BKKT revenueFY2025$2.34B
- FY YoY
- -32.1%
- 5Y CAGR
- +141.4%
BKKT revenue was $2.34B for fiscal 2025 (ended Dec 31, 2025), down 32.1% from fiscal 2024. Compound annual growth was +141.4% over 5 years. It rose in 2 of the last 3 fiscal years.
Bakkt Inc. (BKKT) financials
For fiscal 2025 (ended Dec 31, 2025), Bakkt Inc. reported $2.34B of revenue and -$107.21M of net income.
- Revenue, FY2025
- $2.34B
- Revenue growth, YoY
- -32.1%
- Net income, FY2025
- -$107.21M
- Net margin
- -4.6%
- EPS, diluted, FY2025
- -$8.87
- Cash
- $49.98M
- P/S
- 0.09
- Market cap
- $209.6M
FY2020FY2025
FY2020FY2025
FY2020FY2024
BKKT revenue and earnings growth
BKKT net incomeQ2 2026$80.84M
BKKT net income was $80.84M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$14.73M a year earlier. For the full fiscal 2025 it was -$107.21M, compared with -$46.66M in fiscal 2024.
BKKT EPSQ2 2026$1.94
BKKT diluted EPS was $1.94 in fiscal Q2 2026 (ended Jun 30, 2026). For the full fiscal 2025 it was -$8.87.
BKKT free cash flowQ2 2025$5.33M
BKKT free cash flow was $5.33M in fiscal Q2 2025 (ended Jun 30, 2025), compared with -$66.36M a year earlier. For the full fiscal 2024 it was -$24.29M, compared with -$70.13M in fiscal 2023.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2020 |
|---|---|---|---|---|---|
| Revenue | $2.34B | $3.44B | $726.99M | $56.22M | $28.50M |
| Operating income | -$147.84M | -$82.59M | -$156.24M | -$2.02B | -$79.12M |
| Pre-tax income | -$97.38M | -$94.30M | -$153.30M | -$2.00B | -$79.21M |
| Income tax | -$49.0K | $110.0K | $355.0K | -$11.32M | $391.0K |
| Net income | -$107.21M | -$46.66M | -$74.85M | -$578.11M | -$79.61M |
| EPS, basic | -$8.87 | -$7.97 | -$21.01 | -$203.08 | - |
| EPS, diluted | -$8.87 | -$7.97 | -$21.01 | -$203.08 | - |
| Diluted shares | 12.1M | 5.9M | 3.6M | 2.8M | - |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2020 |
|---|---|---|---|---|---|
| Cash and equivalents | $26.96M | $153.75M | $52.88M | $115.42M | $91.94M |
| Short-term investments | $235.0K | $0 | - | - | - |
| Receivables | $12.07M | $7.68M | $29.66M | $25.31M | $10.41M |
| Current assets | $72.20M | $183.84M | $181.09M | $326.46M | $132.06M |
| Goodwill | $64.66M | $68.00M | $68.00M | $15.85M | $233.43M |
| Total assets | $162.79M | $269.38M | $265.31M | $455.50M | $468.38M |
| Current liabilities | $33.03M | $137.72M | $100.52M | $92.13M | $51.08M |
| Short-term debt | - | - | - | - | $0 |
| Total liabilities | $50.01M | $206.52M | $129.60M | $119.43M | $58.59M |
| Shareholders' equity | $112.78M | $62.85M | $135.71M | $336.07M | -$29.25M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2020 |
|---|---|---|---|---|---|
| Operating cash flow | -$153.40M | -$21.20M | -$60.70M | -$117.60M | -$30.94M |
| Capital expenditures | - | $3.09M | $9.43M | $30.54M | $20.57M |
| Free cash flow | - | -$24.29M | -$70.13M | -$148.14M | -$51.51M |
| Investing cash flow | -$38.12M | $14.13M | $65.97M | -$171.96M | -$7.93M |
| Financing cash flow | $82.08M | $43.82M | -$2.63M | -$2.58M | $37.49M |
| Share repurchases | - | $2.69M | $2.63M | $2.59M | - |
| Stock-based compensation | $71.60M | $15.84M | $15.45M | $31.56M | $0 |
| Depreciation and amortization | $607.0K | $343.0K | $13.93M | $25.35M | $7.97M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2020 |
|---|---|---|---|---|---|
| Revenue growth, YoY | -32.1% | 373.3% | 1193.0% | - | - |
| Operating margin | -6.3% | -2.4% | -21.5% | -3590.8% | -277.7% |
| Net margin | -4.6% | -1.4% | -10.3% | -1028.2% | -279.4% |
| Free cash flow margin | - | -0.7% | -9.6% | -263.5% | -180.8% |
| Return on equity | -95.1% | -74.2% | -55.2% | -172.0% | - |
| Return on assets | -65.9% | -17.3% | -28.2% | -126.9% | -17.0% |
| Current ratio | 2.19 | 1.33 | 1.80 | 3.54 | 2.59 |
Income statement
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | $577.88M | $1.07B | $1.75B | $328.42M | $509.90M | $854.58M | $161.37M | $204.77M |
| Operating income | -$19.61M | -$16.92M | -$91.02M | -$25.26M | -$16.12M | -$15.44M | -$9.99M | -$25.14M | -$22.02M | -$31.84M | -$6.85M | -$52.86M |
| Pre-tax income | $81.13M | -$11.42M | -$68.43M | -$21.58M | -$26.82M | $19.44M | -$39.75M | -$3.88M | -$35.44M | -$21.12M | -$6.58M | -$51.52M |
| Income tax | $5.0K | $12.0K | -$150.0K | -$25.0K | $76.0K | $49.0K | -$9.0K | -$113.0K | $74.0K | $156.0K | -$46.0K | $231.0K |
| Net income | $80.84M | -$11.65M | -$85.27M | -$14.92M | -$14.73M | $16.24M | -$19.18M | -$2.89M | -$35.51M | -$21.27M | -$26.70M | -$17.33M |
| EPS, basic | $1.96 | -$0.41 | - | -$1.15 | -$2.16 | $1.18 | - | -$0.45 | -$2.67 | -$1.86 | -$7.31 | -$4.74 |
| EPS, diluted | $1.94 | -$0.41 | - | -$1.15 | -$2.16 | $1.13 | - | -$0.45 | -$2.67 | -$1.86 | -$7.31 | -$4.74 |
| Diluted shares | 41.7M | 28.4M | - | 13.0M | 6.8M | 7.2M | - | 6.4M | 6.2M | 4.4M | - | 3.7M |
Balance sheet
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $49.98M | $79.98M | $26.96M | $58.32M | $43.49M | $23.01M | $153.75M | $28.98M | $47.50M | $56.60M | $52.88M | $68.22M |
| Short-term investments | - | - | $235.0K | - | - | - | $0 | - | - | - | - | - |
| Receivables | $11.28M | $9.53M | $12.07M | $12.56M | $23.31M | $28.69M | $7.68M | $26.79M | $24.44M | $37.16M | $29.66M | $21.70M |
| Current assets | $97.40M | $124.99M | $72.20M | $120.47M | $110.46M | $92.51M | $183.84M | $1.10B | $1.16B | $1.49B | $181.09M | $694.16M |
| Goodwill | $156.69M | $64.66M | $64.66M | $64.66M | $64.66M | $68.00M | $68.00M | $68.00M | $68.00M | $68.00M | $68.00M | $66.50M |
| Total assets | $403.60M | $213.38M | $162.79M | $258.26M | $190.14M | $176.35M | $269.38M | $1.18B | $1.24B | $1.58B | $265.31M | $846.73M |
| Current liabilities | $31.02M | $30.27M | $33.03M | $53.77M | $93.19M | $58.43M | $137.72M | $1.04B | $1.08B | $1.40B | $100.52M | $593.55M |
| Total liabilities | $49.21M | $42.50M | $50.01M | $129.70M | $132.31M | $94.79M | $206.52M | $1.08B | $1.14B | $1.44B | $129.60M | $635.66M |
| Shareholders' equity | $354.39M | $170.88M | $112.78M | $114.39M | $57.83M | $81.56M | $62.85M | $101.99M | $102.58M | $130.88M | $135.71M | $211.07M |
Cash flow
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14.82M | -$12.09M | -$10.81M | -$46.66M | $5.35M | -$101.28M | $31.40M | -$25.07M | -$65.89M | $38.35M | -$6.81M | $24.59M |
| Capital expenditures | - | - | - | - | $19.0K | $130.0K | $308.0K | $545.0K | $463.0K | $1.77M | $1.53M | $1.86M |
| Free cash flow | - | - | - | - | $5.33M | -$101.41M | $31.09M | -$25.61M | -$66.36M | $36.58M | -$8.33M | $22.74M |
| Investing cash flow | -$14.37M | $1.94M | -$22.72M | -$19.77M | $4.50M | -$130.0K | $6.24M | $5.90M | $4.30M | -$2.30M | $260.0K | -$9.41M |
| Financing cash flow | $451.0K | $66.78M | $730.0K | $60.09M | $17.17M | $4.09M | -$260.0K | -$112.0K | $7.49M | $36.70M | -$132.0K | $0 |
| Share repurchases | $49.0K | $280.0K | - | $1.71M | $806.0K | $906.0K | $260.0K | $112.0K | $59.0K | $2.26M | $132.0K | $0 |
| Stock-based compensation | $1.89M | $2.81M | $53.81M | $8.12M | $6.34M | $3.34M | $2.79M | $2.63M | $2.41M | $8.01M | $1.17M | $2.96M |
| Depreciation and amortization | $1.05M | $66.0K | $80.0K | $153.0K | $154.0K | $220.0K | $62.0K | $107.0K | $117.0K | $57.0K | $3.09M | $3.96M |
Key ratios
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | - | - | - | - | 13.3% | 25.8% | 983.3% | 60.4% | 46.7% | 6364.8% | 914.4% | 1449.8% |
| Operating margin | - | - | - | - | -2.8% | -1.4% | -0.6% | -7.7% | -4.3% | -3.7% | -4.2% | -25.8% |
| Net margin | - | - | - | - | -2.5% | 1.5% | -1.1% | -0.9% | -7.0% | -2.5% | -16.5% | -8.5% |
| Free cash flow margin | - | - | - | - | 0.9% | -9.4% | 1.8% | -7.8% | -13.0% | 4.3% | -5.2% | 11.1% |
| Current ratio | 3.14 | 4.13 | 2.19 | 2.24 | 1.19 | 1.58 | 1.33 | 1.05 | 1.07 | 1.07 | 1.80 | 1.17 |
Source: XBRL data Bakkt Inc. files with the SEC, latest filing dated Aug 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-25, first reported May 15, 2024.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
BKKT peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| BKKT | $2.34B | -32.1% | -$107.21M | -4.6% | $209.6M |
| AXP | $77.59B | +10.2% | $12.26B | 15.8% | $217.47B |
| SPGI | $17.21B | +18.2% | $4.99B | 29.0% | $136.57B |
| MCO | $8.18B | +9.0% | $2.88B | 35.3% | $88.11B |
| NU | $15.77B | +37.0% | $2.87B | 18.2% | $60.02B |
| RKT | $11.46B | +90.4% | $1.30B | 11.4% | $43.11B |
| COIN | $5.63B | -26.6% | -$701.62M | -12.5% | $36.03B |
| AFRM | $4.59B | +32.7% | $2.01B | 43.9% | $23.06B |
| SYF | $19.31B | +2.6% | $3.33B | 17.3% | $22.80B |
BKKT FAQ
7 questionsWhat is BKKT revenue?
Bakkt Inc. (BKKT) reported $2.34B of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 32.1% from the year before.Is BKKT profitable?
No. Bakkt Inc. reported a net loss of $107.21M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does BKKT have?
Bakkt Inc. reported $49.98M in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is BKKT revenue growing?
Bakkt Inc.'s revenue changed -32.1% in fiscal 2025, to $2.34B. Its compound annual growth rate was +141.4% over 5 years.What is BKKT earnings per share?
Diluted earnings per share were -$8.87 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did BKKT last report financial results?
The latest statements here come from Bakkt Inc.'s 10-Q filed on Aug 10, 2026, covering the period ended Jun 30, 2026.Where does this BKKT financial data come from?
Quantisnow builds these statements from the structured XBRL data Bakkt Inc. files with the SEC. It is provided for information only and is not investment advice.