Bowman Consulting Group Ltd. specializes in delivering a comprehensive suite of solutions for the real estate, energy, infrastructure, and environmental management sectors ...
Bowman Consulting Group Ltd. is a national engineering services firm headquartered in Reston, Virginia, founded in 1995 by Gary Bowman, who serves as its CEO. The company specializes in delivering infrastructure solutions for the built environment, with a focus on real estate, energy, and environmental management. Its services encompass civil ...Bowman Consulting Group Ltd. is a national engineering services firm headquartered in Reston, Virginia, founded in 1995 by Gary Bowman, who serves as its CEO. The company specializes in delivering infrastructure solutions for the built environment, with a focus on real estate, energy, and environmental management. Its services encompass civil and site engineering, environmental consulting, construction management, commissioning and energy efficiency, landscape architecture, land procurement, structural engineering, surveying, and MEP engineering. Bowman serves a diverse clientele including public and private sectors, with over 2,300 employees across more than 100 locations in the United States. The firm went public on NASDAQ in May 2021, and has since expanded through acquisitions and organic growth. Financially, Bowman generates annual revenues around $500 million, with a market capitalization near $476 million, showing consistent revenue growth. The company's profitability metrics indicate a net profit margin of about 2%, while maintaining a moderate debt-to-equity ratio of 1.0. Key leadership includes founder and CEO Gary Bowman, who has guided the company from a small five-person office to a publicly traded firm. Bowman emphasizes innovation and collaboration in delivering landmark projects that withstand the test of time. Its business model focuses on project-driven consulting services, generating recurring revenue through long-term client relationships and diverse service offerings. The company's commitment to safety, quality, and sustainability positions it well in the engineering and construction industry.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$490.0M
+14.9%
+15.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$12.2M
+336.1%
+167.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+47.7%
-8.6%
+17.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+3.9%
+923.5%
+79.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+2.5%
+279.6%
+158.3%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$33.4M
+41.2%
-267.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+6.8%
+22.9%
-245.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
56.2%
-8.0%
+10.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.99x
-24.2%
-3.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning. My name is Rivka, and I will be the conference operator today. At this time, I would like to welcome everyone to the Bowman Consulting Group First Quarter 2026 Conference Call. [Operator Instructions] Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in the company's filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and the company is not obligated to publicly update or revise those forward-looking statements. In addition, on today's call, the company will discuss certain non-GAAP financial information such as adjusted EBITDA, adjusted net income and net service billings. You can find this information together with the reconciliations to the most directly comparable GAAP information in the company's earnings press release filed with the SEC and on the company's Investor Relations website at investors.bowman.com. Management will deliver prepared remarks, after which they will take questions from research analysts. A replay of this call will be available on the company's Investor Relations website. Mr. Bowman, you may begin your prepared remarks.
Gary Bowman: Great. Thank you, Rivka. Good morning, everyone, and thank you for joining our first quarter 2026 earnings call. Bruce Labovitz, our CFO; and Dan Swayze, our Chief Operating Officer, are with me today. First, I'd like to welcome all Bowman employees on today's call, including those from Smith & Associates Land Surveying in Las Vegas, who are the newest members of the Bowman team. After my introductory remarks, I'll turn the call over to Bruce, who will cover our financial performance and technology initiatives. Dan will provide more detail on the opportunities we're seeing across our end markets. Now turning to the first quarter. From a performance standpoint, we delivered double-digit growth in gross contract revenue, net service billing and adjusted EBITDA. Our backlog reached a record level of over $650 million. These results were driven by both organic execution and continued contribution from our acquisition strategy. We saw growth across our diversified end markets. Demand remains robust, and we continue to benefit from markets where we have deep expertise, strong client relationships and increasingly integrated service delivery. Our capabilities are increasingly important in high barrier, high-demand sectors where our expertise, national scale and ability to self-perform work position us to win and execute consistently. All this reinforces what we're seeing in the business, strong demand, durable revenue streams and increasing opportunities to expand both organically and through targeted acquisitions. Based on our performance and outlook, we raised our full year 2026 guidance and now expect over 20% revenue growth for the year. For 2026, we expect net revenue to be in the range …
