Bowman Consulting Group Ltd. reported a significant increase in financial performance for the second quarter of 2026, with gross contract revenue reaching $146.1 million, a 19.7% increase from $122.1 million in the same period last year. For the first half of 2026, the company generated $272.6 million in gross contract revenue, up 16.0% from $235.0 million in the first half of 2025. However, net income for the second quarter fell to $2.5 million from $6.0 million year-over-year, while the company recorded a net loss of $1.2 million for the first half of 2026, compared to a profit of $4.3 million in the prior year.
The company's operational costs also rose, with total contract costs increasing by 21.1% to $68.4 million in the second quarter, driven primarily by higher direct payroll costs, which rose by 20.8% to $51.2 million. Selling, general, and administrative expenses surged by 25.1% to $62.3 million, reflecting the company's investment in growth and increased headcount. Despite these rising costs, Bowman reported an Adjusted EBITDA of $24.1 million for the second quarter, a 19.2% increase from $20.2 million in the same quarter of 2025.
Bowman has been actively pursuing acquisitions as part of its growth strategy, completing one acquisition in the first half of 2026 for $1.5 million. The company has also made significant investments in technology to enhance operational efficiency, which management believes will lead to improved productivity and cost reductions in ongoing projects. As of June 30, 2026, the company reported a backlog of $658.7 million, a 37.5% increase from $479.1 million at the end of 2025, indicating strong future revenue potential.
In a strategic development, Bowman announced on August 9, 2026, that it has entered into a definitive agreement to be acquired by affiliates of Bernhard Capital Partners in an all-cash merger transaction valued at $43.00 per share. This merger is expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to customary closing conditions. The completion of this merger will result in Bowman becoming a privately held company, with its shares delisted from Nasdaq.
Looking ahead, Bowman remains focused on expanding its market presence and enhancing its service offerings, particularly in the power, utilities, and energy sectors, which have shown significant growth potential. The company is optimistic about its ability to navigate the challenges of rising operational costs and market conditions while leveraging its strategic initiatives to drive future growth.
About Bowman Consulting Group Ltd.
Bowman Consulting Group Ltd. is a professional services firm specializing in engineering, technology, and program management for the built environment. It offers planning, design, construction management, environmental consulting, surveying, and land procurement across diverse markets including transportation, utilities, renewable energy, building infrastructure, water resources, and mining. Serving public and private clients, Bowman leverages technology and a broad geographic footprint to deliver integrated, multi-year projects with a focus on recurring revenue and operational excellence.
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