Quarterly ResultMay 5, 2026, 04:56 PM
Bowman Raises 2026 Guidance; Q1 Net Service Billing +14.1%
AI Summary
Bowman Consulting Group Ltd. announced strong first-quarter 2026 financial results, including a 14.1% increase in net service billing to $114.2 million and a 15.8% rise in Adjusted EBITDA to $16.8 million. The company reported record-setting backlog growth of 55.9% to $652.7 million and, as a result, raised its full-year 2026 net revenue guidance to $520-$540 million. Notable events included a $146.7 million contract modification with a U.S. government agency, an increase in revolving credit commitments, and the repurchase of $9.2 million in common stock.
Key Highlights
- Raised full-year 2026 net revenue guidance to $520-$540 million from $495-$510 million.
- Q1 2026 net service billing increased 14.1% to $114.2 million compared to $100.1 million in Q1 2025.
- Q1 2026 Adjusted EBITDA increased 15.8% to $16.8 million compared to $14.5 million in Q1 2025.
- Gross backlog grew 55.9% to $652.7 million compared to $418.8 million in Q1 2025.
- Executed a $146.7 million contract modification with a U.S. government agency.
- Increased maximum aggregate revolving credit commitments from $210.0 million to $250.0 million.
- Repurchased 288,098 shares of common stock for $9.2 million.
- Acquired Smith & Associates Land Surveying, LLC, adding $2.0 million of run-rate net service billing.