Record 2025 for Bowman (NASDAQ: BWMN) as 2026 guidance raised
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Bowman Consulting Group Ltd. reported record results for 2025 and raised its 2026 outlook. Full-year 2025 gross contract revenue reached $490.0 million, up from $426.6 million, while net service billing rose to $434.8 million from $379.7 million. Net income increased to $12.8 million from $3.0 million and adjusted EBITDA grew to $72.9 million from $59.5 million, with adjusted EBITDA margin improving to 16.8% from 15.7%.
Fourth-quarter 2025 gross contract revenue was $129.0 million versus $113.2 million, and net service billing was $114.6 million versus $98.6 million, with organic net service billing growth of 10.9%. The company raised 2026 net revenue guidance to $495–$510 million from $465–$480 million, maintaining an adjusted EBITDA margin target of 17.0%–17.5%. Bowman also highlighted a December 2025 acquisition in power and utilities, expanded credit capacity to $250 million, and share repurchases totaling $18.8 million in 2025.
Positive
- None.
Negative
- None.
Insights
Record 2025 growth, margin expansion and higher 2026 guidance are clearly favorable.
Bowman delivered strong top-line expansion, with 2025 gross contract revenue of
Net income improved materially to
Management raised 2026 net revenue guidance from
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 4, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (703 ) 464-1000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On March 4, 2026, Bowman Consulting Group Ltd. (“Bowman” or the “Company) issued a press release announcing its financial results for the fourth quarter ended December 31, 2025 and full year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Report.
The information in this Report under this item, including the exhibit, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section. Furthermore, the information in Item 2.02 of this Report, including the exhibits, shall not be deemed to be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. | Description | ||||
| 99.1 | Bowman Consulting Group Ltd. press release dated March 4, 2026. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BOWMAN CONSULTING GROUP LTD. | ||||||||
| Date: March 4, 2026 | By: | /s/ Bruce Labovitz | ||||||
| Bruce Labovitz | ||||||||
| Chief Financial Officer | ||||||||
FOR IMMEDIATE RELEASE
Bowman Reports Results for Fourth Quarter and Full Year 2025; Raises 2026 Guidance
Reston, VA, March 4, 2026 -– 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 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 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 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 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 information 1 | ||||||||||||||||||||||||||
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
How did Bowman (BWMN) perform financially in full-year 2025?
Bowman delivered record 2025 results, with gross contract revenue of $490.0 million versus $426.6 million in 2024. Net service billing rose to $434.8 million, net income increased to $12.8 million, and adjusted EBITDA reached $72.9 million with a 16.8% margin.
What were Bowman (BWMN)’s fourth-quarter 2025 results?
In Q4 2025, Bowman reported gross contract revenue of $129.0 million, up from $113.2 million a year earlier. Net service billing was $114.6 million versus $98.6 million, with organic net service billing growth of 10.9% and adjusted EBITDA of $19.9 million.
How has Bowman (BWMN) updated its 2026 financial guidance?
Bowman raised its 2026 net revenue guidance to $495–$510 million, up from a prior range of $465–$480 million. The company maintained its adjusted EBITDA margin outlook at 17.0–17.5%, reflecting expectations for continued profitable growth.
What balance sheet and cash flow trends did Bowman (BWMN) report?
Total assets were $579.7 million at December 31, 2025, with total liabilities of $318.6 million and shareholders’ equity of $261.1 million. Net cash provided by operating activities improved to $35.8 million, compared with $24.3 million in 2024.
Did Bowman (BWMN) return capital to shareholders in 2025?
Yes. During 2025, Bowman repurchased 683,448 shares for a total of $18.8 million at an average price of $27.51. Subsequent to year end, it repurchased another 159,177 shares for $5.4 million at an average price of $34.11.
What notable strategic actions did Bowman (BWMN) take recently?
On December 8, 2025, Bowman acquired RPT Alliance, expanding its power and utilities practice. On March 3, 2026, it amended its credit agreement, lifting maximum borrowing under its credit facility to $250 million and adjusting pricing terms to reflect current market conditions.
Is there any leadership change planned at Bowman (BWMN)?
Yes. On February 17, 2026, founder and CEO Gary Bowman announced plans to retire as CEO in 2026. The board is conducting a formal search, and he expects to serve as Senior Advisor after a successor is appointed.
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BWMN Stock Data
565.84M
13.98M
Engineering & Construction
Services-management Consulting Services
United States
RESTON