Bakkt (BKKT) financial statements
Bakkt reported revenue of $2.3B in fiscal 2025, up 200.9% a year over 4 years.
Net income was -$107M and the operating margin -6.3%, against -277.7% in 2020.
The diluted share count rose 325% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bakkt's 10-K filings with the SEC.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $28M | $56M | $727M | $3.4B | $2.3B |
| Operating income | -$79M | -$2.0B | -$156M | -$83M | -$148M |
| Pre-tax income | -$79M | -$2.0B | -$225M | -$103M | -$97M |
| Income tax | $391,000 | -$11M | $355,000 | $110,000 | -$49,000 |
| Net income | -$80M | -$578M | -$75M | -$47M | -$107M |
| EPS (diluted) | — | -$203.08 | -$21.01 | -$7.97 | -$8.87 |
| Diluted shares | — | 3M | 4M | 6M | 12M |
| Operating margin | -277.7% | -3590.8% | -21.5% | -2.4% | -6.3% |
| Net margin | -279.4% | -1028.2% | -10.3% | -1.4% | -4.6% |
Balance sheet
Fiscal years, from Bakkt's 10-K filings with the SEC.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $75M | $98M | $53M | $39M | $27M |
| Receivables | $10M | $25M | $30M | $8M | $12M |
| Total current assets | $132M | $326M | $181M | $184M | $72M |
| Property, plant and equipment | $20M | $20M | $60,000 | $2M | $2M |
| Goodwill | $233M | $16M | $68M | $68M | $65M |
| Total assets | $468M | $456M | $265M | $269M | $163M |
| Total current liabilities | $51M | $92M | $101M | $138M | $33M |
| Total liabilities | $59M | $119M | $130M | $207M | $50M |
| Shareholders' equity | -$29M | $96M | $48M | $34M | $113M |
| Net debt | -$75M | -$98M | -$53M | -$39M | -$27M |
Cash flow
Fiscal years, from Bakkt's 10-K filings with the SEC.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -$31M | -$118M | -$61M | -$21M | -$153M |
| Capital spending | $21M | $31M | $9M | $3M | — |
| Free cash flow | -$52M | -$148M | -$70M | -$24M | — |
| Stock-based compensation | $0 | $32M | $15M | $16M | $72M |
| Share buybacks (net) | — | -$3M | -$3M | -$3M | — |
| Free cash flow margin | -180.8% | -263.5% | -9.6% | -0.7% | — |
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What was Bakkt's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
From Bakkt's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.