BigBear.ai Holdings, Inc.
BBAI NYSE Services-Prepackaged Software Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$128M
19.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−167.5%
83.2 pts
Net income
Profit after all expenses, interest and tax.
−$294M
Free cash flow
Cash from operations minus capital spending.
−$42.5M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−26.1%
100.6 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.03 EPS (TTM)
What BigBear.ai Holdings, Inc. does
No business description yet.
- Legal name
- BigBear.ai Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001836981-26-000018
0001836981
Revenue and margins
BigBear.ai Holdings, Inc. had $128M of revenue in fiscal 2025, down 19.3% on the year before.
FY19
Revenue $73.6M
FY21
Revenue —
FY22
Revenue $155M
FY23
Revenue $155M
FY24
Revenue $158M
FY25
Revenue $128M
Q3 '23
Revenue $34.0M
Q4 '23
Revenue $40.6M
Q1 '24
Revenue $33.1M
Q2 '24
Revenue $39.8M
Q3 '24
Revenue $41.5M
Q4 '24
Revenue $43.8M
Q1 '25
Revenue $34.8M
Q2 '25
Revenue $32.5M
Q3 '25
Revenue $33.1M
Q4 '25
Revenue $27.3M
Q1 '26
Revenue $34.4M
Q2 '26
Revenue $36.7M
FY19
Gross 23.8%
Operating 8.7%
Net 8.5%
FCF 5.6%
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross 27.7%
Operating −71.3%
Net −71.8%
FCF −32.1%
FY23
Gross 26.2%
Operating −25.2%
Net −45.5%
FCF −11.8%
FY24
Gross 28.6%
Operating −84.3%
Net −186.8%
FCF −24.4%
FY25
Gross 22.3%
Operating −167.5%
Net −230.2%
FCF −33.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 24.7%
Operating −24.2%
Net 8.5%
FCF 19.4%
Q4 '23
Gross 32.1%
Operating −21.1%
Net −58.0%
FCF −0.2%
Q1 '24
Gross 21.1%
Operating −296.1%
Net −385.8%
FCF −43.5%
Q2 '24
Gross 27.8%
Operating −41.9%
Net −36.3%
FCF −18.1%
Q3 '24
Gross 25.9%
Operating −25.4%
Net −36.5%
FCF −4.9%
Q4 '24
Gross 37.4%
Operating −18.6%
Net −315.3%
FCF −34.2%
Q1 '25
Gross 21.3%
Operating −61.0%
Net −178.3%
FCF −19.4%
Q2 '25
Gross 25.0%
Operating −278.1%
Net −704.0%
FCF −11.9%
Q3 '25
Gross 22.4%
Operating −66.0%
Net 7.6%
FCF −29.5%
Q4 '25
Gross 20.3%
Operating −295.0%
Net −21.4%
FCF −80.9%
Q1 '26
Gross 34.0%
Operating −70.4%
Net −164.8%
FCF −53.2%
Q2 '26
Gross 32.8%
Operating −77.7%
Net −70.1%
FCF −61.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $6.2M
FY21
Net income —
FY22
Net income −$111M
FY23
Net income −$70.7M
FY24
Net income −$296M
FY25
Net income −$294M
Q3 '23
Net income $2.9M
Q4 '23
Net income −$23.5M
Q1 '24
Net income −$128M
Q2 '24
Net income −$14.4M
Q3 '24
Net income −$15.1M
Q4 '24
Net income −$138M
Q1 '25
Net income −$62.0M
Q2 '25
Net income −$229M
Q3 '25
Net income $2.5M
Q4 '25
Net income −$5.8M
Q1 '26
Net income −$56.8M
Q2 '26
Net income −$25.7M
FY19
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS −$0.87
FY23
Diluted EPS −$0.47
FY24
Diluted EPS −$1.27
FY25
Diluted EPS −$0.82
Q3 '23
Diluted EPS $0.02
Q4 '23
Diluted EPS −$0.15
Q1 '24
Diluted EPS −$0.68
Q2 '24
Diluted EPS −$0.06
Q3 '24
Diluted EPS −$0.06
Q4 '24
Diluted EPS −$0.47
Q1 '25
Diluted EPS −$0.25
Q2 '25
Diluted EPS −$0.71
Q3 '25
Diluted EPS −$0.03
Q4 '25
Diluted EPS $0.17
Q1 '26
Diluted EPS −$0.12
Q2 '26
Diluted EPS −$0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity 53.5%
Return on assets —
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital −45.1%
Return on equity −131.5%
Return on assets −38.5%
FY23
Return on capital −32.1%
Return on equity —
Return on assets −35.8%
FY24
Return on capital −126.7%
Return on equity —
Return on assets −108.7%
FY25
Return on capital −26.1%
Return on equity −96.7%
Return on assets −47.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$42.5M in fiscal 2025, −33.3% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $4.1M
FY21
Free cash flow —
FY22
Free cash flow −$49.7M
FY23
Free cash flow −$18.3M
FY24
Free cash flow −$38.6M
FY25
Free cash flow −$42.5M
Q3 '23
Free cash flow $6.6M
Q4 '23
Free cash flow −$0.1M
Q1 '24
Free cash flow −$14.4M
Q2 '24
Free cash flow −$7.2M
Q3 '24
Free cash flow −$2.0M
Q4 '24
Free cash flow −$15.0M
Q1 '25
Free cash flow −$6.7M
Q2 '25
Free cash flow −$3.9M
Q3 '25
Free cash flow −$9.8M
Q4 '25
Free cash flow −$22.1M
Q1 '26
Free cash flow −$18.3M
Q2 '26
Free cash flow −$22.5M
FY19
Cash from operations $4.1M
Capital spending $0.0M
FY21
Cash from operations —
Capital spending —
FY22
Cash from operations −$48.9M
Capital spending $0.8M
FY23
Cash from operations −$18.3M
Capital spending $0.0M
FY24
Cash from operations −$38.1M
Capital spending $0.5M
FY25
Cash from operations −$42.0M
Capital spending $0.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations $6.6M
Capital spending $0.0M
Q4 '23
Cash from operations −$0.1M
Capital spending $0.0M
Q1 '24
Cash from operations −$14.4M
Capital spending $0.0M
Q2 '24
Cash from operations −$7.1M
Capital spending $0.1M
Q3 '24
Cash from operations −$1.9M
Capital spending $0.1M
Q4 '24
Cash from operations −$14.8M
Capital spending $0.2M
Q1 '25
Cash from operations −$6.7M
Capital spending $0.1M
Q2 '25
Cash from operations −$3.9M
Capital spending $0.0M
Q3 '25
Cash from operations −$9.6M
Capital spending $0.2M
Q4 '25
Cash from operations −$21.8M
Capital spending $0.3M
Q1 '26
Cash from operations −$18.0M
Capital spending $0.3M
Q2 '26
Cash from operations −$22.2M
Capital spending $0.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
BigBear.ai Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 53.6%.
FY19
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $101M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares 0.13B
FY23
Diluted shares 0.15B
FY24
Diluted shares 0.23B
FY25
Diluted shares 0.36B
Balance sheet
Cash, debt and the ratios that show how comfortably BigBear.ai Holdings, Inc. can carry it.
FY19
Cash $1.6M
Debt —
FY21
Cash $68.9M
Debt $199M
FY22
Cash $12.6M
Debt $196M
FY23
Cash $32.6M
Debt $159M
FY24
Cash $50.1M
Debt $137M
FY25
Cash $87.1M
Debt $124M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $68.9M | $12.6M | $32.6M | $50.1M | $87.1M |
| Debt incl. finance leases | $199M | $196M | $159M | $137M | $124M |
| Debt / equity | 1.2x | 20.1x | — | — | 0.2x |
| Interest coverage | — | −7.7x | −1.6x | −5.2x | −11.8x |
| Current ratio | 2.9x | 1.5x | 0.9x | 0.5x | 1.8x |
| Quick ratio | 2.9x | 1.5x | 0.9x | 0.5x | 1.8x |
| Total assets | $383M | $195M | $200M | $344M | $895M |
| Total liabilities | $261M | $233M | $230M | $347M | $283M |
| Shareholders' equity | $160M | $9.8M | −$30.0M | −$3.7M | $612M |
| Net debt (− = net cash) | $130M | $184M | $126M | $86.9M | $36.5M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 3 / 9 | 3 / 9 | 4 / 9 |
| Accruals ratio | — | −21.6% | −26.5% | −94.7% | −40.7% |
| Altman Z'' | — | −7.36 | −6.13 | −10.12 | −1.42 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $73.6M | — | $155M | $155M | $158M | $128M |
| Gross profit | $17.5M | — | $43.0M | $40.6M | $45.2M | $28.5M |
| Research and development | $0.1M | — | $8.4M | $5.0M | $10.9M | $16.8M |
| Operating income | $6.4M | — | −$111M | −$39.0M | −$133M | −$214M |
| Interest expense | $0.1M | — | $14.4M | $24.9M | $25.6M | $18.1M |
| Pretax income | $6.3M | — | −$113M | −$70.9M | −$296M | −$316M |
| Income tax | $0.0M | — | −$1.9M | −$0.2M | −$0.3M | −$21.7M |
| Net income | $6.2M | — | −$111M | −$70.7M | −$296M | −$294M |
| Diluted EPS | — | — | −$0.87 | −$0.47 | −$1.27 | −$0.82 |
| Diluted shares | — | — | 0.13B | 0.15B | 0.23B | 0.36B |
| Cash flow | ||||||
| Cash from operations | $4.1M | — | −$48.9M | −$18.3M | −$38.1M | −$42.0M |
| Capital expenditure | $0.0M | — | $0.8M | $0.0M | $0.5M | $0.5M |
| Free cash flow | $4.1M | — | −$49.7M | −$18.3M | −$38.6M | −$42.5M |
| Depreciation and amortization | $0.1M | — | $7.8M | $7.9M | $11.9M | $15.3M |
| Stock-based compensation | $0.1M | — | $10.9M | $18.7M | $21.1M | $23.3M |
| Acquisitions | $0.0M | — | $4.5M | $0.0M | −$13.9M | $229M |
| Share buybacks | — | — | $101M | $0.0M | $0.0M | — |
| Dividends and buybacks | — | — | $101M | $0.0M | $0.0M | — |
| Balance sheet | ||||||
| Cash and short-term investments | $1.6M | $68.9M | $12.6M | $32.6M | $50.1M | $87.1M |
| Total debt | — | $199M | $196M | $159M | $137M | $124M |
| Current assets | — | $206M | $54.3M | $63.8M | $93.8M | $331M |
| Current liabilities | — | $70.0M | $35.8M | $69.1M | $203M | $186M |
| Property and equipment, net | — | $1.1M | $1.4M | $1.0M | $1.6M | $1.6M |
| Goodwill | $0.0M | $91.6M | $48.7M | $48.7M | $119M | $241M |
| Intangible assets | — | $83.6M | $85.7M | $82.0M | $119M | $139M |
| Total assets | — | $383M | $195M | $200M | $344M | $895M |
| Total liabilities | — | $261M | $233M | $230M | $347M | $283M |
| Shareholders' equity | $11.7M | $160M | $9.8M | −$30.0M | −$3.7M | $612M |
| Margins | ||||||
| Gross margin | 23.8% | — | 27.7% | 26.2% | 28.6% | 22.3% |
| Operating margin | 8.7% | — | −71.3% | −25.2% | −84.3% | −167.5% |
| EBITDA margin | 8.7% | — | −66.3% | −20.1% | −76.8% | −155.6% |
| Net margin | 8.5% | — | −71.8% | −45.5% | −186.8% | −230.2% |
| FCF margin | 5.6% | — | −32.1% | −11.8% | −24.4% | −33.3% |
| Returns | ||||||
| Return on capital | — | — | −45.1% | −32.1% | −126.7% | −26.1% |
| Return on capital employed | — | — | −69.3% | −29.8% | −94.8% | −30.2% |
| Return on equity | 53.5% | — | −131.5% | — | — | −96.7% |
| Return on assets | — | — | −38.5% | −35.8% | −108.7% | −47.5% |
| Return on tangible equity | 53.5% | — | — | — | — | −127.1% |
| Growth | ||||||
| Revenue growth | — | — | — | 0.1% | 2.0% | −19.3% |
| Share count change | — | — | — | 16.9% | 56.5% | 53.6% |
| Financial health | ||||||
| Debt / equity | — | 1.2x | 20.1x | — | — | 0.2x |
| Interest coverage | 50.3x | — | −7.7x | −1.6x | −5.2x | −11.8x |
| Current ratio | — | 2.9x | 1.5x | 0.9x | 0.5x | 1.8x |
| Quick ratio | — | 2.9x | 1.5x | 0.9x | 0.5x | 1.8x |
| Capital allocation | ||||||
| Capex / revenue | 0.0% | — | 0.5% | 0.0% | 0.3% | 0.4% |
| Stock comp / revenue | 0.1% | — | 7.0% | 12.0% | 13.4% | 18.3% |
| Quality scores | ||||||
| Piotroski F-score | — | — | — | 3.0 | 3.0 | 4.0 |
| Altman Z'' | — | — | −7.4 | −6.1 | −10.1 | −1.4 |
| Accruals ratio | — | — | −21.6% | −26.5% | −94.7% | −40.7% |
Source: SEC EDGAR XBRL filings (CIK 0001836981). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.