Filing Flows › BigBear.ai Holdings (BBAI) › Q4 2025
BigBear.ai Holdings (BBAI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
BigBear.ai Holdings (BBAI) reported revenue of $27.3M for the fourth quarter 2025 (Q4 2025), -38% from a year earlier and -18% from the quarter before. Operating margin was -295.0%, net loss $5.8M (21.4% of revenue).
BigBear.ai Holdings, Q4 2025: revenue $27.3M (-38% year over year), operating margin -295.0%, net loss $5.8M, operating cash flow −$21.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $27.3M | -18% | -38% |
| Operating profit | −$80.5M | — | — |
| Net earnings | −$5.8M | -331% | — |
| Operating cash flow | −$21.8M | — | — |
What changed
Revenue was $27.3M in Q4 2025, down 38% year over year and down 18% from the previous quarter.
Gross margin was 20.3%, down 17.1 points from a year earlier. Operating costs exceeded revenue by $80.5M, an operating margin of -295.0%. Operating expenses grew 251% against a revenue fall of 38%. The fastest-growing cost line was Research & development (+106%). The quarter ended with a net loss of $5.8M, after a profit of $2.5M the previous quarter. Non-operating items added $52.9M, -192% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$21.8M. Non-cash charges added back $4.2M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items used $26.5M. Capital expenditures of $252K exceeded it, leaving free cash flow of −$22.1M.
Questions
What was BigBear.ai Holdings' revenue in the fourth quarter 2025?
BigBear.ai Holdings (BBAI) reported revenue of $27.3M for the fourth quarter 2025 (Q4 2025), -38% from a year earlier and -18% from the quarter before.
Was BigBear.ai Holdings profitable in the fourth quarter 2025?
Operating loss was $80.5M (-295.0% of revenue) and net loss $5.8M.