BigBear.ai Holdings, Inc. (BBAI) FY2025 10-K Annual Report
BigBear.ai Holdings, Inc. (BBAI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
BigBear.ai Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model centered on data analytics and AI-driven decision support solutions
- • No new products or business segments introduced or emphasized this year
Management Discussion & Analysis
- • Revenue $127.7M in 2025, down 19.3% YoY from $158.2M in 2024 due to lower Army program volume and no repeat of significant one-time contracts
- • Operating loss increased to $213.9M in 2025 from $133.4M in 2024; gross margin 22.3% in 2025 vs 28.6% in 2024 (calculated: $28.5M/$127.7M vs $45.2M/$158.2M)
Risk Factors
- • Regulatory risk: U.S. government contract compliance and funding risk tied to government budget process and continuing resolutions impacting revenue timing
- • Geopolitical/macro risk: Exposure to economic uncertainty from ongoing conflicts in Ukraine, Middle East, and Africa affecting customer purchasing decisions
BigBear.ai Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$128M
▼ -19.3% YoY
Net Income
-$294M
▲ +0.6% YoY
Gross Margin
22.3%
▼ -627bp YoY
Operating Margin
-167.5%
▼ -8322bp YoY
Net Margin
-230.2%
▼ -4343bp YoY
ROE
-48.0%
▼ -800568bp YoY
Total Assets
$895M
▲ +160.2% YoY
EPS (Diluted)
$-0.82
▲ +35.4% YoY
Operating Cash Flow
-$42M
▼ -10.1% YoY
Source: XBRL data from BigBear.ai Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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