Bowman Consulting Group Ltd.BWMN

Bowman Consulting Group Ltd. Segments Disclosure

10-KFiled Mar 5, 20262 min read
Segment Information
The Company operates as a single business segment represented by our core business of providing multi-disciplinary professional engineering solutions to customers. The Company primarily derives its revenue from its core business of providing engineering and related professional services to customers. While we evaluate revenue and other key performance indicators relating to various divisions of labor, our leadership neither manages the business nor deliberately allocates resources by service line, geography, or end market. The Company derives the majority of its revenue from domestic customers, and has no significant long-lived assets located outside the United States. No single customer accounted for 10% or more of the Company’s total revenue during the period.

The Company’s Chief Operating Decision Maker (“CODM”) is Gary Bowman, who is the Chief Executive Officer. The CODM assesses performance for the Company and decides how to allocate resources based on significant expense categories that contribute to net income (loss), as outlined below. The CODM uses these varying results to prioritize the reinvestment of profits within the Company. These results are also used in assessing the Company’s performance and determining management’s compensation. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.
The following tables provides the operating financial results of the Company as of December 31, 2025 and 2024:
(in thousands)December 31, 2025December 31, 2024
Gross contract revenue$490,017 $426,564 
Less:
Labor and fringe275,984 245,503 
Other segment items1
55,234 46,895 
General & administrative expenses82,940 72,273 
Incentives29,164 36,487 
Depreciation and amortization27,559 27,828 
Interest expense9,247 7,951 
Other (income) expense, net(1,269)(1,427)
Income tax (benefit) expense(1,691)(11,980)
Net income$12,849 $3,034 
1Other segment items included in net income consists primarily of sub-consultants and other direct expenses.

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 12, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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