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Bowman Consulting Group (BWMN) investor relations material
Bowman Consulting Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved annualized gross revenue surpassing $500 million, with Q3 2025 gross contract revenue up 11% year-over-year to $126.0 million and net income rising to $6.6 million from $0.8 million.
Adjusted EBITDA for Q3 2025 was $18.3 million (16.3% margin), and backlog increased up to 18% year-over-year, reaching $447.7 million, providing strong forward visibility.
Completed multiple acquisitions in 2025, expanding capabilities in renewable energy, high-voltage transmission, and digital services.
Maintained a healthy balance sheet, increased revolver capacity to $210 million, and supported growth through innovation and disciplined capital allocation.
Focused on recurring public sector work, resilient private demand, and innovation to drive future growth.
Financial highlights
Q3 2025 net service billing was $112.1 million, up 11% year-over-year, with gross margin at 53% and net margin at 5.3%.
Adjusted EBITDA for Q3 2025 was $18.3 million (16.3% margin), and basic adjusted EPS was $0.63, doubling from the prior year.
Cash flow from operations for the first nine months was $26.5 million, more than doubling year-over-year.
Operating expenses for Q3 2025 were $61.6 million, up 4.1% year-over-year; effective tax rate for the nine months was (12.1)%.
Gross margin by vertical: Building infrastructure 55.7%, power/utilities/energy 55.5%, natural resources 56.6%, transportation 45.7%.
Outlook and guidance
Reaffirmed 2025 net revenue guidance of $430–$442 million and adjusted EBITDA of $71–$77 million.
Introduced 2026 guidance: net revenue of $465–$480 million and adjusted EBITDA margin of 17.0%–17.5%.
Expect continued revenue and margin expansion in 2026, driven by integration of acquisitions and national footprint growth.
Guidance excludes contributions from future acquisitions.
Building infrastructure expected to benefit from improved financing conditions and labor allocation in 2026.
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