Earnings release
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Bowman Bowman Reports Strong Results for Second Quarter 2026 August 10 , 2026 RESTON , Va . , Aug. 10 , 2026 ( GLOBE NEWSWIRE ) -- Bowman Consulting Group Ltd. ( NASDAQ : BWMN ) , a national engineering and infrastructure asset management firm , today announced financial results for the second quarter ended June 30 , 2026 . " We made meaningful advances during the second quarter , with net service billing increasing by more than 19 % , organic growth accelerating to 13 % , Adjusted EBITDA margin nearing 19 % , and backlog reaching $ 659 million , " said Gary Bowman , founder and CEO . " The results reflect the strength of our underlying business and our long - range strategy . The quarter was a pivotal period of project mobilizations and strategic investments for several key initiatives expected to contribute meaningfully in the second half and beyond . " During the quarter , we upgraded assets and resources that support our geospatial collection and data processing operations , stood up a significant land services operation in the southwest , and invested in operating capacity to support future growth and protect margin . Demand remains healthy across our markets . Recent wins entitle us to bigger assignments and accordingly , our pipeline of opportunities includes several large - scale infrastructure projects . We remain focused on converting backlog , increasing production efficiencies , improving cash generation , and delivering on the benefits our investments afford us . " Second Quarter 2026 Compared to Second Quarter 2025 Financial Results : • Gross contract revenue of $ 146.1 million compared to $ 122.1 million , a 19.7 % increase • Net service billing of $ 129.0 million compared to $ 108.0 million , a 19.4 % increase • Organic net service billing² growth of 12.7 % compared to 8.4 % • Gross profit of $ 77.7 million compared to $ 65.6 million , an 18.6 % increase • Net income of $ 2.5 million compared to $ 6.0 million • Basic and Diluted EPS of $ 0.15 and $ 0.14 , respectively compared to $ 0.35 and $ 0.34 , respectively • Adjusted EBITDA1 of $ 24.1 million compared to $ 20.2 million , a 19.2 % increase Adjusted EBITDA margin , net 1 of 18.7 % , unchanged from the prior - year quarter • Cash used in Operations of $ 7.9 million as compared to $ 4.3 million Cash from Operations • Gross backlog of $ 658.7 million compared to $ 438.2 million , a 50.3 % increase First Six Months of 2026 Compared to First Six Months of 2025 Financial Results : • Gross contract revenue of $ 272.6 million compared to $ 235.0 million , a 16.0 % increase • Net service billing of $ 243.2 million compared to $ 208.1 million , a 16.9 % increase Organic net service billing² growth of 9.5 % compared to 9.8 % • Gross profit of $ 143.6 million compared to $ 123.7 million , an 16.2 % increase • Net loss of $ 1.2 million compared to net income of $ 4.3 million • Basic and Diluted EPS of ( $ 0.07 ) compared to $ 0.25 and $ 0.24 , respectively • Adjusted EBITDA of $ 40.9 million compared to $ 34.7 million , a 17.8 % increase • Adjusted EBITDA margin , net 1 of 16.8 % compared to 16.7 % • Cash from Operations of $ 3.7 million as compared to $ 16.3 million Notable Events : • During the three months ended June 30 , 2026 , the Company repurchased 93,838 shares of common stock under the 2025 Repurchase Authorization for $ 3.0 million , at an average price of approximately $ 31.99 per share . • ⚫ During the six months ended June 30 , 2026 , the Company repurchased 381,936 shares of common stock for $ 12.2 million at an average price of $ 32.02 per share . • In April 2026 , the Company acquired Smith & Associates Land Surveying LLC , a Las Vegas , Nevada - based land surveying firm to expand its surveying capabilities in the southwest . CFO Commentary " Second quarter results reflect continued growth in net service billing and Adjusted EBITDA with margins that provide increased visibility to our full - year objectives , " said Bruce Labovitz , CFO . " The quarter included an unusual concentration of cash uses including an additional payroll , payment of annual bonuses , share repurchases , the final settlement of the 174 R & E tax filing , and
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several strategic investments in geospatial equipment and AI-compute infrastructure. “Improving cash conversion and reducing leverage remain important execution priorities, and we expect to make meaningful improvements to both in the second half of the year. Our acquisition pipeline remains active, with continued opportunities progressing through diligence toward closing. At this time, we are reaffirming our 2026 guidance for net revenue and Adjusted EBITDA margin, net.” Full Year 2026 Guidance Bowman reaffirmed net revenue and Adjusted EBITDA margin guidance for full year 2026: Date Issued Net Revenue Adjusted EBITDA Margin March 2026 $495 - $510 MM 17.0% - 17.5% May 2026 $520 - $540 MM 17.2% - 17.7% August 2026 $520 - $540 MM 17.2% - 17.7% The current outlook for 2026 is based on completed acquisitions as of the date of this release and does not include contributions from future acquisitions. Pending Transaction with Bernhard Capital Partners In a separate press release issued today, Bowman announced that it has entered into a definitive agreement to be acquired by Bernhard Capital Partners for $43.00 per share in cash. The transaction is expected to close in the fourth quarter of calendar year 2026 or the first quarter of calendar year 2027, subject to the receipt of required regulatory approvals and the satisfaction or waiver of other customary closing conditions. Additional information is available in the transaction press release. In light of the transaction announcement, Bowman’s previously scheduled second quarter 2026 earnings call on August 11, 2026, at 9:00 a.m. EDT, has been canceled. 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 net service billing growth (also a non-GAAP financial metric) for the three months ended 6/30/26 excludes revenue from acquisitions of e3i and RPT. 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
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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. Important Information and Where to Find It The merger transaction described in this communication (the “Merger”) will be submitted to the Company’s stockholders for their consideration and approval at a special meeting. In connection with the Merger, the Company intends to file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement on Schedule 14A. Once the SEC completes its review of the preliminary proxy statement, a definitive proxy statement and a form of proxy card will be filed with the SEC and mailed or otherwise furnished to the Company’s stockholders. BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY, WHEN IT BECOMES AVAILABLE, AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS), IF ANY, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER. This communication is not a substitute for the proxy statement or any other document that may be filed by the Company with the SEC or sent to its stockholders in connection with the Merger. The Company’s investors and stockholders may obtain a free copy of the proxy statement (when available) and other documents filed by the Company with the SEC at the SEC’s website at www.sec.gov. In addition, the Company’s investors and stockholders may obtain a free copy of the documents filed with the SEC by the Company from the Company’s website at investors.bowman.com or by directing a request to the Company by e-mail to ir@bowman.com, or by telephone to (703) 464-1000. Participants in the Solicitation The Company and certain of its directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the Merger and other matters to be voted on at the special meeting of the stockholders. Information regarding the Company’s directors and executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in the Company’s proxy statement on Schedule 14A for the Company’s 2026 Annual Meeting of Stockholders, which was filed with the SEC on April 28, 2026 (the “2026 Annual Meeting Proxy Statement”), including under the headings “Executive and Director Compensation,” “Security Ownership of Certain Beneficial Owners and Management” and “Certain Relationships and Related Transactions.” To the extent holdings of the Company’s securities by such directors or executive officers (or the identity of such directors or executive officers) change from the amounts set forth in the 2026 Annual Meeting Proxy Statement, such information has been or will be reflected on the Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of the Company’s directors and executive officers in the Merger will be included in the proxy statement relating to the Merger when it is filed with the SEC. You may obtain free copies of these documents using the sources indicated above. Cautionary Statement Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this communication that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Merger, including the expected timing of the closing of the Merger, the ability of the parties to complete the Merger considering the various closing conditions, the expected synergies, impacts and benefits of the Merger, the plans, strategies and prospects, both business and financial, of the Company, and any assumptions underlying any of the foregoing. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are not guarantees of future performance. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the Company’s current expectations. These risks and uncertainties include risks and developments related to, among other things, (i) the completion of the proposed Merger on the anticipated terms and timing, or at all, including the parties’ ability to obtain required stockholder approval, regulatory approvals and satisfy the other conditions to the completion of the Merger, or the failure to satisfy such conditions, (ii) the effect of the announcement or pendency of the Merger on the Company’s business, operating results, financial performance,
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ability to retain and hire key personnel, and relationships with customers, suppliers, competitors and others, (iii) the effect of the restrictions imposed by the definitive merger agreement (the “Merger Agreement”) during the pendency of the Merger, which may (x) disrupt the Company’s current plans and business operations, (y) impact the Company’s ability to pursue certain business opportunities or strategic transactions or (z) divert management’s attention from ongoing business operations, (iv) the ability of Bernhard to procure the financing required to complete the Merger, (v) the possibility that competing offers may be made, and the effect of such competing offers on the Merger and the parties’ respective rights under the Merger Agreement, (vi) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (vii) the fact that the Company may be required to pay a termination fee to Bernhard if the Merger Agreement is terminated in certain circumstances, (viii) litigation being instituted against the Company, Bernhard or other parties, including their respective directors, managers or officers, in connection with the Merger, which may have an unfavorable outcome, (ix) the uncertainty of the outcome of any such litigation and its effects on the parties to the Merger Agreement, (x) changes in laws, regulations, or policies, (xi) general economic conditions, nationally and globally, and their effect on the market for the Company’s services, (xii) competitive pressures and trends in the Company’s industry and its ability to successfully compete with its competitors, (xiii) the effect on the Company’s stock price if the Merger is not completed, which may decline significantly following a termination of the Merger Agreement, (xiv) potential business uncertainty during the pendency of the Merger, including changes to existing business relationships; (xv) the significant costs, fees and expenses the Company may incur in connection with the Merger, and (xvi) the effects of unknown liabilities related to the Merger on the Company. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company’s periodic reports and other filings with the SEC, including risks described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC, and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Company’s Investor Relations page at investors.bowman.com. The forward-looking statements included in this communication are made only as of the date hereof, and the Company disclaims any obligation to update the forward-looking statements in the future, except as required by applicable law. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. No Offer or Solicitation This communication is for informational purposes only and is not intended to, and does not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any issuance or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Investor Relations Contact: Betsy Patterson ir@bowman.com BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data) June 30, 2026 December 31, 2025 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 10,486 $ 11,066 Accounts receivable, net 140,299 130,634 Contract assets 67,055 53,512 Notes receivable - officers, employees, affiliates, current portion 256 13 Prepaid and other current assets 17,405 17,730 Total current assets 235,501 212,955 Non-Current Assets Property and equipment, net 71,684 49,206 Operating lease, right-of-use assets 45,835 45,822 Goodwill 174,519 173,579 Notes receivable, less current portion 903 903 Notes receivable - officers, employees, affiliates, less current portion 868 1,108 Other intangible assets, net 83,340 88,580 Deferred tax asset, net 5,599 5,822 Other assets 1,813 1,707
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Total Assets $ 620,062 $ 579,682 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Revolving credit facility 136,159 95,350 Accounts payable and accrued liabilities, current portion 59,542 60,035 Contract liabilities 14,178 10,965 Notes payable, current portion 22,039 22,698 Operating lease obligation, current portion 12,557 11,951 Finance lease obligation, current portion 16,602 13,735 Total current liabilities 261,077 214,734 Non-Current Liabilities Other non-current obligations 359 377 Notes payable, less current portion 22,691 34,313 Operating lease obligation, less current portion 39,842 40,430 Finance lease obligation, less current portion 34,691 23,718 Deferred tax liability, net 279 279 Pension and post-retirement obligation, less current portion 4,631 4,726 Total liabilities $ 363,570 $ 318,577 Shareholders' Equity Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding – – Common stock, $0.01 par value; 30,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 22,462,623 shares issued and 17,232,626 outstanding, and 21,972,432 shares issued and 17,194,091 outstanding as of June 30, 2026 and December 31, 2025, respectively 225 220 Additional paid-in-capital 366,644 355,458 Accumulated other comprehensive income 842 895 Treasury stock, at cost; 5,229,997 and 4,778,341 shares, respectively (99,475) (84,931) Accumulated deficit (11,744) (10,537) Total shareholders' equity $ 256,492 $ 261,105 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 620,062 $ 579,682 BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Gross Contract Revenue $ 146,125 $ 122,090 $ 272,604 $ 235,021 Contract costs:(exclusive of depreciation and amortization below) Direct payroll costs 51,229 42,425 99,545 84,390 Sub-consultants and expenses 17,156 14,093 29,431 26,971 Total contract costs 68,385 56,518 128,976 111,361 Operating Expenses: Selling, general and administrative 62,274 49,759 120,052 100,239 Depreciation and amortization 7,813 6,544 16,219 13,065 (Gain) loss on sale of assets, net (479) 225 (880) 176 Total operating expenses 69,608 56,528 135,391 113,480 Income from operations 8,132 9,044 8,237 10,180 Other expenses 5,796 1,636 9,197 3,746 Income (loss) before tax expense 2,336 7,408 (960) 6,434 Income tax (benefit) expense (159) 1,399 247 2,169
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Net income (loss) $ 2,495 $ 6,009 $ (1,207) $ 4,265 Earnings allocated to non-vested shares 109 307 – 218 Net income (loss) attributable to common shareholders $ 2,386 $ 5,702 $ (1,207) $ 4,047 Earnings (loss) per share Basic $ 0.15 $ 0.35 $ (0.07) $ 0.25 Diluted $ 0.14 $ 0.34 $ (0.07) $ 0.24 Weighted average shares outstanding: Basic 16,433,556 16,331,964 16,443,424 16,344,173 Diluted 16,604,374 16,583,034 16,443,424 16,589,787 BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (unaudited) For the Six Months Ended June 30, 2026 2025 Cash Flows from Operating Activities: Net (loss) income $ (1,207) $ 4,265 Adjustments to reconcile net (loss) income to net cash provided by operating activities Depreciation and amortization - property, plant and equipment 9,978 7,932 Amortization of intangible assets 6,241 5,133 (Gain) loss on sale of assets (880) 141 Credit losses 831 745 Stock based compensation 9,587 9,694 Deferred taxes 223 (12,185) Accretion of discounts on notes payable 204 404 Changes in operating assets and liabilities, net of acquisition of businesses Accounts receivable (10,260) (8,112) Contract assets (13,518) (8,656) Prepaid expenses and other assets 120 5,945 Accounts payable and accrued expenses (778) 5,573 Contract liabilities 3,164 5,414 Net cash provided by operating activities 3,705 16,293 Cash Flows from Investing Activities: Purchases of property and equipment (9,406) (1,119) Proceeds from sale of assets and disposal of leases 880 102 Capitalized internal-use software development costs (620) – Proceeds from notes receivable – 718 Acquisitions of businesses, net of cash acquired (912) (1,559) Collections under stock subscription notes receivable – 21 Net cash used in investing activities (10,058) (1,837) Cash Flows from Financing Activities: Borrowings under revolving credit facility 40,809 22,515 Repayment under notes payable (13,309) (8,919) Payments on finance leases (7,943) (5,600) Payment of contingent consideration from acquisitions (225) (1,171) Payments for purchase of treasury stock (2,316) (3,894) Repurchases of common stock (12,229) (9,458) Proceeds from issuance of common stock 986 913 Net cash provided by (used in) financing activities 5,773 (5,614) Net (decrease) increase in cash and cash equivalents (580) 8,842 Cash and cash equivalents, beginning of period 11,066 6,698 Cash and cash equivalents, end of period $ 10,486 $ 15,540 Supplemental disclosures of cash flow information:
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Cash paid for interest $ 6,092 $ 3,812 Net cash paid for income taxes $ 2,111 $ 681 Non-cash investing and financing activities: Property and equipment acquired under finance lease $ (22,377) $ (10,144) Non-cash additions to property and equipment $ (1,044) $ – Note payable converted to common shares $ – $ (434) Issuance of notes payable for acquisitions $ (600) $ (2,056) Non-cash change in contingent consideration liability $ (2,288) $ – Settlement of contingent consideration $ 525 $ 2,338 BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) (GAAP) $ 2,495 $ 6,009 $ (1,207) $ 4,265 + tax (benefit) expense (GAAP) (159) 1,399 247 2,169 Income (loss) before tax expense (GAAP) $ 2,336 $ 7,408 $ (960) $ 6,434 + acquisition related expenses 2,992 1,149 4,531 1,744 + amortization of intangibles 2,949 2,517 6,241 5,133 + non-cash stock comp related to pre-IPO 75 330 241 824 + other non-core expenses 2,539 188 5,808 331 Adjusted income before tax expense $ 10,891 $ 11,592 $ 15,861 $ 14,466 Adjusted income tax expense 141 1,981 2,705 3,657 Adjusted net income $ 10,750 $ 9,611 $ 13,156 $ 10,809 Adjusted earnings allocated to non-vested shares 468 491 559 553 Adjusted net income attributable to common shareholders 10,282 9,120 12,597 10,256 Earnings (loss) per share (GAAP) Basic $ 0.15 $ 0.35 $ (0.07) $ 0.25 Diluted $ 0.14 $ 0.34 $ (0.07) $ 0.24 Adjusted earnings per share (Non-GAAP) Basic $ 0.63 $ 0.56 $ 0.77 $ 0.63 Diluted $ 0.62 $ 0.55 $ 0.76 $ 0.62 Weighted average shares outstanding Basic 16,433,556 16,331,964 16,443,424 16,344,173 Diluted 16,604,374 16,583,034 16,607,542 16,589,787 Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Earnings (loss) per share (GAAP) $ 0.15 $ 0.35 $ (0.07) $ 0.25 Pre-tax basic per share adjustments $ 0.51 $ 0.36 $ 1.03 $ 0.64 Adjusted earnings per share before tax expense $ 0.66 $ 0.71 $ 0.96 $ 0.89 Tax expense per share adjustment $ 0.01 $ 0.12 $ 0.16 $ 0.22 Adjusted earnings per share - adjusted net income $ 0.65 $ 0.59 $ 0.80 $ 0.67 Adjusted earnings per share allocated to non-vested shares $ 0.02 $ 0.03 $ 0.03 $ 0.04
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Adjusted earnings per share attributable to common shareholders $ 0.63 $ 0.56 $ 0.77 $ 0.63 Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Earnings (loss) per share (GAAP) $ 0.14 $ 0.34 $ (0.07) $ 0.24 Pre-tax diluted per share adjustments $ 0.52 $ 0.36 $ 1.03 $ 0.63 Adjusted earnings per share before tax expense $ 0.66 $ 0.70 $ 0.96 $ 0.87 Tax expense per share adjustment $ 0.01 $ 0.12 $ 0.16 $ 0.22 Adjusted earnings per share - adjusted net income $ 0.65 $ 0.58 $ 0.80 $ 0.65 Adjusted earnings per share allocated to non-vested shares $ 0.03 $ 0.03 $ 0.04 $ 0.03 Adjusted earnings per share attributable to common shareholders $ 0.62 $ 0.55 $ 0.76 $ 0.62 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 June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Gross contract revenue $ 146,125 $ 122,090 $ 272,604 $ 235,021 Contract costs (exclusive of depreciation and amortization) 68,385 56,518 128,976 111,361 Operating expense 69,608 56,528 135,391 113,480 Income from operations 8,132 9,044 8,237 10,180 Other expense 5,796 1,636 9,197 3,746 Income tax (benefit) expense (159) 1,399 247 2,169 Net income (loss) $ 2,495 $ 6,009 $ (1,207) $ 4,265 Net margin 1.7% 4.9% (0.4) % 1.8% Other financial information 1 Net service billing $ 128,969 $ 107,997 $ 243,173 $ 208,050 Adjusted EBITDA 24,092 20,203 40,891 34,708 Adjusted EBITDA margin, net 18.7% 18.7% 16.8% 16.7% Gross Contract Revenue to Net Service Billing Reconciliation For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Gross contract revenue $ 146,125 $ 122,090 $ 272,604 $ 235,021 Less: sub-consultants and other direct expenses 17,156 14,093 29,431 26,971 Net service billing $ 128,969 $ 107,997 $ 243,173 $ 208,050 Organic net service billing 121,712 107,997 227,798 208,049 Acquisition-related net service billing 7,257 – 15,375 1 Adjusted EBITDA Reconciliation For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net service billing $ 128,969 $ 107,997 $ 243,173 $ 208,050
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Net income (loss) $ 2,495 $ 6,009 $ (1,207) $ 4,265 + interest expense 3,532 2,259 6,794 4,372 + depreciation & amortization 7,813 6,544 16,219 13,065 + income tax (benefit) expense (159) 1,399 247 2,169 EBITDA $ 13,681 $ 16,211 $ 22,053 $ 23,871 + non-cash stock compensation 5,381 3,093 9,577 9,734 + acquisition and other non-core expenses 5,030 899 9,261 1,103 Adjusted EBITDA $ 24,092 $ 20,203 $ 40,891 $ 34,708 Adjusted EBITDA margin, net 18.7% 18.7% 16.8% 16.7% 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 June 30, Consolidated Gross Contract Revenue 2026 % 2025 % Change % Change Building Infrastructure 57,174 39.2% 56,561 46.3% 613 1.1% Transportation 28,382 19.4% 24,611 20.2% 3,771 15.3% Power, Utilities & Energy 37,034 25.3% 26,843 22.0% 10,191 38.0% Natural Resources1 23,535 16.1% 14,075 11.5% 9,460 67.2% Total 146,125 100.0% 122,090 100.0% 24,035 19.7% Acquired2 7,534 5.2% 6,459 5.3% 1,075 (6.0) % (dollars in thousands) For the Six Months Ended June 30, Consolidated Gross Contract Revenue 2026 % 2025 % Change % Change Building Infrastructure 109,521 40.2% 108,593 46.2% 928 0.9% Transportation 54,991 20.2% 48,340 20.6% 6,651 13.8% Power, Utilities & Energy 71,767 26.3% 52,153 22.2% 19,614 37.6% Natural Resources1 36,325 13.3% 25,935 11.0% 10,390 40.1% Total 272,604 100.0% 235,021 100.0% 37,583 16.0% Acquired2 16,097 5.9% 11,476 4.9% 4,621 (17.2) % . 1 Formerly Emerging Markets which represents environmental, mining, water resources, imaging and mapping, and other. 2 Acquired revenue in prior periods as previously reported; four quarters post-closing, acquired revenue is thereafter reclassified as organic for the purpose of calculating organic growth rates. BOWMAN CONSULTING GROUP LTD. ORGANIC GROWTH ANALYSIS (Unaudited) For the Three Months Ended June 30, (dollars in thousands) 2026 % 2025 % Change Organic +/- Gross Revenue, Organic 138,591 100.0% 122,091 100.0% 16,500 13.5% Building Infrastructure 56,900 41.0% 56,561 46.3% 339 0.6% Transportation 28,377 20.5% 24,611 20.2% 3,766 15.3% Power, Utilities & Energy 29,779 21.5% 26,843 22.0% 2,936 10.9% Natural Resources 23,535 17.0% 14,076 11.5% 9,459 67.2%
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For the Six Months Ended June 30, (dollars in thousands) 2026 % 2025 % Change Organic +/- Gross Revenue, Organic 256,507 100.0% 235,021 100.0% 21,486 9.1% Building Infrastructure 109,101 42.5% 108,593 46.2% 508 0.5% Transportation 54,986 21.4% 48,340 20.6% 6,646 13.7% Power, Utilities & Energy 56,095 21.9% 52,153 22.2% 3,942 7.6% Natural Resources 36,325 14.2% 25,935 11.0% 10,390 40.1% For the Three Months Ended June 30, (dollars in thousands) 2026 % 2025 % Change Organic +/- Net Revenue, Organic 121,712 100.0% 107,997 100.0% 13,715 12.7% Building Infrastructure 52,374 43.0% 51,382 47.5% 992 1.9% Transportation 22,548 18.5% 20,256 18.8% 2,292 11.3% Power, Utilities & Energy 27,111 22.3% 24,474 22.7% 2,637 10.8% Natural Resources 19,679 16.2% 11,885 11.0% 7,794 65.6% For the Six Months Ended June 30, (dollars in thousands) 2026 % 2025 % Change Organic +/- Net Revenue, Organic 227,798 100.0% 208,049 100.0% 19,749 9.5% Building Infrastructure 101,202 44.5% 99,481 47.8% 1,721 1.7% Transportation 44,719 19.6% 39,834 19.1% 4,885 12.3% Power, Utilities & Energy 51,368 22.5% 47,549 22.9% 3,819 8.0% Natural Resources 30,509 13.4% 21,185 10.2% 9,324 44.0% BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT JUNE 30, 2026 (Unaudited) Category Percentage Building Infrastructure 25% Transportation 21% Power, Utilities & Energy 19% Natural Resources 35% TOTAL 100%