Bowman Reports Third Quarter 2025 Results; Issues 2026 Guidance

Rhea-AI Summary

Bowman (NASDAQ: BWMN) reported third quarter 2025 results and issued 2026 guidance on Nov 5, 2025. Q3 gross contract revenue was $126.0M (+11%) and net service billing was $112.1M (+11%). Q3 net income was $6.6M vs $0.8M a year ago; Adjusted EBITDA was $18.3M (16.3% margin). First nine months revenue rose to $361.1M (+15%) with YTD Adjusted EBITDA $53.0M (+24.7%) and gross backlog of $447.7M (+17.9%).

Notable items: two acquisitions expanding power and energy digital services, revolver increased to $210.0M, 2026 guidance set at $465–480M revenue and 17.0%–17.5% Adjusted EBITDA margin. Conference call scheduled Nov 6, 2025 at 9:00 a.m. ET.

Positive

• Gross contract revenue +11% in Q3 to $126.0M
• Net service billing +11% in Q3 to $112.1M
• YTD Adjusted EBITDA +24.7% to $53.0M
• Gross backlog +17.9% to $447.7M
• Revolver increased to $210.0M to support growth
• 2026 guidance: $465–480M revenue; 17.0%–17.5% EBITDA margin

Negative

• Adjusted EBITDA margin down 40 bps in Q3 to 16.3%
• Organic net service billing growth slowed to 6.6% in Q3

Insights

Equity Analyst

Bowman shows clear revenue and backlog growth, improving profitability year-to-date while issuing higher 2026 revenue guidance.

Business mechanics: Revenue expanded to $126.0 million in Q3 from $113.9 million a year earlier, with net service billing at $112.1 million versus $101.4 million, an 11% increase; nine‑month net service billing rose to $320.1 million from $281.0 million. Adjusted EBITDA increased to $18.3 million for the quarter and to $53.0 million year‑to‑date, while gross backlog grew to $447.7 million, supporting scale and near‑term revenue visibility.

Dependencies and risks: Quarter margin slipped modestly to 16.3% from 16.7%, though YTD margin improved to 16.6% from 15.1%, so margin trajectory depends on successful integration of recent acquisitions and continued operating leverage. Cash flow from operations strengthened to $10.2 million in Q3 and $26.5 million YTD, and the amended revolver ceiling of $210.0 million reduces near‑term liquidity constraints but increases dependence on disciplined capital allocation.

Concrete items to watch (near 12‑month horizon): monitor execution against fiscal 2025 guidance range ($430 - $442 MM revenue, Adjusted EBITDA $71 - $77 MM), integration and revenue contribution from the acquired assets (Sierra Overhead Analytics/ORCaS and Lazen Power Engineering), and progress toward the newly issued 2026 guidance ($465 - $480 MM revenue and 17.0% - 17.5% Adjusted EBITDA margin). The company will host a conference call on November 6, 2025 with management commentary on these items.

RESTON, Va., Nov. 05, 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 September 30, 2025.

CEO Commentary

“Our markets continue to demonstrate strong demand and abundant sources of funding for infrastructure planning and improvement,” said Gary Bowman, founder and CEO of Bowman. “Since our public debut nearly five years ago, we have delivered sustained revenue and backlog growth, with this quarter being our first to exceed a $500 million annualized gross revenue pace. As we continue our journey toward improving margins and increasing cash flow generation we are continually evaluating and adapting our capital allocation strategy to maximize opportunities for efficient growth and increasing shareholder value. This quarter we advanced both our power and data center practices through two acquisitions which expand our overhead distribution and power generation design services long-term. We also added significant tech-enabled tools to enhance our solar and general site planning practices. As we introduce our vision for 2026, we are confident in our ability to continue scaling our national footprint, enhancing operational efficiency and leveraging innovation to advance growth and shareholder value.”

Third Quarter 2025 Compared to Third Quarter 2024 Financial Results:

• Gross contract revenue of $126.0 million compared to $113.9 million, an 11% increase
• Net service billing¹ of $112.1 million compared to $101.4 million, an 11% increase
• Organic net service billing² growth of 6.6% compared to 8.3%
• Net income of $6.6 million compared to $0.8 million
• Adjusted EBITDA¹ of $18.3 million compared to $17.0 million, a 7.6% increase
• Adjusted EBITDA margin, net ¹ of 16.3% compared to 16.7%, a 40-bps decrease
• Cash flows from operations of $10.2 million compared to $6.8 million
  

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

• Gross contract revenue of $361.1 million compared to $313.3 million, a 15% increase
• Net service billing¹ of $320.1 million compared to $281.0 million, a 14% increase
• Organic net service billing² growth of 10.6% compared to 5.6%
• Net income of $10.9 million compared to a net loss of $2.9 million
• Adjusted EBITDA¹ of $53.0 million compared to $42.5 million, a 24.7% increase
• Adjusted EBITDA margin, net ¹ of 16.6% compared to 15.1%, a 150-bps increase
• Cash flows from operations of $26.5 million compared to $12.4 million
• Gross backlog of $447.7 million compared to $379.8 million, a 17.9% increase

CFO Commentary

“Our balance sheet remains healthy, and our current capitalization is sufficient to support our strategic growth initiatives,” said Bruce Labovitz, CFO of Bowman. “The recent increase in our revolver positions us to execute on organic and inorganic growth initiatives well into next year. We continue to focus our efforts on improving operating metrics and increasing cash generation while investing strategically in technology to improve our productivity, streamline our operations, extend our engagement with customers and expand our sources of revenue. Our internal technology incubator, the BIG Fund, has been a terrific source of innovation ideas from within the company and we are actively engaging in proof-of-concept initiatives for several high-potential projects."

Other Notable Events:

• On October 30, 2025, the Company executed a second amendment to its revolving credit facility increasing the maximum amount available to $210.0 million. In connection with the amendment, Bowman expanded its banking syndicate to include Bank of America, TD Bank and PNC Bank.
• Bowman acquired the assets of Sierra Overhead Analytics and technology affiliate ORCaS, expanding its energy practice and digital services portfolio
• Bowman acquired Lazen Power Engineering, adding high-voltage overhead transmission line design capabilities to its power and utility practice
  

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 September 30,		For the Nine Months Ended September 30,
Adjusted Earnings Per Share (Non-GAAP)	2025	2024	2025	2024
Basic	$0.63	$0.31	$1.26	$0.49
Diluted	$0.61	$0.30	$1.23	$0.48

Fiscal Year 2025 Guidance and Introducing 2026 Guidance

Bowman reaffirmed guidance for fiscal year 2025:

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

The table below shows Bowman’s guidance for fiscal year 2026:

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

The current outlook for 2025 is based on completed and definitively contracted acquisitions as of the date of this release. Guidance for 2025 and 2026 do not include contributions from future acquisitions.

Conference Call Information

Bowman will host a conference call to discuss financial results tomorrow morning, November 6, 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 2,500 employees and 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 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 09/30/25 excludes revenue from acquisitions completed after September 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)
	September 30, 2025				December 31, 2024
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	16,221			$	6,698
Accounts receivable, net		123,469				105,105
Contract assets		56,652				43,369
Notes receivable, current portion		903				-
Notes receivable - officers, employees, affiliates, current portion		19				1,889
Prepaid and other current assets		19,592				19,560
Total current assets		216,856				176,621
Non-Current Assets
Property and equipment, net		46,181				42,011
Operating lease, right-of-use assets		43,468				42,085
Goodwill		137,350				134,653
Notes receivable, less current portion		-				903
Notes receivable - officers, employees, affiliates, less current portion		1,108				638
Other intangible assets, net		60,670				65,409
Deferred tax asset, net		3,111				42,040
Other assets		1,432				1,521
Total Assets	$	510,176			$	505,881
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Revolving credit facility		57,000				37,000
Accounts payable and accrued liabilities, current portion		55,972				51,626
Contract liabilities		14,850				7,905
Notes payable, current portion		14,218				17,075
Operating lease obligation, current portion		11,441				10,979
Finance lease obligation, current portion		13,518				10,394
Total current liabilities		166,999				134,979
Non-Current Liabilities
Other non-current obligations		1,636				45,079
Notes payable, less current portion		15,205				19,992
Operating lease obligation, less current portion		38,614				37,058
Finance lease obligation, less current portion		21,222				17,940
Pension and post-retirement obligation, less current portion		4,695				4,718
Total liabilities	$	248,371			$	259,766
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024		-				-
Common stock, $0.01 par value; 30,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 21,832,454 shares issued and 17,354,202 outstanding, and 21,281,247 shares issued and 17,382,138 outstanding as of September 30, 2025 and December 31, 2024, respectively		218				213
Additional paid-in-capital		347,649				329,073
Accumulated other comprehensive income		1,049				1,146
Treasury stock, at cost; 4,478,252 and 3,899,109 shares, respectively		(74,608	)			(60,901	)
Stock subscription notes receivable		—				(30	)
Accumulated deficit		(12,503	)			(23,386	)
Total shareholders' equity	$	261,805			$	246,115
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	510,176			$	505,881

BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) (Unaudited)
	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
Gross Contract Revenue	$	126,033			$	113,932			$	361,054			$	313,341
Contract costs: (exclusive of depreciation and amortization below)
Direct payroll costs		45,163				41,713				129,548				118,471
Sub-consultants and expenses		13,946				12,569				40,917				32,308
Total contract costs		59,109				54,282				170,465				150,779
Operating Expenses:
Selling, general and administrative		55,174				51,903				155,418				145,795
Depreciation and amortization		6,887				7,395				19,952				20,572
Gain on sale of assets, net		(429	)			(81	)			(253	)			(393	)
Total operating expenses		61,632				59,217				175,117				165,974
Income (loss) from operations		5,292				433				15,472				(3,412	)
Other expense		2,018				1,572				5,764				6,000
Income (loss) before tax benefit		3,274				(1,139	)			9,708				(9,412	)
Income tax benefit		(3,344	)			(1,910	)			(1,175	)			(6,543	)
Net income (loss)	$	6,618			$	771			$	10,883			$	(2,869	)
Earnings allocated to non-vested shares		303				53				539				–
Net income (loss) attributable to common shareholders	$	6,315			$	718			$	10,344			$	(2,869	)
Earnings (loss) per share
Basic	$	0.38			$	0.04			$	0.63			$	(0.18	)
Diluted	$	0.37			$	0.04			$	0.62			$	(0.18	)
Weighted average shares outstanding:
Basic		16,471,145				16,537,472				16,387,590				15,559,279
Diluted		16,981,877				16,835,337				16,756,227				15,559,279

BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited)
	For the Nine Months Ended September 30,
	2025				2024
Cash Flows from Operating Activities:
Net income (loss)	$	10,883			$	(2,869	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization - property, plant and equipment		12,466				9,722
Amortization of intangible assets		7,486				10,850
Gain on sale of assets		(387	)			(393	)
Credit losses		1,233				1,043
Stock based compensation		14,185				20,272
Deferred taxes		38,929				(18,351	)
Accretion of discounts on notes payable		990				486
Other		(35	)			–
Changes in operating assets and liabilities
Accounts receivable		(18,938	)			(10,830	)
Contract assets		(12,757	)			(5,229	)
Prepaid expenses and other assets		1,318				2,909
Accounts payable and accrued expenses		(35,438	)			6,438
Contract liabilities		6,536				(1,666	)
Net cash provided by operating activities		26,471				12,382
Cash Flows from Investing Activities:
Purchases of property and equipment		(1,176	)			(819	)
Fixed assets converted to lease financing		–				17
Proceeds from sale of assets and disposal of leases		530				399
Payments received under loans to shareholders		–				61
Proceeds from notes receivable		1,152				–
Acquisitions of businesses, net of cash acquired		(1,961	)			(23,327	)
Collections under stock subscription notes receivable		28				33
Net cash used in investing activities		(1,427	)			(23,636	)
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		20,000				(12,958	)
Repayments under fixed line of credit		–				(345	)
Proceeds from notes payable		–				6,209
Repayment under notes payable		(12,642	)			(10,951	)
Proceeds from finance leases		–				4,567
Payments on finance leases		(9,155	)			(6,462	)
Payment of contingent consideration from acquisitions		(1,361	)			(1,357	)
Payments for purchase of treasury stock		(4,250	)			(11,130	)
Repurchases of common stock		(9,458	)			(13,950	)
Proceeds from issuance of common stock		1,345				1,453
Net cash (used in) provided by financing activities		(15,521	)			2,227
Net increase (decrease) in cash and cash equivalents		9,523				(9,027	)
Cash and cash equivalents, beginning of period		6,698				20,687
Cash and cash equivalents, end of period	$	16,221			$	11,660
Supplemental disclosures of cash flow information:
Cash paid for interest	$	5,219			$	5,073
Cash paid for income taxes	$	1,719			$	7,792
Non-cash investing and financing activities
Property and equipment acquired under finance lease	$	(15,625	)		$	(9,558	)
Note payable converted to common shares	$	(1,790	)		$	(3,368	)
Issuance of notes payable for acquisitions	$	(4,121	)			(15,291	)
Issuance of contingent considerations	$	–				(1,722	)
Settlement of contingent consideration	$	3,004				1,202

BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data)
	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
Net income (loss) (GAAP)	$	6,618			$	771			$	10,883			$	(2,869	)
+ income tax benefit (GAAP)		(3,344	)			(1,910	)			(1,175	)			(6,543	)
Income (loss) before tax expense (GAAP)	$	3,274			$	(1,139	)		$	9,708			$	(9,412	)
+ acquisition related expenses		644				1,064				2,388				4,349
+ amortization of intangibles		2,353				3,696				7,486				10,850
+ non-cash stock comp related to pre-IPO		169				796				993				3,473
+ other non-core expenses		1,286				1,954				1,616				2,767
Adjusted income before tax expense	$	7,726			$	6,371			$	22,191			$	12,027
Adjusted income tax expense (benefit)		(3,142	)			858				515				3,791
Adjusted net income	$	10,868			$	5,513			$	21,676			$	8,236
Adjusted earnings allocated to non-vested shares		521				381				1,074				650
Adjusted net income attributable to common shareholders	$	10,347			$	5,132			$	20,602			$	7,586
Earnings (loss) per share (GAAP)
Basic	$	0.38			$	0.04			$	0.63			$	(0.18	)
Diluted	$	0.37			$	0.04			$	0.62			$	(0.18	)
Adjusted earnings per share (Non-GAAP)
Basic	$	0.63			$	0.31			$	1.26			$	0.49
Diluted	$	0.61			$	0.30			$	1.23			$	0.48
Weighted average shares outstanding
Basic		16,471,145				16,537,472				16,387,590				15,559,279
Diluted		16,891,877				16,835,337				16,756,227				15,904,025
Basic Adjusted Earnings Per Share Summary - Non-GAAP	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
Income (loss) per share (GAAP)	$	0.38			$	0.04			$	0.63			$	(0.18	)
Pre-tax basic per share adjustments	$	0.09			$	0.35			$	0.72			$	0.95
Adjusted earnings per share before tax expense	$	0.47			$	0.39			$	1.35			$	0.77
Income tax expense (benefit) per share adjustment	$	(0.19	)		$	0.05			$	0.03			$	0.24
Adjusted earnings per share - adjusted net income	$	0.66			$	0.34			$	1.32			$	0.53
Adjusted earnings per share allocated to non-vested shares	$	0.03			$	0.03			$	0.06			$	0.04
Adjusted earnings per share attributable to common shareholders	$	0.63			$	0.31			$	1.26			$	0.49
Diluted Adjusted Earnings Per Share Summary - Non-GAAP	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
Income (loss) per share (GAAP)	$	0.37			$	0.04			$	0.62			$	(0.18	)
Pre-tax diluted per share adjustments	$	0.09			$	0.34			$	0.70			$	0.94
Adjusted earnings per share before tax expense	$	0.46			$	0.38			$	1.32			$	0.76
Income tax expense (benefit) per share adjustment	$	(0.19	)		$	0.05			$	0.03			$	0.24
Adjusted earnings per share - adjusted net income	$	0.65			$	0.33			$	1.29			$	0.52
Adjusted earnings per share allocated to non-vested shares	$	0.04			$	0.03			$	0.06			$	0.04
Adjusted earnings per share attributable to common shareholders	$	0.61			$	0.30			$	1.23			$	0.48

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 September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
Gross contract revenue	$	126,033			$	113,932			$	361,054			$	313,341
Contract costs (exclusive of depreciation and amortization)		59,109				54,282				170,465				150,779
Operating expense		61,632				59,217				175,117				165,974
Income (loss) from operations		5,292				433				15,472				(3,412	)
Other expense		2,018				1,572				5,764				6,000
Income tax benefit		(3,344	)			(1,910	)			(1,175	)			(6,543	)
Net income (loss)	$	6,618			$	771			$	10,883			$	(2,869	)
Net margin		5.3	%			0.7	%			3.0	%		(0.9)        %
Other financial information1
Net service billing	$	112,087			$	101,363			$	320,137			$	281,033
Adjusted EBITDA		18,288				16,970				52,995				42,511
Adjusted EBITDA margin, net		16.3	%			16.7	%			16.6	%			15.1	%
Gross Contract Revenue to Net Service Billing Reconciliation	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
Gross contract revenue	$	126,033			$	113,932			$	361,054			$	313,341
Less: sub-consultants and other direct expenses		13,946				12,569				40,917				32,308
Net service billing	$	112,087			$	101,363			$	320,137			$	281,033
Adjusted EBITDA Reconciliation	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
Net Service Billing	$	112,087			$	101,363			$	320,137			$	281,033
Net income (loss)	$	6,618			$	771			$	10,883			$	(2,869	)
+ interest expense		2,242				1,938				6,614				5,844
+ depreciation & amortization		6,887				7,395				19,952				20,572
+ income tax benefit (GAAP)		(3,344	)			(1,910	)			(1,175	)			(6,543	)
EBITDA	$	12,403			$	8,194			$	36,274			$	17,004
+ non-cash stock compensation		4,508				6,448				14,242				20,386
+ settlements and other non-core expenses		1,286				1,954				1,616				2,767
+ acquisition expenses		91				374				863				2,354
Adjusted EBITDA	$	18,288			$	16,970			$	52,995			$	42,511
Adjusted EBITDA margin, net		16.3	%			16.7	%			16.6	%			15.1	%

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 September 30,
Consolidated Gross Revenue	2025		%		2024		%		Change		% Change
Building Infrastructure1	56,845		45.1	%	52,555		46.1	%	4,290		8.2	%
Transportation	26,262		20.8	%	21,851		19.2	%	4,411		20.2	%
Power and Utilities1	27,583		21.9	%	23,660		20.8	%	3,923		16.6	%
Natural Resources & Imaging2	15,343		12.2	%	15,866		13.9	%	(523	)	(3.3	)%
Total	126,033		100.0	%	113,932		100.0	%	12,101		10.6	%
Acquired3	4,403		3.5	%	23,332		20.5	%	(18,929	)	(81.1	)%
(dollars in thousands)	For the Nine Months Ended September 30,
Consolidated Gross Revenue	2025		%		2024		%		Change		% Change
Building Infrastructure1	165,430		45.8	%	155,245		49.5	%	10,185		6.6	%
Transportation	74,610		20.7	%	60,145		19.2	%	14,465		24.1	%
Power and Utilities1	79,736		22.1	%	66,693		21.3	%	13,043		19.6	%
Natural Resources & Imaging2	41,278		11.4	%	31,258		10.0	%	10,020		32.1	%
Total	361,054		100.0	%	313,341		100.0	%	47,713		15.2	%
Acquired3	10,107		2.8	%	49,767		15.9	%	(39,660	)	(79.7	)%

¹ Includes periodic reclassifications of revenue between categories from prior periods for consistency of presentation. For the three and nine months ended September 30, 2024, $3.7 million and $10.5 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 September 30,
(dollars in thousands)	2025		%		2024		%		Change		Organic +/-
Gross Revenue, Organic	121,629		100.0	%	113,932		100.0	%	7,697		6.8	%
Building Infrastructure	55,678		45.8	%	52,555		46.1	%	3,123		5.9	%
Transportation	23,943		19.7	%	21,851		19.2	%	2,092		9.6	%
Power and Utilities	26,697		21.9	%	23,660		20.8	%	3,037		12.8	%
Natural Resources & Imaging	15,311		12.6	%	15,866		13.9	%	(555	)	(3.5	)%
	For the Nine Months Ended September 30,
(dollars in thousands)	2025		%		2024		%		Change		Organic +/-
Gross Revenue, Organic	350,947		100.0	%	313,341		100.0	%	37,606		12.0	%
Building Infrastructure	163,008		46.5	%	155,245		49.5	%	7,763		5.0	%
Transportation	68,135		19.4	%	60,145		19.2	%	7,990		13.3	%
Power and Utilities	78,577		22.4	%	66,693		21.3	%	11,884		17.8	%
Natural Resources & Imaging	41,227		11.7	%	31,258		10.0	%	9,969		31.9	%
	For the Three Months Ended September 30,
(dollars in thousands)	2025		%		2024		%		Change		Organic +/-
Net Revenue, Organic	108,036		100.0	%	101,376		100.0	%	6,660		6.6	%
Building Infrastructure	51,782		47.9	%	49,111		48.5	%	2,671		5.4	%
Transportation	18,980		17.6	%	17,052		16.8	%	1,928		11.3	%
Power and Utilities	24,122		22.3	%	22,143		21.8	%	1,979		8.9	%
Natural Resources & Imaging	13,152		12.2	%	13,070		12.9	%	82		0.6	%
	For the Nine Months Ended September 30,
(dollars in thousands)	2025		%		2024		%		Change		Organic +/-
Net Revenue, Organic	310,828		100.0	%	281,033		100.0	%	29,795		10.6	%
Building Infrastructure	150,060		48.3	%	143,716		51.1	%	6,344		4.4	%
Transportation	55,029		17.7	%	47,393		16.9	%	7,636		16.1	%
Power and Utilities	71,402		23.0	%	62,848		22.4	%	8,554		13.6	%
Natural Resources & Imaging	34,337		11.0	%	27,076		9.6	%	7,261		26.8	%

BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT SEPTEMBER 30, 2025 (Unaudited)
Category	Percentage
Building Infrastructure1	38	%
Transportation	30	%
Power and Utilities1	23	%
Natural Resources & Imaging	9	%
TOTAL	100	%

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

FAQ

What were Bowman's Q3 2025 revenues and net income (BWMN)?

Q3 2025 gross contract revenue was $126.0M and net income was $6.6M.

What guidance did Bowman issue for fiscal year 2026 (BWMN)?

Bowman guided 2026 net revenue of $465–480M and an Adjusted EBITDA margin of 17.0%–17.5%.

How did Bowman's backlog and YTD Adjusted EBITDA change through Sept 30, 2025?

Gross backlog was $447.7M (+17.9%) and YTD Adjusted EBITDA was $53.0M (+24.7%).

What acquisitions did Bowman complete ahead of Q3 2025 results?

Bowman acquired assets of Sierra Overhead Analytics and ORCaS and Lazen Power Engineering to expand energy and high‑voltage capabilities.

Did Bowman change its credit facility in late 2025 (BWMN)?

Yes; Bowman executed a second amendment increasing the revolver maximum to $210.0M and expanded its banking syndicate.

When is Bowman's investor call to discuss Q3 2025 results?

The conference call is scheduled for Nov 6, 2025 at 9:00 a.m. ET, with a live webcast on investors.bowman.com.