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Bowman Q1 2025 Earnings Report
Bowman Consulting Group Ltd. reported strong first quarter 2025 earnings, surpassing consensus expectations with record new orders reinforcing continued confidence in full year guidance.
Key Takeaways
Bowman Consulting Group Ltd. delivered a solid first quarter in 2025, marked by exceptional new order activity and healthy cash conversion. The company achieved double-digit growth in net service billing, with organic growth more than doubling compared to the prior year. Record new order bookings contributed to consecutive backlog growth, and the company reaffirmed its full-year forecast.
Gross contract revenue increased by 19.0% to $112.9 million.
Net service billing grew by 16.8% to $100.1 million, with organic growth at 6%.
Adjusted EBITDA rose by 19.6% to $14.5 million, with a margin of 14.5%.
Gross backlog increased by 26.9% to $418.8 million, driven by record new order bookings.
Revenue by Segment
Forward Guidance
Bowman expects performance to continue to ramp up through the second and third quarters of 2025 before leveling off in the fourth quarter, consistent with broader industry trends. The company maintains an upbeat and optimistic outlook for continued growth and reaffirms its full-year forecast.
Positive Outlook
- New orders in the second quarter are outpacing first quarter new orders.
- The company is relatively insulated from current macroeconomic uncertainties.
- Strong defensive organizational structure.
- Diverse sources of funding for customer projects.
- Disciplined approach to revenue capture, labor optimization, and efficient execution.
Challenges Ahead
- Performance is expected to level off in the fourth quarter.
- The guidance does not include contributions from any future acquisitions.
- Broader industry trends may influence performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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