Despite numerous detections of individual flares, the physical origin of the rapid variability observed from blazars remains uncertain.
Using Bayesian blocks and the Eisenstein-Hut HOP algorithm, we characterize flux variations of high significance in the $\gamma$-ray light curves of two samples of blazars. Daily binned long-term light curves of TeV-bright blazars observed with the First G-APD Cherenkov Telescope (FACT) are compared to those of GeV-bright blazars observed with the Large Area Telescope on board the $Fermi$ Gamma-ray Space Telescope ($Fermi$-LAT). We find no evidence for systematic asymmetry of the flux variations based on the derived rise and decay time scales. Additionally, we show that the daily-binned blazar light curves can be described by an exponential stochastic Ornstein-Uhlenbeck process with parameters depending on energy. Our analysis suggests that the flux variability in both samples is a superposition of faster fluctuations. This is, for instance, challenging to explain by shock-acceleration but expected for magnetic reconnection.