The combination of raised guidance, sustained organic growth, margin expansion, and strategic M&A suggests strong operational execution. Despite CEO transition risk, the fundamentals are robust. Traders should monitor execution on the elevated 2026 revenue target and integration of recent acquisitions.
Price Chart
Executive Summary
Bowman Consulting reported record full-year 2025 results with 14.5% growth in net service billing to $434.8M, 22.5% growth in Adjusted EBITDA to $72.9M, and a 110-bps margin expansion. The company raised its 2026 net revenue guidance to $495–510M from $465–480M, citing strong organic growth and acquisition momentum. However, Q4 GAAP net income dropped 66% YoY to $2.0M due to a prior-year tax benefit, though non-GAAP EPS remained solid.
Key Financial Metrics
Key Facts
- Full-year 2025 net service billing: $434.8M (+14.5% YoY), with organic growth of 12.4%
- Adjusted EBITDA: $72.9M (+22.5% YoY), margin expanded 110 bps to 16.8%
- Full-year GAAP EPS: $0.74 vs. $0.18 in 2024; adjusted EPS: $1.68 vs. $1.20
- Raised 2026 net revenue guidance to $495–510M (from $465–480M), maintaining 17.0–17.5% Adjusted EBITDA margin
- Completed RPT Alliance acquisition, expanding power and utilities practice
- Share repurchases totaled $18.8M in 2025; $5.4M post-year-end through Feb 28, 2026
- CEO Gary Bowman announced retirement in 2026; succession planning underway
Financial Impact
Revenue growth of $55.1M YoY with margin expansion and strong backlog growth of $80.1M (20.1%)
Risk Factors
- CEO succession risk — founder Gary Bowman retiring in 2026
- GAAP profitability in Q4 2025 was weak due to tax normalization; reliance on non-GAAP metrics
- Increased leverage from acquisitions — net debt rose significantly
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3249713 |
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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