Bowman achieves 19.7% revenue increase to $146.1 million

• Bowman reported Q2 2026 gross contract revenue of $146.1 million, up 19.7% year over year, with backlog rising 50.3%.
• Adjusted EBITDA increased 19.2% to $24.1 million, while net income declined to $2.5 million.
• Bowman agreed to be acquired by Bernhard Capital Partners for $43.00 per share in cash in a deal expected to close in late 2026 or early 2027.

Bowman (NASDAQ:BWMN) reported Q2 2026 gross contract revenue of $146.1 million, up 19.7% year over year, while net service billing increased 19.4% to $129 million.

The company’s backlog increased 50.3% to $658.7 million, reflecting higher contracted work, while organic net service billing growth reached 12.7% during the quarter.

Adjusted EBITDA increased to $24.1 million from $20.2 million a year earlier, maintaining an 18.7% margin, while net income declined to $2.5 million from $6.0 million and operating activities used $7.9 million of cash.

For the first half of 2026, Bowman reported revenue growth of 16% and adjusted EBITDA growth of 17.8%, but recorded a net loss of $1.2 million.

The company reaffirmed 2026 net revenue guidance of $520 million–$540 million and adjusted EBITDA margin guidance of 17.2%–17.7%.

Bowman also announced a definitive agreement to be acquired by Bernhard Capital Partners for $43 per share in cash, with closing expected in late 2026 or early 2027 subject to customary conditions.