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Jun 30, 2025
Bowman Q2 2025 Earnings Report
Bowman reported record second quarter 2025 results, driven by strong organic revenue and backlog growth.
Key Takeaways
Bowman Consulting Group Ltd. achieved record second quarter 2025 results, with significant increases in gross contract revenue, net service billing, and Adjusted EBITDA. The company's net income turned positive compared to a loss in the prior year, reflecting strong execution and demand across its core verticals, particularly in transportation, renewables, and energy transmission.
Gross contract revenue increased by 17% to $122.1 million, up from $104.5 million in Q2 2024.
Net income reached $6.0 million, a substantial improvement from a net loss of $2.1 million in the same period last year.
Adjusted EBITDA surged by 50.7% to $20.2 million, with the Adjusted EBITDA margin, net, expanding by 440 basis points to 18.7%.
Gross backlog grew by 24.7% to $438.2 million, indicating strong future demand and client confidence.
Revenue by Segment
Forward Guidance
Bowman has raised its fiscal year 2025 guidance for Net Revenue and Adjusted EBITDA, reflecting strong momentum and optimism for the second half of the year. This outlook is based on completed and definitively contracted acquisitions as of the release date.
Positive Outlook
- Increased Net Revenue guidance to $430 million - $442 million for fiscal year 2025.
- Increased Adjusted EBITDA guidance to $71 million - $77 million for fiscal year 2025.
- Strong first half results, including nearly 10% organic net service billing growth.
- 36% increase in Adjusted EBITDA for the first six months of 2025.
- 250-basis point improvement in Adjusted EBITDA Margin for the first six months of 2025.
Challenges Ahead
- Guidance does not include contributions from any future acquisitions.
- Subject to general economic conditions, nationally and globally.
- Competitive pressures and trends in the industry could affect performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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