BigBear.ai Holdings, Inc. stock research
FY2026 Q1
BigBear.ai Holdings (BBAI) Gross Margin — Quarter Ended Mar 31, 2026
Revenue was stable compared to the same quarter one year earlier, while gross profit improved and cost of revenue decreased. Gross margin strengthened significantly from both the immediately preceding quarter and the year-ago quarter.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue was stable compared to the same quarter one year earlier, while gross profit improved and cost of revenue decreased. Gross margin strengthened significantly from both the immediately preceding quarter and the year-ago quarter.
- The improvement in gross margin was driven by a lower cost of revenue relative to revenue, as revenue remained stable while cost of revenue declined compared to the prior quarter and the year-ago period.
- Compared to the immediately preceding quarter, revenue increased, gross profit rose, and cost of revenue was slightly higher, leading to a higher gross margin. Versus the same quarter one year earlier, revenue was slightly lower, gross profit was higher, and cost of revenue was lower, resulting in a higher gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
34.0%
Gross profit
$11.7M
Revenue
$34.4M
Cost of revenue
$22.7M
Quarter-over-quarter change
+13.7 pts
Year-over-year change
+12.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $32.5M | $8.1M | $24.4M | 25.0% |
| Sep 30, 2025 | $33.1M | $7.4M | $25.7M | 22.4% |
| Dec 31, 2025 | $27.3M | $5.5M | $21.8M | 20.3% |
| Mar 31, 2026 | $34.4M | $11.7M | $22.7M | 34.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+13.7 pts
Year-over-year change
Mar 31, 2025
+12.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The improvement in gross margin was driven by a lower cost of revenue relative to revenue, as revenue remained stable while cost of revenue declined compared to the prior quarter and the year-ago period.
Compared to the immediately preceding quarter, revenue increased, gross profit rose, and cost of revenue was slightly higher, leading to a higher gross margin. Versus the same quarter one year earlier, revenue was slightly lower, gross profit was higher, and cost of revenue was lower, resulting in a higher gross margin.
Monitor whether the lower cost of revenue can be sustained relative to revenue in future quarters.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| BigBear.ai Holdings, Inc. (BBAI) | 34.0% |