Bakkt Inc Financials
This page shows Bakkt Inc (BKKT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Bakkt Inc has an operating margin of -6.3%, meaning the company retains $-6 of operating profit per $100 of revenue. This below-average margin results in a low score of 8/100, suggesting thin profitability after operating expenses. This is down from -2.7% the prior year.
Bakkt Inc's revenue declined 33.1% year-over-year, from $3.5B to $2.3B. This contraction results in a growth score of 0/100.
Bakkt Inc carries a low D/E ratio of 0.44, meaning only $0.44 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.
Bakkt Inc's current ratio of 2.19 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Bakkt Inc generates a -95.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -137.7% the prior year.
Bakkt Inc passes 2 of 9 financial strength tests. No profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Bakkt Inc generates $1.43 in operating cash flow (-$153.4M OCF vs -$107.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Bakkt Inc earns $-739.2 in operating income for every $1 of interest expense (-$147.8M vs $200K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Bakkt Inc generated $2.3B in revenue in fiscal year 2025. This represents a decrease of 33.1% from the prior year.
Bakkt Inc's EBITDA was -$147.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 59.0% from the prior year.
Bakkt Inc reported -$107.2M in net income in fiscal year 2025. This represents a decrease of 129.8% from the prior year.
Bakkt Inc earned $-8.87 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.3% from the prior year.
Cash & Balance Sheet
Bakkt Inc held $27.0M in cash against $0 in long-term debt as of fiscal year 2025.
Bakkt Inc had 31M shares outstanding in fiscal year 2025.
Margins & Returns
Bakkt Inc's operating margin was -6.3% in fiscal year 2025, reflecting core business profitability. This is down 3.7 percentage points from the prior year.
Bakkt Inc's net profit margin was -4.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.3 percentage points from the prior year.
Bakkt Inc's ROE was -95.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 42.6 percentage points from the prior year.
Capital Allocation
BKKT Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $577.9M-46.2% | $1.1B-40.2% | $1.8B+447.3% | $328.4M-35.6% | $509.9M-40.3% | $854.6M+298.4% | $214.5M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | -$25.3M-36.6% | -$18.5M+0.2% | -$18.5M-33.0% | -$13.9M+44.6% | -$25.1M-14.2% | -$22.0M+30.8% | -$31.8M+59.4% | -$78.5M |
| Interest Expense | -$50K+5.7% | -$53K-108.5% | $622K-43.6% | $1.1M+8.8% | $1.0M-18.6% | $1.2M+30.2% | $956K+14.4% | $836K |
| Income Tax | -$25K-141.7% | $60K+22.4% | $49K-7.5% | $53K+146.9% | -$113K-252.7% | $74K-52.6% | $156K+262.8% | $43K |
| Net Income | -$14.9M-1.2% | -$14.7M-291.1% | $7.7M+140.2% | -$19.2M-562.9% | -$2.9M+82.4% | -$16.4M-101.2% | -$8.2M+69.4% | -$26.7M |
| EPS (Diluted) | $-1.15+46.8% | $-2.16-291.2% | $1.13 | N/A | $-0.45+83.1% | $-2.67-43.5% | $-1.86 | N/A |
BKKT Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $258.3M+35.8% | $190.1M+7.8% | $176.3M-34.5% | $269.4M-77.2% | $1.2B-4.8% | $1.2B-21.1% | $1.6B+493.8% | $265.3M |
| Current Assets | $120.5M+9.1% | $110.5M+19.4% | $92.5M-49.7% | $183.8M-83.3% | $1.1B-5.2% | $1.2B-22.3% | $1.5B+723.0% | $181.1M |
| Cash & Equivalents | $58.3M+34.1% | $43.5M+89.0% | $23.0M-41.1% | $39.0M+34.7% | $29.0M-39.0% | $47.5M-16.1% | $56.6M+7.0% | $52.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $12.6M-46.1% | $23.3M-18.8% | $28.7M+273.4% | $7.7M-71.3% | $26.8M+9.6% | $24.4M-34.2% | $37.2M+25.3% | $29.7M |
| Goodwill | $64.7M0.0% | $64.7M-4.9% | $68.0M0.0% | $68.0M0.0% | $68.0M0.0% | $68.0M0.0% | $68.0M0.0% | $68.0M |
| Total Liabilities | $129.7M-2.0% | $132.3M0.0% | $132.3M-35.9% | $206.5M-80.9% | $1.1B-5.2% | $1.1B-21.1% | $1.4B+565.6% | $217.0M |
| Current Liabilities | $53.8M-42.3% | $93.2M+59.5% | $58.4M-59.4% | $143.8M-86.2% | $1.0B-3.3% | $1.1B-23.0% | $1.4B+1291.1% | $100.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $114.4M+224.1% | $35.3M-19.9% | $44.1M+30.0% | $33.9M-32.8% | $50.5M+5.6% | $47.8M-16.1% | $57.0M+18.0% | $48.3M |
| Retained Earnings | -$819.9M-1.9% | -$805.0M-1.9% | -$790.3M+1.0% | -$798.0M-2.5% | -$778.8M-0.4% | -$775.9M-2.2% | -$759.5M-1.1% | -$751.3M |
BKKT Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$46.7M-971.8% | $5.4M+105.3% | -$101.3M-422.5% | $31.4M+225.3% | -$25.1M+62.0% | -$65.9M-271.8% | $38.4M+663.5% | -$6.8M |
| Capital Expenditures | N/A | $19K-85.4% | $130K-57.8% | $308K-43.5% | $545K+17.7% | $463K-73.9% | $1.8M+15.9% | $1.5M |
| Free Cash Flow | N/A | $5.3M+105.3% | -$101.4M-426.1% | $31.1M+221.4% | -$25.6M+61.4% | -$66.4M-281.4% | $36.6M+538.9% | -$8.3M |
| Investing Cash Flow | -$19.8M-539.4% | $4.5M+3560.8% | -$130K-102.1% | $6.2M+5.7% | $5.9M+37.4% | $4.3M+286.5% | -$2.3M-986.2% | $260K |
| Financing Cash Flow | $60.1M+250.0% | $17.2M+319.3% | $4.1M+1675.0% | -$260K-132.1% | -$112K-101.5% | $7.5M-79.6% | $36.7M+27906.8% | -$132K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $1.7M+111.5% | $806K-11.0% | $906K+248.5% | $260K+132.1% | $112K+89.8% | $59K-97.4% | $2.3M+1611.4% | $132K |
BKKT Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | -3.2%-1.5pp | -1.7%-0.9pp | -0.8%+6.9pp | -7.6%-3.3pp | -4.3%-0.6pp | -3.7%+32.9pp | -36.6% |
| Net Margin | N/A | -2.5%-3.3pp | 0.7%+1.8pp | -1.1%-0.2pp | -0.9%+2.3pp | -3.2%-2.3pp | -1.0%+11.5pp | -12.4% |
| Return on Equity | -13.0%+28.7pp | -41.8%-59.3pp | 17.5%+74.1pp | -56.6%-50.8pp | -5.7%+28.6pp | -34.4%-20.0pp | -14.3%+41.0pp | -55.3% |
| Return on Assets | -5.8%+2.0pp | -7.8%-12.1pp | 4.4%+11.5pp | -7.1%-6.9pp | -0.2%+1.1pp | -1.3%-0.8pp | -0.5%+9.5pp | -10.1% |
| Current Ratio | 2.24+1.1 | 1.19-0.4 | 1.58+0.3 | 1.28+0.2 | 1.05-0.0 | 1.070.0 | 1.07-0.7 | 1.80 |
| Debt-to-Equity | 1.13-2.6 | 3.75+0.7 | 3.00-3.1 | 6.09-15.3 | 21.41-2.4 | 23.86-1.5 | 25.35+20.9 | 4.50 |
| FCF Margin | N/A | 0.9%+10.3pp | -9.4%-11.2pp | 1.7%+9.5pp | -7.8%+5.2pp | -13.0%-17.3pp | 4.3%+8.2pp | -3.9% |
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Frequently Asked Questions
What is Bakkt Inc's annual revenue?
Bakkt Inc (BKKT) reported $2.3B in total revenue for fiscal year 2025. This represents a -33.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bakkt Inc's revenue growing?
Bakkt Inc (BKKT) revenue declined by 33.1% year-over-year, from $3.5B to $2.3B in fiscal year 2025.
Is Bakkt Inc profitable?
No, Bakkt Inc (BKKT) reported a net income of -$107.2M in fiscal year 2025, with a net profit margin of -4.6%.
What is Bakkt Inc's EBITDA?
Bakkt Inc (BKKT) had EBITDA of -$147.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Bakkt Inc's operating margin?
Bakkt Inc (BKKT) had an operating margin of -6.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Bakkt Inc's net profit margin?
Bakkt Inc (BKKT) had a net profit margin of -4.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Bakkt Inc's return on equity (ROE)?
Bakkt Inc (BKKT) has a return on equity of -95.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bakkt Inc's operating cash flow?
Bakkt Inc (BKKT) generated -$153.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bakkt Inc's total assets?
Bakkt Inc (BKKT) had $162.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Bakkt Inc's current ratio?
Bakkt Inc (BKKT) had a current ratio of 2.19 as of fiscal year 2025, which is generally considered healthy.
What is Bakkt Inc's debt-to-equity ratio?
Bakkt Inc (BKKT) had a debt-to-equity ratio of 0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bakkt Inc's return on assets (ROA)?
Bakkt Inc (BKKT) had a return on assets of -65.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bakkt Inc's cash runway?
Based on fiscal year 2025 data, Bakkt Inc (BKKT) had $27.0M in cash against an annual operating cash burn of $153.4M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Bakkt Inc's Piotroski F-Score?
Bakkt Inc (BKKT) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bakkt Inc's earnings high quality?
Bakkt Inc (BKKT) has an earnings quality ratio of 1.43x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Bakkt Inc cover its interest payments?
Bakkt Inc (BKKT) has an interest coverage ratio of -739.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Bakkt Inc?
Bakkt Inc (BKKT) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.