Filing Flows › BigBear.ai Holdings (BBAI) › Q3 2025
BigBear.ai Holdings (BBAI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
BigBear.ai Holdings (BBAI) reported revenue of $33.1M for the third quarter 2025 (Q3 2025), -20% from a year earlier and +2% from the quarter before. Operating margin was -66.0%, net earnings $2.5M (7.6% of revenue).
BigBear.ai Holdings, Q3 2025: revenue $33.1M (-20% year over year), operating margin -66.0%, net earnings $2.5M, operating cash flow −$9.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.1M | +2% | -20% |
| Operating profit | −$21.9M | — | — |
| Net earnings | $2.5M | — | — |
| Operating cash flow | −$9.6M | — | — |
What changed
Revenue was $33.1M in Q3 2025, down 20% year over year and up 2% from the previous quarter.
Gross margin was 22.4%, down 3.5 points from a year earlier. Operating costs exceeded revenue by $21.9M, an operating margin of -66.0%. Operating expenses grew 37% against a revenue fall of 20%. The fastest-growing cost line was SG&A (+44%). Net earnings were $2.5M. The effective tax rate was 0.7%. Non-operating items added $24.4M, 961% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$9.6M. Non-cash charges added back $4.1M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items used $21.6M. Capital expenditures of $188K exceeded it, leaving free cash flow of −$9.8M.
Questions
What was BigBear.ai Holdings' revenue in the third quarter 2025?
BigBear.ai Holdings (BBAI) reported revenue of $33.1M for the third quarter 2025 (Q3 2025), -20% from a year earlier and +2% from the quarter before.
Was BigBear.ai Holdings profitable in the third quarter 2025?
Operating loss was $21.9M (-66.0% of revenue) and net earnings $2.5M.