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FOR IMMEDIATE RELEASE
Bowman Reports Third Quarter 2025 Results; Issues 2026 Guidance
November 5, 2025, Reston, VA - Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced financial results for the quarter ended September 30, 2025.
CEO Commentary
“Our markets continue to demonstrate strong demand and abundant sources of funding for infrastructure planning and improvement,” said Gary Bowman, founder and CEO of Bowman. “Since our public debut nearly five years ago, we have delivered sustained revenue and backlog growth, with this quarter being our first to exceed a $500 million annualized gross revenue pace. As we continue our journey toward improving margins and increasing cash flow generation we are continually evaluating and adapting our capital allocation strategy to maximize opportunities for efficient growth and increasing shareholder value. This quarter we advanced both our power and data center practices through two acquisitions which expand our overhead distribution and power generation design services long-term. We also added significant tech-enabled tools to enhance our solar and general site planning practices. As we introduce our vision for 2026, we are confident in our ability to continue scaling our national footprint, enhancing operational efficiency and leveraging innovation to advance growth and shareholder value.”
Third Quarter 2025 Compared to Third Quarter 2024 Financial Results:
•Gross contract revenue of $126.0 million compared to $113.9 million, an 11% increase
•Net service billing1 of $112.1 million compared to $101.4 million, an 11% increase
•Organic net service billing2 growth of 6.6% compared to 8.3%
•Net income of $6.6 million compared to $0.8 million
•Adjusted EBITDA1 of $18.3 million compared to $17.0 million, a 7.6% increase
•Adjusted EBITDA margin, net 1 of 16.3% compared to 16.7%, a 40-bps decrease
•Cash flows from operations of $10.2 million compared to $6.8 million
First Nine Months of 2025 Compared to First Nine Months of 2024 Financial Results:
•Gross contract revenue of $361.1 million compared to $313.3 million, a 15% increase
•Net service billing1 of $320.1 million compared to $281.0 million, a 14% increase
•Organic net service billing2 growth of 10.6% compared to 5.6%
•Net income of $10.9 million compared to a net loss of $2.9 million
•Adjusted EBITDA1 of $53.0 million compared to $42.5 million, a 24.7% increase
•Adjusted EBITDA margin, net 1 of 16.6% compared to 15.1%, a 150-bps increase
•Cash flows from operations of $26.5 million compared to $12.4 million
•Gross backlog of $447.7 million compared to $379.8 million, a 17.9% increase


CFO Commentary
“Our balance sheet remains healthy, and our current capitalization is sufficient to support our strategic growth initiatives,” said Bruce Labovitz, CFO of Bowman. “The recent increase in our revolver positions us to execute on organic and inorganic growth initiatives well into next year. We continue to focus our efforts on improving operating metrics and increasing cash generation while investing strategically in technology to improve our productivity, streamline our operations, extend our engagement with customers and expand our sources of revenue. Our internal technology incubator, the BIG Fund, has been a terrific source of innovation ideas from within the company and we are actively engaging in proof-of-concept initiatives for several high-potential projects."
Other Notable Events:
•On October 30, 2025, the Company executed a second amendment to its revolving credit facility increasing the maximum amount available to $210.0 million. In connection with the amendment, Bowman expanded its banking syndicate to include Bank of America, TD Bank and PNC Bank.
•Bowman acquired the assets of Sierra Overhead Analytics and technology affiliate ORCaS, expanding its energy practice and digital services portfolio
•Bowman acquired Lazen Power Engineering, adding high-voltage overhead transmission line design capabilities to its power and utility practice
Non-GAAP Adjusted Earnings per Share3
In connection with the release of financial results, the Company reported the non-GAAP financial metric of Adjusted Earnings per Share as follows:
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
Adjusted Earnings Per Share (Non-GAAP)
2025
2024
2025
2024
Basic
$0.63
$0.31
$1.26
$0.49
Diluted
$0.61
$0.30
$1.23
$0.48
Fiscal Year 2025 Guidance and Introducing 2026 Guidance
Bowman reaffirmed guidance for fiscal year 2025:
Date Issued
Net Revenue
Adjusted EBITDA
August 2025
$430 - $442 MM
$71 - $77 MM
The table below shows Bowman’s guidance for fiscal year 2026:
Date Issued
Net Revenue
Adjusted EBITDA Margin
November 2025
$465 - $480 MM
17.0% - 17.5%
The current outlook for 2025 is based on completed and definitively contracted acquisitions as of the date of this release. Guidance for 2025 and 2026 do not include contributions from future acquisitions.
Conference Call Information
Bowman will host a conference call to discuss financial results tomorrow morning, November 6, 2025, at 9:00 a.m. ET. Access to a live webcast is available through the Investor Relations section of the Company’s website at investors.bowman.com.



About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national engineering services firm offering infrastructure engineering, technical services and project management solutions to owners and operators of the built environment. With over 2,500 employees and 100 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.
1 Non-GAAP financial metric the Company believes offers valuable perspective on results of operations (see non-GAAP tables below for reconciliations).
2 Organic growth for the three months ended 09/30/25 excludes revenue from acquisitions completed after September 30, 2024. Year over year growth rates only reflect revenue realized post-acquisition.
3 Basic Adjusted EPS and Diluted Adjusted EPS are all non-GAAP financial metrics the Company believes offer valuable perspectives on results of operations (see non-GAAP tables below for reconciliations). Adjusted EPS (Basic and Diluted) include addbacks for non-reoccurring expenses specific to acquisitions, non-cash stock compensation expense associated with pre-IPO grants, and other expenses not in the ordinary course of business. With respect to the elimination of any non-cash stock compensation expense, the Company computes an adjusted tax expense or benefit which accounts for the elimination of any periodic windfall or shortfall tax effects resulting from the difference between grant date fair value and vest date value. With respect to all other eliminations, the Company applies its average marginal statutory tax rate, currently 25.8%, to derive the tax adjustment associated with the elimination of expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is included with this press release for reference.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Investor Relations Contact:
Betsy Patterson
ir@bowman.com




BOWMAN CONSULTING GROUP LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except per share data)

September 30,
2025
December 31,
2024
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents
$    16,221    
$    6,698    
Accounts receivable, net
    123,469    
    105,105    
Contract assets
    56,652    
    43,369    
Notes receivable, current portion
    903    
    -    
Notes receivable - officers, employees, affiliates, current portion
    19    
    1,889    
Prepaid and other current assets
    19,592    
    19,560    
Total current assets
    216,856    
    176,621    
Non-Current Assets
Property and equipment, net
    46,181    
    42,011    
Operating lease, right-of-use assets
    43,468    
    42,085    
Goodwill
    137,350    
    134,653    
Notes receivable, less current portion
    -    
    903    
Notes receivable - officers, employees, affiliates, less current portion
    1,108    
    638    
Other intangible assets, net
    60,670    
    65,409    
Deferred tax asset, net
    3,111    
    42,040    
Other assets
    1,432    
    1,521    
Total Assets
$    510,176    
$    505,881    
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Revolving credit facility
    57,000    
    37,000    
Accounts payable and accrued liabilities, current portion
    55,972    
    51,626    
Contract liabilities
    14,850    
    7,905    
Notes payable, current portion
    14,218    
    17,075    
Operating lease obligation, current portion
    11,441    
    10,979    
Finance lease obligation, current portion
    13,518    
    10,394    
Total current liabilities
    166,999    
    134,979    
Non-Current Liabilities
Other non-current obligations
    1,636    
    45,079    
Notes payable, less current portion
    15,205    
    19,992    
Operating lease obligation, less current portion
    38,614    
    37,058    
Finance lease obligation, less current portion
    21,222    
    17,940    
Pension and post-retirement obligation, less current portion
    4,695    
    4,718    
Total liabilities
$    248,371    
$    259,766    
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024
    -    
    -    
Common stock, $0.01 par value; 30,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 21,832,454 shares issued and 17,354,202 outstanding, and 21,281,247 shares issued and 17,382,138 outstanding as of September 30, 2025 and December 31, 2024, respectively
    218    
    213    
Additional paid-in-capital
    347,649    
    329,073    
Accumulated other comprehensive income
    1,049    
    1,146    
Treasury stock, at cost; 4,478,252 and 3,899,109 shares, respectively
    (74,608)
    (60,901)
Stock subscription notes receivable
    —    
    (30)
Accumulated deficit
    (12,503)
    (23,386)
Total shareholders' equity
$    261,805    
$    246,115    
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$    510,176    
$    505,881    





BOWMAN CONSULTING GROUP LTD.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands except per share data)
(Unaudited)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2025
2024
2025
2024
Gross Contract Revenue
$    126,033    
$    113,932    
$    361,054    
$    313,341    
Contract costs: (exclusive of depreciation and amortization below)
Direct payroll costs
    45,163    
    41,713    
    129,548    
    118,471    
Sub-consultants and expenses
    13,946    
    12,569    
    40,917    
    32,308    
Total contract costs
    59,109    
    54,282    
    170,465    
    150,779    
Operating Expenses:
Selling, general and administrative
    55,174    
    51,903    
    155,418    
    145,795    
Depreciation and amortization
    6,887    
    7,395    
    19,952    
    20,572    
Gain on sale of assets, net
    (429)
    (81)
    (253)
    (393)
Total operating expenses
    61,632    
    59,217    
    175,117    
    165,974    
Income (loss) from operations
    5,292    
    433    
    15,472    
    (3,412)
Other expense
    2,018    
    1,572    
    5,764    
    6,000    
Income (loss) before tax benefit
    3,274    
    (1,139)
    9,708    
    (9,412)
Income tax benefit
    (3,344)
    (1,910)
    (1,175)
    (6,543)
Net income (loss)
$    6,618    
$    771    
$    10,883    
$    (2,869)
Earnings allocated to non-vested shares
    303    
    53    
    539    
    –    
Net income (loss) attributable to common shareholders
$    6,315    
$    718    
$    10,344    
$    (2,869)
Earnings (loss) per share
Basic
$    0.38    
$    0.04    
$    0.63    
$    (0.18)
Diluted
$    0.37    
$    0.04    
$    0.62    
$    (0.18)
Weighted average shares outstanding:
Basic
16,471,145
16,537,472
16,387,590
15,559,279
Diluted
16,981,877
16,835,337
16,756,227
15,559,279




















BOWMAN CONSULTING GROUP LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
For the Nine Months Ended September 30,
2025
2024
Cash Flows from Operating Activities:
Net income (loss)
$    10,883    
$    (2,869)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization - property, plant and equipment
    12,466    
    9,722    
Amortization of intangible assets
    7,486    
    10,850    
Gain on sale of assets
    (387)
    (393)
Credit losses
    1,233    
    1,043    
Stock based compensation
    14,185    
    20,272    
Deferred taxes
    38,929    
    (18,351)
Accretion of discounts on notes payable
    990    
    486    
Other
    (35)
    –    
Changes in operating assets and liabilities
Accounts receivable
    (18,938)
    (10,830)
Contract assets
    (12,757)
    (5,229)
Prepaid expenses and other assets
    1,318    
    2,909    
Accounts payable and accrued expenses
    (35,438)
    6,438    
Contract liabilities
    6,536    
    (1,666)
Net cash provided by operating activities
    26,471    
    12,382    
Cash Flows from Investing Activities:
Purchases of property and equipment
    (1,176)
    (819)
Fixed assets converted to lease financing
    –    
    17    
Proceeds from sale of assets and disposal of leases
    530    
    399    
Payments received under loans to shareholders
    –    
    61    
Proceeds from notes receivable
    1,152    
    –    
Acquisitions of businesses, net of cash acquired
    (1,961)
    (23,327)
Collections under stock subscription notes receivable
    28    
    33    
Net cash used in investing activities
    (1,427)
    (23,636)
Cash Flows from Financing Activities:
Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs
    –    
    47,151    
Borrowings (Repayments) under revolving credit facility
    20,000    
    (12,958)
Repayments under fixed line of credit
    –    
    (345)
Proceeds from notes payable
    –    
    6,209    
Repayment under notes payable
    (12,642)
    (10,951)
Proceeds from finance leases
    –    
    4,567    
Payments on finance leases
    (9,155)
    (6,462)
Payment of contingent consideration from acquisitions
    (1,361)
    (1,357)
Payments for purchase of treasury stock
    (4,250)
    (11,130)
Repurchases of common stock
    (9,458)
    (13,950)
Proceeds from issuance of common stock
    1,345    
    1,453    
Net cash (used in) provided by financing activities
    (15,521)
    2,227    
Net increase (decrease) in cash and cash equivalents
    9,523    
    (9,027)
Cash and cash equivalents, beginning of period
    6,698    
    20,687    
Cash and cash equivalents, end of period
$    16,221    
$    11,660    
Supplemental disclosures of cash flow information:
Cash paid for interest
$    5,219    
$    5,073    
Cash paid for income taxes
$    1,719    
$    7,792    
Non-cash investing and financing activities
Property and equipment acquired under finance lease
$    (15,625)
$    (9,558)
Note payable converted to common shares
$    (1,790)
$    (3,368)
Issuance of notes payable for acquisitions
$    (4,121)
    (15,291)
Issuance of contingent considerations
$    –    
    (1,722)
Settlement of contingent consideration
$    3,004    
    1,202    




BOWMAN CONSULTING GROUP LTD.
RECONCILIATION OF EPS TO ADJUSTED EPS
(Amounts in thousands except per share data)

For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025
2024
2025
2024
Net income (loss) (GAAP)
$    6,618    
$    771    
$    10,883    
$    (2,869)
   + income tax benefit (GAAP)
    (3,344)
    (1,910)
    (1,175)
    (6,543)
Income (loss) before tax expense (GAAP)
$    3,274    
$    (1,139)
$    9,708    
$    (9,412)
+ acquisition related expenses
    644    
    1,064    
    2,388    
    4,349    
+ amortization of intangibles
    2,353    
    3,696    
    7,486    
    10,850    
+ non-cash stock comp related to pre-IPO
    169    
    796    
    993    
    3,473    
+ other non-core expenses
    1,286    
    1,954    
    1,616    
    2,767    
Adjusted income before tax expense
$    7,726    
$    6,371    
$    22,191    
$    12,027    
Adjusted income tax expense (benefit)
    (3,142)
    858    
    515    
    3,791    
Adjusted net income
$    10,868    
$    5,513    
$    21,676    
$    8,236    
Adjusted earnings allocated to non-vested shares
    521    
    381    
    1,074    
    650    
Adjusted net income attributable to common shareholders
$    10,347    
$    5,132    
$    20,602    
$    7,586    
Earnings (loss) per share (GAAP)
Basic
$    0.38    
$    0.04    
$    0.63    
$    (0.18)
Diluted
$    0.37    
$    0.04    
$    0.62    
$    (0.18)
Adjusted earnings per share (Non-GAAP)
Basic
$    0.63    
$    0.31    
$    1.26    
$    0.49    
Diluted
$    0.61    
$    0.30    
$    1.23    
$    0.48    
Weighted average shares outstanding
Basic
    16,471,145    
    16,537,472    
    16,387,590    
    15,559,279    
Diluted
    16,891,877    
    16,835,337    
    16,756,227    
    15,904,025    
Basic Adjusted Earnings Per Share Summary - Non-GAAP
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025
2024
2025
2024
Income (loss) per share (GAAP)
$    0.38    
$    0.04    
$    0.63    
$    (0.18)
Pre-tax basic per share adjustments
$    0.09    
$    0.35    
$    0.72    
$    0.95    
Adjusted earnings per share before tax expense
$    0.47    
$    0.39    
$    1.35    
$    0.77    
Income tax expense (benefit) per share adjustment
$    (0.19)
$    0.05    
$    0.03    
$    0.24    
Adjusted earnings per share - adjusted net income
$    0.66    
$    0.34    
$    1.32    
$    0.53    
Adjusted earnings per share allocated to non-vested shares
$    0.03    
$    0.03    
$    0.06    
$    0.04    
Adjusted earnings per share attributable to common shareholders
$    0.63    
$    0.31    
$    1.26    
$    0.49    
Diluted Adjusted Earnings Per Share Summary - Non-GAAP
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025
2024
2025
2024
Income (loss) per share (GAAP)
$    0.37    
$    0.04    
$    0.62    
$    (0.18)
Pre-tax diluted per share adjustments
$    0.09    
$    0.34    
$    0.70    
$    0.94    
Adjusted earnings per share before tax expense
$    0.46    
$    0.38    
$    1.32    
$    0.76    
Income tax expense (benefit) per share adjustment
$    (0.19)
$    0.05    
$    0.03    
$    0.24    
Adjusted earnings per share - adjusted net income
$    0.65    
$    0.33    
$    1.29    
$    0.52    
Adjusted earnings per share allocated to non-vested shares
$    0.04    
$    0.03    
$    0.06    
$    0.04    
Adjusted earnings per share attributable to common shareholders
$    0.61    
$    0.30    
$    1.23    
$    0.48    


BOWMAN CONSULTING GROUP LTD.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands except per share data)

Condensed Combined Statement of Operations Reconciliation
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025
2024
2025
2024
Gross contract revenue
$    126,033
$    113,932
$    361,054
$    313,341
Contract costs (exclusive of depreciation and amortization)
    59,109
    54,282
    170,465
    150,779
Operating expense
    61,632
    59,217
    175,117
    165,974
Income (loss) from operations
    5,292
    433
    15,472
    (3,412)
Other expense
    2,018
    1,572
    5,764
    6,000
Income tax benefit
    (3,344)
    (1,910)
    (1,175)
    (6,543)
Net income (loss)
$    6,618
$    771
$    10,883
$    (2,869)
Net margin
    5.3    %
    0.7    %
    3.0    %
    (0.9)    %
Other financial information 1
Net service billing
$    112,087
$    101,363
$    320,137
$    281,033
Adjusted EBITDA
    18,288
    16,970
    52,995
    42,511
Adjusted EBITDA margin, net
    16.3    %
    16.7    %
    16.6    %
    15.1    %
Gross Contract Revenue to Net Service Billing Reconciliation
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025
2024
2025
2024
Gross contract revenue
$    126,033
$    113,932
$    361,054
$    313,341
Less: sub-consultants and other direct expenses
    13,946
    12,569
    40,917
    32,308
Net service billing
$    112,087
$    101,363
$    320,137
$    281,033
Adjusted EBITDA Reconciliation
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025
2024
2025
2024
Net Service Billing
$    112,087
$    101,363
$    320,137
$    281,033
Net income (loss)
$    6,618
$    771
$    10,883
$    (2,869)
+ interest expense
    2,242
    1,938
    6,614
    5,844
+ depreciation & amortization
    6,887
    7,395
    19,952
    20,572
+ income tax benefit
    (3,344)
    (1,910)
    (1,175)
    (6,543)
EBITDA
$    12,403
$    8,194
$    36,274
$    17,004
 + non-cash stock compensation
    4,508
    6,448
    14,242
    20,386
+ settlements and other non-core expenses
    1,286
    1,954
    1,616
    2,767
 + acquisition expenses
    91
    374
    863
    2,354
Adjusted EBITDA
$    18,288
$    16,970
$    52,995
$    42,511
Adjusted EBITDA margin, net
    16.3    %
    16.7    %
    16.6    %
    15.1    %

1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.




BOWMAN CONSULTING GROUP LTD.
GROSS CONTRACT REVENUE COMPOSITION
(Unaudited)

(dollars in thousands)
For the Three Months Ended September 30,
Consolidated Gross Revenue
2025%
2024%
Change
% Change
Building Infrastructure1
    56,845    
    45.1    %
    52,555    
    46.1    %
    4,290    
    8.2    %
Transportation
    26,262    
    20.8    %
    21,851    
    19.2    %
    4,411    
    20.2    %
Power and Utilities1
    27,583    
    21.9    %
    23,660    
    20.8    %
    3,923    
    16.6    %
Natural Resources & Imaging2
    15,343    
    12.2    %
    15,866    
    13.9    %
    (523)
    (3.3)    %
Total
    126,033    
    100.0    %
    113,932    
    100.0    %
    12,101    
    10.6    %
Acquired3
    4,403    
    3.5    %
    23,332    
    20.5    %
    (18,929)
    (81.1)    %
(dollars in thousands)
For the Nine Months Ended September 30,
Consolidated Gross Revenue
2025%
2024%
Change
% Change
Building Infrastructure1
    165,430    
    45.8    %
    155,245    
    49.5    %
    10,185    
    6.6    %
Transportation
    74,610    
    20.7    %
    60,145    
    19.2    %
    14,465    
    24.1    %
Power and Utilities1
    79,736    
    22.1    %
    66,693    
    21.3    %
    13,043    
    19.6    %
Natural Resources & Imaging2
    41,278    
    11.4    %
    31,258    
    10.0    %
    10,020    
    32.1    %
Total
    361,054    
    100.0    %
    313,341    
    100.0    %
    47,713    
    15.2    %
Acquired3
    10,107    
    2.8    %
    49,767    
    15.9    %
    (39,660)
    (79.7)    %


1 Includes periodic reclassifications of revenue between categories from prior periods for consistency of presentation. For the three and nine months ended September 30, 2024, $3.7 million and $10.5 million, respectively, of data center revenue were reclassified from Building Infrastructure to Power & Utilities.

2 Formerly Emerging Markets which represents environmental, mining, water resources, imaging and mapping, and other.

3 Acquired revenue in prior periods as previously reported; four quarters post-closing, acquired revenue is thereafter reclassified as organic for the purpose of calculating organic growth rates.























BOWMAN CONSULTING GROUP LTD.
ORGANIC GROWTH ANALYSIS
(Unaudited)
For the Three Months Ended September 30,
(dollars in thousands)
2025%
2024%
Change
Organic +/-
Gross Revenue, Organic
    121,629    
    100.0    %
    113,932    
    100.0    %
    7,697    
    6.8    %
Building Infrastructure
    55,678    
    45.8    %
    52,555    
    46.1    %
    3,123    
    5.9    %
Transportation
    23,943    
    19.7    %
    21,851    
    19.2    %
    2,092    
    9.6    %
Power and Utilities
    26,697    
    21.9    %
    23,660    
    20.8    %
    3,037    
    12.8    %
Natural Resources & Imaging
    15,311    
    12.6    %
    15,866    
    13.9    %
    (555)
    (3.5)    %
For the Nine Months Ended September 30,
(dollars in thousands)
2025%
2024%
Change
Organic +/-
Gross Revenue, Organic
    350,947    
    100.0    %
    313,341    
    100.0    %
    37,606    
    12.0    %
Building Infrastructure
    163,008    
    46.5    %
    155,245    
    49.5    %
    7,763    
    5.0    %
Transportation
    68,135    
    19.4    %
    60,145    
    19.2    %
    7,990    
    13.3    %
Power and Utilities
    78,577    
    22.4    %
    66,693    
    21.3    %
    11,884    
    17.8    %
Natural Resources & Imaging
    41,227    
    11.7    %
    31,258    
    10.0    %
    9,969    
    31.9    %
For the Three Months Ended September 30,
(dollars in thousands)
2025%
2024%
Change
Organic +/-
Net Revenue, Organic
    108,036    
    100.0    %
    101,376    
    100.0    %
    6,660    
    6.6    %
Building Infrastructure
    51,782    
    47.9    %
    49,111    
    48.5    %
    2,671    
    5.4    %
Transportation
    18,980    
    17.6    %
    17,052    
    16.8    %
    1,928    
    11.3    %
Power and Utilities
    24,122    
    22.3    %
    22,143    
    21.8    %
    1,979    
    8.9    %
Natural Resources & Imaging
    13,152    
    12.2    %
    13,070    
    12.9    %
    82    
    0.6    %
For the Nine Months Ended September 30,
(dollars in thousands)
2025%
2024%
Change
Organic +/-
Net Revenue, Organic
    310,828    
    100.0    %
    281,033    
    100.0    %
    29,795    
    10.6    %
Building Infrastructure
    150,060    
    48.3    %
    143,716    
    51.1    %
    6,344    
    4.4    %
Transportation
    55,029    
    17.7    %
    47,393    
    16.9    %
    7,636    
    16.1    %
Power and Utilities
    71,402    
    23.0    %
    62,848    
    22.4    %
    8,554    
    13.6    %
Natural Resources & Imaging
    34,337    
    11.0    %
    27,076    
    9.6    %
    7,261    
    26.8    %














BOWMAN CONSULTING GROUP LTD.
GROSS BACKLOG BY CATEGORY AT SEPTEMBER 30, 2025
(Unaudited)

Category
Percentage
Building Infrastructure1
    38    %
Transportation
    30    %
Power and Utilities1
    23    %
Natural Resources & Imaging
    9    %
TOTAL
    100    %

1 includes reclassification of data center effective June 30, 2025.