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Bakkt, Inc.

BKKT NYSE Finance Services Financials FY2020โ€“FY2025

Last close ยท Oct 23, 2026

$5.06

3.4%
Compare
Revenue Total sales reported in the income statement.
$2.3B
32.1% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’6.3%
3.9ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$107M
Free cash flow Cash from operations minus capital spending.
โ€”
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$211M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$6.31 EPS (TTM)

What Bakkt, Inc. does

No business description yet.

Legal name
Bakkt, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 19, 2026
Accession ยท CIK
0001628280-26-019870
0001820302

Revenue and margins

Bakkt, Inc. had $2.3B of revenue in fiscal 2025, down 32.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โ€” in fiscal 2025, โ€” of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Bakkt, Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 106.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Bakkt, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY20FY22FY23FY24FY25
Cash and short-term investments $75.4M$98.3M$52.9M$39.0M$27.2M
Debt incl. finance leases $0.0Mโ€”โ€”โ€”โ€”
Current ratio 2.6x3.5x1.8x1.3x2.2x
Quick ratio 2.6x3.5x1.8x1.3x2.2x
Total assets $468M$456M$265M$269M$163M
Total liabilities $58.6M$119M$130M$207M$50.0M
Shareholders' equity โˆ’$29.2M$96.3M$48.3M$33.9M$113M
Net debt (โˆ’ = net cash) โˆ’$75.4Mโ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY20FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ•
Return on assets rose โ€” โ€” โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ•
Debt fell relative to assets โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ• โœ• โœ“
Share count didn't rise โ€” โ€” โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โ€” โœ“ โœ“
F-score โ€” / 3โ€” / 43 / 72 / 7
Accruals ratio โˆ’10.4%โˆ’3.9%โˆ’9.5%21.4%
Altman Z'' โˆ’1.31โˆ’10.81โˆ’10.42โˆ’20.28

5 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY20FY22FY23FY24FY25
Income statement
Revenue $28.5M โ€” $727M $3.4B $2.3B
Net interest income $0.1M โ€” $4.3M $4.3M $0.8M
Operating income โˆ’$79.1M โ€” โˆ’$156M โˆ’$82.6M โˆ’$148M
Pretax income โˆ’$79.2M โ€” โˆ’$153M โˆ’$94.3M โˆ’$97.4M
Income tax $0.4M โ€” $0.4M $0.1M โˆ’$0.0M
Net income โˆ’$79.6M โ€” โˆ’$74.9M โˆ’$46.7M โˆ’$107M
Net income to common โ€” โ€” โˆ’$74.9M โˆ’$46.7M โ€”
Diluted EPS โ€” โ€” โˆ’$21.01 โˆ’$7.97 โˆ’$8.87
Diluted shares โ€” โ€” 0.00B 0.01B 0.01B
Cash flow
Cash from operations โˆ’$30.9M โ€” โˆ’$60.7M โˆ’$21.2M โˆ’$153M
Capital expenditure $20.6M โ€” $9.4M $3.1M โ€”
Free cash flow โˆ’$51.5M โ€” โˆ’$70.1M โˆ’$24.3M โ€”
Depreciation and amortization $8.0M โ€” $13.9M $0.3M $0.6M
Stock-based compensation $0.0M โ€” $15.5M $15.8M $71.6M
Share buybacks โ€” โ€” $2.6M $2.7M โ€”
Dividends and buybacks โ€” โ€” $2.6M $2.7M โ€”
Balance sheet
Cash and short-term investments $75.4M $98.3M $52.9M $39.0M $27.2M
Total debt $0.0M โ€” โ€” โ€” โ€”
Current assets $132M $326M $181M $184M $72.2M
Current liabilities $51.1M $92.1M $101M $138M $33.0M
Property and equipment, net $20.0M $19.7M $0.1M $2.1M $1.7M
Goodwill $233M $15.9M $68.0M $68.0M $64.7M
Intangible assets $62.2M $55.8M $2.9M $2.9M $5.6M
Total assets $468M $456M $265M $269M $163M
Total liabilities $58.6M $119M $130M $207M $50.0M
Preferred stock $0.0M โ€” โ€” โ€” โ€”
Shareholders' equity โˆ’$29.2M $96.3M $48.3M $33.9M $113M
Margins
Operating margin โˆ’277.7% โ€” โˆ’21.5% โˆ’2.4% โˆ’6.3%
EBITDA margin โˆ’249.7% โ€” โˆ’19.6% โˆ’2.4% โˆ’6.3%
Net margin โˆ’279.4% โ€” โˆ’10.3% โˆ’1.4% โˆ’4.6%
FCF margin โˆ’180.8% โ€” โˆ’9.6% โˆ’0.7% โ€”
Net interest share of revenue 0.4% โ€” 0.6% 0.1% 0.0%
Returns
Return on capital employed โˆ’19.0% โ€” โˆ’94.8% โˆ’62.7% โˆ’113.9%
Return on equity โ€” โ€” โˆ’103.6% โˆ’113.6% โˆ’146.2%
Return on assets โˆ’17.0% โ€” โˆ’20.8% โˆ’17.5% โˆ’49.6%
Return on tangible equity โ€” โ€” โ€” โ€” โˆ’251.8%
Growth
Revenue growth โ€” โ€” โ€” 373.3% โˆ’32.1%
Share count change โ€” โ€” โ€” 64.3% 106.5%
Financial health
Current ratio 2.6x 3.5x 1.8x 1.3x 2.2x
Quick ratio 2.6x 3.5x 1.8x 1.3x 2.2x
Capital allocation
Capex / revenue 72.2% โ€” 1.3% 0.1% โ€”
Stock comp / revenue 0.0% โ€” 2.1% 0.5% 3.1%
Quality scores
Piotroski F-score โ€” โ€” โ€” 3.0 2.0
Altman Z'' โˆ’1.3 โ€” โˆ’10.8 โˆ’10.4 โˆ’20.3
Accruals ratio โˆ’10.4% โ€” โˆ’3.9% โˆ’9.5% 21.4%

Source: SEC EDGAR XBRL filings (CIK 0001820302). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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