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0001847590FALSE00018475902026-03-042026-03-04

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
Bowman Consulting Group Ltd.
(Exact name of registrant as specified in its charter)
Delaware 001-40371 54-1762351
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
12355 Sunrise Valley Drive, Suite 520
Reston, Virginia 20191
(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
Common stock, par value $0.01 per share BWMN Nasdaq Global Market
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
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

EX-99.1 2 exhibit991-bwmnq42025earni.htm EX-99.1 Document

image_0a.jpg
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.