six Months Ended June 30,
(dollars in thousands)	2025			%			2024			%			Change			Organic +/-
Net Revenue, Organic	197,252			100.0	%		179,671			100.0	%		17,581			9.8	%
Building Infrastructure	98,104			49.8	%		94,620			52.6	%		3,484			3.7	%
Transportation	35,994			18.2	%		30,341			16.9	%		5,653			18.6	%
Power and Utilities	43,540			22.1	%		40,704			22.7	%		2,836			7.0	%
Natural Resources & Imaging	19,614			9.9	%		14,006			7.8	%		5,608			40.0	%

BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT JUNE 30, 2025 (Unaudited)
Category	Percentage
Building Infrastructure1	40	%
Transportation	31	%
Power and Utilities1	21	%
Natural Resources & Imaging	8	%
TOTAL	100	%

¹ includes reclassification of data center effective June 30, 2025.

FAQ

What were Bowman's (BWMN) Q2 2025 earnings results?

Bowman reported Q2 2025 gross contract revenue of $122.1 million, up 17% year-over-year, with net income of $6.0 million compared to a loss in Q2 2024. Adjusted EBITDA increased 50.7% to $20.2 million.

What is Bowman's (BWMN) revenue guidance for fiscal year 2025?

Bowman raised its FY2025 guidance, projecting net revenue of $430-442 million and Adjusted EBITDA of $71-77 million.

How much is Bowman's (BWMN) current share repurchase authorization?

On June 6, 2025, Bowman's board authorized a new $25 million share repurchase program over a 12-month period beginning June 9, 2025.

What was Bowman's (BWMN) backlog as of Q2 2025?

Bowman's gross backlog reached $438.2 million, representing a 24.7% increase compared to the previous year.

Which sectors drove Bowman's (BWMN) growth in Q2 2025?

Bowman experienced strong demand particularly in transportation, renewables, and energy transmission sectors, with notable new orders in these verticals.