Bakkt, Inc. (BKKT)

NYSE: BKKT · Real-Time Price · USD

7.69

-0.73 (-8.67%)

At close: Aug 28, 2026, 4:00 PM EDT

7.82

+0.13 (1.69%)

After-hours: Aug 28, 2026, 7:58 PM EDT

Bakkt Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,115	2,335	3,441	726.99	56.22	39.44
Revenue Growth	-70.16%	-32.14%	373.33%	1193.02%	42.57%	38.40%
Gross Profit	-109.9	-101.48	-48.17	-63.44	-113.04	-135.67
Operating Income	-118.8	-114.84	-73.52	-110.93	-177.32	-183.42
Net Income	-31	-107.21	-46.66	-74.85	-578.11	-44
Earnings Per Share	-1.18	-8.87	-7.97	-21.01	-203.08	-20.36
EPS Growth	-	-	-	-	-	-

Revenue by Geography

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
United States	2,173	3,375	715.89	56.22	39.44
Foreign	162.7	66.2	11.1	-	-
Total	2,335	3,441	726.99	56.22	39.44

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	51.85	29.9	40.29	71.22	245.84	391.36
Total Debt	0.06	0.55	19.9	27.16	26.42	11.26
Net Cash (Debt)	51.79	29.35	20.39	44.06	219.42	380.1
Net Cash Growth	802.56%	43.92%	-53.71%	-79.92%	-42.27%	407.57%
Net Cash Per Share	1.98	2.43	3.48	12.36	77.08	175.91

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	-84.38	-153.4	-21.2	-60.7	-117.6	-134.3
Capital Expenditures	-3.01	-1.17	-3.09	-9.43	-30.54	-15.69
Free Cash Flow	-87.39	-154.57	-24.29	-70.13	-148.14	-149.99
Free Cash Flow Growth	-	-	-	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	-9.86%	-4.35%	-1.40%	-8.73%	-201.06%	-
Operating Margin	-10.65%	-4.92%	-2.14%	-15.26%	-315.38%	-465.09%
Pretax Margin	-1.89%	-4.18%	-2.74%	-21.09%	-3559.43%	-742.70%
Profit Margin	-2.78%	-4.59%	-1.36%	-10.30%	-1028.22%	-111.56%
FCF Margin	-7.84%	-6.62%	-0.71%	-9.65%	-263.48%	-380.33%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '26 Aug 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PS Ratio	0.31	0.10	0.05	0.28	1.66	12.34