BigBear.ai (BBAI) Financials

$4.37 +0.23 (+5.56%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$4.34 -0.03 (-0.76%)

As of 07:04 AM Eastern

Annual Income Statements for BigBear.ai

This table shows BigBear.ai's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	6.25	-124	-111	-71	-295	-294
Consolidated Net Income / (Loss)	6.25	-124	-111	-71	-296	-294
Net Income / (Loss) Continuing Operations	6.25	-124	-111	-71	-296	-294
Total Pre-Tax Income	6.26	-122	-113	-71	-296	-316
Total Operating Income	6.38	-78	-111	-39	-133	-214
Total Gross Profit	17	34	43	41	45	28
Total Revenue	74	146	155	155	158	128
Operating Revenue	74	146	155	155	158	128
Total Cost of Revenue	56	112	112	115	113	99
Operating Cost of Revenue	56	112	112	115	113	99
Total Operating Expenses	11	113	154	80	179	244
Selling, General & Admin Expense	11	107	85	71	80	95
Research & Development Expense	0.11	6.03	8.39	5.04	11	17
Other Operating Expenses / (Income)	-	0.00	0.02	-0.00	0.10	1.51
Impairment Charge	-	0.00	54	0.00	85	124
Restructuring Charge	0.00	0.00	6.81	3.54	2.74	6.45
Total Other Income / (Expense), net	-0.13	-44	-2.71	-32	-162	-100
Interest Expense	0.13	11	24	25	57	21
Interest & Investment Income	-	-	-	0.39	2.29	13
Other Income / (Expense), net	0.00	-33	21	-7.36	-108	-93
Income Tax Expense	0.01	1.08	-1.88	-0.22	-0.26	-22
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	0.00	-0.24	0.37
Basic Earnings per Share	$0.00	($1.15)	($0.87)	($0.47)	($1.27)	($0.82)
Weighted Average Basic Shares Outstanding	0.00	107.01M	127.70M	149.23M	233.60M	358.80M
Diluted Earnings per Share	$0.00	($1.15)	($0.87)	($0.47)	($1.27)	($0.82)
Weighted Average Diluted Shares Outstanding	0.00	107.01M	127.70M	149.23M	233.60M	358.80M
Weighted Average Basic & Diluted Shares Outstanding	-	135.57M	141.48M	242.63M	289.01M	476.06M

This table shows BigBear.ai's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	4.00	-32	-128	-14	-15	-146	-62	-229	2.52	-6.01	-57
Consolidated Net Income / (Loss)	4.00	-32	-128	-14	-15	-146	-62	-229	2.52	-5.83	-57
Net Income / (Loss) Continuing Operations	4.00	-32	-128	-14	-15	-146	-62	-229	2.52	-5.83	-57
Total Pre-Tax Income	3.99	-32	-128	-14	-15	-147	-62	-229	2.54	-28	-57
Total Operating Income	-8.21	-8.57	-98	-17	-11	-8.14	-21	-90	-22	-81	-24
Total Gross Profit	8.41	13	6.99	11	11	16	7.39	8.11	7.43	5.55	12
Total Revenue	34	41	33	40	42	44	35	32	33	27	34
Operating Revenue	34	41	33	40	42	44	35	32	33	27	34
Total Cost of Revenue	26	28	26	29	31	27	27	24	26	22	23
Operating Cost of Revenue	26	28	26	29	31	27	27	24	26	22	23
Total Operating Expenses	17	22	105	28	21	25	29	98	29	88	36
Selling, General & Admin Expense	16	18	17	23	17	22	23	21	25	26	29
Research & Development Expense	-0.35	2.03	1.14	3.57	3.82	2.33	4.17	4.39	3.38	4.82	5.53
Other Operating Expenses / (Income)	-	-	-0.46	-	-	-	0.28	-	-	-	0.01
Restructuring Charge	1.44	1.33	1.96	0.80	0.00	-0.03	1.70	1.90	0.66	2.20	1.22
Total Other Income / (Expense), net	12	-23	-30	2.25	-4.58	-138	-40	-138	24	54	-32
Interest Expense	3.54	14	6.39	6.45	6.55	46	7.69	4.42	4.60	3.98	16
Interest & Investment Income	-	-	-	-	-	-	0.56	-	-	-	3.79
Other Income / (Expense), net	16	-9.03	-24	8.70	1.98	-92	-33	-134	29	45	-20
Income Tax Expense	-0.01	-0.27	-0.01	0.02	0.02	-0.28	0.03	0.01	0.02	-22	0.01
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-0.02	-	-	-	1.40
Basic Earnings per Share	$0.03	($0.19)	($0.68)	($0.06)	($0.06)	($0.50)	($0.25)	($0.71)	$0.01	$0.13	($0.12)
Weighted Average Basic Shares Outstanding	155.83M	149.23M	187.28M	246.30M	249.95M	233.60M	252.34M	320.59M	396.59M	358.80M	473.06M
Diluted Earnings per Share	$0.03	($0.19)	($0.68)	($0.06)	($0.06)	($0.50)	($0.25)	($0.71)	($0.03)	$0.17	($0.12)
Weighted Average Diluted Shares Outstanding	157.89M	149.23M	187.28M	246.30M	249.95M	233.60M	252.34M	320.59M	448.16M	358.80M	473.06M
Weighted Average Basic & Diluted Shares Outstanding	156.82M	242.63M	246.08M	250.07M	250.59M	289.01M	291.19M	370.70M	436.55M	476.06M	478.95M

This table details how cash moves in and out of BigBear.ai's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	1.26	160	-157	20	18	43
Net Cash From Operating Activities	4.12	-20	-49	-18	-38	-42
Net Cash From Continuing Operating Activities	4.12	-20	-49	-18	-38	-42
Net Income / (Loss) Continuing Operations	6.25	-124	-111	-71	-296	-294
Consolidated Net Income / (Loss)	6.25	-124	-111	-71	-296	-294
Depreciation Expense	0.05	7.26	7.76	7.90	12	15
Amortization Expense	0.00	0.68	12	13	13	8.09
Non-Cash Adjustments To Reconcile Net Income	-0.02	99	44	25	250	246
Changes in Operating Assets and Liabilities, net	-2.15	-2.98	-1.13	6.89	-18	-17
Net Cash From Investing Activities	-0.02	-0.86	-5.23	-3.83	2.82	-607
Net Cash From Continuing Investing Activities	-0.02	-0.86	-5.23	-3.83	2.82	-607
Purchase of Property, Plant & Equipment	-0.02	-0.65	-0.77	-3.83	-11	-4.37
Acquisitions	0.00	-0.22	-4.47	0.00	14	-229
Purchase of Investments	-	-	-	0.00	0.00	-564
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	191
Net Cash From Financing Activities	-2.84	181	-103	42	52	691
Net Cash From Continuing Financing Activities	-2.84	181	-103	42	52	691
Repayment of Debt	-2.00	-121	-4.23	-2.06	-1.58	-5.50
Repurchase of Common Equity	-	0.00	-101	0.00	0.00	-8.28
Issuance of Debt	0.00	209	2.06	1.23	0.82	0.00
Issuance of Common Equity	-	0.00	0.00	51	1.37	639
Other Financing Activities, net	0.00	102	-0.07	-8.28	52	66
Effect of Exchange Rate Changes	-	-	0.00	0.00	0.42	-0.17
Cash Interest Paid	0.13	6.24	12	12	13	8.94
Cash Income Taxes Paid	0.01	0.07	0.01	-0.03	-1.51	0.00

This table details how cash moves in and out of BigBear.ai's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	2.26	0.37	49	-9.15	-6.68	-15	57	283	66	-364	14
Net Cash From Operating Activities	6.58	-0.07	-14	-7.06	-1.90	-15	-6.66	-3.87	-9.59	-22	-18
Net Cash From Continuing Operating Activities	6.58	-0.07	-14	-7.06	-1.90	-15	-6.66	-3.87	-9.59	-22	-18
Net Income / (Loss) Continuing Operations	4.00	-32	-128	-12	-12	-146	-62	-229	2.52	-5.83	-57
Consolidated Net Income / (Loss)	4.00	-32	-128	-12	-12	-146	-62	-229	2.52	-5.83	-57
Depreciation Expense	1.97	1.97	2.44	2.91	3.39	3.13	3.47	3.45	4.13	4.23	7.08
Amortization Expense	0.51	11	3.34	0.51	0.51	12	2.76	2.03	2.03	1.27	-0.34
Non-Cash Adjustments To Reconcile Net Income	-11	11	117	-0.52	3.42	130	44	211	-21	12	39
Changes in Operating Assets and Liabilities, net	11	7.01	-9.01	1.79	2.96	-14	4.98	8.19	2.69	-33	-6.93
Net Cash From Investing Activities	-2.74	-1.08	12	-1.71	-4.31	-3.41	-1.62	-1.16	-260	-344	33
Net Cash From Continuing Investing Activities	-2.74	-1.08	12	-1.71	-4.31	-3.41	-1.62	-1.16	-260	-344	33
Purchase of Property, Plant & Equipment	-2.74	-1.08	-1.68	-1.71	-4.31	-3.41	-1.62	-1.16	-1.33	-0.25	-0.32
Acquisitions	-	-	14	-	-	-	0.00	-	-	-229	-10
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	43
Net Cash From Financing Activities	-1.58	1.53	51	-0.38	-0.42	2.30	66	289	335	1.26	-0.78
Net Cash From Continuing Financing Activities	-1.58	1.53	51	-0.38	-0.42	2.30	66	289	335	1.26	-0.78
Repayment of Debt	-0.52	-	-0.40	-0.41	-0.42	-0.35	-4.71	-0.42	-0.37	-	0.00
Repurchase of Common Equity	-	-	-	-	-	-	-0.12	-	-	-	0.00
Issuance of Common Equity	0.53	0.65	54	0.61	-	55	6.57	301	337	-63	0.00
Other Financing Activities, net	-1.58	-0.34	-2.45	-0.58	-0.00	1.07	64	-12	-1.42	73	-0.78
Effect of Exchange Rate Changes	-	-	0.00	-	-	0.48	-0.19	-0.56	0.10	0.47	0.12

This table presents BigBear.ai's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	218	383	195	200	344	895
Total Current Assets	34	206	54	64	94	331
Cash & Equivalents	9.70	69	13	33	50	87
Restricted Cash	0.00	101	-	-	0.00	5.52
Short-Term Investments	-	-	-	-	0.00	200
Accounts Receivable	21	29	30	22	39	23
Prepaid Expenses	0.64	7.03	10	4.45	3.77	15
Other Current Assets	2.58	0.63	1.31	4.82	0.90	0.22
Plant, Property, & Equipment, net	0.86	1.08	1.43	1.00	1.57	1.56
Total Noncurrent Assets	183	176	140	135	248	562
Long-Term Investments	-	-	-	-	0.00	174
Goodwill	91	92	49	49	119	241
Intangible Assets	90	84	86	82	119	139
Other Noncurrent Operating Assets	0.59	0.78	5.12	4.41	10	7.92
Total Liabilities & Shareholders' Equity	218	383	195	200	344	895
Total Liabilities	118	261	233	230	347	283
Total Current Liabilities	12	70	36	69	203	186
Short-Term Debt	1.10	4.23	2.06	1.23	0.82	17
Accounts Payable	2.73	5.48	15	11	8.46	6.09
Accrued Expenses	7.27	11	13	16	19	20
Current Deferred Revenue	0.54	4.21	2.02	0.88	-	15
Other Current Liabilities	0.41	45	2.89	40	174	128
Total Noncurrent Liabilities	106	191	197	161	145	97
Long-Term Debt	106	190	192	156	135	90
Other Noncurrent Operating Liabilities	0.02	0.32	5.10	4.31	9.12	6.67
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	100	122	-38	-30	-3.71	612
Total Preferred & Common Equity	100	122	-38	-30	-3.71	612
Total Common Equity	100	122	-38	-30	-3.71	612
Common Stock	108	254	273	303	625	1,535
Retained Earnings	-7.84	-131	-253	-276	-572	-866
Treasury Stock	-	0.00	-57	-57	-57	-57
Accumulated Other Comprehensive Income / (Loss)	-	-	-	0.00	0.12	-0.06

This table presents BigBear.ai's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	217	205	208	203	378	361	354	396	599	920	862
Total Current Assets	60	66	72	66	125	112	104	148	424	620	394
Cash & Equivalents	22	22	30	32	81	72	66	108	391	457	101
Restricted Cash	0.00	-	-	-	-	-	-	-	-	-	6.00
Short-Term Investments	-	-	-	-	-	-	-	-	-	130	249
Accounts Receivable	32	33	36	29	37	34	32	35	28	24	23
Prepaid Expenses	5.08	8.78	5.04	4.10	4.66	4.52	4.22	5.55	4.40	6.55	15
Other Current Assets	1.32	2.43	0.35	0.45	2.38	1.04	1.91	0.51	0.70	2.18	0.87
Plant, Property, & Equipment, net	1.53	1.31	1.20	1.10	1.57	1.59	1.52	1.45	1.43	1.44	1.74
Total Noncurrent Assets	155	138	135	136	251	248	248	247	174	299	466
Long-Term Investments	-	-	-	-	-	-	-	-	-	129	82
Goodwill	67	49	49	49	120	119	119	119	48	48	239
Intangible Assets	88	84	82	83	120	118	119	118	116	113	137
Other Noncurrent Operating Assets	0.69	5.00	4.81	4.64	11	11	11	9.90	9.60	8.66	7.69
Total Liabilities & Shareholders' Equity	217	205	208	203	378	361	354	396	599	920	862
Total Liabilities	225	259	270	255	269	258	256	198	333	310	71
Total Current Liabilities	33	61	72	57	63	53	51	89	222	198	65
Short-Term Debt	0.77	1.30	0.52	0.00	0.83	0.42	0.00	0.82	0.37	0.00	17
Accounts Payable	7.43	11	7.30	9.08	6.22	7.13	4.25	3.94	3.44	5.58	4.23
Accrued Expenses	17	18	16	15	22	20	26	21	17	18	16
Current Deferred Revenue	4.76	2.35	2.00	2.32	3.85	3.50	2.08	3.02	4.47	3.51	11
Other Current Liabilities	2.29	28	46	30	31	22	18	61	197	171	17
Total Noncurrent Liabilities	192	198	198	198	206	205	205	109	111	112	6.50
Long-Term Debt	192	193	193	194	195	195	196	101	103	105	0.00
Other Noncurrent Operating Liabilities	0.04	4.91	4.71	4.52	11	9.56	9.33	8.77	8.49	6.97	6.50
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-8.10	-54	-62	-52	108	103	98	198	267	610	790
Total Preferred & Common Equity	-8.10	-54	-62	-52	108	103	98	198	267	610	790
Total Common Equity	-8.10	-54	-62	-52	108	103	98	198	267	610	790
Common Stock	272	283	292	297	604	610	618	889	1,186	1,527	1,713
Retained Earnings	-223	-279	-296	-292	-439	-450	-462	-634	-862	-860	-922
Treasury Stock	-57	-57	-57	-57	-57	-57	-57	-57	-57	-57	0.00
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-0.01	0.13	-0.15	-0.19	-0.76

This table displays calculated financial ratios and metrics derived from BigBear.ai's official financial filings.

Metric	2019	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	436,551,228.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	436,551,228.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.67
Growth Metrics	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	6.37	-55	-77	-27	-93	-150
Return On Investment Capital (ROIC_SIMPLE)	-	-	-49.44%	-21.45%	-70.48%	-20.83%
Earnings before Interest and Taxes (EBIT)	6.38	-112	-89	-46	-239	-307
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.43	-104	-69	-25	-214	-283
Valuation Ratios	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-74	22	-81	-319
Efficiency Ratios	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	147	144	95	82	252
Increase / (Decrease) in Invested Capital	0.00	0.00	-3.17	-49	-12	169
Book Value per Share	$0.00	$2.66	($0.30)	($0.19)	($0.01)	$1.40
Tangible Book Value per Share	$0.00	($1.15)	($1.36)	($1.02)	($0.97)	$0.53
Total Capital	0.00	317	157	127	133	719
Total Debt	0.00	195	194	157	136	107
Total Long-Term Debt	0.00	190	192	156	135	90
Net Debt	0.00	25	182	125	86	-360
Capital Expenditures (CapEx)	0.02	0.65	0.77	3.83	11	4.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-30	8.00	-37	-159	-132
Debt-free Net Working Capital (DFNWC)	0.00	140	21	-4.11	-108	162
Net Working Capital (NWC)	0.00	136	19	-5.34	-109	145
Net Nonoperating Expense (NNE)	0.13	69	34	43	202	144
Net Nonoperating Obligations (NNO)	0.00	25	182	125	86	-360
Total Depreciation and Amortization (D&A)	0.05	7.94	20	21	25	23
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.15)	$0.00	($0.40)	($1.27)	($0.82)
Adjusted Weighted Average Basic Shares Outstanding	0.00	107.01M	0.00	149.23M	233.60M	358.80M
Adjusted Diluted Earnings per Share	$0.00	($1.15)	$0.00	($0.40)	($1.27)	($0.82)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	107.01M	0.00	149.23M	233.60M	358.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	135.57M	0.00	242.63M	289.01M	476.06M
Normalized Net Operating Profit after Tax (NOPAT)	6.37	-55	-35	-25	-32	-58
Debt Service Ratios	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from BigBear.ai's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	436,551,228.00	476,056,577.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	436,551,228.00	476,056,577.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.01	-0.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.39%	0.51%	-21.43%	3.44%	22.12%	8.05%	4.94%	-18.38%	-20.15%	-	-0.93%
EBITDA Growth	202.87%	-176.24%	-477.24%	56.16%	-147.10%	-1,809.55%	58.63%	-13,091.13%	905.27%	-	22.09%
EBIT Growth	161.29%	-168.93%	-439.30%	38.74%	-214.34%	-468.43%	55.47%	-2,712.17%	183.42%	-	18.63%
NOPAT Growth	5.24%	67.49%	-715.07%	-63.16%	10.28%	5.03%	78.37%	-441.70%	-194.34%	-	-14.37%
Net Income Growth	124.82%	-61.05%	-387.50%	30.53%	-404.48%	-364.35%	51.49%	-1,483.34%	116.66%	-	8.43%
EPS Growth	123.08%	-26.67%	-257.89%	58.33%	-266.67%	-163.16%	63.24%	-1,083.33%	50.00%	-	52.00%
Operating Cash Flow Growth	202.91%	99.30%	-19.49%	44.84%	-128.81%	-19,908.11%	53.59%	45.20%	-405.54%	-	-170.12%
Free Cash Flow Firm Growth	-73.94%	381.54%	-401.83%	-326.79%	-381.38%	-84.29%	109.37%	235.93%	263.79%	-	-1,301.82%
Invested Capital Growth	-32.75%	-34.09%	88.31%	121.02%	109.12%	-13.14%	-13.95%	-109.39%	-100.25%	-	92.89%
Revenue Q/Q Growth	-11.63%	19.35%	-18.35%	20.11%	4.33%	5.59%	-20.70%	-6.57%	2.07%	-	26.14%
EBITDA Q/Q Growth	192.24%	-144.46%	-2,508.43%	96.01%	0.90%	-1,702.63%	43.49%	-355.32%	106.08%	-	-25.97%
EBIT Q/Q Growth	156.49%	-333.59%	-592.52%	93.31%	-5.42%	-1,061.34%	45.75%	-313.11%	103.19%	-	-25.44%
NOPAT Q/Q Growth	-14.97%	27.01%	-1,043.93%	83.00%	36.78%	22.74%	-160.48%	-325.79%	65.65%	-	69.88%
Net Income Q/Q Growth	123.67%	-888.87%	-305.08%	90.62%	-3.74%	-1,103.08%	57.69%	-268.82%	101.10%	-	-873.64%
EPS Q/Q Growth	125.00%	-733.33%	-257.89%	92.54%	0.00%	-900.00%	50.00%	-184.00%	95.77%	-	-170.59%
Operating Cash Flow Q/Q Growth	151.42%	-101.12%	-19,304.05%	50.85%	73.14%	-680.91%	54.99%	41.96%	-147.80%	-	17.56%
Free Cash Flow Firm Q/Q Growth	-24.66%	-4.37%	-502.07%	21.70%	6.53%	105.34%	139.89%	1,035.55%	12.63%	-	13.69%
Invested Capital Q/Q Growth	6.83%	-13.25%	134.80%	1.57%	1.07%	-63.97%	132.61%	-111.09%	97.29%	-	46.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.74%	32.09%	21.09%	27.81%	25.94%	37.43%	21.26%	24.98%	22.42%	-	34.04%
EBITDA Margin	29.45%	-10.97%	-350.54%	-11.96%	-11.36%	-193.93%	-138.20%	-673.53%	40.14%	-	-109.30%
Operating Margin	-24.16%	-21.14%	-296.09%	-41.90%	-25.39%	-18.58%	-61.02%	-278.09%	-65.96%	-	-70.44%
EBIT Margin	22.17%	-43.39%	-367.97%	-20.54%	-20.75%	-228.26%	-156.14%	-690.40%	21.55%	-	-128.88%
Profit (Net Income) Margin	11.77%	-77.77%	-385.83%	-29.50%	-29.34%	-334.24%	-178.34%	-704.05%	7.61%	-	-164.84%
Tax Burden Percent	100.13%	99.14%	99.99%	100.13%	100.17%	99.81%	100.04%	100.01%	99.33%	-	100.02%
Interest Burden Percent	53.01%	180.81%	104.87%	143.46%	141.11%	146.71%	114.18%	101.97%	35.54%	-	127.87%
Effective Tax Rate	-0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.67%	-	0.00%
Return on Invested Capital (ROIC)	-27.58%	-19.23%	-177.70%	-26.33%	-16.30%	-23.23%	-32.97%	-289.86%	-82.87%	-	-22.38%
ROIC Less NNEP Spread (ROIC-NNEP)	-20.22%	-35.90%	-218.99%	-26.38%	-19.59%	-156.73%	-120.29%	-88.63%	-92.96%	-	-3.75%
Return on Net Nonoperating Assets (RNNOA)	111.26%	162.16%	-1,152.22%	-184.04%	-123.88%	980.51%	-42.41%	39.45%	63.04%	-	1.62%
Return on Equity (ROE)	83.68%	142.92%	-1,329.91%	-210.37%	-140.19%	957.29%	-75.37%	-250.41%	-19.83%	-	-20.76%
Cash Return on Invested Capital (CROIC)	9.90%	18.20%	-112.63%	-131.46%	-126.06%	-91.35%	-4.12%	0.00%	0.00%	-	-117.55%
Operating Return on Assets (OROA)	16.36%	-34.07%	-184.72%	-10.64%	-11.55%	-132.86%	-64.51%	-219.37%	4.88%	-	-26.10%
Return on Assets (ROA)	8.68%	-61.07%	-193.69%	-15.29%	-16.32%	-194.56%	-73.68%	-223.71%	1.72%	-	-33.38%
Return on Common Equity (ROCE)	83.68%	142.92%	-1,329.91%	-210.37%	-140.19%	957.29%	-75.37%	-250.41%	-19.83%	-	-20.76%
Return on Equity Simple (ROE_SIMPLE)	131.97%	0.00%	-158.77%	-150.01%	-173.03%	0.00%	-116.15%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-8.22	-6.00	-69	-12	-7.38	-5.70	-15	-63	-22	-56	-17
NOPAT Margin	-24.19%	-14.79%	-207.27%	-29.33%	-17.77%	-13.00%	-42.71%	-194.66%	-65.52%	-	-49.31%
Net Nonoperating Expense Percent (NNEP)	-7.36%	16.67%	41.29%	0.05%	3.29%	133.51%	87.32%	-201.23%	10.09%	-	-18.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-4.71%	-22.58%	-	-	-4.30%	-4.96%	-17.10%	-3.04%	-7.84%	-2.10%
Cost of Revenue to Revenue	75.26%	67.91%	78.91%	72.19%	74.06%	62.57%	78.74%	75.02%	77.59%	-	65.96%
SG&A Expenses to Revenue	45.70%	44.95%	51.17%	58.73%	42.13%	50.75%	65.40%	66.17%	76.20%	-	84.87%
R&D to Revenue	-1.03%	5.01%	3.45%	8.96%	9.20%	5.33%	11.99%	13.53%	10.18%	-	16.07%
Operating Expenses to Revenue	48.90%	53.22%	315.81%	69.71%	51.33%	57.05%	82.27%	303.08%	88.37%	-	104.51%
Earnings before Interest and Taxes (EBIT)	7.53	-18	-122	-8.17	-8.61	-100	-54	-224	7.14	-35	-44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	10	-4.45	-116	-4.76	-4.72	-85	-48	-219	13	-30	-38
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	4.59	3.62	3.71	0.00	4.18	7.42	3.96	-	2.12
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.29	5.38	-	4.05
Price to Revenue (P/Rev)	1.52	2.16	3.40	2.52	2.36	7.05	5.17	12.96	16.76	-	13.16
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.63	4.86	2.75	2.19	2.17	14.58	4.28	0.00	0.00	-	3.40
Enterprise Value to Revenue (EV/Rev)	2.56	2.97	4.19	3.36	3.20	7.59	5.13	11.07	12.53	-	9.85
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	29.51	21.20	0.00	0.00	0.00	0.00	0.00	10.81	13.88	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-3.71	-5.25	1.80	1.90	1.99	-36.68	0.51	0.39	0.17	-	0.02
Long-Term Debt to Equity	-3.71	-5.21	1.80	1.90	1.99	-36.46	0.51	0.39	0.17	-	0.00
Financial Leverage	-5.50	-4.52	5.26	6.98	6.32	-6.26	0.35	-0.45	-0.68	-	-0.43
Leverage Ratio	-6.95	-5.82	10.69	13.82	12.07	-16.13	2.53	2.60	1.80	-	1.27
Compound Leverage Factor	-3.69	-10.53	11.21	19.82	17.04	-23.66	2.89	2.65	0.64	-	1.63
Debt to Total Capital	136.95%	123.55%	64.32%	65.57%	66.54%	102.80%	33.89%	27.88%	14.67%	-	2.06%
Short-Term Debt to Total Capital	0.00%	0.96%	0.27%	0.14%	0.00%	0.62%	0.27%	0.10%	0.00%	-	2.06%
Long-Term Debt to Total Capital	136.95%	122.59%	64.05%	65.43%	66.54%	102.19%	33.62%	27.78%	14.67%	-	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	-36.95%	-23.55%	35.68%	34.43%	33.46%	-2.80%	66.11%	72.12%	85.33%	-	97.94%
Debt to EBITDA	-4.35	-6.19	-1.61	-1.52	-1.36	-0.64	-0.70	-0.28	-0.30	-	-0.06
Net Debt to EBITDA	-3.63	-4.91	-0.94	-0.96	-0.91	-0.40	0.04	0.79	1.76	-	1.54
Long-Term Debt to EBITDA	-4.35	-6.15	-1.60	-1.51	-1.36	-0.63	-0.69	-0.28	-0.30	-	0.00
Debt to NOPAT	-4.87	-5.76	-2.23	-2.13	-2.09	-1.46	-2.56	-1.13	-1.06	-	-0.11
Net Debt to NOPAT	-4.06	-4.57	-1.30	-1.34	-1.39	-0.92	0.16	3.16	6.16	-	2.77
Long-Term Debt to NOPAT	-4.87	-5.72	-2.22	-2.12	-2.09	-1.45	-2.54	-1.13	-1.06	-	0.00
Altman Z-Score	-0.52	-0.60	-1.00	-0.36	-0.43	-1.28	0.39	0.98	4.11	-	13.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	0.92	1.98	2.10	2.06	0.46	1.66	1.91	3.13	-	6.08
Quick Ratio	1.07	0.79	1.87	1.99	1.94	0.44	1.60	1.89	3.09	-	5.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	45	43	-173	-136	-127	6.76	16	184	207	-226	-195
Operating Cash Flow to CapEx	239.80%	-6.83%	-854.19%	-412.51%	-44.01%	-433.68%	-411.36%	-332.30%	-720.68%	-	-5,642.95%
Free Cash Flow to Firm to Interest Expense	12.72	3.03	-27.11	-38.16	-35.77	0.15	2.11	41.68	45.06	-	-12.08
Operating Cash Flow to Interest Expense	1.86	-0.01	-2.25	-1.99	-0.54	-0.32	-0.87	-0.88	-2.08	-	-1.12
Operating Cash Flow Less CapEx to Interest Expense	1.08	-0.08	-2.51	-2.47	-1.75	-0.39	-1.08	-1.14	-2.37	-	-1.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	0.79	0.50	0.52	0.56	0.58	0.41	0.32	0.23	-	0.20
Accounts Receivable Turnover	5.11	5.96	4.22	4.20	5.04	5.20	4.49	4.90	5.07	-	4.44
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	118.15	127.71	101.55	105.89	118.57	123.48	105.74	101.34	97.50	-	79.84
Accounts Payable Turnover	14.01	8.66	13.01	14.97	16.98	11.60	22.51	20.80	21.34	-	23.14
Days Sales Outstanding (DSO)	71.47	61.21	86.50	86.90	72.42	70.24	81.22	74.51	71.93	-	82.22
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	26.05	42.15	28.06	24.38	21.49	31.48	16.21	17.55	17.10	-	15.77
Cash Conversion Cycle (CCC)	45.41	19.06	58.44	62.52	50.92	38.76	65.00	56.96	54.83	-	66.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	109	95	223	226	229	82	192	-21	-0.58	252	370
Invested Capital Turnover	1.14	1.30	0.86	0.90	0.92	1.79	0.77	1.49	1.26	-	0.45
Increase / (Decrease) in Invested Capital	-53	-49	104	124	119	-12	-31	-247	-229	169	178
Enterprise Value (EV)	397	460	612	495	495	1,201	820	1,689	1,806	-	1,255
Market Capitalization	235	336	497	372	365	1,115	827	1,977	2,417	-	1,676
Book Value per Share	($0.34)	($0.19)	$0.45	$0.42	$0.39	($0.01)	$0.68	$0.92	$1.65	$1.40	$1.66
Tangible Book Value per Share	($1.18)	($1.02)	($0.54)	($0.54)	($0.56)	($0.97)	($0.13)	$0.35	$1.21	$0.53	$0.87
Total Capital	141	127	304	298	294	133	299	370	715	719	807
Total Debt	194	157	196	196	196	136	101	103	105	107	17
Total Long-Term Debt	194	156	195	195	196	135	101	103	105	90	0.00
Net Debt	162	125	114	123	130	86	-6.20	-288	-611	-360	-421
Capital Expenditures (CapEx)	2.74	1.08	1.68	1.71	4.31	3.41	1.62	1.16	1.33	0.25	0.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-23	-37	-19	-13	-12	-159	-48	-188	-165	-132	-9.54
Debt-free Net Working Capital (DFNWC)	8.77	-4.11	63	59	54	-108	60	203	422	162	346
Net Working Capital (NWC)	8.77	-5.34	62	58	54	-109	59	203	422	145	329
Net Nonoperating Expense (NNE)	-12	26	59	0.07	4.80	141	47	165	-24	-51	40
Net Nonoperating Obligations (NNO)	162	125	114	123	130	86	-6.20	-288	-611	-360	-421
Total Depreciation and Amortization (D&A)	2.48	13	5.78	3.41	3.90	15	6.23	5.48	6.16	5.50	6.74
Debt-free, Cash-free Net Working Capital to Revenue	-15.11%	-23.63%	-12.74%	-9.08%	-7.73%	-100.19%	-29.82%	-123.12%	-114.30%	-	-7.49%
Debt-free Net Working Capital to Revenue	5.66%	-2.65%	42.97%	39.93%	34.59%	-68.50%	37.49%	133.06%	292.54%	-	271.58%
Net Working Capital to Revenue	5.66%	-3.44%	42.40%	39.64%	34.59%	-69.02%	36.98%	132.82%	292.54%	-	258.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	($0.19)	($0.67)	($0.05)	($0.05)	($0.50)	($0.25)	($0.71)	$0.01	$0.13	($0.12)
Adjusted Weighted Average Basic Shares Outstanding	155.83M	149.23M	187.28M	246.30M	249.95M	233.60M	252.34M	320.59M	396.59M	358.80M	473.06M
Adjusted Diluted Earnings per Share	$0.03	($0.19)	($0.67)	($0.05)	($0.05)	($0.50)	($0.25)	($0.71)	($0.03)	$0.17	($0.12)
Adjusted Weighted Average Diluted Shares Outstanding	157.89M	149.23M	187.28M	246.30M	249.95M	233.60M	252.34M	320.59M	448.16M	358.80M	473.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	156.82M	242.63M	246.08M	250.07M	250.59M	289.01M	291.19M	370.70M	436.55M	476.06M	478.95M
Normalized Net Operating Profit after Tax (NOPAT)	-4.74	-5.07	-7.77	-11	-7.38	-5.72	-14	-12	-21	-17	-16
Normalized NOPAT Margin	-13.95%	-12.51%	-23.47%	-27.92%	-17.77%	-13.05%	-39.29%	-38.30%	-63.54%	-	-46.83%
Pre Tax Income Margin	11.75%	-78.45%	-385.88%	-29.46%	-29.29%	-334.87%	-178.27%	-704.01%	7.66%	-	-164.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.13	-1.24	-19.09	-2.30	-2.43	-2.16	-7.05	-50.73	1.55	-	-2.75
NOPAT to Interest Expense	-2.32	-0.42	-10.75	-3.29	-2.08	-0.12	-1.93	-14.30	-4.72	-	-1.05
EBIT Less CapEx to Interest Expense	1.35	-1.31	-19.35	-2.78	-3.65	-2.24	-7.26	-51.00	1.26	-	-2.77
NOPAT Less CapEx to Interest Expense	-3.10	-0.50	-11.01	-3.77	-3.30	-0.20	-2.14	-14.57	-5.01	-	-1.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-2.83%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-focused summary of BigBear.ai (NYSE: BBAI) using the latest quarterly data across the last four years. The bullets highlight notable trends in cash flow, profitability, and the balance sheet.

Significant equity financing in 2025: Q1 issuance of common equity was about $64.7M, Q2 about $301.1M, and Q3 about $337.1M. By Q3 2025, total common equity rose to roughly $610.0M from about $197.8M at the start of the year, signaling strong access to capital to support operations and growth plans.
Q3 2025 showed a rare positive net income from continuing operations: about $2.52M, with Basic EPS around $0.01 on roughly 396.6M weighted basic shares, suggesting a potential near-term improvement in profitability at the operating level.
Large financing inflows in 2025: Net cash from financing activities was substantial in Q3 2025 (about $335.3M) and in Q2 2025 (about $288.8M), reflecting ongoing capital-raising activity to fund operations and investments.
Revenue has remained in the high tens of millions to low tens of millions per quarter historically, with 2025 quarters echoing that pattern (Q3 2025 Operating Revenue: $33.14M; Q4 2025: $27.30M; Q2 2025: $32.47M; Q1 2025: $34.76M). This shows ongoing top-line activity but with notable quarterly volatility.
Total assets increased meaningfully through 2025, rising from about $396.3M at the start of the year to roughly $919.8M by Q3 2025, helped by new equity and selective acquisitions.
Operating cash flow remains negative across 2025 quarters (Q1: -$6.66M; Q2: -$3.87M; Q3: -$9.59M; Q4: -$21.83M), indicating ongoing cash burn from core operations despite other liquidity sources.
Investing cash flow is heavily negative in 2025 due to acquisitions and investments (Q4 2025 Acquisitions: -$229.03M; Net investing cash flow for Q3 2025: -$260.07M), underscoring a strategy focused on growth through acquisitions and asset additions.
Impairment charges have been substantial in multiple quarters (2025 Q4 impairment: approximately $53.40M; 2025 Q2 impairment: about $70.64M), contributing to sizable non-cash hits to earnings in those periods.
Debt levels have remained in the low-to-mid hundreds of millions, with long-term debt around $102–105M in mid-2025 (Q2 2025: $102.68M; Q3 2025: $104.85M), indicating ongoing leverage to fund activities alongside equity financing.
Net income has generally trended negative across most quarters, including a substantial annual headwind in 2024 (Q4 2024 Consolidated Net Income: about -$146.5M) and continued losses in 2025 quarters, highlighting ongoing profitability challenges.

05/07/26 04:23 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About BigBear.ai's Financials

When does BigBear.ai's financial year end?

According to the most recent income statement we have on file, BigBear.ai's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has BigBear.ai's net income changed over the last 5 years?

BigBear.ai's net income appears to be on an upward trend, with a most recent value of -$293.91 million in 2025, falling from $6.25 million in 2019. The previous period was -$295.55 million in 2024. See where experts think BigBear.ai is headed by visiting BigBear.ai's forecast page.

What is BigBear.ai's operating income?

BigBear.ai's total operating income in 2025 was -$213.90 million, based on the following breakdown:

Total Gross Profit: $28.48 million
Total Operating Expenses: $243.88 million

How has BigBear.ai's revenue changed over the last 5 years?

Over the last 5 years, BigBear.ai's total revenue changed from $73.63 million in 2019 to $127.67 million in 2025, a change of 73.4%.

How much debt does BigBear.ai have?

BigBear.ai's total liabilities were at $282.68 million at the end of 2025, a 18.7% decrease from 2024, and a 139.6% increase since 2020.

How much cash does BigBear.ai have?

In the past 5 years, BigBear.ai's cash and equivalents has ranged from $9.70 million in 2020 to $87.13 million in 2025, and is currently $87.13 million as of their latest financial filing in 2025.

How has BigBear.ai's book value per share changed over the last 5 years?

Over the last 5 years, BigBear.ai's book value per share changed from 0.00 in 2019 to 1.40 in 2025, a change of 140.2%.

Related Companies

Financial statements for NYSE:BBAI last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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