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Stocks·NYSE:BBAI

BigBear.ai (BBAI)

OverviewFinancialsOwnersFilings
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Revenue, last 12 months$142M-1% vs. a year before
Free cash flow, last 12 months-$72.7MBurning cash
Cash and short-term investments$286MDebt: $16.7M
Shares outstanding, past year+10.3%481M shares now
Cash runway (my math)47 monthsAt $18.2M burned a quarter
Backlog (signed, not yet booked)$5.68MAs of Sep 30, 2026

My take

Average analyst target about $4 2 analysts · as of Oct 16, 2026 · Scorecard

Every video where I mention BBAI

The last 12 months

  1. Oct 28, 202610-QQuarterly report
  2. Oct 28, 20268-K/AReleased quarterly results
  3. Oct 27, 20268-KReleased quarterly results
  4. Oct 17, 2026VideoMy video: This $2 AI Stock Just Announced $225 Million in Contracts. Read the Footnote. (BBAI Stock)
  5. Sep 15, 20268-KExecutive or board change
  6. Aug 17, 20268-KExecutive or board change
  7. Jul 31, 20268-KOther news
  8. Jul 31, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
  9. Jul 31, 2026SCHEDULE 13GAn investor reported a 5%+ stake
  10. Jul 30, 202610-QQuarterly report
  11. Jul 30, 20268-KReleased quarterly results
  12. Jun 12, 20268-KChanged its bylaws or fiscal year; Shareholder vote results
  13. May 5, 202610-QQuarterly report
  14. May 5, 20268-KReleased quarterly results

All filings →

Cash runway: about 47 months. BigBear.ai had $286M in cash and short-term investments on Sep 30, 2026 and burned $72.7M of free cash flow over the 12 months before that, about $18.2M a quarter. Divide one by the other and that's the runway, if nothing changes.

My math, not the company's. It doesn't count money raised after Sep 30, 2026 (check the Filings tab for offerings), credit lines, or plans to cut spending.

Revenue by year
2019: $73.6M20192021: $146M20212022: $155M20222023: $155M20232024: $158M20242025: $128M2025$128M
Show the numbers
Revenue by year
2019$73.6M
2021$146M
2022$155M
2023$155M
2024$158M
2025$128M
Revenue by quarter calendar quarter the period ended in
Q4 23: $40.6MQ1 24: $33.1MQ1 24Q2 24: $39.8MQ3 24: $41.5MQ3 24Q4 24: $43.8MQ1 25: $34.8MQ1 25Q2 25: $32.5MQ3 25: $33.1MQ3 25Q4 25: $27.3MQ1 26: $34.4MQ1 26Q2 26: $36.7MQ3 26: $43.6MQ3 26$43.6M
Show the numbers
Revenue by quarter
Q4 23$40.6M
Q1 24$33.1M
Q2 24$39.8M
Q3 24$41.5M
Q4 24$43.8M
Q1 25$34.8M
Q2 25$32.5M
Q3 25$33.1M
Q4 25$27.3M
Q1 26$34.4M
Q2 26$36.7M
Q3 26$43.6M
Operating income (loss) by year profit from the business before interest and taxes
2019: $6.38M20192021: -$78.5M20212022: -$111M20222023: -$39M20232024: -$133M20242025: -$214M2025-$214M
Show the numbers
Operating income (loss) by year
2019$6.38M
2021-$78.5M
2022-$111M
2023-$39M
2024-$133M
2025-$214M
Free cash flow by year cash from operations minus spending on buildings and equipment
2019: $4.10M20192021: -$20.4M20212022: -$49.7M20222023: -$18.3M20232024: -$38.6M20242025: -$42.5M2025-$42.5M
Show the numbers
Free cash flow by year
2019$4.10M
2021-$20.4M
2022-$49.7M
2023-$18.3M
2024-$38.6M
2025-$42.5M
Cash vs. debt

Cash and short-term investmentsDebt

2019 · Cash and short-term investments: $1.64M20192021 · Cash and short-term investments: $68.9M2021 · Debt: $195M20212022 · Cash and short-term investments: $12.6M2022 · Debt: $194M20222023 · Cash and short-term investments: $32.6M2023 · Debt: $157M20232024 · Cash and short-term investments: $50.1M2024 · Debt: $136M20242025 · Cash and short-term investments: $288M2025 · Debt: $107M2025
Show the numbers
Cash and short-term investmentsDebt
2019$1.64Mn/a
2021$68.9M$195M
2022$12.6M$194M
2023$32.6M$157M
2024$50.1M$136M
2025$288M$107M
Stock pay vs. buybacks

Stock-based pay to employeesSpent buying back shares

2019 · Stock-based pay to employees: $104K2019 · Spent buying back shares: $020192021 · Stock-based pay to employees: $60.6M2021 · Spent buying back shares: $020212022 · Stock-based pay to employees: $10.9M2022 · Spent buying back shares: $101M20222023 · Stock-based pay to employees: $18.7M2023 · Spent buying back shares: $020232024 · Stock-based pay to employees: $21.1M2024 · Spent buying back shares: $020242025 · Stock-based pay to employees: $23.3M2025 · Spent buying back shares: $02025
Show the numbers
Stock-based pay to employeesSpent buying back shares
2019$104K$0
2021$60.6M$0
2022$10.9M$101M
2023$18.7M$0
2024$21.1M$0
2025$23.3M$0

If buybacks are smaller than stock pay, the buyback isn't shrinking the share count; it's soaking up shares handed to employees.

Backlog (remaining performance obligations) contracts signed but not yet booked as revenue
Q4 22: $75MQ4 22Q1 23: $72MQ1 23Q2 23: $77MQ2 23Q3 23: $57MQ3 23Q4 23: $79MQ4 23Q1 26: $7.84MQ1 26Q2 26: $9.21MQ2 26Q3 26: $5.68MQ3 26$5.68M
Show the numbers
Backlog (remaining performance obligations)
Q4 22$75M
Q1 23$72M
Q2 23$77M
Q3 23$57M
Q4 23$79M
Q1 26$7.84M
Q2 26$9.21M
Q3 26$5.68M

Compare BBAI with other stocks →

From the company's own SEC filings via SEC EDGAR, latest period ended Sep 30, 2026. Numbers can be restated later. Not investment advice.

Dilution

Shares outstanding adjusted for the 3-for-1 split
Apr 2023: 143MMay 2023: 143MMay 2023Aug 2023: 156MNov 2023: 157MNov 2023Mar 2024: 243MMay 2024: 246MMay 2024Aug 2024: 250MNov 2024: 251MNov 2024Mar 2025: 289MApr 2025: 291MApr 2025Aug 2025: 371MNov 2025: 437MNov 2025Feb 2026: 476MMay 2026: 479MMay 2026Jun 2026: 479MOct 2026: 481MOct 2026481M
Show the numbers
Shares outstanding
Apr 2023143M
May 2023143M
Aug 2023156M
Nov 2023157M
Mar 2024243M
May 2024246M
Aug 2024250M
Nov 2024251M
Mar 2025289M
Apr 2025291M
Aug 2025371M
Nov 2025437M
Feb 2026476M
May 2026479M
Jun 2026479M
Oct 2026481M

The share count is up +10.3% in a year, so each share is a slightly smaller slice of the company. What dilution means.

Insider trades

Insider buys, 12 months0none
Insider sales, 12 months6$662K

Bought or sold on the open market

DateWhoWhatSharesValueFiling
May 22, 2026Sean Raymond Ricker
Chief Financial Officer		Sold on the market10K$43.3KForm 4
May 8, 2026Dorothy D Hayes
Director		Sold on the market15K$61.6KForm 4
Mar 16, 2026Pamela Joyce Braden
Director		Sold on the market80K$320KForm 4
Mar 6, 2026Dorothy D Hayes
Director		Sold on the market17K$67.7KForm 4
Dec 4, 2025Sean Raymond Ricker
Chief Financial Officer		Sold on the market5K$35.3KForm 4
Nov 18, 2025Dorothy D Hayes
Director		Sold on the market22K$134KForm 4
Everything else: grants, option exercises, tax withholding (37)
DateWhoWhatSharesValueFiling
Oct 14, 2026Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes34.1K$81.4KForm 4
Sep 30, 2026Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes7K$18.5KForm 4
Sep 30, 2026Carolyn Blankenship
General Counsel and Secretary		Shares withheld for taxes9K$23.9KForm 4
Sep 30, 2026Kevin McAleenan
Chief Executive Officer, Director		Shares withheld for taxes21.5K$57KForm 4
Aug 13, 2026Sean Alexander Gainey
Director		Grant or award32.8Kn/aForm 4
Jun 30, 2026Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes10.1K$36.2KForm 4
Jun 30, 2026Carolyn Blankenship
General Counsel and Secretary		Shares withheld for taxes9K$32.5KForm 4
Jun 30, 2026Kevin McAleenan
Chief Executive Officer, Director		Shares withheld for taxes23.6K$84.8KForm 4
Jun 14, 2026Pangiam Ultimate Holdings, Llc (+8 joint filers)
Director		Grant or award36.1Kn/aForm 4
Jun 14, 2026Dorothy D Hayes
Director		Grant or award36.1Kn/aForm 4
Jun 14, 2026Anthony Evangelista
Director		Grant or award36.1Kn/aForm 4
Jun 14, 2026Paul E Fulchino
Director		Grant or award36.1Kn/aForm 4
Jun 14, 2026Peter Anthony Jr Cannito
Director		Grant or award36.1Kn/aForm 4
Jun 14, 2026Pamela Joyce Braden
Director		Grant or award36.1Kn/aForm 4
Jun 14, 2026Sean Bernard Battle
Director		Grant or award36.1Kn/aForm 4
Jun 6, 2026Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes9.8K$41KForm 4
Apr 1, 2026Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes10.7K$37.5KForm 4
Apr 1, 2026Carolyn Blankenship
General Counsel and Secretary		Shares withheld for taxes13.6K$48KForm 4
Apr 1, 2026Kevin McAleenan
Chief Executive Officer, Director		Shares withheld for taxes39.4K$139KForm 4
Mar 31, 2026Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes4.3K$13.1KForm 4
Mar 31, 2026Carolyn Blankenship
General Counsel and Secretary		Shares withheld for taxes5.6K$17KForm 4
Mar 31, 2026Kevin McAleenan
Chief Executive Officer, Director		Shares withheld for taxes22.4K$68.1KForm 4
Mar 26, 2026Sean Raymond Ricker
Chief Financial Officer		Grant or award122Kn/aForm 4
Mar 26, 2026Carolyn Blankenship
General Counsel and Secretary		Grant or award126Kn/aForm 4
Mar 26, 2026Kevin McAleenan
Chief Executive Officer, Director		Grant or award291Kn/aForm 4
Mar 2, 2026Sean Raymond Ricker
Chief Financial Officer		Grant or award50Kn/aForm 4
Mar 2, 2026Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes18.7K$74.2KForm 4
Mar 2, 2026Carolyn Blankenship
General Counsel and Secretary		Grant or award36.1Kn/aForm 4
Mar 2, 2026Carolyn Blankenship
General Counsel and Secretary		Shares withheld for taxes15.1K$59.7KForm 4
Mar 2, 2026Kevin McAleenan
Chief Executive Officer, Director		Grant or award104Kn/aForm 4
Mar 2, 2026Kevin McAleenan
Chief Executive Officer, Director		Shares withheld for taxes46.4K$184KForm 4
Jan 15, 2026Kevin McAleenan
Chief Executive Officer, Director		Shares withheld for taxes48.7K$305KForm 4
Dec 31, 2025Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes6.6K$36.4KForm 4
Dec 31, 2025Carolyn Blankenship
General Counsel and Secretary		Shares withheld for taxes5.9K$32.7KForm 4
Dec 31, 2025Kevin McAleenan
Chief Executive Officer, Director		Shares withheld for taxes4.7K$25.6KForm 4
Dec 19, 2025Paul E Fulchino
Director		Grant or award18.7Kn/aForm 4
Dec 7, 2025Sean Raymond Ricker
Chief Financial Officer		Shares withheld for taxes1.2K$8.37KForm 4

An insider buying with their own money is a stronger signal than a sale: people sell for taxes, houses and diversification. "Planned" sales were scheduled months ahead under a 10b5-1 plan. Source: SEC Form 4.

Famous investors who own it

None of the 18 famous investors I track owned BBAI at their last 13F. Who I track.

Failed trades

Failed trades (fails to deliver) shares that weren't delivered on time when a trade settled
Aug 14: 31.8KAug 17: 98.7KAug 18: 38Aug 19: 54.7KAug 19Aug 20: 18.5KAug 21: 96Aug 24: 18.4KAug 25: 72.5KAug 25Aug 26: 129KAug 27: 80.6KAug 28: 7.6KAug 31: 22.3KAug 31Sep 1: 234KSep 2: 75.8KSep 3: 11KSep 4: 49.5KSep 4Sep 8: 447KSep 9: 18.8KSep 10: 32.6KSep 11: 9.5KSep 11Sep 14: 65KSep 15: 23KSep 16: 1MSep 17: 260KSep 17Sep 18: 464KSep 21: 818KSep 22: 161KSep 23: 999KSep 23Sep 24: 290KSep 25: 20.8KSep 28: 319KSep 29: 318KSep 29Sep 30: 10.9KOct 2: 58.5KOct 5: 115KOct 6: 228KOct 6Oct 7: 9.1KOct 9: 185KOct 13: 130KOct 14: 298Oct 14298
Show the numbers
Failed trades (fails to deliver)
Aug 1431.8K
Aug 1798.7K
Aug 1838
Aug 1954.7K
Aug 2018.5K
Aug 2196
Aug 2418.4K
Aug 2572.5K
Aug 26129K
Aug 2780.6K
Aug 287.6K
Aug 3122.3K
Sep 1234K
Sep 275.8K
Sep 311K
Sep 449.5K
Sep 8447K
Sep 918.8K
Sep 1032.6K
Sep 119.5K
Sep 1465K
Sep 1523K
Sep 161M
Sep 17260K
Sep 18464K
Sep 21818K
Sep 22161K
Sep 23999K
Sep 24290K
Sep 2520.8K
Sep 28319K
Sep 29318K
Sep 3010.9K
Oct 258.5K
Oct 5115K
Oct 6228K
Oct 79.1K
Oct 9185K
Oct 13130K
Oct 14298

From the SEC's fails-to-deliver data, which runs two to four weeks behind. A spike can mean heavy short selling or just back-office delays; it isn't proof of anything on its own. Short interest isn't shown: FINRA's terms don't allow republishing it.

Share offerings

Selling new shares dilutes current owners. A "shelf" is permission to sell later; a 424B5 usually means a sale is actually happening.

What they told the SEC, in plain English

Every 8-K (the report a company files when something big happens) in the last two years. Red ones are worth a closer look: auditor changes, restatements, late reports, listing problems.

What changed in the latest annual report

Comparing the risk factors in the 10-K filed Mar 2, 2026 with the one filed Mar 25, 2025: 3 new and 5 removed, out of 108.

New this year

  • With the acquisition of Pangiam, a portion of our growth strategy is the market for biometrics activity. A significant commercial market for biometrics technology may not develop, and, even if it does, there can be no assurance our biometrics technology will be successful.
  • The Company is subject to risks relating to evaluations of internal control over financial reporting required by Section 404 of the Sarbanes-Oxley Act of 2002.
  • We are no longer subject to certain reporting exemptions for "emerging growth companies" and will incur additional costs of reporting compliance
Dropped from last year (5)
  • We have business and customer relationships with certain entities who are stockholders or are affiliated with our directors, or both, and conflicts of interest may arise because of such relationships.
  • Unfavorable conditions in our industry or the global economy, or reductions in IT spending, could limit our ability to grow our business and negatively affect our results of operations.
  • The future sales of shares of Common Stock by existing stockholders may adversely affect the market price of the Company's Common Stock.
  • The JOBS Act permits "emerging growth companies" like us to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies.
  • The future exercise of registration rights may adversely affect the market price of our Common Stock.

Matched by each risk's headline, so a reworded risk can show up as new. This year's report · last year's.

Government contracts

$23.2M in federal contract money over the last 12 months, across 74 awards and changes.

DateAgencyWhat forAmount
Oct 30, 2026National Aeronautics and Space AdministrationASK SAGE ANNUAL SUBSCRIPTION 5B - ASK SAGE TOKENS/MONTH ENTERPRISE PACK (QTY 6)$4.46M
Sep 15, 2026Federal Bureau of InvestigationASK SAGE SERVICES$3.22M
Mar 20, 2026Department of the ArmyESTABLISH AND FUND CLIN 1006AA IN THE AMOUNT OF $1,698,403.00.$1.70M
Mar 20, 2026Department of the ArmyESTABLISH AND FUND CLIN 1006AA IN THE AMOUNT OF $1,698,403.00.$1.70M
Dec 15, 2025Department of the ArmyINCREMENTALLY FUND W519TC-25-C-0017 OPTION PERIOD 1$1.50M
Dec 15, 2025Department of the ArmyINCREMENTALLY FUND W519TC-25-C-0017 OPTION PERIOD 1$1.50M
Jul 29, 2026Department of the ArmyMOD TO PURCHASE ASK SAGE TOKENS$1.36M
Sep 25, 2026U.S. Coast GuardAWARD$1.30M
Jul 23, 2026Department of the ArmyTHIS ACTION IS A FIRM-FIXED-PRICE (FFP) TASK ORDER UNDER THE ASK SAGE DECENTRALIZED IDIQ W9128Z25DA001. CHRA G-6 REQUIRES ASK SAGE PLATFORM TOKENS TO SUPPORT A…$950K
Aug 26, 2026Department of Veterans AffairsAI SERVICES - CLOUD TOKEN PACK, MANAGED BY VENDOR (ANNUAL OR MULTI-YEAR SUBSCRIPTION), WITH 1 BILLION MONTHLY ASK SAGE TOKENS AND YEARLY LICENSE.$884K

From USAspending.gov. Amounts are money the government committed, which can be cut later.

Search inside BigBear.ai's filings

Opens the SEC's own full-text search in a new tab, limited to BBAI. Every BBAI filing on EDGAR.