Bowman Consulting Group (BWMN) Q2 2026 earnings summary

Executive summary

• Gross contract revenue for Q2 2026 was $146.1M, up 19.7% year-over-year; six-month revenue was $272.6M, up 16.0% year-over-year.

• Net income for Q2 2026 was $2.5M, down from $6.0M in Q2 2025; six-month net loss was $1.2M versus $4.3M net income in the prior year.

• Adjusted EBITDA for Q2 2026 was $24.1M, up 19.2% year-over-year; margin was 18.7% for the quarter.

• Backlog at June 30, 2026 surged to $658.7M, up 50% year-over-year.

• Entered into a definitive merger agreement to be acquired by Bernhard Capital Partners for $43.00 per share in cash, expected to close late 2026 or early 2027.

Financial highlights

• Q2 2026 gross contract revenue: $146.1M (+19.7% YoY); six months: $272.6M (+16.0% YoY).

• Q2 2026 net service billing: $129.0M (+19.4% YoY); six months: $243.2M (+16.9% YoY).

• Q2 2026 gross profit: $77.7M (+18.6% YoY); Adjusted EBITDA: $24.1M (+19.2% YoY).

• Adjusted EPS for Q2 2026: $0.63 basic, $0.62 diluted (vs. $0.56/$0.55 YoY).

• Backlog at June 30, 2026: $658.7M, up 50.3% YoY.

Outlook and guidance

• The merger with Bernhard Capital Partners is expected to close in Q4 2026 or Q1 2027.

• Reaffirmed 2026 net revenue guidance of $520–$540M and Adjusted EBITDA margin of 17.2%–17.7%.

• Guidance excludes contributions from future acquisitions.

• Management anticipates ongoing productivity improvements from automation and AI adoption.

• Focus remains on improving cash conversion and reducing leverage in the second half of 2026.