BigBearai (BBAI) financial statements
BigBearai reported revenue of $128M in fiscal 2025, up 11.6% a year over 5 years.
Net income was -$294M and the operating margin -167.5%, against 8.7% in 2019.
Free cash flow was -$46M.
The diluted share count rose 235% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from BigBearai's 10-K filings with the SEC.
| Fiscal year | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $74M | $146M | $155M | $155M | $158M | $128M |
| Cost of revenue | $56M | $112M | $112M | $115M | $113M | $99M |
| Gross profit | $17M | $34M | $43M | $41M | $45M | $28M |
| Research and development | $110,000 | $6M | $8M | $5M | $11M | $17M |
| Selling, general and admin | $11M | $107M | $85M | $71M | $80M | $95M |
| Operating income | $6M | -$78M | -$111M | -$39M | -$133M | -$214M |
| Interest expense | $127,000 | $8M | $24M | $25M | $26M | $18M |
| Pre-tax income | $6M | -$122M | -$113M | -$71M | -$296M | -$316M |
| Income tax | $9,000 | $1M | -$2M | -$222,000 | -$256,000 | -$22M |
| Net income | $6M | -$124M | -$111M | -$71M | -$296M | -$294M |
| EPS (diluted) | — | -$1.15 | -$0.87 | -$0.47 | -$1.27 | -$0.82 |
| Diluted shares | — | 107M | 128M | 149M | 234M | 359M |
| Gross margin | 23.8% | 23.4% | 27.7% | 26.2% | 28.6% | 22.3% |
| Operating margin | 8.7% | -53.9% | -71.3% | -25.2% | -84.3% | -167.5% |
| Net margin | 8.5% | -84.9% | -71.8% | -45.5% | -186.8% | -230.2% |
Balance sheet
Fiscal years, from BigBearai's 10-K filings with the SEC.
| Fiscal year | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $2M | $69M | $13M | $33M | $50M | $87M |
| Receivables | — | $29M | $30M | $22M | $39M | $23M |
| Total current assets | — | $206M | $54M | $64M | $94M | $331M |
| Property, plant and equipment | — | $1M | $1M | $997,000 | $2M | $2M |
| Goodwill | $0 | $92M | $49M | $49M | $119M | $241M |
| Total assets | — | $383M | $195M | $200M | $344M | $895M |
| Total current liabilities | — | $70M | $36M | $69M | $203M | $186M |
| Long-term debt | — | $190M | $192M | $156M | $135M | $90M |
| Total liabilities | — | $261M | $233M | $230M | $347M | $283M |
| Shareholders' equity | $12M | $160M | $10M | -$30M | -$4M | $612M |
| Net debt | -$2M | $126M | $182M | $125M | $86M | $20M |
Cash flow
Fiscal years, from BigBearai's 10-K filings with the SEC.
| Fiscal year | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $4M | -$20M | -$49M | -$18M | -$38M | -$42M |
| Capital spending | $18,000 | $645,000 | $769,000 | $4M | $11M | $4M |
| Free cash flow | $4M | -$20M | -$50M | -$22M | -$49M | -$46M |
| Stock-based compensation | $104,000 | $61M | $11M | $19M | $21M | $23M |
| Share buybacks (net) | — | $0 | -$101M | $0 | $0 | — |
| Free cash flow margin | 5.6% | -14.0% | -32.1% | -14.3% | -31.1% | -36.3% |
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Open BBAI in InvestinglyQuestions
What was BigBearai's revenue in 2025?
$128M in fiscal 2025, from its 10-K filing.
How much free cash flow does BigBearai generate?
-$46M in fiscal 2025 (operating cash flow minus capital spending).
From BigBearai's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.