Who are BigBear.ai Holdings' biggest customers?

The U.S. government accounts for 90% of BigBear.ai Holdings' revenue (FY2025 10-K). Other disclosed customers: customer E 16%, customer C 13%, customer D 11%.

BBAIBigBear.ai Holdings, Inc.

Technology

$2.14-72% 1Y

$2.14

$2.1352 weeks$7.46

Is the business good?

Mixed

The checks split: nothing decisive, though margins compressing.

1 to watch, 1 neutral, 2 without data

Fundamental health (F-score)4 / 9SEC EDGAR · Dec 31, 2025

Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.

Margin direction, 3 years−89.5 ptsderived

Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

How good a business is BBAI?

BigBear.ai Holdings, Inc. earns −16% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.

−16%

Return on invested capital · cost of capital 9.0% · 25 points below what the capital costs: growth destroys value

Operating margin: −118%
Operating margin · Information Technology Services median 9.5% · 12 months to Q2 2026
Share count, year on year: +49%
Share count, year on year · shareholders own a smaller slice than a year ago
R&D as % of revenue: 16%
R&D as % of revenue

Operating margin by fiscal year
Year	Operating margin
FY2019	8.7%
FY2021	−54%
FY2022	−71%
FY2023	−25%
FY2024	−84%
FY2025	−168%

Details›

Gross margin12 months to Q2 2026: 28%
Operating margin12 months to Q2 2026: −118%
Net margin12 months to Q2 2026: −65%
Free cash flow margin: −55%
R&D as % of revenue: 16%
Revenue, trailing twelve months: $132M
Free cash flow, trailing twelve months: −$73M
Net income, trailing twelve months: −$86M
Return on invested capitaloperating profit after tax ÷ debt + equity − cash: −16%

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

Customers and suppliers

Who buys from BBAI and who it buys from, as the companies report it.

90%of revenue comes from the U.S. government, the largest of 6 disclosed customers

Customerswho buys

U.S. government
90%
Share of revenue · FY2025 10-K
Customer E
16%
Share of revenue · FY2025 10-K
Customer C
13%
Share of revenue · FY2025 10-K
Customer D
11%
Share of revenue · FY2025 10-K
Customer F
11%
Share of revenue · FY2025 10-K
Customer B
8.0%
Share of revenue · FY2025 10-K

Supplierswho it buys from

None disclosed.

A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; BBAI’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.

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