The guidance raise (+$25M midpoint) and record backlog (+55.9%) signal accelerating organic growth and margin expansion. Monitor the May 6 earnings call for details on the $146.7M government contract ramp and data center/power vertical momentum. The GAAP loss is non-cash (stock comp, amortization) and less relevant for valuation.
Price Chart
Executive Summary
Bowman Consulting reported Q1 2026 gross contract revenue of $126.5M (+12% YoY) and a GAAP net loss of $(3.7)M, wider than the $(1.7)M loss in Q1 2025. The company raised full-year 2026 net revenue guidance to $520M-$540M (from $495M-$510M in March), implying >20% growth, driven by record backlog of $652.7M (+55.9% YoY) and a $146.7M government contract modification. The stock will move on the guidance raise and backlog strength, partially offset by the GAAP loss and a miss vs consensus EPS.
Key Financial Metrics
Key Facts
- Gross contract revenue $126.5M, +12.0% YoY vs $112.9M
- Net loss $(3.7)M vs $(1.7)M in Q1 2025; GAAP EPS $(0.22) vs $(0.11)
- Adjusted EBITDA $16.8M, +15.8% YoY; Adjusted EPS $0.14 vs $0.07
- Gross backlog $652.7M, +55.9% YoY from $418.8M
- Raised FY2026 net revenue guidance to $520M-$540M from $495M-$510M
- Executed $146.7M contract modification with US government agency
- Repurchased 288,098 shares for $9.2M at avg $32.03/share
- Acquired Smith Associates Land Surveying on May 1, 2026
Financial Impact
FY2026 net revenue guidance raised $25M to $520M-$540M; backlog up 55.9% to $652.7M; Adjusted EBITDA margin guided to 17.2%-17.7%
Risk Factors
- GAAP net loss widening to $(3.7)M from $(1.7)M may concern short-term focused investors
- Organic net service billing growth slowed to 6.0% from 5.6% — below prior 10.6% nine-month pace
- Revolver drawn to $108.8M from $95.4M — leverage increasing to fund growth
- Guidance excludes future acquisitions; execution risk on M&A integration
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030749 |
| Document: bwmn-20260505.htm | 0001628280-26-030749 |
| Document: 0001628280-26-030749-index-headers.html | 0001628280-26-030749 |
| Document: 0001628280-26-030749-index.html | 0001628280-26-030749 |
| Document: 0001628280-26-030749.txt | 0001628280-26-030749 |
| 8-K Data (Synthetic) | 0001628280-26-030749 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | SC 13D/A | $42.83 | awaiting T+20 | — | $42.84 (+0.02%) |
Oct 14, 2026 12d ago | DEFA14A | $42.79 | awaiting T+20 | — | $42.84 (+0.12%) |
Oct 14, 2026 12d ago | DEFA14A | $42.79 | awaiting T+20 | — | $42.84 (+0.12%) |
Oct 5, 2026 21d ago | DEFM14A | $42.76 | awaiting T+20 | — | $42.84 (+0.19%) |
Sep 25, 2026 4w ago | PREM14A | $42.61 $42.85 | ▲ +0.56% | ▲ +0.59% | $42.84 (+0.54%) |
Sep 14, 2026 6w ago | DEFA14A | $42.46 $42.74 | ▲ +0.66% | ▼ −2.06% | $42.84 (+0.89%) |
Sep 14, 2026 6w ago | DEFA14A | $42.46 $42.74 | ▲ +0.66% | ▼ −2.06% | $42.84 (+0.89%) |
Sep 14, 2026 6w ago | DEFA14A | $42.46 $42.74 | ▲ +0.66% | ▼ −2.06% | $42.84 (+0.89%) |
Sep 14, 2026 6w ago | DEFA14A / 8-K | $42.43 $42.80 | ▲ +0.87% | ▼ −1.39% | $42.84 (+0.97%) |
Sep 14, 2026 6w ago | Press Release | $42.43 $42.80 | ▲ +0.87% | ▼ −1.39% | $42.84 (+0.97%) |
US Market Status
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