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BigBear.ai Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.8M in Q3 2026 · −$72.7M over twelve months

Operating cash flow−$9.6M
Capital spending−$244K
Free cash flow−$9.8M
Cash conversion cycle46 days

Analysis

In Q3 2026, BigBear.ai Holdings generated −$9.6M of operating cash flow and spent $244K on capital projects, leaving free cash flow of −$9.8M. That is $21K less than in Q3 2025 (−$9.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$71.6M; the largest uses were acquisitions ($239M), operating cash flow ($71.6M), other investing ($63.3M); besides operations, cash came from shares issued ($141K); the cash balance fell by $378M.

Operating cash flow was −$9.6M against net income of −$91.9M. The largest differences: impairments +$76.7M, deferred revenue +$11.1M, receivables −$9.5M.

Its cash conversion cycle was 46 days (receivables 75 + inventory 0 − payables 30).

Free cash flow

BigBear.ai Holdings: free cash flow by quarterBigBear.ai Holdings: free cash flow by quarter−$15.0MQ4 2024−$6.7MQ1 2025−$3.9MQ2 2025−$9.8MQ3 2025−$22.1MQ4 2025−$18.3MQ1 2026−$22.5MQ2 2026−$9.8MQ3 2026
Operating cash flow less capital spending.
BigBear.ai Holdings: operating cash flow against capital spendingBigBear.ai Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$14.8M$180KQ4 2024−$6.7M$80KQ1 2025−$3.9M$5KQ2 2025−$9.6M$188KQ3 2025−$21.8M$252KQ4 2025−$18.0M$319KQ1 2026−$22.2M$316KQ2 2026−$9.6M$244KQ3 2026
Latest (Q3 2026): Operating cash flow −$9.6M, Capital spending $244K.

Capital allocation, year by year

BigBear.ai Holdings: where the cash came from (up) and went (down), by fiscal yearBigBear.ai Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$19.8MFY2021: Net borrowing −$106MFY2021: Asset sales $6KFY2021: Capital spending −$645KFY2021: Acquisitions −$224K$6KFY2021FY2022: Operating cash flow −$48.9MFY2022: Net borrowing −$2.2MFY2022: Capital spending −$769KFY2022: Acquisitions −$4.5MFY2022: Buybacks −$101MFY2022FY2023: Operating cash flow −$18.3MFY2023: Net borrowing −$830KFY2023: Capital spending −$2KFY2023FY2024: Operating cash flow −$38.1MFY2024: Net borrowing −$412KFY2024: Shares issued $421KFY2024: Capital spending −$484KFY2024: Acquisitions $13.9M$14.4MFY2024FY2025: Operating cash flow −$42.0MFY2025: Net borrowing −$818KFY2025: Shares issued $641MFY2025: Capital spending −$525KFY2025: Acquisitions −$229M$641MFY2025
Over these 5 years operating cash flow totalled −$167M; the largest uses were acquisitions ($234M) and operating cash flow ($167M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$77.1M
Debt$16.7M
Net cash$60.4M
Due within a year$16.7M
Cash runway13 months

BigBear.ai Holdings is burning cash: its operations consume cash, a free cash flow of −$72.7M a year at the current rate against $77.1M of cash and investments: a runway of about 13 months; $16.7M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

BigBear.ai Holdings: sources (+) and uses (−) of cash, Q3 2026BigBear.ai Holdings: sources (+) and uses (−) of cash, Q3 2026Other investing$50.8MCash drawn (+) / kept (−)−$40.7MOperating cash flow−$9.6MTaxes on employees’ shares−$282KCapital spending−$244KExchange rates$37K
BigBear.ai Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026BigBear.ai Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$378MAcquisitions−$239MOperating cash flow−$71.6MOther investing−$63.3MTaxes on employees’ shares−$1.7MOther financing−$1.6MCapital spending−$1.1MExchange rates$648KShares issued$141K

From profit to cash

BigBear.ai Holdings: net income to operating cash flow, Q3 2026BigBear.ai Holdings: net income to operating cash flow, Q3 2026Net income−$91.9MDepreciation & amortization$6.6MStock-based pay$4.6MImpairments$76.7MReceivables−$9.5MPayables−$3.0MAccrued liabilities$1.3MDeferred revenue$11.1MContract assets−$1.3MPrepaid and other assets−$434KOther liabilities$279KOperating cash flow−$9.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202675—3046
Q2 202667—2838
Q1 202659—2039
Q4 202579—2555
Q3 202573—1657
Q2 202588—1474
Q1 202595—2075
Q4 202475—2154

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$9.6M−$244K———−$40.7M−$9.8M
Q2 2026−$22.2M−$316K——$13K$68.6M−$22.5M
Q1 2026−$18.0M−$319K−$10.2M—$67K−$14.1M−$18.3M
Q4 2025−$21.8M−$252K−$229M—$61K$364M−$22.1M
Q3 2025−$9.6M−$188K—−$367K$339M−$65.7M−$9.8M
Q2 2025−$3.9M−$5K—−$85K$294M−$283M−$3.9M
Q1 2025−$6.7M−$80K—−$366K$8.0M−$57.5M−$6.7M
Q4 2024−$14.8M−$180K——$302K$15.4M−$15.0M

BigBear.ai Holdings: income statement and cash flow

BigBear.ai Holdings, Q3 2026: revenue $43.6M (+32% year over year), operating margin -229.4%. The chart follows the revenue to costs, profit and cash.

BigBear.ai Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.