10-Q · May 6, 2026
Bowman Consulting Group Ltd. reported mixed Q1 2026 results, with revenue of $126.5 million reflecting a 12.0% year-over-year increase; however, EPS came in at $0.14, missing expectations of $0.18. The company reported…
Earnings analysis · 10-Q
BWMN earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Bowman delivered strong top-line momentum in the quarter, with revenue of $146.125 million up approximately 15.9% sequentially and 19.8% year over year, while diluted EPS improved to $0.62 from $(0.22) in the prior…
Read full summary
Bowman delivered strong top-line momentum in the quarter, with revenue of $146.125 million up approximately 15.9% sequentially and 19.8% year over year, while diluted EPS improved to $0.62 from $(0.22) in the prior quarter. Full-year 2026 revenue guidance of $520 million-$540 million and net Adjusted EBITDA margin guidance of 17.2%-17.7% were maintained. The pending $43.00-per-share merger dominates the risk profile, with completion uncertainty, operating restrictions, and potential termination fees of up to $26.862 million offsetting the improved quarterly earnings trend.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.62
What stood out
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Revenue growth accelerated
Revenue increased to $146.125 million from $126 million in 2026 Q1 and $122 million in 2025 Q2, representing sequential growth of approximately 15.9% and year-over-year growth of approximately 19.8%.
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EPS rebounded sharply
Diluted EPS was $0.62 versus $(0.22) in 2026 Q1 and $0.34 in 2025 Q2, an improvement of $0.84 sequentially and $0.28 year over year.
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Full-year outlook maintained
The company reaffirmed full-year 2026 revenue guidance of $520 million-$540 million and net Adjusted EBITDA margin guidance of 17.2%-17.7%.
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No control deficiencies reported
Management reported that disclosure controls and procedures were effective at the reasonable-assurance level as of June 30, 2026, with no material change in internal control over financial reporting during the quarter.
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Debt exposure is largely identified
The Credit Agreement had $136.2 million outstanding as of June 30, 2026, and finance lease obligations were $39.8 million, with the latter bearing fixed interest rates.
What to watch
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Merger completion remains uncertain
The August 9, 2026 Merger Agreement may not close because it requires, among other conditions, approval by holders of a majority of outstanding voting shares and expiration or termination of applicable Hart-Scott-Rodino waiting periods. Failure to close could materially affect operations and the stock price.
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Potential termination fee
If the merger is terminated in specified circumstances, Bowman may owe Bernhard a $26.862 million termination fee, or a $13.431 million fee for certain Excluded Party circumstances, reducing cash available for general corporate purposes.
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Merger limits strategic flexibility
While the merger is pending, operating restrictions may limit actions including issuing shares, paying dividends, entering certain material contracts, incurring material debt, or pursuing acquisitions and joint ventures.
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Floating-rate debt sensitivity
The Credit Agreement carries rates tied to Term SOFR plus an applicable rate ranging from 5.93% to 8.05%; a one-percentage-point rate change would alter 2026 annual interest expense by approximately $1.4 million.
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Shareholders lose future upside
The merger requires all-cash consideration of $43.00 per share; if completed, shareholders would no longer participate in future appreciation of the Company.
Management's outlook
Full-year 2026 revenue guidance was reaffirmed at $520 million-$540 million and net Adjusted EBITDA margin guidance at 17.2%-17.7%; the outlook excludes future acquisitions.
Earlier filings 4
10-K · March 5, 2026
Bowman reported record 2025 gross contract revenue of $490,000,000 driven by both organic growth (up $54,700,000 or 12.8% vs. 2024) and acquisitions, leaving backlog near $479,000,000 (approximately 10,000 active…
10-Q · November 6, 2025
Bowman reported Q3 gross contract revenue of $126,033,000 (up $12,101,000 or ~10.6% vs Q3 2024) with operating income of $5,292,000 (operating margin 4.2%) and diluted EPS of $0.37. The company generated stronger…
10-Q · August 7, 2025
Bowman Consulting reported a strong quarter: gross contract revenue of $122,090,000 in Q2 2025, up from $104,501,000 in Q2 2024, with operating income of $9,044,000 versus an operating loss of $(1,235,000) a year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.