Bowman Reports Results for Fourth Quarter and Full Year 2025; Raises 2026 Guidance

Rhea-AI Summary

Bowman Consulting Group (NASDAQ: BWMN) reported record 2025 results and raised 2026 net revenue guidance. Full-year 2025 net service billing was $434.8M (+14.5%), adjusted EBITDA was $72.9M (+22.5%) and gross backlog rose to $479.1M (+20.1%).

Bowman raised 2026 net revenue guidance to $495–$510M (from $465–$480M) and maintained adjusted EBITDA margin of 17.0%–17.5%. Notable items include the RPT Alliance acquisition, CEO Gary Bowman’s planned 2026 retirement, a credit facility increase to $250M, and ongoing share repurchases totaling $18.8M for 2025.

Positive

• Net service billing +14.5% to $434.8M (FY2025)
• Adjusted EBITDA +22.5% to $72.9M (FY2025)
• Gross backlog +20.1% to $479.1M (FY2025)
• Raised 2026 net revenue guidance to $495–$510M
• Completed acquisition of RPT Alliance expanding power & utilities

Negative

• Q4 2025 net income down ~66% to $2.0M versus $5.9M
• Q4 adjusted basic EPS fell from $0.72 to $0.46
• Maximum credit facility increased to $250M, raising available leverage

Key Figures

Q4 2025 gross contract revenue: $129.0M FY 2025 gross contract revenue: $490.0M FY 2025 net income: $12.8M +5 more

8 metrics

Q4 2025 gross contract revenue $129.0M Versus $113.2M in Q4 2024, a 14.0% increase

FY 2025 gross contract revenue $490.0M Versus $426.6M in FY 2024, a 14.9% increase

FY 2025 net income $12.8M Compared to $3.0M in FY 2024

FY 2025 Adjusted EBITDA $72.9M Versus $59.5M in FY 2024, a 22.5% increase

FY 2025 Adjusted EBITDA margin 16.8% Up from 15.7% in FY 2024 (110 bps increase)

Gross backlog $479.1M Versus $399.0M a year earlier, a 20.1% increase

2026 net revenue guidance $495–$510M Raised from prior $465–$480M range issued November 2025

2025 share repurchases $18.8M Spent repurchasing 683,448 shares at $27.51 average price

Market Reality Check

Price: $32.57 Vol: Volume 114,379 is close t...

normal vol

$32.57 Last Close

Volume Volume 114,379 is close to the 20-day average of 108,237, suggesting no unusual trading ahead of the release. normal

Technical Shares at 32.57 are trading below the 200-day MA of 35.33 and about 28.93% under the 52-week high.

Peers on Argus

BWMN was down 2.02% while key engineering/construction peers like GLDD, NVEE, WL...

BWMN was down 2.02% while key engineering/construction peers like GLDD, NVEE, WLDN, BBCP, and MTRX showed gains between 0.41% and 4.06%, indicating stock-specific pressure rather than a sector-wide move.

Common Catalyst Peer headlines centered on individual contracts and a tender offer, not broad sector earnings or guidance themes.

Previous Earnings Reports

5 past events · Latest: Feb 04 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 04	Earnings date notice	Neutral	-1.4%	Announced timing of Q4 and full-year 2025 results and webcast details.
Nov 05	Q3 2025 earnings	Positive	-22.4%	Reported strong Q3 growth, higher EBITDA, raised 2026 guidance and larger revolver.
Oct 08	Q3 earnings date	Neutral	+3.5%	Scheduled Q3 2025 earnings release and webcast with management participation.
Aug 06	Q2 2025 earnings	Positive	+5.1%	Reported record Q2 results with margin expansion, backlog growth, and raised FY2025 guide.
Jul 11	Q2 earnings date	Neutral	-2.0%	Announced schedule for Q2 2025 earnings release and webcast with leadership.

Pattern Detected

Earnings-related and guidance news has often been followed by negative or mixed price reactions, with an average move of -3.45% across the last five tagged events.

Recent Company History

Over the past year, Bowman’s earnings-related news has highlighted consistent growth in revenue, margins, and backlog, plus rising 2025–2026 guidance and increased revolver capacity. Record Q2 and Q3 2025 results and share repurchases supported this trajectory. Yet several earnings and scheduling releases around Jul 11, Aug 06, Nov 05, and Feb 04 saw mixed-to-negative price reactions, framing today’s raised 2026 guidance within a pattern of cautious investor responses.

Historical Comparison

-3.5% avg move · In the last five earnings-tagged announcements, BWMN’s average next-day move was -3.45%, showing inv...

earnings

-3.5%

Average Historical Move earnings

In the last five earnings-tagged announcements, BWMN’s average next-day move was -3.45%, showing investors often reacted cautiously even when financial metrics and guidance trended positively.

Earnings-related releases trace a steady build: record Q2 and Q3 2025 growth, rising Adjusted EBITDA, expanding backlog, larger revolver capacity, and initial 2026 guidance. Today’s Q4/FY 2025 results and raised 2026 net revenue outlook extend that pattern of scaling revenue, margins, and capital resources following successive quarterly updates.

Market Pulse Summary

This announcement highlights record Q4 and FY 2025 results, including FY gross contract revenue of $...

Analysis

This announcement highlights record Q4 and FY 2025 results, including FY gross contract revenue of $490.0M, Adjusted EBITDA of $72.9M, margin expansion to 16.8%, and backlog of $479.1M. Management also raised 2026 net revenue guidance to $495–$510M with a 17.0%–17.5% Adjusted EBITDA margin range. Investors may monitor execution on organic growth, integration of acquisitions, credit facility usage, CEO transition plans, and future guidance adjustments.

Key Terms

adjusted EBITDA, adjusted EBITDA margin, credit facility, share repurchase authorization, +1 more

5 terms

adjusted EBITDA financial

"Adjusted EBITDA1 of $19.9 million compared to $17.0 million, a 17.1% increase"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted EBITDA margin financial

"Adjusted EBITDA margin, net 1 of 17.3% compared to 17.2%"

Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.

credit facility financial

"The amendment increased the maximum borrowing under the credit facility to $250 million"

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

share repurchase authorization financial

"under its 2025 Share Repurchase Authorization at an average price of $34.25"

A share repurchase authorization is a company's official approval to buy back its own shares from the market. This signals that the company believes its stock is a good investment and can help increase the value of remaining shares by reducing how many are available. For investors, it often suggests confidence from the company and can influence the stock’s price.

guidance financial

"Bowman raised net revenue guidance for full year 2026:"

Guidance is the information that a company provides about its expected future performance or plans. It helps investors understand what the company aims to achieve and whether it anticipates growth or challenges ahead, much like a weather forecast helps people prepare for upcoming conditions. This information influences investment decisions by giving a clearer picture of the company's outlook.

AI-generated analysis. Not financial advice.

RESTON, Va., March 04, 2026 (GLOBE NEWSWIRE) -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced record financial results for the fourth quarter and full year ended December 31, 2025. The company also raised net service billing guidance for 2026.

“We delivered a record year in 2025,” said Gary Bowman, founder and CEO of Bowman. “Our focus on execution, organic growth and strategic acquisition is evident in our results. With double-digit growth of organic net service revenue, more than 100 basis point increase in adjusted EBITDA margin, improved cash conversion and the completion of several consequential acquisitions, we entered 2026 with strong momentum in the business and confidence in our markets. We're well positioned for another breakout year as we continue to build on our successes.”

Fourth Quarter 2025 Compared to Fourth Quarter 2024 Financial Results:

• Gross contract revenue of $129.0 million compared to $113.2 million, a 14.0% increase
• Net service billing¹ of $114.6 million compared to $98.6 million, a 16.2% increase
• Organic net service billing² growth of 10.9% compared to 8.5%
• Net income of $2.0 million compared to $5.9 million⁴
• Basic and Diluted EPS of $0.11 compared to $0.34 and $0.33 respectively
• Adjusted EBITDA¹ of $19.9 million compared to $17.0 million, a 17.1% increase
• Adjusted EBITDA margin, net ¹ of 17.3% compared to 17.2%
• Adjusted Basic and Diluted EPS of $0.46 and $0.45 compared to $0.72 and $0.71 respectively

Full-Year 2025 Compared to Full-Year 2024 Financial Results:

• Gross contract revenue of $490.0 million compared to $426.6 million, a 14.9% increase
• Net service billing¹ of $434.8 million compared to $379.7 million, a 14.5% increase
• Organic net service billing² growth of 12.4% compared to 13.1%
• Net income of $12.8 million compared to $3.0 million
• Basic and Diluted EPS of $0.74 and $0.73 respectively compared to $0.18 and $0.17 respectively
• Adjusted EBITDA¹ of $72.9 million compared to $59.5 million, a 22.5% increase
• Adjusted EBITDA margin, net ¹ of 16.8% compared to 15.7%, a 110-bps increase
• Adjusted Basic and Diluted EPS of $1.72 and $1.68 compared to $1.23 and $1.20 respectively
• Gross backlog of $479.1 million compared to $399.0 million, a 20.1% increase
  

Notable Events:

• On December 8, 2025, Bowman acquired RPT Alliance, a leading Houston-based designer of natural gas transmission and bridging power electrification infrastructure, significantly expanding Bowman’s power and utilities practice.
• On February 17, 2026, Gary Bowman announced his plan to retire as CEO in 2026. The Company’s Board of Directors is conducting a formal search process that includes both internal and external candidates. Mr. Bowman expects to serve as Senior Advisor upon the appointment of his successor.
• On March 3, 2026, the Company entered into a Third Amendment to Credit Agreement with its lenders. The amendment increased the maximum borrowing under the credit facility to $250 million from $210 million. In addition, certain other pricing conditions were modified to better reflect current market conditions.
  

Share Repurchases:

• During the three months ending December 31, 2025, the Company repurchased 272,885 shares of its common stock under its 2025 Share Repurchase Authorization at an average price of $34.25 for a total of $9.3 million.
• During the twelve months ending December 31, 2025, the Company repurchased 683,448 shares of its common stock under its 2024 and 2025 Share Repurchase Authorizations at an average price of $27.51 for a total of $18.8 million.
• Subsequent to year end, through February 28, 2026, the Company repurchased 159,177 shares of its common stock under its 2025 Share Repurchase Authorization at an average price of $34.11 for a total of $5.4 million.
  
  

CFO Commentary

"We are entering 2026 with financial strength, continued margin expansion and improving cash generation,” said Bruce Labovitz, CFO of Bowman. “Our leverage is manageable and our access to efficient growth capital remains high as evidenced by our lenders increasing our revolving debt facility to $250 million. We expect 2026 will be an exciting year of investment in organic growth. The initiatives we are undertaking in technology and innovation are aimed at improving efficiency, empowering data-driven analytics and advancing long-term client engagement. Our financial goals for 2026 remain consistent – grow responsibly, invest prudently, operate profitably, improve internally generated cash flow and generate above-market returns to our shareholders. As we look ahead to our next long-range revenue milestone, we are confident in our capital foundation and optimistic about our future."

Full Year 2026 Guidance

Bowman raised net revenue guidance for full year 2026:

Date Issued	Net Revenue	Adjusted EBITDA Margin
November 2025	$465 - $480 MM	17.0% - 17.5%
March 2026	$495 - $510 MM	17.0% - 17.5%

The current outlook for 2026 is based on completed and definitively contracted acquisitions as of the date of this release and does not include contributions from future acquisitions.

Conference Call Information

Bowman will host a conference call to discuss financial results tomorrow morning, March 5, 2026, at 9:00 a.m. ET. Access to a live webcast is available through the Investor Relations section of the Company’s website at https://investors.bowman.com/overview/default.aspx.

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 and 135 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 Nasdaq under the symbol BWMN. For more information, visit https://bowman.com/ or https://investors.bowman.com/overview/default.aspx.

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 12/31/25 excludes revenue from acquisitions completed after December 31, 2025. 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.

⁴ Prior period net income was impacted by a one-time $5.4 million tax benefit.

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. CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data)
	December 31, 2025				December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	11,066			$	6,698
Accounts receivable, net		130,634				105,105
Contract assets		53,512				43,369
Notes receivable - officers, employees, affiliates, current portion		13				1,889
Prepaid and other current assets		17,730				19,560
Total current assets		212,955				176,621
Non-Current Assets
Property and equipment, net		49,206				42,011
Operating lease, right-of-use assets		45,822				42,085
Goodwill		173,579				134,653
Notes receivable, less current portion		903				903
Notes receivable - officers, employees, affiliates, less current portion		1,108				638
Other intangible assets, net		88,580				65,409
Deferred tax asset		5,822				42,040
Other assets		1,707				1,521
Total Assets	$	579,682			$	505,881
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Revolving credit facility		95,350				37,000
Accounts payable and accrued liabilities, current portion		60,035				51,626
Contract liabilities		10,965				7,905
Notes payable, current portion		22,698				17,075
Operating lease obligation, current portion		11,951				10,979
Finance lease obligation, current portion		13,735				10,394
Total current liabilities		214,734				134,979
Non-Current Liabilities
Other non-current obligations		377				45,079
Notes payable, less current portion		34,313				19,992
Operating lease obligation, less current portion		40,430				37,058
Finance lease obligation, less current portion		23,718				17,940
Pension and post-retirement obligation, less current portion		4,726				4,718
Deferred tax liability		279				-
Total liabilities	$	318,577			$	259,766
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024		-				-
Common stock, $0.01 par value; 30,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 21,972,432 shares issued and 17,194,091 outstanding, and 21,281,247 shares issued and 17,382,138 outstanding as of December 31, 2025 and December 31, 2024, respectively		220				213
Additional paid-in-capital		355,458				329,073
Accumulated other comprehensive income		895				1,146
Treasury stock, at cost; 4,778,341 and 3,899,109 shares, respectively		(84,931	)			(60,901	)
Stock subscription notes receivable		-				(30	)
Accumulated deficit		(10,537	)			(23,386	)
Total shareholders' equity	$	261,105			$	246,115
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	579,682			$	505,881

BOWMAN CONSULTING GROUP LTD. CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data)
	For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
		2025				2024				2025				2024
Gross Contract Revenue	$	128,964			$	113,224			$	490,017			$	426,564
Contract costs:(exclusive of depreciation and amortization below)
Direct payroll costs		43,718				38,446				173,242				156,866
Sub-consultants and expenses		14,316				14,602				55,234				46,895
Total contract costs		58,034				53,048				228,476				203,761
Operating Expenses:
Selling, general and administrative		59,622				51,591				215,062				197,452
Depreciation and amortization		7,608				7,256				27,559				27,828
(Gain) on sale of assets, net		(488	)			(84	)			(740	)			(477	)
Total operating expenses		66,742				58,763				241,881				224,803
Income (loss) from operations		4,188				1,413				19,660				(2,000	)
Other expense		2,738				946				8,502				6,946
Income (loss) before tax benefit		1,450				467				11,158				(8,946	)
Income tax benefit		(516	)			(5,437	)			(1,691	)			(11,980	)
Net income	$	1,966			$	5,904			$	12,849			$	3,034
Earnings allocated to non-vested shares		88				396				621				230
Net income attributable to common shareholders	$	1,878			$	5,508			$	12,228			$	2,804
Earnings per share
Basic	$	0.11			$	0.34			$	0.74			$	0.18
Diluted	$	0.11			$	0.33			$	0.73			$	0.17
Weighted average shares outstanding:
Basic		16,494,423				16,345,248				16,414,804				15,754,344
Diluted		16,875,942				16,696,194				16,747,198				16,132,023

BOWMAN CONSULTING GROUP LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands)
	For the Twelve Months Ended December 31,
		2025				2024
Cash Flows from Operating Activities:
Net income	$	12,849			$	3,034
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization - property, plant and equipment		17,204				14,463
Amortization of intangible assets		10,347				13,982
Gain on sale of assets		(909	)			(477	)
Credit losses		1,646				1,552
Stock based compensation		18,751				25,727
Deferred taxes		36,497				(20,005	)
Accretion of discounts on notes payable		1,091				483
Changes in operating assets and liabilities
Accounts receivable		(23,074	)			(9,282	)
Contract assets		(8,849	)			(4,068	)
Prepaid expenses and other assets		3,226				(5,702	)
Accounts payable and accrued expenses		(33,675	)			7,647
Contract liabilities		723				(3,053	)
Net cash provided by operating activities		35,827				24,301
Cash Flows from Investing Activities:
Purchases of property and equipment		(2,393	)			(626	)
Proceeds from sale of assets and disposal of leases		1,028				478
Payments received under loans to shareholders		–				11
Payments received under notes receivable		1,152				–
Capitalized internal-use software development costs		(370	)			–
Purchases of intangible assets		–				(2,925	)
Acquisitions of businesses, net of cash acquired		(35,207	)			(24,450	)
Collections under stock subscription notes receivable		30				46
Net cash used in investing activities		(35,760	)			(27,466	)
Cash Flows from Financing Activities:
Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs		–				47,151
Borrowings (Repayments) under revolving credit facility		58,350				(8,290	)
Repayments under fixed line of credit		–				(345	)
Proceeds from notes payable		–				6,209
Repayment under notes payable		(17,627	)			(16,267	)
Proceeds from finance leases		–				4,569
Payments on finance leases		(12,808	)			(9,010	)
Payment of contingent consideration from acquisitions		(1,383	)			(2,299	)
Payments for purchase of treasury stock		(5,224	)			(11,143	)
Repurchases of common stock		(18,806	)			(23,348	)
Proceeds from issuance of common stock		1,799				1,949
Net cash provided by (used in) financing activities		4,301				(10,824	)
Net increase (decrease) in cash and cash equivalents		4,368				(13,989	)
Cash and cash equivalents, beginning of period		6,698				20,687
Cash and cash equivalents, end of period	$	11,066			$	6,698
Supplemental disclosures of cash flow information:
Cash paid for interest	$	7,712			$	6,555
Cash paid for income taxes	$	702			$	8,454
Non-cash investing and financing activities
Property and equipment acquired under finance lease	$	(22,302	)		$	(11,851	)
Note payable converted to common shares	$	(1,790	)		$	(3,368	)
Issuance of notes payable for acquisitions	$	(36,536	)			(21,625	)
Issuance of contingent considerations	$	–				(2,030	)
Settlement of contingent consideration	$	3,004				1,868

BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data)
		For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
			2025				2024				2025				2024
Net income (GAAP)		$	1,966			$	5,904			$	12,849			$	3,034
+ income tax benefit (GAAP)			(516	)			(5,437	)			(1,691	)			(11,980	)
Income (loss) before tax expense (GAAP)		$	1,450			$	467			$	11,158			$	(8,946	)
+ acquisition related expenses			862				2,078				3,251				6,426
+ amortization of intangibles			2,861				3,133				10,347				13,982
+ non-cash stock comp related to pre-IPO			169				907				1,162				4,381
+ other non-core expenses			3,289				234				4,905				3,000
Adjusted income before tax expense		$	8,631			$	6,819			$	30,823			$	18,843
Adjusted income tax expense (benefit)			697				(5,904	)			1,212				(2,113	)
Adjusted net income		$	7,934			$	12,723			$	29,611			$	20,956
Adjusted earnings allocated to non-vested shares			357				940				1,431				1,590
Adjusted net income attributable to common shareholders		$	7,577			$	11,783			$	28,180			$	19,366
Earnings per share (GAAP)
Basic		$	0.11			$	0.34			$	0.74			$	0.18
Diluted		$	0.11			$	0.33			$	0.73			$	0.17
Adjusted earnings per share (Non-GAAP)
Basic		$	0.46			$	0.72			$	1.72			$	1.23
Diluted		$	0.45			$	0.71			$	1.68			$	1.20
Weighted average shares outstanding
Basic			16,494,423				16,345,248				16,414,804				15,754,344
Diluted			16,875,942				16,696,194				16,747,198				16,132,023
Basic Adjusted Earnings Per Share Summary - Non-GAAP		For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
			2025				2024				2025				2024
Earnings per share (GAAP)		$	0.11			$	0.34			$	0.74			$	0.18
Pre-tax basic per share adjustments		$	0.41			$	0.08			$	1.14			$	1.03
Adjusted earnings per share before tax expense		$	0.52			$	0.42			$	1.88			$	1.21
Income tax expense (benefit) per share adjustment		$	0.04			$	(0.36	)		$	0.07			$	(0.13	)
Adjusted earnings per share - adjusted net income		$	0.48			$	0.78			$	1.81			$	1.34
Adjusted earnings per share allocated to non-vested shares		$	0.02			$	0.06			$	0.09			$	0.11
Adjusted earnings per share attributable to common shareholders		$	0.46			$	0.72			$	1.72			$	1.23
Diluted Adjusted Earnings Per Share Summary - Non-GAAP		For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
			2025				2024				2025				2024
Earnings per share (GAAP)		$	0.11			$	0.33			$	0.73			$	0.17
Pre-tax diluted per share adjustments		$	0.40			$	0.08			$	1.11			$	1.00
Adjusted earnings per share before tax expense		$	0.51			$	0.41			$	1.84			$	1.17
Income tax expense (benefit) per share adjustment		$	0.04			$	(0.35	)		$	0.07			$	(0.13	)
Adjusted earnings per share - adjusted net income		$	0.47			$	0.76			$	1.77			$	1.30
Adjusted earnings per share allocated to non-vested shares		$	0.02			$	0.05			$	0.09			$	0.10
Adjusted earnings per share attributable to common shareholders		$	0.45			$	0.71			$	1.68			$	1.20

BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands except per share data)
Combined Statement of Operations Reconciliation		For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
			2025				2024				2025				2024
Gross contract revenue		$	128,964			$	113,224			$	490,017			$	426,564
Contract costs (exclusive of depreciation and amortization)			58,034				53,048				228,476				203,761
Operating expense			66,742				58,763				241,881				224,803
Income (loss) from operations			4,188				1,413				19,660				(2,000	)
Other expense			2,738				946				8,502				6,946
Income tax benefit			(516	)			(5,437	)			(1,691	)			(11,980	)
Net income		$	1,966			$	5,904			$	12,849			$	3,034
Net margin			1.5	%			5.2	%			2.6	%			0.7	%
Other financial information1
Net service billing		$	114,648			$	98,622			$	434,783			$	379,669
Adjusted EBITDA			19,865				17,012				72,859				59,520
Adjusted EBITDA margin, net			17.3	%			17.2	%			16.8	%			15.7	%
Gross Contract Revenue to Net Service Billing Reconciliation		For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
			2025				2024				2025				2024
Gross contract revenue		$	128,964			$	113,224			$	490,017			$	426,564
Less: sub-consultants and other direct expenses			14,316				14,602				55,234				46,895
Net service billing		$	114,648			$	98,622			$	434,783			$	379,669
Adjusted EBITDA Reconciliation		For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
			2025				2024				2025				2024
Net service billing		$	114,648			$	98,622			$	434,783			$	379,669
Net income		$	1,966			$	5,904			$	12,849			$	3,034
+ interest expense			2,634				2,107				9,247				7,951
+ depreciation & amortization			7,608				7,256				27,559				27,828
+ income tax benefit			(516	)			(5,437	)			(1,691	)			(11,980	)
EBITDA		$	11,692			$	9,830			$	47,964			$	26,833
+ non-cash stock compensation			4,568				5,455				18,810				25,841
+ settlements and other non-core expenses			3,289				234				4,905				3,000
+ acquisition expenses			316				1,493				1,180				3,846
Adjusted EBITDA		$	19,865			$	17,012			$	72,859			$	59,520
Adjusted EBITDA margin, net			17.3	%			17.2	%			16.8	%			15.7	%

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 December 31,
Consolidated Gross Contract Revenue	2025	%		2024	%		Change		% Change
Building Infrastructure1	54,804	42.5	%	49,955	44.1	%	4,849		9.7	%
Transportation	29,099	22.6	%	27,476	24.3	%	1,623		5.9	%
Power, Utilities & Energy1	30,104	23.3	%	22,854	20.2	%	7,250		31.7	%
Natural Resources2	14,957	11.6	%	12,939	11.4	%	2,018		15.6	%
Total	128,964	100.0	%	113,224	100.0	%	15,740		13.9	%
Acquired3	5,791	4.5	%	14,103	12.5	%	(8,312	)	(58.9)%
(dollars in thousands)	For the Twelve Months Ended December 31,
Consolidated Gross Contract Revenue	2025	%		2024	%		Change		% Change
Building Infrastructure1	220,233	44.9	%	205,075	48.0	%	15,158		7.4	%
Transportation	103,709	21.2	%	87,746	20.6	%	15,963		18.2	%
Power, Utilities & Energy1	109,841	22.4	%	89,547	21.0	%	20,294		22.7	%
Natural Resources2	56,234	11.5	%	44,196	10.4	%	12,038		27.2	%
Total	490,017	100.0	%	426,564	100.0	%	63,453		14.9	%
Acquired3	8,737	1.8	%	42,454	10.0	%	(33,717	)	(79.4)%

¹ Includes periodic reclassifications of revenue between categories from prior periods for consistency of presentation. For the three and twelve months ended December 31, 2024, $4.1 million and $14.5 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 December 31,
(dollars in thousands)	2025	%		2024	%		Change	Organic +/-
Gross Revenue, Organic	123,173	100.0	%	113,224	100.0	%	9,949	8.8	%
Building Infrastructure	53,782	43.6	%	49,955	44.1	%	3,827	7.7	%
Transportation	29,047	23.6	%	27,476	24.3	%	1,571	5.7	%
Power, Utilities & Energy	25,486	20.7	%	22,854	20.2	%	2,632	11.5	%
Natural Resources	14,858	12.1	%	12,939	11.4	%	1,919	14.8	%
	For the Twelve Months Ended December 31,
(dollars in thousands)	2025	%		2024	%		Change	Organic +/-
Gross Revenue, Organic	481,280	100.0	%	426,564	100.0	%	54,716	12.8	%
Building Infrastructure	217,141	45.1	%	205,075	48.0	%	12,066	5.9	%
Transportation	103,633	21.5	%	87,746	20.6	%	15,887	18.1	%
Power, Utilities & Energy	104,381	21.7	%	89,547	21.0	%	14,834	16.6	%
Natural Resources	56,125	11.7	%	44,196	10.4	%	11,929	27.0	%
	For the Three Months Ended December 31,
(dollars in thousands)	2025	%		2024	%		Change	Organic +/-
Net Revenue, Organic	109,332	100.0	%	98,622	100.0	%	10,710	10.9	%
Building Infrastructure	50,387	46.1	%	46,107	46.7	%	4,280	9.3	%
Transportation	22,956	21.0	%	21,682	22.0	%	1,274	5.9	%
Power, Utilities & Energy	23,635	21.6	%	21,286	21.6	%	2,349	11.0	%
Natural Resources	12,354	11.3	%	9,547	9.7	%	2,807	29.4	%
	For the Twelve Months Ended December 31,
(dollars in thousands)	2025	%		2024	%		Change	Organic +/-
Net Revenue, Organic	426,774	100.0	%	379,669	100.0	%	47,105	12.4	%
Building Infrastructure	200,804	47.1	%	189,839	50.0	%	10,965	5.8	%
Transportation	83,907	19.7	%	69,074	18.2	%	14,833	21.5	%
Power, Utilities & Energy	95,351	22.3	%	84,133	22.2	%	11,218	13.3	%
Natural Resources	46,712	10.9	%	36,623	9.6	%	10,089	27.5	%

BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT DECEMBER 31, 2025 (Unaudited)
Category	Percentage
Building Infrastructure1	33	%
Transportation	29	%
Power, Utilities & Energy1	24	%
Natural Resources	14	%
TOTAL	100	%

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

FAQ

What did BWMN report for full-year 2025 revenue and adjusted EBITDA?

Bowman reported full-year net service billing of $434.8M and adjusted EBITDA of $72.9M. According to Bowman, net service billing rose 14.5% year-over-year and adjusted EBITDA increased 22.5%, driving margin expansion to 16.8%.

How did Bowman change 2026 guidance on March 4, 2026 for BWMN?

Bowman raised 2026 net revenue guidance to $495–$510M and kept adjusted EBITDA margin at 17.0%–17.5%. According to Bowman, the outlook reflects completed and definitive acquisitions as of the release date.

What were Bowman’s Q4 2025 earnings and EPS for BWMN?

Q4 2025 net income was $2.0M with GAAP EPS of $0.11; adjusted EPS was $0.46. According to Bowman, adjusted EBITDA rose to $19.9M, but GAAP net income and EPS declined versus prior-year quarter.

What is the significance of Bowman increasing its credit facility to $250M for BWMN?

The company increased its maximum borrowing to $250M, expanding available liquidity. According to Bowman, lenders amended pricing and increased capacity to support efficient growth capital and investment in organic initiatives.

How much stock did Bowman repurchase in 2025 and early 2026 for BWMN?

Bowman repurchased 683,448 shares in 2025 for $18.8M and 159,177 additional shares through Feb 28, 2026 for $5.4M. According to Bowman, repurchases occurred under its 2024 and 2025 authorizations at stated average prices.

What leadership change did Bowman announce on February 17, 2026 for BWMN?

Founder Gary Bowman announced plans to retire as CEO in 2026 and to serve as Senior Advisor after a successor is appointed. According to Bowman, the board has begun a formal internal and external search process for the next CEO.