BBAI

MKT CAP:$1B

BigBear.ai Holdings, Inc.

Market Cap

$1B

Technology·Information Technology Services·🇺🇸 United States·NYSE

Technology·IT Services·🇺🇸·NYSE

Stock Price

$3.73-$2.11 (-36.13%)

Apr 23, 2026

Company Details

BigBear.ai Holdings, Inc. provides artificial intelligence and machine learning for decision support. The company operates through two segments, Cyber & Engineering and Analytics. The Cyber & Engineering segment offers high-end technology a...

CEO

Kevin McAleenan

IPO Date

Apr 5, 2021

Website

bigbear.ai

Key Metrics TTM

Revenue

$128M

-17.3% YoY

Net Income

-$294M

EPS (Diluted)

-$1.00

Free Cash Flow

-$46M

Revenue / Share

$0.04

Gross Margin

22.3%

Operating Margin

-65.3%

Net Margin

-230.2%

FCF Margin

-36.3%

P/S

10.5x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 2, 2026

$128M-19.3%EPS -$0.82

Q4 2025

Mar 2, 2026

$27MEPS -$0.01

Q3 2025

Nov 10, 2025

$33MEPS -$0.03

Q2 2025

Aug 11, 2025

$32M-18.4%EPS -$0.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$36M	$10M	-$762.0K
Q2 21	$36M	$9M	-$3M
Q3 21	$40M	$11M	-$3M
Q4 21	$33M	$4M	-$72M
Q1 22	$36M	$10M	-$16M
Q2 22	$38M	$10M	-$55M
Q3 22	$41M	$12M	-$12M
Q4 22	$40M	$12M	-$26M
Q1 23	$42M	$10M	-$12M
Q2 23	$38M	$9M	-$10M
Q3 23	$34M	$8M	-$8M
Q2 24	$40M	$11M	-$17M
Q1 25	$35M	$7M	-$20M
Q2 25	$32M	$8M	-$18M
Q3 25	$33M	$7M	-$22M
Q4 25	$27M	$6M	-$24M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 21	11.1x	—
Q4 21	9.2x	—
Q1 22	9.1x	—
Q2 22	9.0x	—
Q3 22	9.0x	—
Q4 22	8.6x	—
Q1 23	8.3x	—
Q2 23	8.3x	—
Q3 23	8.6x	—
Q2 24	8.6x	—
Q1 25	9.1x	—
Q2 25	9.5x	—
Q3 25	9.5x	—
Q4 25	10.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$893.0K	$723.0K
Q2 21	-$561.0K	-$673.0K
Q3 21	$890.0K	$571.0K
Q4 21	-$18M	-$18M
Q1 22	-$8M	-$8M
Q2 22	-$24M	-$25M
Q3 22	-$6M	-$7M
Q4 22	-$11M	-$11M
Q1 23	-$12M	-$12M
Q2 23	-$13M	-$13M
Q3 23	$7M	$4M
Q2 24	-$7M	-$9M
Q1 25	-$7M	-$8M
Q2 25	-$4M	-$5M
Q3 25	-$10M	-$11M
Q4 25	-$22M	-$22M

Capital Expenditures

Quarter	CapEx
Q1 21	$170.0K
Q2 21	$112.0K
Q3 21	$319.0K
Q4 21	$645.0K
Q1 22	$359.0K
Q2 22	$149.0K
Q3 22	$228.0K
Q4 22	$33.0K
Q1 23	$0
Q2 23	$2.0K
Q3 23	$3M
Q2 24	$2M
Q1 25	$2M
Q2 25	$1M
Q3 25	$1M
Q4 25	$252.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+329.1%	+1273.7%
Q1 22	+2.3%	+45.4%
Q2 22	+3.6%	+135.8%
Q3 22	+1.1%	+23.9%
Q4 22	+20.5%	-36.7%
Q1 23	+15.8%	+2.6%
Q2 23	+2.2%	-47.6%
Q3 23	-16.4%	-20.4%
Q2 24	-1.4%	-15.4%
Q1 25	-17.5%	+0.1%
Q2 25	-15.6%	+3.2%
Q3 25	-2.5%	+30.3%
Q4 25	-31.4%	-8.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$25.0K	0.1%
Q2 21	$31.0K	0.1%
Q3 21	$30.0K	0.1%
Q4 21	$0	0.0%
Q1 22	$4M	10.6%
Q2 22	$5M	13.5%
Q3 22	$2M	5.5%
Q4 22	-$295.0K	-0.7%
Q1 23	$4M	9.0%
Q2 23	$0	0.0%
Q3 23	$5M	14.1%
Q2 24	$6M	14.5%
Q1 25	$7M	21.3%
Q2 25	$4M	13.3%
Q3 25	$5M	16.1%
Q4 25	$6M	23.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 21	$928.0K	—	—	$10M
Q2 21	$2M	$2M	$9M	—
Q3 21	$1M	$2M	$10M	—
Q4 21	$2M	$64M	$763.0K	—
Q1 22	$3M	—	—	$22M
Q2 22	$3M	—	—	$27M
Q3 22	$2M	—	—	$20M
Q4 22	$1M	$21M	$339.0K	—
Q1 23	$1M	—	—	$20M
Q2 23	$2M	—	—	$17M
Q3 23	—	—	—	$16M
Q2 24	$4M	—	—	$23M
Q1 25	$4M	—	—	$23M
Q2 25	$4M	—	—	$21M
Q3 25	$3M	—	—	$25M
Q4 25	$5M	—	—	$26M

Revenue Segments

Quarter	Analytics	Cyber and Engineering	Reportable Segment
Q1 22	$19M	$17M	—
Q2 22	$19M	$19M	—
Q3 22	$23M	$18M	—
Q2 25	—	—	$32M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$60M	$0	$60M
Q2 22	$30M	$0	$30M
Q3 22	$22M	$0	$22M
Q4 22	$13M	$0	$13M
Q1 23	$22M	$0	$22M
Q2 23	$30M	$0	$30M
Q3 23	$32M	$0	$32M
Q4 23	$33M	$0	$33M
Q1 24	$81M	$0	$81M
Q2 24	$72M	$0	$72M
Q3 24	$66M	$0	$66M
Q4 24	$50M	$0	$50M
Q1 25	$108M	$0	$108M
Q2 25	$391M	$0	$391M
Q3 25	$457M	$130M	$587M
Q4 25	$87M	$0	$87M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	105M	0.0%	—
Q2 21	105M	0.0%	—
Q3 21	105M	0.0%	—
Q4 21	113M	+7.2%	+7.2%
Q1 22	134M	+19.5%	+28.1%
Q2 22	126M	-6.1%	+20.3%
Q3 22	126M	-0.0%	+20.3%
Q4 22	130M	+2.9%	+15.5%
Q1 23	138M	+6.1%	+2.6%
Q2 23	141M	+2.0%	+11.5%
Q3 23	158M	+12.1%	+25.0%
Q2 24	246M	+56.0%	+89.5%
Q1 25	251M	+1.7%	+81.6%
Q2 25	321M	+27.9%	+127.7%
Q3 25	448M	+39.8%	+183.8%
Q4 25	3.59B	+700.6%	+1356.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$18M	2
Q2 21	$18M	2
Q3 21	$20M	2
Q4 21	$50.3K	665
Q1 22	$54.7K	665
Q2 22	$56.6K	665
Q3 22	$61.1K	665
Q4 22	$62.2K	649
Q1 23	$65.0K	649
Q2 23	$59.3K	649
Q3 23	$52.4K	649
Q2 24	$82.9K	480
Q1 25	$55.2K	630
Q2 25	$51.5K	630
Q3 25	$52.6K	630
Q4 25	$47.2K	579

Revenue / Employee