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▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
Fiscal 2025 results for BigBear.ai Holdings, Inc. combined $127.67M of revenue with net loss of $293.91M and an operating cash outflow of $41.95M. At $127.67M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $158.24M in fiscal 2024, revenue decreased 19.3%, a top-line contraction that reduced operating scale. Diluted earnings per share were -$0.82, translating the period’s attributable earnings into the amount reported for each diluted share. At period end, total assets were $894.55M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.14x, relating the company’s annual revenue directly to the total assets reported at the period end.Profitability
The first profit layer was $28.48M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 22.3% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $213.90M after the reported operating expense base. Relative to revenue, the operating deficit measured 167.5%, showing the shortfall after operating costs. The company ended the period with a net loss of $293.91M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 230.2% after all recognized items. Before income taxes, the company recorded a loss of $315.64M, bridging the operating result to the final net loss. Pretax margin was -247.2%, reflecting a pre-tax loss equal to 247.2% of revenue. An income-tax benefit of $21.72M improved the final result relative to pretax income or loss. The loss-to-equity relationship was 48.0%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 32.9%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $295.55M in fiscal 2024 to $293.91M.Liquidity and Capital Structure
At period end, the $894.55M asset base was financed through $282.68M of liabilities and $611.87M of equity. Current assets were $330.54M against $185.52M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 1.78x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $87.13M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 47.0% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $107.04M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.17x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 12.0% of total assets, placing borrowing in the context of the company’s full resource base. Equity equaled 68.4% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 31.6%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 9.7% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $343.78M in fiscal 2024, the current asset base moved 160.2% and finished higher. Cash and equivalents were 73.8% higher than fiscal 2024 cash of $50.14M, showing the year-over-year change in liquid resources.Cash Flow and Earnings Quality
Cash flow from operations was an outflow of $41.95M, showing that operations absorbed cash during the period. Capital spending of $525.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $42.48M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 33.3%. Relative to total assets, the post-investment cash deficit measured 4.7%.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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