Bowman Consulting Sees 19.7% Revenue Growth

By Bobby Samwell • Monday, August 10 16:02 • Permanent Link

Bowman Consulting Group said second-quarter 2026 gross contract revenue rose to $146.1 million from $122.1 million a year earlier, up 19.7%, while net service billing increased 19.4% to $129.0 million from $108.0 million.

Organic net service billing growth accelerated to 12.7% from 8.4% in the prior-year quarter. Gross profit climbed 18.6% to $77.7 million from $65.6 million, and adjusted EBITDA increased 19.2% to $24.1 million from $20.2 million. Gross backlog jumped 50.3% to $658.7 million from $438.2 million.

Net income fell to $2.5 million from $6.0 million, and diluted earnings per share declined to $0.14 from $0.34. Basic EPS dropped to $0.15 from $0.35.

Cash used in operations was $7.9 million, compared with $4.3 million of cash from operations a year earlier.

For the first six months of 2026, gross contract revenue increased 16.0% to $272.6 million from $235.0 million, and net service billing rose 16.9% to $243.2 million from $208.1 million. Organic net service billing growth was 9.5%, down slightly from 9.8%. Gross profit increased 16.2% to $143.6 million from $123.7 million, and adjusted EBITDA rose 17.8% to $40.9 million from $34.7 million.

For the first half, Bowman posted a net loss of $1.2 million, versus net income of $4.3 million a year earlier. Cash from operations fell to $3.7 million from $16.3 million.

During the second quarter, Bowman repurchased 93,838 shares for $3.0 million at an average price of $31.99. In the first half, it repurchased 381,936 shares for $12.2 million at an average price of $32.02.

The company also said it acquired Smith & Associates Land Surveying in April to expand surveying capabilities in the Southwest.

Bowman reaffirmed full-year 2026 guidance for net revenue of $520 million to $540 million and adjusted EBITDA margin of 17.2% to 17.7%, unchanged from the May update and above the March range of $495 million to $510 million and 17.0% to 17.5%. The market has reacted to these announcements by moving the company's shares 55.86% to a price of $42.44. For more information, read the company's full 8-K submission here.

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