BigBear.ai Holdings (BBAI) 10-K Summary — Year Ended Dec 31, 2025
BigBear.ai Holdings, Inc. provides artificial intelligence and analytics solutions. The company reported a decline in annual revenue and significant net loss, while operating cash flow was negative.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
BigBear.ai Holdings, Inc. provides artificial intelligence and analytics solutions. The company reported a decline in annual revenue and significant net loss, while operating cash flow was negative.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$127.7M
Revenue reported for the fiscal year.
Operating income
-$213.9M
Income from operations reported for the year.
Net income
-$293.9M
Net income reported for the year.
Operating cash flow
-$42M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jun 30, 2024 | $72.9M | +120.1% |
| Sep 30, 2024 | $114.4M | +56.9% |
| Dec 31, 2024 | $158.2M | +38.3% |
| Dec 31, 2025 | $127.7M | -19.3% |
Business overview
The company operates in the AI and data analytics sector, delivering technology for decision intelligence. Its business encompasses both government and commercial clients, as described in the filed Business overview section. The Risk Factors and Management Discussion sections further detail operational and financial contexts.
Financial performance
Annual revenue decreased compared to the prior year period. The company reported an operating loss and a net loss, with negative operating cash flow during the period.
Material risks
The Risk Factors section identifies potential challenges including competition, reliance on government contracts, and technology integration risks. The filing does not provide detail on specific cybersecurity incidents or unresolved staff comments. Financial metrics indicate substantial operating losses that could affect sustainability.
Liquidity and capital
The Liquidity and Capital Resources section analyzes the company's ability to generate cash and meet future obligations. Negative operating cash flow suggests the company may need external financing to support operations.
What to watch
Monitor whether revenue trends stabilize or reverse in the next filing.