Bowman Reports Results for Fourth Quarter and Full Year 2025; Raises 2026 Guidance

About this update from Bowman Consulting Group Ltd.

RESTON, Va. , March 04, 2026 (GLOBE NEWSWIRE) -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced record financial results for the fourth quarter and full year ended December 31, 2025 . The company also raised net service billing guidance for 2026. “We delivered a record year in 2025,” said Gary Bowman , founder and CEO of Bowman. “Our focus on execution, organic growth and strategic acquisition is evident in our results. With double-digit growth of organic net service revenue, more than 100 basis point increase in adjusted EBITDA margin, improved cash conversion and the completion of several consequential acquisitions, we entered 2026 with strong momentum in the business and confidence in our markets. We're well positioned for another breakout year as we continue to build on our successes.” Fourth Quarter 2025 Compared to Fourth Quarter 2024 Financial Results: Gross contract revenue of $129.0 million compared to $113.2 million , a 14.0% increase Net service billing 1 of $114.6 million compared to $98.6 million , a 16.2% increase Organic net service billing 2 growth of 10.9% compared to 8.5% Net income of $2.0 million compared to $5.9 million 4 Basic and Diluted EPS of $0.11 compared to $0.34 and $0.33 respectively Adjusted EBITDA 1 of $19.9 million compared to $17.0 million , a 17.1% increase Adjusted EBITDA margin, net 1 of 17.3% compared to 17.2% Adjusted Basic and Diluted EPS of $0.46 and $0.45 compared to $0.72 and $0.71 respectively Full-Year 2025 Compared to Full-Year 2024 Financial Results: Gross contract revenue of $490.0 million compared to $426.6 million , a 14.9% increase Net service billing 1 of $434.8 million compared to $379.7 million , a 14.5% increase Organic net service billing 2 growth of 12.4% compared to 13.1% Net income of $12.8 million compared to $3.0 million Basic and Diluted EPS of $0.74 and $0.73 respectively compared to $0.18 and $0.17 respectively Adjusted EBITDA 1 of $72.9 million compared to $59.5 million , a 22.5% increase Adjusted EBITDA margin, net 1 of 16.8% compared to 15.7%, a 110-bps increase Adjusted Basic and Diluted EPS of $1.72 and $1.68 compared to $1.23 and $1.20 respectively Gross backlog of $479.1 million compared to $399.0 million , a 20.1% increase Notable Events: On December 8, 2025 , Bowman acquired RPT Alliance , a leading Houston -based designer of natural gas transmission and bridging power electrification infrastructure, significantly expanding Bowman’s power and utilities practice. On February 17, 2026 , Gary Bowman announced his plan to retire as CEO in 2026. The Company’s Board of Directors is conducting a formal search process that includes both internal and external candidates. Mr. Bowman expects to serve as Senior Advisor upon the appointment of his successor. On March 3, 2026 , the Company entered into a Third Amendment to Credit Agreement with its lenders. The amendment increased the maximum borrowing under the credit facility to $250 million from $210 million . In addition, certain other pricing conditions were modified to better reflect current market conditions. Share Repurchases: During the three months ending December 31, 2025 , the Company repurchased 272,885 shares of its common stock under its 2025 Share Repurchase Authorization at an average price of $34.25 for a total of $9.3 million . During the twelve months ending December 31, 2025 , the Company repurchased 683,448 shares of its common stock under its 2024 and 2025 Share Repurchase Authorizations at an average price of $27.51 for a total of $18.8 million . Subsequent to year end, through February 28, 2026 , the Company repurchased 159,177 shares of its common stock under its 2025 Share Repurchase Authorization at an average price of $34.11 for a total of $5.4 million . CFO Commentary "We are entering 2026 with financial strength, continued margin expansion and improving cash generation,” said Bruce Labovitz , CFO of Bowman. “Our leverage is manageable and our access to efficient growth capital remains high as evidenced by our lenders increasing our revolving debt facility to $250 million . We expect 2026 will be an exciting year of investment in organic growth. The initiatives we are undertaking in technology and innovation are aimed at improving efficiency, empowering data-driven analytics and advancing long-term client engagement. Our financial goals for 2026 remain consistent – grow responsibly, invest prudently, operate profitably, improve internally generated cash flow and generate above-market returns to our shareholders. As we look ahead to our next long-range revenue milestone, we are confident in our capital foundation and optimistic about our future." Full Year 2026 Guidance Bowman raised net revenue guidance for full year 2026: Date Issued Net Revenue Adjusted EBITDA Margin November 2025 $465 - $480 MM 17.0% - 17.5% March 2026 $495 - $510 MM 17.0% - 17.5% The current outlook for 2026 is based on completed and definitively contracted acquisitions as of the date of this release and does not include contributions from future acquisitions. Conference Call Information Bowman will host a conference call to discuss financial results tomorrow morning, March 5, 2026 , at 9:00 a.m. ET . Access to a live webcast is available through the Investor Relations section of the Company’s website at https://investors.bowman.com/overview/default.aspx . 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 2,300 employees and 135 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 https://bowman.com/ or https://investors.bowman.com/overview/default.aspx . 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 12/31 /25 excludes revenue from acquisitions completed after December 31, 2025 . 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, t he 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 thi s press release for reference. 4 Prior period net income was impacted by a one-time $5.4 million tax benefit. 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 [email protected] BOWMAN CONSULTING GROUP LTD. CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data) December 31 , 2025 December 31 , 2024 ASSETS Current Assets Cash and cash equivalents $ 11,066 $ 6,698 Accounts receivable, net 130,634 105,105 Contract assets 53,512 43,369 Notes receivable - officers, employees, affiliates, current portion 13 1,889 Prepaid and other current assets 17,730 19,560 Total current assets 212,955 176,621 Non-Current Assets Property and equipment, net 49,206 42,011 Operating lease, right-of-use assets 45,822 42,085 Goodwill 173,579 134,653 Notes receivable, less current portion 903 903 Notes receivable - officers, employees, affiliates, less current portion 1,108 638 Other intangible assets, net 88,580 65,409 Deferred tax asset 5,822 42,040 Other assets 1,707 1,521 Total Assets $ 579,682 $ 505,881 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Revolving credit facility 95,350 37,000 Accounts payable and accrued liabilities, current portion 60,035 51,626 Contract liabilities 10,965 7,905 Notes payable, current portion 22,698 17,075 Operating lease obligation, current portion 11,951 10,979 Finance lease obligation, current portion 13,735 10,394 Total current liabilities 214,734 134,979 Non-Current Liabilities Other non-current obligations 377 45,079 Notes payable, less current portion 34,313 19,992 Operating lease obligation, less current portion 40,430 37,058 Finance lease obligation, less current portion 23,718 17,940 Pension and post-retirement obligation, less current portion 4,726 4,718 Deferred tax liability 279 - Total liabilities $ 318,577 $ 259,766 Shareholders' Equity Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024 - - Common stock, $0.01 par value; 30,000,000 shares authorized as of December 31, 2025 and December 31, 2024 ; 21,972,432 shares issued and 17,194,091 outstanding, and 21,281,247 shares issued and 17,382,138 outstanding as of December 31, 2025 and December 31, 2024 , respectively 220 213 Additional paid-in-capital 355,458 329,073 Accumulated other comprehensive income 895 1,146 Treasury stock, at cost; 4,778,341 and 3,899,109 shares, respectively (84,931 ) (60,901 ) Stock subscription notes receivable - (30 ) Accumulated deficit (10,537 ) (23,386 ) Total shareholders' equity $ 261,105 $ 246,115 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 579,682 $ 505,881 BOWMAN CONSULTING GROUP LTD. CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) For the Three Months Ended December 31 , For the Twelve Months Ended December 31 , 2025 2024 2025 2024 Gross Contract Revenue $ 128,964 $ 113,224 $ 490,017 $ 426,564 Contract costs: (exclusive of depreciation and amortization below) Direct payroll costs 43,718 38,446 173,242 156,866 Sub-consultants and expenses 14,316 14,602 55,234 46,895 Total contract costs 58,034 53,048 228,476 203,761 Operating Expenses: Selling, general and administrative 59,622 51,591 215,062 197,452 Depreciation and amortization 7,608 7,256 27,559 27,828 (Gain) on sale of assets, net (488 ) (84 ) (740 ) (477 ) Total operating expenses 66,742 58,763 241,881 224,803 Income (loss) from operations 4,188 1,413 19,660 (2,000 ) Other expense 2,738 946 8,502 6,946 Income (loss) before tax benefit 1,450 467 11,158 (8,946 ) Income tax benefit (516 ) (5,437 ) (1,691 ) (11,980 ) Net income $ 1,966 $ 5,904 $ 12,849 $ 3,034 Earnings allocated to non-vested shares 88 396 621 230 Net income attributable to common shareholders $ 1,878 $ 5,508 $ 12,228 $ 2,804 Earnings per share Basic $ 0.11 $ 0.34 $ 0.74 $ 0.18 Diluted $ 0.11 $ 0.33 $ 0.73 $ 0.17 Weighted average shares outstanding: Basic 16,494,423 16,345,248 16,414,804 15,754,344 Diluted 16,875,942 16,696,194 16,747,198 16,132,023 BOWMAN CONSULTING GROUP LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) For the Twelve Months Ended December 31 , 2025 2024 Cash Flows from Operating Activities: Net income $ 12,849 $ 3,034 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - property, plant and equipment 17,204 14,463 Amortization of intangible assets 10,347 13,982 Gain on sale of assets (909 ) (477 ) Credit losses 1,646 1,552 Stock based compensation 18,751 25,727 Deferred taxes 36,497 (20,005 ) Accretion of discounts on notes payable 1,091 483 Changes in operating assets and liabilities Accounts receivable (23,074 ) (9,282 ) Contract assets (8,849 ) (4,068 ) Prepaid expenses and other assets 3,226 (5,702 ) Accounts payable and accrued expenses (33,675 ) 7,647 Contract liabilities 723 (3,053 ) Net cash provided by operating activities 35,827 24,301 Cash Flows from Investing Activities: Purchases of property and equipment (2,393 ) (626 ) Proceeds from sale of assets and disposal of leases 1,028 478 Payments received under loans to shareholders – 11 Payments received under notes receivable 1,152 – Capitalized internal-use software development costs (370 ) – Purchases of intangible assets – (2,925 ) Acquisitions of businesses, net of cash acquired (35,207 ) (24,450 ) Collections under stock subscription notes receivable 30 46 Net cash used in investing activities (35,760 ) (27,466 ) 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 58,350 (8,290 ) Repayments under fixed line of credit – (345 ) Proceeds from notes payable – 6,209 Repayment under notes payable (17,627 ) (16,267 ) Proceeds from finance leases – 4,569 Payments on finance leases (12,808 ) (9,010 ) Payment of contingent consideration from acquisitions (1,383 ) (2,299 ) Payments for purchase of treasury stock (5,224 ) (11,143 ) Repurchases of common stock (18,806 ) (23,348 ) Proceeds from issuance of common stock 1,799 1,949 Net cash provided by (used in) financing activities 4,301 (10,824 ) Net increase (decrease) in cash and cash equivalents 4,368 (13,989 ) Cash and cash equivalents, beginning of period 6,698 20,687 Cash and cash equivalents, end of period $ 11,066 $ 6,698 Supplemental disclosures of cash flow information: Cash paid for interest $ 7,712 $ 6,555 Cash paid for income taxes $ 702 $ 8,454 Non-cash investing and financing activities Property and equipment acquired under finance lease $ (22,302 ) $ (11,851 ) Note payable converted to common shares $ (1,790 ) $ (3,368 ) Issuance of notes payable for acquisitions $ (36,536 ) (21,625 ) Issuance of contingent considerations $ – (2,030 ) Settlement of contingent consideration $ 3,004 1,868 BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data) For the Three Months Ended December 31 , For the Twelve Months Ended December 31 , 2025 2024 2025 2024 Net income (GAAP) $ 1,966 $ 5,904 $ 12,849 $ 3,034 + income tax benefit (GAAP) (516 ) (5,437 ) (1,691 ) (11,980 ) Income (loss) before tax expense (GAAP) $ 1,450 $ 467 $ 11,158 $ (8,946 ) + acquisition related expenses 862 2,078 3,251 6,426 + amortization of intangibles 2,861 3,133 10,347 13,982 + non-cash stock comp related to pre-IPO 169 907 1,162 4,381 + other non-core expenses 3,289 234 4,905 3,000 Adjusted income before tax expense $ 8,631 $ 6,819 $ 30,823 $ 18,843 Adjusted income tax expense (benefit) 697 (5,904 ) 1,212 (2,113 ) Adjusted net income $ 7,934 $ 12,723 $ 29,611 $ 20,956 Adjusted earnings allocated to non-vested shares 357 940 1,431 1,590 Adjusted net income attributable to common shareholders $ 7,577 $ 11,783 $ 28,180 $ 19,366 Earnings per share (GAAP) Basic $ 0.11 $ 0.34 $ 0.74 $ 0.18 Diluted $ 0.11 $ 0.33 $ 0.73 $ 0.17 Adjusted earnings per share (Non-GAAP) Basic $ 0.46 $ 0.72 $ 1.72 $ 1.23 Diluted $ 0.45 $ 0.71 $ 1.68 $ 1.20 Weighted average shares outstanding Basic 16,494,423 16,345,248 16,414,804 15,754,344 Diluted 16,875,942 16,696,194 16,747,198 16,132,023 Basic Adjusted Earnings Per Share Summary - Non-GAAP For the Three Months Ended December 31 , For the Twelve Months Ended December 31 , 2025 2024 2025 2024 Earnings per share (GAAP) $ 0.11 $ 0.34 $ 0.74 $ 0.18 Pre-tax basic per share adjustments $ 0.41 $ 0.08 $ 1.14 $ 1.03 Adjusted earnings per share before tax expense $ 0.52 $ 0.42 $ 1.88 $ 1.21 Income tax expense (benefit) per share adjustment $ 0.04 $ (0.36 ) $ 0.07 $ (0.13 ) Adjusted earnings per share - adjusted net income $ 0.48 $ 0.78 $ 1.81 $ 1.34 Adjusted earnings per share allocated to non-vested shares $ 0.02 $ 0.06 $ 0.09 $ 0.11 Adjusted earnings per share attributable to common shareholders $ 0.46 $ 0.72 $ 1.72 $ 1.23 Diluted Adjusted Earnings Per Share Summary - Non-GAAP For the Three Months Ended December 31 , For the Twelve Months Ended December 31 , 2025 2024 2025 2024 Earnings per share (GAAP) $ 0.11 $ 0.33 $ 0.73 $ 0.17 Pre-tax diluted per share adjustments $ 0.40 $ 0.08 $ 1.11 $ 1.00 Adjusted earnings per share before tax expense $ 0.51 $ 0.41 $ 1.84 $ 1.17 Income tax expense (benefit) per share adjustment $ 0.04 $ (0.35 ) $ 0.07 $ (0.13 ) Adjusted earnings per share - adjusted net income $ 0.47 $ 0.76 $ 1.77 $ 1.30 Adjusted earnings per share allocated to non-vested shares $ 0.02 $ 0.05 $ 0.09 $ 0.10 Adjusted earnings per share attributable to common shareholders $ 0.45 $ 0.71 $ 1.68 $ 1.20 BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands except per share data) Combined Statement of Operations Reconciliation For the Three Months Ended December 31 , For the Twelve Months Ended December 31 , 2025 2024 2025 2024 Gross contract revenue $ 128,964 $ 113,224 $ 490,017 $ 426,564 Contract costs (exclusive of depreciation and amortization) 58,034 53,048 228,476 203,761 Operating expense 66,742 58,763 241,881 224,803 Income (loss) from operations 4,188 1,413 19,660 (2,000 ) Other expense 2,738 946 8,502 6,946 Income tax benefit (516 ) (5,437 ) (1,691 ) (11,980 ) Net income $ 1,966 $ 5,904 $ 12,849 $ 3,034 Net margin 1.5 % 5.2 % 2.6 % 0.7 % Other financial information1 Net service billing $ 114,648 $ 98,622 $ 434,783 $ 379,669 Adjusted EBITDA 19,865 17,012 72,859 59,520 Adjusted EBITDA margin, net 17.3 % 17.2 % 16.8 % 15.7 % Gross Contract Revenue to Net Service Billing Reconciliation For the Three Months Ended December 31 , For the Twelve Months Ended December 31 , 2025 2024 2025 2024 Gross contract revenue $ 128,964 $ 113,224 $ 490,017 $ 426,564 Less: sub-consultants and other direct expenses 14,316 14,602 55,234 46,895 Net service billing $ 114,648 $ 98,622 $ 434,783 $ 379,669 Adjusted EBITDA Reconciliation For the Three Months Ended December 31 , For the Twelve Months Ended December 31 , 2025 2024 2025 2024 Net service billing $ 114,648 $ 98,622 $ 434,783 $ 379,669 Net income $ 1,966 $ 5,904 $ 12,849 $ 3,034 + interest expense 2,634 2,107 9,247 7,951 + depreciation & amortization 7,608 7,256 27,559 27,828 + income tax benefit (516 ) (5,437 ) (1,691 ) (11,980 ) EBITDA $ 11,692 $ 9,830 $ 47,964 $ 26,833 + non-cash stock compensation 4,568 5,455 18,810 25,841 + settlements and other non-core expenses 3,289 234 4,905 3,000 + acquisition expenses 316 1,493 1,180 3,846 Adjusted EBITDA $ 19,865 $ 17,012 $ 72,859 $ 59,520 Adjusted EBITDA margin, net 17.3 % 17.2 % 16.8 % 15.7 % 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 December 31 , Consolidated Gross Contract Revenue 2025 % 2024 % Change % Change Building Infrastructure1 54,804 42.5 % 49,955 44.1 % 4,849 9.7 % Transportation 29,099 22.6 % 27,476 24.3 % 1,623 5.9 % Power, Utilities & Energy1 30,104 23.3 % 22,854 20.2 % 7,250 31.7 % Natural Resources2 14,957 11.6 % 12,939 11.4 % 2,018 15.6 % Total 128,964 100.0 % 113,224 100.0 % 15,740 13.9 % Acquired 3 5,791 4.5 % 14,103 12.5 % (8,312 ) (58.9) % (dollars in thousands) For the Twelve Months Ended December 31 , Consolidated Gross Contract Revenue 2025 % 2024 % Change % Change Building Infrastructure1 220,233 44.9 % 205,075 48.0 % 15,158 7.4 % Transportation 103,709 21.2 % 87,746 20.6 % 15,963 18.2 % Power, Utilities & Energy1 109,841 22.4 % 89,547 21.0 % 20,294 22.7 % Natural Resources2 56,234 11.5 % 44,196 10.4 % 12,038 27.2 % Total 490,017 100.0 % 426,564 100.0 % 63,453 14.9 % Acquired 3 8,737 1.8 % 42,454 10.0 % (33,717 ) (79.4) % 1 Includes periodic reclassifications of revenue between categories from prior periods for consistency of presentation. For the three and twelve months ended December 31, 2024 , $4.1 million and $14.5 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 December 31 , (dollars in thousands) 2025 % 2024 % Change Organic +/- Gross Revenue, Organic 123,173 100.0 % 113,224 100.0 % 9,949 8.8 % Building Infrastructure 53,782 43.6 % 49,955 44.1 % 3,827 7.7 % Transportation 29,047 23.6 % 27,476 24.3 % 1,571 5.7 % Power, Utilities & Energy 25,486 20.7 % 22,854 20.2 % 2,632 11.5 % Natural Resources 14,858 12.1 % 12,939 11.4 % 1,919 14.8 % For the Twelve Months Ended December 31 , (dollars in thousands) 2025 % 2024 % Change Organic +/- Gross Revenue, Organic 481,280 100.0 % 426,564 100.0 % 54,716 12.8 % Building Infrastructure 217,141 45.1 % 205,075 48.0 % 12,066 5.9 % Transportation 103,633 21.5 % 87,746 20.6 % 15,887 18.1 % Power, Utilities & Energy 104,381 21.7 % 89,547 21.0 % 14,834 16.6 % Natural Resources 56,125 11.7 % 44,196 10.4 % 11,929 27.0 % For the Three Months Ended December 31 , (dollars in thousands) 2025 % 2024 % Change Organic +/- Net Revenue, Organic 109,332 100.0 % 98,622 100.0 % 10,710 10.9 % Building Infrastructure 50,387 46.1 % 46,107 46.7 % 4,280 9.3 % Transportation 22,956 21.0 % 21,682 22.0 % 1,274 5.9 % Power, Utilities & Energy 23,635 21.6 % 21,286 21.6 % 2,349 11.0 % Natural Resources 12,354 11.3 % 9,547 9.7 % 2,807 29.4 % For the Twelve Months Ended December 31 , (dollars in thousands) 2025 % 2024 % Change Organic +/- Net Revenue, Organic 426,774 100.0 % 379,669 100.0 % 47,105 12.4 % Building Infrastructure 200,804 47.1 % 189,839 50.0 % 10,965 5.8 % Transportation 83,907 19.7 % 69,074 18.2 % 14,833 21.5 % Power, Utilities & Energy 95,351 22.3 % 84,133 22.2 % 11,218 13.3 % Natural Resources 46,712 10.9 % 36,623 9.6 % 10,089 27.5 % BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT DECEMBER 31, 2025 ( Unaudited ) Category Percentage Building Infrastructure1 33 % Transportation 29 % Power, Utilities & Energy1 24 % Natural Resources 14 % TOTAL 100 % 1 includes reclassification of data center effective June 30, 2025 . Source: Bowman Consulting Group, Ltd.

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