Bowman Consulting Group Ltd. (BWMN) Earnings
Bowman Consulting Group Ltd. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.47. BWMN has beaten EPS estimates in 8 of its last 11 reported quarters (average surprise +31.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.21 | $0.14 | -33.3% | $106M | -7.3% |
| Mar 5, 2026 | $0.38 | $0.45 | +18.4% | $129M | -0.1% |
| Nov 5, 2025 | $0.38 | $0.61 | +60.5% | $126M | -2.4% |
| Mar 11, 2025 | $0.39 | $0.71 | +82.1% | $113M | +15.5% |
| Nov 7, 2024 | $0.26 | $0.34 | +30.8% | $114M | +13.8% |
| Mar 11, 2024 | $0.12 | $0.31 | +158.3% | $93M | +17.0% |
| Mar 9, 2023 | $0.15 | $0.10 | -33.3% | $76M | +19.5% |
| Nov 10, 2022 | $0.09 | $0.25 | +177.8% | $71M | -34.2% |
| Aug 11, 2022 | $0.08 | $0.03 | -62.5% | $62M | +29.1% |
| Mar 21, 2022 | $-0.08 | $-0.07 | +12.5% | $42M | +21.5% |
| Nov 10, 2021 | $0.01 | $0.03 | +200.0% | $40M | -57.3% |
| Aug 12, 2021 | — | $-0.00 | — | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Performance aspects: The company delivered double - digit growth in gross contract revenue, net service billing, and adjusted EBITDA. Backlog reached a record level, driven by organic execution and acquisition strategy. Growth was seen across diversified end markets with strong demand. - Technology and automation: The company is building proprietary tools based on inference and deterministic routines. These tools are focused on enhancing client engagement, assignment, and connectivity rather than leading to commoditization. - Market opportunities: Transportation has a strong position with substantial existing backlog coverage. In power and energy, end users are developing their own power solutions, and recent acquisitions have expanded the company's reach. In natural resources, there is a wide range of services, a large government contract award, and geospatial data collection upgrades have had an impact. Geospatial is a core service across all markets with 3D imaging and analytics being important.
Guidance
- The company raised its full - year 2026 net revenue guidance to a range of $520 to $540 million, expecting over 20% revenue growth for the year. - It expects the adjusted EBITDA margin to be between 17.25% and 17.75%. - For the revenue cadence, the remaining three quarters are expected to build on each other with consequential assignments ramping up in the second half, and the third quarter is expected to be at or near the midpoint of the second and fourth quarters.
Segment performance
First quarter gross contract revenue was $126.5 million, up 12% year - over - year. Net service billing was $114.2 million, up 14% year - over - year. The net to gross ratio was 90%. Power was the fastest - growing sector with 37% growth in gross revenue year - over - year. Transportation followed at 13%, natural resources at 6%, and building infrastructure at 1%. Organic net service billing growth was 6% year - over - year, with natural resources having 16% organic growth, transportation at 13%, power at 5%, and building infrastructure at 2%. Backlog reached a record level of over $650 million. Gross margin was 52%. Adjusted EBITDA was $16.8 million, up nearly 16% with a margin expanding to 14.7% year - over - year.
Analyst Q&A
Q: Any more details on the government contract, including revenue cadence and scale and capability drivers?
A: There is limited information that can be disclosed due to non - disclosure agreements associated with the award. However, it can be inferred that the contract will have a lower than average net to gross ratio and higher than average gross spread. The contract has a 36 - month term and a not - to - exceed value of about $177 million. The company is mobilizing for it and it is expected to have a consequential impact in the second half of the year and into next year.
Q: Confidence in margin improvement as the company invests for growth?
A: The company is confident that it will be able to deliver margins in excess of the guided range because incremental revenue will support a higher contribution margin. The revenue growth will lead to a margin - expanding exercise rather than a zero - sum game.
Q: What is the percentage of fixed - price contracts in the backlog?
A: There is a migration to a higher percentage of fixed - price contracts, although it is not dramatically changing but is a steady - state movement. Some industries are resistant to fixed - price contracts, but the company is driving contracting towards fixed - price where possible.
Q: Is there an increase in the permitting process to move projects along faster?
A: Generally, it is the same. There are some hints that people would like to move faster, but there has not been a material shift that makes the permitting move faster than it has been.
Q: Regarding the 6% organic net service billing growth, what is the contribution from pricing, new clients, and deeper penetrations of existing clients?
A: The organic growth is related to increased workload and not a function of pricing. The company expects to achieve over 20% organic growth this year, and the 6% growth is not unsustainable.
Q: What is the opportunity related to AI and H&A?
A: The company is building tools to make operations more efficient, both back office and front office. The focus is on the front office client engagement, assignment, and connectivity.
Q: Details on data center projects, backlog, and M&A?
A: There have been many data center projects, and the intersection with data centers is growing. The Smith & Associates acquisition adds talent and productive capability to an existing big client in the geography. The pipeline for M&A is robust, with a mix of large and small acquisitions. Valuations are steady, with more strategic targets having slightly higher multiples.