BigBear.ai

BBAI · NYSE · Information Technology · Financials, fiscal 2019 to 2025

BBAI · Last close · November 6, 2026

$2.22

BigBear.ai's revenue fell 19.3% to $128 million in fiscal 2025. Its operating margin was −167.5%, down from −84.3% a year earlier. Free cash flow was −$42 million. The diluted share count rose 53.6%.

BigBear.ai Holdings, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001836981-26-000018 Updated November 6, 2026

Revenue

$128M

19.3%

Operating margin

−167.5%

83.2 pts

Net income

−$294M

Free cash flow

−$42M

Return on capital

−65.8%

53.2 pts

Market cap

$1.1B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What BigBear.ai does

BigBear.ai provides artificial intelligence software and services, mainly to U.S. defense and national security customers and to a few commercial partners. It combines AI with computer vision, predictive analytics and biometrics. Its core industries are national security, travel and trade, and it says most of its employees hold security clearances and often work alongside customers.

The company says it completed the acquisition of Ask Sage on December 31, 2025. Ask Sage is a generative AI platform built for defense and intelligence users and authorized under FedRAMP, the government's cloud security program. BigBear.ai works with commercial partners on supply chain visibility and on streamlining processes and technical workflows.

Its revenue comes from contracts, a mix of fixed-price and time-and-materials work. Most of its contracts allow the customer to terminate for convenience, and sales cycles are long.

Its biggest risks, as it describes them

Operating losses in the past, with no assurance of reaching or keeping profitability.
A limited operating history that makes its prospects hard to evaluate.
Customer contracts that can be ended early, and U.S. government options that may not be exercised.
Fixed-price contracts where misjudged costs could cut profit.
Large customers cutting spending, and long, unpredictable sales cycles.

From BigBear.ai's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

BigBear.ai lost money in fiscal 2025: a net loss of $294 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	69	13	33	50	288
Debt incl. finance leases	195	194	157	136	107
Net debt (negative means net cash)	126	182	125	86	−181
Net debt to EBITDA	—	—	—	—	—
Debt to equity	1.2x	—	—	—	0.2x
Interest coverage	−10.1x	−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

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project BigBear.ai's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open BigBear.ai's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought BigBear.ai shares on the open market, and 3 insiders sold $661,890.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 22, 2026	Sean Raymond RickerChief Financial Officer	Sold	10,000	$4.33	$43,300	Form 4
May 8, 2026	Dorothy D HayesDirector	Sold	15,000	$4.11	$61,650	Form 4
Mar 16, 2026	Pamela Joyce BradenDirector	Sold	80,000	$4.00	$320,000	Form 4
Mar 6, 2026	Dorothy D HayesDirector	Sold	17,000	$3.98	$67,660	Form 4
Dec 4, 2025	Sean Raymond RickerChief Financial Officer	Sold	5,000	$7.06	$35,300	Form 4
Nov 18, 2025	Dorothy D HayesDirector	Sold	22,000	$6.09	$133,980	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	2 of 9	3 of 9	4 of 9
Rule of 40	−11.7%	−22.4%	−52.6%
Altman Z''	−6.13	−10.12	−1.42
Accruals ratio	−26.5%	−94.7%	−40.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	2 of 9	3 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put BigBear.ai side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
BigBear.ai	FY25	−19.3%	−167.5%	−33.3%	−65.8%	—	4
Blend Labs	FY25	6.8%	−17.6%	−0.1%	—	—	5	Compare
Backblaze	FY25	14.3%	−16.2%	12.9%	—	—	—	Compare
SmartRent	FY25	−12.9%	−42.0%	−16.5%	—	—	—	Compare
Telos	FY25	52.2%	−24.2%	17.9%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

6 years of figures

Fiscal year	FY19	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	74	146	155	155	158	128
Revenue growth	—	—	6.5%	0.1%	2.0%	−19.3%
Gross profit	18	34	43	41	45	28
Research and development	0	6	8	5	11	17
Operating income	6	−78	−110	−39	−133	−214
Net income	6	−124	−111	−71	−296	−294
Diluted EPS (US$)	—	−1.15	−0.87	−0.47	−1.27	−0.82
Diluted shares (millions)	—	107	128	149	234	359
Cash flow
Cash from operations	4	−20	−49	−18	−38	−42
Capital expenditure	0	1	1	0	0	0
Free cash flow	4	−20	−50	−18	−39	−42
Dividends paid	0	0	0	0	0	0
Share buybacks	0	0	101	0	0	0
Acquisitions	0	0	4	0	14	229
Stock-based compensation	0	61	11	19	21	23
Balance sheet at fiscal year end
Cash and short-term investments	2	69	13	33	50	288
Debt incl. finance leases	—	195	194	157	136	107
Total assets	—	383	195	200	344	894
Total liabilities	—	261	233	230	348	283
Shareholders' equity	12	160	10	−30	−4	612
Margins and ratios
Gross margin	23.8%	23.4%	27.7%	26.2%	28.6%	22.3%
Operating margin	8.7%	−53.9%	−71.3%	−25.2%	−84.3%	−167.5%
Net margin	8.5%	−84.9%	−71.8%	−45.5%	−186.8%	−230.2%
Free cash flow margin	5.6%	−14.0%	−32.0%	−11.8%	−24.4%	−33.3%
Rule of 40 (growth + FCF margin)	—	—	−25.6%	−11.7%	−22.4%	−52.6%
Return on capital	—	—	−36.6%	−21.5%	−119.0%	−65.8%
Return on equity	—	—	−131.4%	—	—	−96.7%
Return on assets	—	—	−38.5%	−35.8%	−108.7%	−47.5%
Net debt to EBITDA	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: BigBear.ai's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with BigBear.ai.