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Sep 30
Bowman Q3 2025 Earnings Report
Bowman reported its third quarter 2025 financial results, showcasing significant revenue and net income growth, alongside strategic acquisitions and an increased credit facility.
Key Takeaways
Bowman Consulting Group Ltd. delivered strong third-quarter 2025 results, with gross contract revenue exceeding an annualized $500 million pace for the first time. The company reported an 11% increase in gross contract revenue and net service billing, a substantial rise in net income to $6.6 million, and a 7.6% increase in Adjusted EBITDA. Strategic acquisitions in power and data center practices, along with an expanded revolving credit facility, position Bowman for continued growth and operational efficiency improvements.
Gross contract revenue increased by 11% to $126.0 million in Q3 2025 compared to Q3 2024.
Net income surged to $6.6 million in Q3 2025, a significant increase from $0.8 million in Q3 2024.
Adjusted EBITDA grew by 7.6% to $18.3 million, with an Adjusted EBITDA margin of 16.3%.
Cash flows from operations improved to $10.2 million, up from $6.8 million in the prior year period.
Bowman
Bowman
Bowman Revenue by Segment
Revenue by Segment
Building Infrastructure Revenue
CapyFin.comTransportation Revenue
CapyFin.comPower and Utilities Revenue
CapyFin.comNatural Resources & Imaging Revenue
CapyFin.com Forward Guidance
Bowman reaffirmed its fiscal year 2025 guidance and introduced fiscal year 2026 guidance, projecting continued growth in net revenue and Adjusted EBITDA margin.
Positive Outlook
- Reaffirmed fiscal year 2025 net revenue guidance of $430 million to $442 million.
- Reaffirmed fiscal year 2025 Adjusted EBITDA guidance of $71 million to $77 million.
- Introduced fiscal year 2026 net revenue guidance of $465 million to $480 million.
- Introduced fiscal year 2026 Adjusted EBITDA margin guidance of 17.0% to 17.5%.
- Current outlook for 2025 is based on completed and definitively contracted acquisitions.
Challenges Ahead
- Guidance for 2025 and 2026 does not include contributions from future acquisitions, potentially understating future growth.
- The company did not provide specific GAAP EPS guidance for future periods.
- No specific negative forward-looking statements were highlighted in the report beyond general economic risks.
- Reliance on general economic conditions and demand from clients could impact future results.
- Competitive pressures and industry trends could affect the market for services.