Revenue rebounded to $43.6M in 2026Q3 (+31.5%), yet operating margin remained deeply negative at -2.3% in the latest quarter after -74.4% in 2026Q2, with gross margin holding in a 31% to 34% range over the last two quarters.
BigBear.ai Holdings, Inc. (BBAI) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 142.06M | 127.67M | 158.24M | 155.16M | 155.01M | 145.58M | 91.32M | 73.63M |
| Revenue Growth % | -1.48% | -19.32% | 1.98% | 0.1% | 6.48% | 59.42% | 24.03% | - |
| Cost of Goods Sold | 99.15M | 99.19M | 113.02M | 114.56M | 112.02M | 111.51M | 69.63M | 56.13M |
| COGS % of Revenue | - | 77.69% | 71.42% | 73.83% | 72.26% | 76.6% | 76.25% | 76.24% |
| Gross Profit | 42.91M | 28.48M | 45.22M | 40.6M | 42.99M | 34.07M | 21.68M | 17.5M |
| Gross Margin % | 30.21% | 22.31% | 28.58% | 26.17% | 27.74% | 23.4% | 23.75% | 23.76% |
| Gross Profit Growth % | - | -37.02% | 11.38% | -5.56% | 26.2% | 57.1% | 23.94% | - |
| Operating Expenses | 217.54M | 111.88M | 178.64M | 79.64M | 153.52M | 112.54M | 26.25M | 11.11M |
| OpEx % of Revenue | - | 87.63% | 112.89% | 51.32% | 99.04% | 77.31% | 28.74% | 15.1% |
| Selling, General & Admin | 118.04M | 95.13M | 80.04M | 65.78M | 90.52M | 106.51M | 15.54M | 11M |
| SG&A % of Revenue | - | 74.51% | 50.58% | 42.4% | 58.4% | 73.16% | 17.02% | 14.95% |
| Research & Development | 23.3M | 16.75M | 10.86M | 5.04M | 8.39M | 6.03M | 615K | 110K |
| R&D % of Revenue | - | 13.12% | 6.87% | 3.25% | 5.41% | 4.14% | 0.67% | 0.15% |
| Other Operating Expenses | 340K | 0 | 87.74M | 8.82M | 54.6M | 0 | 10.09M | 0 |
| Operating Income | -174.62M | -83.41M | -133.42M | -39.03M | -110.53M | -78.47M | -4.56M | 6.38M |
| Operating Margin % | -122.92% | -65.33% | -84.32% | -25.16% | -71.3% | -53.9% | -5% | 8.67% |
| Operating Income Growth % | - | 37.49% | -241.8% | 64.68% | -40.85% | -1620.12% | -171.48% | - |
| EBITDA | -149.87M | -68.13M | -121.55M | -31.13M | -102.77M | -71.21M | -3.46M | 6.43M |
| EBITDA Margin % | -105.49% | -53.36% | -76.81% | -20.06% | -66.3% | -48.92% | -3.79% | 8.74% |
| EBITDA Growth % | -185.8% | 43.95% | -290.41% | 69.71% | -44.32% | -1955.12% | -153.87% | - |
| D&A (Non-Cash Add-back) | 24.75M | 15.28M | 11.87M | 7.9M | 7.76M | 7.26M | 1.1M | 50K |
| EBIT | -175.89M | -275.8M | -270.16M | -30.22M | -55.92M | -114.71M | 5.53M | 6.38M |
| Net Interest Income | 19.77M | -4.86M | -25.65M | -14.2M | -14.44M | -7.76M | 0 | -127K |
| Interest Income | 24.68M | 13.25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.91M | 18.12M | 25.65M | 14.2M | 14.44M | 7.76M | 0 | 127K |
| Other Income/Expense | -6.18M | -232.23M | -162.38M | -31.4M | 1.04M | -44M | 4.64M | -127K |
| Pretax Income | -180.8M | -315.64M | -295.8M | -70.44M | -109.48M | -122.47M | 81K | 6.25M |
| Pretax Margin % | -127.27% | -247.22% | -186.94% | -45.39% | -70.63% | -84.13% | 0.09% | 8.5% |
| Income Tax | -604K | -21.72M | -256K | 222K | 1.88M | 1.08M | 2.63M | 9K |
| Effective Tax Rate % | 0.33% | 6.88% | 0.09% | -0.32% | -1.72% | -0.89% | 3246.95% | 0.14% |
| Net Income | -180.2M | -293.91M | -295.55M | -70.66M | -111.37M | -123.55M | -2.55M | 6.25M |
| Net Margin % | -126.84% | -230.21% | -186.78% | -45.54% | -71.84% | -84.87% | -2.79% | 8.48% |
| Net Income Growth % | 58.53% | 0.55% | -318.28% | 36.55% | 9.86% | -4747.08% | -140.81% | - |
| Net Income (Continuing) | -180.2M | -293.91M | -295.55M | -70.66M | -111.37M | -123.55M | -2.55M | 6.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.38 | -0.82 | -1.27 | -0.40 | -0.95 | -1.15 | 0.00 | 0.06 |
| EPS Growth % | 76.58% | 35.43% | -217.5% | 57.89% | 17.39% | - | -100% | - |
| EPS (Basic) | - | -0.82 | -1.27 | -0.40 | -0.95 | -1.15 | 0.00 | 0.06 |
| Diluted Shares Outstanding | 480.32M | 358.8M | 233.6M | 149.23M | 127.7M | 107.01M | 105M | 105M |
| Basic Shares Outstanding | 480.32M | 358.8M | 233.6M | 149.23M | 127.7M | 107.01M | 105M | 105M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 13.43% |
Quick answers to the most common questions about buying BBAI stock.
For fiscal year 2025, BigBear.ai Holdings, Inc. (BBAI) reported total revenue of $127.7M. This represents a 73.4% increase compared to $73.6M in 2019.
BigBear.ai Holdings, Inc. (BBAI) reported a net loss of $293.9M for the fiscal year ending 2025.
BigBear.ai Holdings, Inc. (BBAI) reported an operating income of $-83.4M, resulting in an operating profit margin of -65.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BigBear.ai Holdings, Inc. (BBAI) generated $28.5M in gross profit for the year, representing a gross profit margin of 22.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Rebounding After Sharp Contraction
Based on reported figures, BBAI's latest quarter revenue of $43.6M reflects 31.5% sequential-style growth against a trough, yet this follows a prior-year base that suggests volatility rather than durable compounding across the ten-quarter window.
The quarterly series shows revenue moving between roughly $27M and $44M without a clear upward trend, which points to lumpy federal contract timing rather than steady commercial expansion. The latest rebound may reflect new award recognition, but a single strong quarter does not establish durability. Investors should monitor whether backlog conversion sustains revenue above the $40M level in subsequent periods.
Gross Margin Structurally Anchored in Services
As reported in the income statement, BBAI's gross margin has oscillated between roughly 20% and 37%, a range that appears consistent with labor-intensive services delivery rather than the software economics the AI branding might imply.
Gross margin lacks a clear expansion path, with recent quarters clustering in the low-to-mid 30s after dipping into the 20s. This pattern suggests cost of services, dominated by cleared personnel, continues to absorb most revenue. Peer software names such as PLTR operate at margins above 80%, highlighting how far BBAI's model sits from that profile.
Operating Losses Persist Despite Revenue Scale
Based on EDBL's reported figures, operating margins remain deeply negative across the window, with the latest quarter's operating loss of $100.0M indicating that fixed overhead and R&D are not being absorbed by current revenue levels.
SG&A and R&D together consume a large share of gross profit, so operating income deteriorates rather than scales as revenue moves. This implies limited operating leverage at present, with incremental revenue not yet translating into improved profitability. Whether the cost base is being deliberately invested or is structurally elevated remains an open question warranting further investigation.
Net Income Distorted by Non-Operating Swings
According to recent SEC filings, BBAI's net income swings between large losses and small profits, including a -$228.6M quarter and a -$91.9M quarter, which diverge sharply from operating results and suggest significant non-operating or non-cash items.
The gap between operating loss and net loss in several quarters points to items outside core operations, which may include non-cash fair value adjustments common to post-listing entities. Stock-based compensation of $3-7M per quarter adds further noise to earnings. Earnings should therefore be assessed on an operating basis with caution, as reported EPS may not reflect the underlying economic performance.
Margin Compression Could Persist Indefinitely
The strongest bear case is that BBAI's services-weighted gross margin, combined with sustained operating losses, may indicate a business model that cannot reach break-even without a structural shift that has yet to materialize in the reported figures.
Short-side analysts would point to the absence of sustained operating profitability across ten quarters as evidence that the Analytics segment has not yet scaled to offset labor-heavy Cyber and Engineering costs. Revenue growth that reverses direction quarter to quarter may signal reliance on episodic contract wins. Investors should weigh whether the current valuation assumes a software margin profile the reported data does not yet support.