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BigBear.ai (BBAI) Financials

BigBear.ai logo
$2.93 -0.05 (-1.68%)
As of 09/4/2026 03:58 PM Eastern
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Annual Income Statements for BigBear.ai

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

Quarterly Income Statements for BigBear.ai

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -32 -128 -14 -15 -146 -62 -229 2.52 -6.01 -57 -26
Consolidated Net Income / (Loss)		 -32 -128 -14 -15 -146 -62 -229 2.52 -5.83 -57 -26
Net Income / (Loss) Continuing Operations		 -32 -128 -14 -15 -146 -62 -229 2.52 -5.83 -57 -26
Total Pre-Tax Income 		-32 -128 -14 -15 -147 -62 -229 2.54 -28 -57 -26
Total Operating Income		 -8.57 -98 -17 -11 -8.14 -21 -90 -22 -81 -24 -29
Total Gross Profit		 13 6.99 11 11 16 7.39 8.11 7.43 5.55 12 12
Total Revenue		 41 33 40 42 44 35 32 33 27 34 37
Operating Revenue		 41 33 40 42 44 35 32 33 27 34 37
Total Cost of Revenue		 28 26 29 31 27 27 24 26 22 23 25
Operating Cost of Revenue		 28 26 29 31 27 27 24 26 22 23 25
Total Operating Expenses		 22 105 28 21 25 29 98 29 88 36 41
Selling, General & Admin Expense		 18 17 23 17 22 23 21 25 26 29 32
Research & Development Expense		 2.03 1.14 3.57 3.82 2.33 4.17 4.39 3.38 4.82 5.53 7.56
Other Operating Expenses / (Income)		 - -0.46 - - - 0.28 -0.16 - - 0.01 0.23
Impairment Charge		 - 85 0.00 0.00 - - 71 0.00 53 - 0.00
Restructuring Charge		 1.33 1.96 0.80 0.00 -0.03 1.70 1.90 0.66 2.20 1.22 1.20
Total Other Income / (Expense), net		 -23 -30 2.25 -4.58 -138 -40 -138 24 54 -32 3.04
Interest Expense		 14 6.39 6.45 6.55 46 7.69 4.42 4.60 3.98 16 0.31
Interest & Investment Income		 - - - - - 0.56 1.70 - - 3.79 3.82
Other Income / (Expense), net		 -9.03 -24 8.70 1.98 -92 -33 -136 29 45 -20 -0.47
Income Tax Expense		 -0.27 -0.01 0.02 0.02 -0.28 0.03 0.01 0.02 -22 0.01 0.01
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - -0.02 0.56 - - 1.40 0.36
Basic Earnings per Share		 ($0.19) ($0.68) ($0.06) ($0.06) ($0.50) ($0.25) ($0.71) $0.01 $0.13 ($0.12) ($0.05)
Weighted Average Basic Shares Outstanding		 149.23M 187.28M 246.30M 249.95M 233.60M 252.34M 320.59M 396.59M 358.80M 473.06M 479.12M
Diluted Earnings per Share		 ($0.19) ($0.68) ($0.06) ($0.06) ($0.50) ($0.25) ($0.71) ($0.03) $0.17 ($0.12) ($0.05)
Weighted Average Diluted Shares Outstanding		 149.23M 187.28M 246.30M 249.95M 233.60M 252.34M 320.59M 448.16M 358.80M 473.06M 479.12M
Weighted Average Basic & Diluted Shares Outstanding		 242.63M 246.08M 250.07M 250.59M 289.01M 291.19M 370.70M 436.55M 476.06M 478.95M 479.49M

Annual Cash Flow Statements for BigBear.ai

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

Quarterly Cash Flow Statements for BigBear.ai

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 0.37 49 -9.15 -6.68 -15 57 283 66 -364 14 -69
Net Cash From Operating Activities		 -0.07 -14 -7.06 -1.90 -15 -6.66 -3.87 -9.59 -22 -18 -22
Net Cash From Continuing Operating Activities		 -0.07 -14 -7.06 -1.90 -15 -6.66 -3.87 -9.59 -22 -18 -22
Net Income / (Loss) Continuing Operations		 -32 -128 -12 -12 -146 -62 -229 2.52 -5.83 -57 -26
Consolidated Net Income / (Loss)		 -32 -128 -12 -12 -146 -62 -229 2.52 -5.83 -57 -26
Depreciation Expense		 1.97 2.44 2.91 3.39 3.13 3.47 3.45 4.13 4.23 7.08 6.81
Amortization Expense		 11 3.34 0.51 0.51 12 2.76 2.03 2.03 1.27 -0.34 -0.22
Non-Cash Adjustments To Reconcile Net Income		 11 117 -0.52 3.42 130 44 211 -21 12 39 6.33
Changes in Operating Assets and Liabilities, net		 7.01 -9.01 1.79 2.96 -14 4.98 8.19 2.69 -33 -6.93 -9.37
Net Cash From Investing Activities		 -1.08 12 -1.71 -4.31 -3.41 -1.62 -1.16 -260 -344 33 -43
Net Cash From Continuing Investing Activities		 -1.08 12 -1.71 -4.31 -3.41 -1.62 -1.16 -260 -344 33 -43
Purchase of Property, Plant & Equipment		 -1.08 -1.68 -1.71 -4.31 -3.41 -1.62 -1.16 -1.33 -0.25 -0.32 -0.32
Sale and/or Maturity of Investments		 - - - - - 0.00 - - - 43 36
Net Cash From Financing Activities		 1.53 51 -0.38 -0.42 2.30 66 289 335 1.26 -0.78 -3.42
Net Cash From Continuing Financing Activities		 1.53 51 -0.38 -0.42 2.30 66 289 335 1.26 -0.78 -3.42
Issuance of Common Equity		 0.65 54 0.61 - 55 6.57 301 337 -63 0.00 1.59
Other Financing Activities, net		 -0.34 -2.45 -0.58 -0.00 1.07 64 -12 -1.42 73 -0.78 -5.01
Effect of Exchange Rate Changes		 - 0.00 - - 0.48 -0.19 -0.56 0.10 0.47 0.12 0.02

Annual Balance Sheets for BigBear.ai

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

Quarterly Balance Sheets for BigBear.ai

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 205 208 203 378 361 354 396 599 920 862 841
Total Current Assets		 66 72 66 125 112 104 148 424 620 394 373
Cash & Equivalents		 22 30 32 81 72 66 108 391 457 101 36
Restricted Cash		 - - - - - - - - - 6.00 1.79
Short-Term Investments		 - - - - - - - - 130 249 283
Accounts Receivable		 33 36 29 37 34 32 35 28 24 23 31
Prepaid Expenses		 8.78 5.04 4.10 4.66 4.52 4.22 5.55 4.40 6.55 15 21
Other Current Assets		 2.43 0.35 0.45 2.38 1.04 1.91 0.51 0.70 2.18 0.87 0.00
Plant, Property, & Equipment, net		 1.31 1.20 1.10 1.57 1.59 1.52 1.45 1.43 1.44 1.74 1.89
Total Noncurrent Assets		 138 135 136 251 248 248 247 174 299 466 467
Long-Term Investments		 - - - - - - - - 129 82 91
Goodwill		 49 49 49 120 119 119 119 48 48 239 239
Intangible Assets		 84 82 83 120 118 119 118 116 113 137 131
Other Noncurrent Operating Assets		 5.00 4.81 4.64 11 11 11 9.90 9.60 8.66 7.69 6.52
Total Liabilities & Shareholders' Equity		 205 208 203 378 361 354 396 599 920 862 841
Total Liabilities		 259 270 255 269 258 256 198 333 310 71 71
Total Current Liabilities		 61 72 57 63 53 51 89 222 198 65 66
Short-Term Debt		 1.30 0.52 0.00 0.83 0.42 0.00 0.82 0.37 0.00 17 17
Accounts Payable		 11 7.30 9.08 6.22 7.13 4.25 3.94 3.44 5.58 4.23 11
Accrued Expenses		 18 16 15 22 20 26 21 17 18 16 16
Current Deferred Revenue		 2.35 2.00 2.32 3.85 3.50 2.08 3.02 4.47 3.51 11 10
Other Current Liabilities		 28 46 30 31 22 18 61 197 171 17 12
Total Noncurrent Liabilities		 198 198 198 206 205 205 109 111 112 6.50 5.26
Long-Term Debt		 193 193 194 195 195 196 101 103 105 0.00 0.00
Other Noncurrent Operating Liabilities		 4.91 4.71 4.52 11 9.56 9.33 8.77 8.49 6.97 6.50 5.26
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		 -54 -62 -52 108 103 98 198 267 610 790 770
Total Preferred & Common Equity		 -54 -62 -52 108 103 98 198 267 610 790 770
Total Common Equity		 -54 -62 -52 108 103 98 198 267 610 790 770
Common Stock		 283 292 297 604 610 618 889 1,186 1,527 1,713 1,719
Retained Earnings		 -279 -296 -292 -439 -450 -462 -634 -862 -860 -922 -948
Treasury Stock		 -57 -57 -57 -57 -57 -57 -57 -57 -57 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 - - - - - -0.01 0.13 -0.15 -0.19 -0.76 -0.94

Annual Metrics And Ratios for BigBear.ai

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		 - - - - - -

Quarterly Metrics And Ratios for BigBear.ai

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 436,551,228.00 476,056,577.00 479,494,493.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 436,551,228.00 476,056,577.00 479,494,493.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -0.01 -0.12 -0.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.51% -21.43% 3.44% 22.12% 8.05% 4.94% -18.38% -20.15% - -0.93% 13.17%
EBITDA Growth		 -176.24% -477.24% 56.16% -147.10% -1,809.55% 58.63% -13,091.13% 905.27% - 22.09% 89.83%
EBIT Growth		 -168.93% -439.30% 38.74% -214.34% -468.43% 55.47% -2,712.17% 183.42% - 18.63% 87.16%
NOPAT Growth		 67.49% -715.07% -63.16% 10.28% 5.03% 78.37% -441.70% -194.34% - -14.37% 68.38%
Net Income Growth		 -61.05% -387.50% 30.53% -404.48% -364.35% 51.49% -1,483.34% 116.66% - 8.43% 88.74%
EPS Growth		 -26.67% -257.89% 58.33% -266.67% -163.16% 63.24% -1,083.33% 50.00% - 52.00% 92.96%
Operating Cash Flow Growth		 99.30% -19.49% 44.84% -128.81% -19,908.11% 53.59% 45.20% -405.54% - -170.12% -474.12%
Free Cash Flow Firm Growth		 381.54% -401.83% -326.79% -381.38% -84.29% 109.37% 235.93% 263.79% - -1,301.82% -326.19%
Invested Capital Growth		 -34.09% 88.31% 121.02% 109.12% -13.14% -13.95% -109.39% -100.25% - 92.89% 1,866.90%
Revenue Q/Q Growth		 19.35% -18.35% 20.11% 4.33% 5.59% -20.70% -6.57% 2.07% - 26.14% 6.72%
EBITDA Q/Q Growth		 -144.46% -2,508.43% 96.01% 0.90% -1,702.63% 43.49% -355.32% 106.08% - -25.97% 40.38%
EBIT Q/Q Growth		 -333.59% -592.52% 93.31% -5.42% -1,061.34% 45.75% -313.11% 103.19% - -25.44% 34.59%
NOPAT Q/Q Growth		 27.01% -1,043.93% 83.00% 36.78% 22.74% -160.48% -325.79% 65.65% - 69.88% -17.74%
Net Income Q/Q Growth		 -888.87% -305.08% 90.62% -3.74% -1,103.08% 57.69% -268.82% 101.10% - -873.64% 54.64%
EPS Q/Q Growth		 -733.33% -257.89% 92.54% 0.00% -900.00% 50.00% -184.00% 95.77% - -170.59% 58.33%
Operating Cash Flow Q/Q Growth		 -101.12% -19,304.05% 50.85% 73.14% -680.91% 54.99% 41.96% -147.80% - 17.56% -23.37%
Free Cash Flow Firm Q/Q Growth		 -4.37% -502.07% 21.70% 6.53% 105.34% 139.89% 1,035.55% 12.63% - 13.69% -113.71%
Invested Capital Q/Q Growth		 -13.25% 134.80% 1.57% 1.07% -63.97% 132.61% -111.09% 97.29% - 46.73% 1.58%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 32.09% 21.09% 27.81% 25.94% 37.43% 21.26% 24.98% 22.42% - 34.04% 32.79%
EBITDA Margin		 -10.97% -350.54% -11.96% -11.36% -193.93% -138.20% -673.53% 40.14% - -109.30% -61.06%
Operating Margin		 -21.14% -296.09% -41.90% -25.39% -18.58% -61.02% -278.09% -65.96% - -70.44% -77.71%
EBIT Margin		 -43.39% -367.97% -20.54% -20.75% -228.26% -156.14% -690.40% 21.55% - -128.88% -78.99%
Profit (Net Income) Margin		 -77.77% -385.83% -29.50% -29.34% -334.24% -178.34% -704.05% 7.61% - -164.84% -70.07%
Tax Burden Percent		 99.14% 99.99% 100.13% 100.17% 99.81% 100.04% 100.01% 99.33% - 100.02% 100.02%
Interest Burden Percent		 180.81% 104.87% 143.46% 141.11% 146.71% 114.18% 101.97% 35.54% - 127.87% 88.68%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.67% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 -19.23% -177.70% -26.33% -16.30% -23.23% -32.97% -289.86% -82.87% - -22.38% -40.44%
ROIC Less NNEP Spread (ROIC-NNEP)		 -35.90% -218.99% -26.38% -19.59% -156.73% -120.29% -88.63% -92.96% - -3.75% -38.75%
Return on Net Nonoperating Assets (RNNOA)		 162.16% -1,152.22% -184.04% -123.88% 980.51% -42.41% 39.45% 63.04% - 1.62% 25.52%
Return on Equity (ROE)		 142.92% -1,329.91% -210.37% -140.19% 957.29% -75.37% -250.41% -19.83% - -20.76% -14.92%
Cash Return on Invested Capital (CROIC)		 18.20% -112.63% -131.46% -126.06% -91.35% -4.12% 0.00% 0.00% - -117.55% -134.60%
Operating Return on Assets (OROA)		 -34.07% -184.72% -10.64% -11.55% -132.86% -64.51% -219.37% 4.88% - -26.10% -14.43%
Return on Assets (ROA)		 -61.07% -193.69% -15.29% -16.32% -194.56% -73.68% -223.71% 1.72% - -33.38% -12.80%
Return on Common Equity (ROCE)		 142.92% -1,329.91% -210.37% -140.19% 957.29% -75.37% -250.41% -19.83% - -20.76% -14.92%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -158.77% -150.01% -173.03% 0.00% -116.15% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -6.00 -69 -12 -7.38 -5.70 -15 -63 -22 -56 -17 -20
NOPAT Margin		 -14.79% -207.27% -29.33% -17.77% -13.00% -42.71% -194.66% -65.52% - -49.31% -54.40%
Net Nonoperating Expense Percent (NNEP)		 16.67% 41.29% 0.05% 3.29% 133.51% 87.32% -201.23% 10.09% - -18.63% -1.69%
Return On Investment Capital (ROIC_SIMPLE)		 -4.71% -22.58% - - -4.30% -4.96% -17.10% -3.04% -7.84% -2.10% -2.54%
Cost of Revenue to Revenue		 67.91% 78.91% 72.19% 74.06% 62.57% 78.74% 75.02% 77.59% - 65.96% 67.21%
SG&A Expenses to Revenue		 44.95% 51.17% 58.73% 42.13% 50.75% 65.40% 66.17% 76.20% - 84.87% 86.66%
R&D to Revenue		 5.01% 3.45% 8.96% 9.20% 5.33% 11.99% 13.53% 10.18% - 16.07% 20.58%
Operating Expenses to Revenue		 53.22% 315.81% 69.71% 51.33% 57.05% 82.27% 303.08% 88.37% - 104.51% 111.12%
Earnings before Interest and Taxes (EBIT)		 -18 -122 -8.17 -8.61 -100 -54 -224 7.14 -35 -44 -29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -4.45 -116 -4.76 -4.72 -85 -48 -219 13 -30 -38 -22
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 4.59 3.62 3.71 0.00 4.18 7.42 3.96 - 2.12 2.28
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 19.29 5.38 - 4.05 4.38
Price to Revenue (P/Rev)		 2.16 3.40 2.52 2.36 7.05 5.17 12.96 16.76 - 13.16 13.35
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)		 4.86 2.75 2.19 2.17 14.58 4.28 0.00 0.00 - 3.40 3.63
Enterprise Value to Revenue (EV/Rev)		 2.97 4.19 3.36 3.20 7.59 5.13 11.07 12.53 - 9.85 10.35
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)		 21.20 0.00 0.00 0.00 0.00 0.00 10.81 13.88 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -5.25 1.80 1.90 1.99 -36.68 0.51 0.39 0.17 - 0.02 0.02
Long-Term Debt to Equity		 -5.21 1.80 1.90 1.99 -36.46 0.51 0.39 0.17 - 0.00 0.00
Financial Leverage		 -4.52 5.26 6.98 6.32 -6.26 0.35 -0.45 -0.68 - -0.43 -0.66
Leverage Ratio		 -5.82 10.69 13.82 12.07 -16.13 2.53 2.60 1.80 - 1.27 1.39
Compound Leverage Factor		 -10.53 11.21 19.82 17.04 -23.66 2.89 2.65 0.64 - 1.63 1.23
Debt to Total Capital		 123.55% 64.32% 65.57% 66.54% 102.80% 33.89% 27.88% 14.67% - 2.06% 2.11%
Short-Term Debt to Total Capital		 0.96% 0.27% 0.14% 0.00% 0.62% 0.27% 0.10% 0.00% - 2.06% 2.11%
Long-Term Debt to Total Capital		 122.59% 64.05% 65.43% 66.54% 102.19% 33.62% 27.78% 14.67% - 0.00% 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		 -23.55% 35.68% 34.43% 33.46% -2.80% 66.11% 72.12% 85.33% - 97.94% 97.89%
Debt to EBITDA		 -6.19 -1.61 -1.52 -1.36 -0.64 -0.70 -0.28 -0.30 - -0.06 -0.22
Net Debt to EBITDA		 -4.91 -0.94 -0.96 -0.91 -0.40 0.04 0.79 1.76 - 1.54 5.30
Long-Term Debt to EBITDA		 -6.15 -1.60 -1.51 -1.36 -0.63 -0.69 -0.28 -0.30 - 0.00 0.00
Debt to NOPAT		 -5.76 -2.23 -2.13 -2.09 -1.46 -2.56 -1.13 -1.06 - -0.11 -0.15
Net Debt to NOPAT		 -4.57 -1.30 -1.34 -1.39 -0.92 0.16 3.16 6.16 - 2.77 3.64
Long-Term Debt to NOPAT		 -5.72 -2.22 -2.12 -2.09 -1.45 -2.54 -1.13 -1.06 - 0.00 0.00
Altman Z-Score		 -0.60 -1.00 -0.36 -0.43 -1.28 0.39 0.98 4.11 - 13.05 13.76
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		 0.92 1.98 2.10 2.06 0.46 1.66 1.91 3.13 - 6.08 5.67
Quick Ratio		 0.79 1.87 1.99 1.94 0.44 1.60 1.89 3.09 - 5.75 5.33
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 43 -173 -136 -127 6.76 16 184 207 -226 -195 -417
Operating Cash Flow to CapEx		 -6.83% -854.19% -412.51% -44.01% -433.68% -411.36% -332.30% -720.68% - -5,642.95% -7,027.53%
Free Cash Flow to Firm to Interest Expense		 3.03 -27.11 -38.16 -35.77 0.15 2.11 41.68 45.06 - -12.08 -1,357.04
Operating Cash Flow to Interest Expense		 -0.01 -2.25 -1.99 -0.54 -0.32 -0.87 -0.88 -2.08 - -1.12 -72.34
Operating Cash Flow Less CapEx to Interest Expense		 -0.08 -2.51 -2.47 -1.75 -0.39 -1.08 -1.14 -2.37 - -1.13 -73.36
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.79 0.50 0.52 0.56 0.58 0.41 0.32 0.23 - 0.20 0.18
Accounts Receivable Turnover		 5.96 4.22 4.20 5.04 5.20 4.49 4.90 5.07 - 4.44 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		 127.71 101.55 105.89 118.57 123.48 105.74 101.34 97.50 - 79.84 79.39
Accounts Payable Turnover		 8.66 13.01 14.97 16.98 11.60 22.51 20.80 21.34 - 23.14 12.94
Days Sales Outstanding (DSO)		 61.21 86.50 86.90 72.42 70.24 81.22 74.51 71.93 - 82.22 82.24
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)		 42.15 28.06 24.38 21.49 31.48 16.21 17.55 17.10 - 15.77 28.20
Cash Conversion Cycle (CCC)		 19.06 58.44 62.52 50.92 38.76 65.00 56.96 54.83 - 66.45 54.05
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 95 223 226 229 82 192 -21 -0.58 252 370 375
Invested Capital Turnover		 1.30 0.86 0.90 0.92 1.79 0.77 1.49 1.26 - 0.45 0.74
Increase / (Decrease) in Invested Capital		 -49 104 124 119 -12 -31 -247 -229 169 178 397
Enterprise Value (EV)		 460 612 495 495 1,201 820 1,689 1,806 - 1,255 1,363
Market Capitalization		 336 497 372 365 1,115 827 1,977 2,417 - 1,676 1,758
Book Value per Share		 ($0.19) $0.45 $0.42 $0.39 ($0.01) $0.68 $0.92 $1.65 $1.40 $1.66 $1.61
Tangible Book Value per Share		 ($1.02) ($0.54) ($0.54) ($0.56) ($0.97) ($0.13) $0.35 $1.21 $0.53 $0.87 $0.84
Total Capital		 127 304 298 294 133 299 370 715 719 807 787
Total Debt		 157 196 196 196 136 101 103 105 107 17 17
Total Long-Term Debt		 156 195 195 196 135 101 103 105 90 0.00 0.00
Net Debt		 125 114 123 130 86 -6.20 -288 -611 -360 -421 -395
Capital Expenditures (CapEx)		 1.08 1.68 1.71 4.31 3.41 1.62 1.16 1.33 0.25 0.32 0.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -37 -19 -13 -12 -159 -48 -188 -165 -132 -9.54 2.82
Debt-free Net Working Capital (DFNWC)		 -4.11 63 59 54 -108 60 203 422 162 346 324
Net Working Capital (NWC)		 -5.34 62 58 54 -109 59 203 422 145 329 307
Net Nonoperating Expense (NNE)		 26 59 0.07 4.80 141 47 165 -24 -51 40 5.76
Net Nonoperating Obligations (NNO)		 125 114 123 130 86 -6.20 -288 -611 -360 -421 -395
Total Depreciation and Amortization (D&A)		 13 5.78 3.41 3.90 15 6.23 5.48 6.16 5.50 6.74 6.59
Debt-free, Cash-free Net Working Capital to Revenue		 -23.63% -12.74% -9.08% -7.73% -100.19% -29.82% -123.12% -114.30% - -7.49% 2.14%
Debt-free Net Working Capital to Revenue		 -2.65% 42.97% 39.93% 34.59% -68.50% 37.49% 133.06% 292.54% - 271.58% 245.99%
Net Working Capital to Revenue		 -3.44% 42.40% 39.64% 34.59% -69.02% 36.98% 132.82% 292.54% - 258.54% 233.35%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.19) ($0.67) ($0.05) ($0.05) ($0.50) ($0.25) ($0.71) $0.01 $0.13 ($0.12) ($0.05)
Adjusted Weighted Average Basic Shares Outstanding		 149.23M 187.28M 246.30M 249.95M 233.60M 252.34M 320.59M 396.59M 358.80M 473.06M 479.12M
Adjusted Diluted Earnings per Share		 ($0.19) ($0.67) ($0.05) ($0.05) ($0.50) ($0.25) ($0.71) ($0.03) $0.17 ($0.12) ($0.05)
Adjusted Weighted Average Diluted Shares Outstanding		 149.23M 187.28M 246.30M 249.95M 233.60M 252.34M 320.59M 448.16M 358.80M 473.06M 479.12M
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		 242.63M 246.08M 250.07M 250.59M 289.01M 291.19M 370.70M 436.55M 476.06M 478.95M 479.49M
Normalized Net Operating Profit after Tax (NOPAT)		 -5.07 -7.77 -11 -7.38 -5.72 -14 -12 -21 -17 -16 -19
Normalized NOPAT Margin		 -12.51% -23.47% -27.92% -17.77% -13.05% -39.29% -38.30% -63.54% - -46.83% -52.11%
Pre Tax Income Margin		 -78.45% -385.88% -29.46% -29.29% -334.87% -178.27% -704.01% 7.66% - -164.80% -70.05%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -1.24 -19.09 -2.30 -2.43 -2.16 -7.05 -50.73 1.55 - -2.75 -94.56
NOPAT to Interest Expense		 -0.42 -10.75 -3.29 -2.08 -0.12 -1.93 -14.30 -4.72 - -1.05 -65.12
EBIT Less CapEx to Interest Expense		 -1.31 -19.35 -2.78 -3.65 -2.24 -7.26 -51.00 1.26 - -2.77 -95.59
NOPAT Less CapEx to Interest Expense		 -0.50 -11.01 -3.77 -3.30 -0.20 -2.14 -14.57 -5.01 - -1.07 -66.15
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% - -2.83% -3.54%

Financials Breakdown Chart

Key Financial Trends

BigBear.ai’s latest results show improving revenue and a much smaller loss compared with the prior-year quarter, but the company remains unprofitable and cash flow is under pressure. Q2 2026 revenue increased to $36.7 million from $32.5 million in the restated Q2 2025 period, a gain of approximately 13%. Revenue has recovered from the $27.3 million reported in Q4 2025, although it remains below the $43.8 million quarterly peak recorded in Q4 2024.

Gross profit rose to $12.1 million in Q2 2026 from $8.1 million a year earlier, lifting the gross margin to approximately 32.8% from 25.0%. However, operating expenses climbed to $40.8 million, including $31.8 million of selling, general and administrative costs, $7.6 million of research and development spending, and $1.2 million of restructuring charges. As a result, the company posted a $28.6 million operating loss and a $25.7 million net loss attributable to common shareholders.

The balance sheet remains relatively liquid, but liquidity declined during the quarter. Cash, restricted cash and short-term investments totaled approximately $321.0 million at June 30, 2026, down from $355.4 million at March 31. Total current assets of $372.9 million substantially exceeded current liabilities of $65.7 million, producing a current ratio of roughly 5.7. BigBear.ai also reported no long-term debt, although its accumulated deficit reached $948.1 million.

Cash generation remains the central concern. Operating activities consumed $22.2 million in Q2 2026, compared with $18.0 million in Q1 and $9.6 million in Q3 2025. Including investing and financing activity, cash and equivalents declined by $68.6 million during the latest quarter. The company has a meaningful liquid-asset base, but continued operating losses and investment-related cash movements could accelerate the need for additional financing if profitability does not improve.

  • Revenue growth resumed: Q2 2026 revenue increased approximately 13% year over year and 7% sequentially from Q1 2026.
  • Gross margin improved: Gross margin rose to approximately 32.8% from 25.0% in Q2 2025, suggesting better revenue mix or delivery economics.
  • Large reduction in net losses: The Q2 2026 net loss of $25.7 million was substantially better than the restated $228.6 million loss in Q2 2025, which included significant impairment and other charges.
  • Strong current liquidity: Cash, restricted cash and short-term investments totaled approximately $321.0 million, while current liabilities were only $65.7 million.
  • Debt reduction: Long-term debt declined from $195.3 million in Q2 2024 to zero by Q1 2026 and remained at zero in Q2 2026, reducing interest-rate and refinancing risk.
  • Revenue recovery is incomplete: The latest quarter improved from Q4 2025, but revenue remains below the company’s 2024 quarterly high, indicating that growth has not yet become consistent.
  • Investment income supports results: Q2 2026 included $3.8 million of interest and investment income, but this non-operating income does not resolve the company’s underlying operating deficit.
  • Operating cash burn persists: BigBear.ai used $22.2 million in operating cash during Q2 2026, marking another quarter in which core operations failed to fund themselves.
  • Quarterly cash declined sharply: Net cash decreased by $68.6 million in Q2 2026, reversing the $14.1 million increase recorded in Q1.
  • Significant dilution: Weighted-average basic shares increased to approximately 479.1 million in Q2 2026 from 320.6 million in the restated Q2 2025 period, potentially reducing per-share value for existing investors.

Overall, the statements point to a company with substantial liquidity, no long-term debt and improving gross margins, but one that still depends on its balance-sheet resources while it works toward operating profitability. Investors should closely monitor whether revenue growth continues, whether operating expenses moderate, and whether quarterly operating cash burn begins to decline.

09/05/26 03:26 AM ETAI Generated. May Contain Errors.

BigBear.ai Financials - Frequently Asked Questions

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

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. View BigBear.ai's forecast to see where analysts expect BigBear.ai to go next.

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

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%.

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.

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.

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%.


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Financial statements for NYSE:BBAI last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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