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Dec 31, 2025
Bowman Q4 2025 Earnings Report
Bowman reported strong fourth quarter 2025 growth in net service billing and adjusted EBITDA, supported by expansion across infrastructure and utilities markets.
Key Takeaways
Bowman generated $128964000 in gross contract revenue during the fourth quarter of 2025, with net service billing of $114648000 and adjusted EBITDA of $19865000. Despite higher revenue and improved EBITDA, net income declined to $1966000 due to higher operating costs and interest expenses.
Gross contract revenue reached $128964000, increasing 14.0% year-over-year.
Net service billing totaled $114648000, up 16.2% compared with the prior year.
Adjusted EBITDA rose to $19865000 with a margin of 17.3%.
Net income declined to $1966000 while EPS came in at $0.11.
Revenue by Segment
Forward Guidance
Bowman raised its 2026 net revenue guidance reflecting continued strong demand for infrastructure engineering and consulting services and benefits from recent acquisitions.
Positive Outlook
- 2026 net revenue guidance increased to $495000000 to $510000000.
- Adjusted EBITDA margin expected between 17.0% and 17.5%.
- Strong backlog supports future revenue visibility.
- Strategic acquisitions expanding capabilities in power and utilities.
- Continued focus on organic growth and operational execution.
Challenges Ahead
- Net income declined year-over-year due to higher expenses.
- Interest expense increased alongside financing activities.
- Integration risks associated with acquisitions.
- Exposure to macroeconomic and infrastructure spending cycles.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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