Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data BigBear.ai Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
73.6
146
155
155
158
128
Cost of revenue
56.1
112
112
115
113
99.2
Gross profit
17.5
34.1
43
40.6
45.2
28.5
Research and development
0.11
6.03
8.39
5.04
10.9
16.8
Selling, general and administrative
11
107
84.8
71.1
80
95.1
Operating income
6.38
-78.5
-111
-39
-133
-214
Interest expense
0.13
7.76
14.4
24.9
25.6
18.1
Interest income
0.39
2.29
13.3
Pre-tax income
6.26
-122
-113
-70.9
-296
-316
Income tax
0.01
1.08
-1.88
-0.22
-0.26
-21.7
Net income
6.25
-124
-111
-70.7
-296
-294
EBITDA
6.43
-71.2
-103
-31.1
-122
-199
EPS, basic
-1.05
-0.87
-0.47
-1.27
-0.82
EPS, diluted
-1.05
-0.87
-0.47
-1.27
-0.82
Shares, basic (weighted)
117
128
149
234
359
Shares, diluted (weighted)
117
128
149
234
359
Balance sheet
FY2019
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
1.64
68.9
12.6
32.6
50.1
87.1
Receivables
28.6
30.1
21.9
39
22.7
Other current assets
7.03
10.3
4.45
0.3
14.5
Total current assets
206
54.3
63.8
93.8
331
Property, plant and equipment
1.08
1.43
1
1.57
1.56
Lease right-of-use assets
0
4.64
4.04
9.26
7.06
Goodwill
0
91.6
48.7
48.7
119
241
Intangible assets
83.6
85.7
82
119
139
Other non-current assets
0.78
0.48
0.37
0.99
0.86
Total assets
383
195
200
344
895
Accounts payable
5.48
15.4
11
8.46
6.09
Accrued liabilities
10.7
13.4
16.2
19.5
19.6
Deferred revenue
4.21
2.02
0.88
2.54
14.8
Short-term debt
4.23
2.06
1.23
0.82
16.6
Total current liabilities
70
35.8
69.1
203
186
Long-term debt
190
192
156
135
90.5
Lease liabilities
0
5.09
4.31
9.12
6.67
Other non-current liabilities
0.32
0.01
0
Total liabilities
261
233
230
347
283
Total debt
195
194
157
136
107
Paid-in capital
254
273
303
625
1,535
Retained earnings
-131
-253
-276
-572
-866
Treasury stock
0
-57.4
-57.4
-57.4
-57.4
Other comprehensive income
0
0.12
-0.06
Shareholders' equity
11.7
160
9.76
-30
-3.71
612
Total equity
11.7
160
9.76
-30
-3.71
612
Total liabilities and equity
383
195
200
344
895
Shares outstanding
148
127
157
252
437
Cash flow statement
FY2019
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
6.25
-124
-111
-70.7
-296
-294
Depreciation and amortization
0.05
7.26
7.76
7.9
11.9
15.3
Stock-based compensation
0.1
60.6
10.9
18.7
21.1
23.3
Deferred income tax
-0
1.04
-1.92
-0.24
-0.33
-21.7
Change in receivables
-2.49
-7.18
-0.8
6.4
-11.8
17.2
Change in payables
-0.35
2.74
9.94
-4.38
-4.03
-5.7
Cash from operations
4.12
-19.8
-48.9
-18.3
-38.1
-42
Capital expenditures
-0.02
-0.65
-0.77
-0
-0.48
-0.53
Acquisitions
0
-0.22
-4.47
0
13.9
-229
Purchases of investments
0
0
-564
Sales and maturities of investments
131
Cash from investing
-0.02
-0.86
-5.23
-3.83
2.82
-607
Stock issued
0
0
637
Share buybacks
0
-101
0
0
Cash from financing
-2.84
181
-103
42.1
52.5
691
Exchange rate effect
0
0
0.42
-0.17
Net change in cash
1.26
160
-157
19.9
17.6
42.5
Free cash flow
4.1
-20.4
-49.7
-18.3
-38.6
-42.5
Interest paid
0.13
6.24
12.4
12.2
12.6
8.94
Income taxes paid
0.01
0.07
0.01
-0.03
-1.51
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.80 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
27.9%
Gross profit / revenue.
Operating margin
-117.9%
Operating income / revenue.
EBITDA margin
-101.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-81.7%
Pre-tax income / revenue.
Net margin
-65.2%
Net income / revenue.
FCF margin
-55.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-54.4%
Cash from operations / revenue.
Return on equity (ROE)
-11.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-10.2%
Net income / average total assets.
Return on invested capital (ROIC)
-16.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
16.2%
Research and development expense / revenue.
SG&A / revenue
85.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
15.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.8%
Capital expenditures / revenue.
D&A / revenue
16.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-19.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-37.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-12.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 3y
297.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
160.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
66.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
53.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
41.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.67x
Current assets / current liabilities.
Quick ratio
1.02x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.55x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.02x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
2.0%
Total debt / total assets.
Liabilities / assets
8.4%
Total liabilities / total assets.
Net debt
-$19.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.27
Revenue / diluted weighted shares.
FCF per share
-$0.15
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.15
Cash from operations / diluted weighted shares.
Book value per share
$1.61
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
10.2x
Market cap / revenue.
P/B
1.74x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.35x
Market cap / tangible book value, when positive.
EV/Sales
10.1x
Enterprise value / revenue.
FCF yield
-5.4%
Free cash flow / market cap.
Earnings yield
-6.4%
Net income / market cap (the inverse of P/E).
What was BigBear.ai Holdings, Inc.'s revenue in fiscal 2025?
BigBear.ai Holdings, Inc. reported revenue of $127.7M for fiscal 2025, 19.3% lower than the year before.
Was BigBear.ai Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $293.9M.
How much free cash flow did BigBear.ai Holdings, Inc. generate in fiscal 2025?
Cash from operations of $42.0M minus capital expenditures of $525.0K left free cash flow of -$42.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.