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Bakkt, Inc.

BKKT Clue Score59
United States Fiscal year ends December CIK 0001820302
$6.88 -2.13% Close, 9 Oct 2026
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Price $6.88 −29.65% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 19 Nov 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue28.5Operating income−79.1Net income−79.6Fiscal year 2022Revenue56.2 +97.3%Operating income−2,018.9Net income−578.1EPS, diluted−203.08Fiscal year 2023Revenue727.0 +1,193.0%Operating income−156.2Net income−74.9EPS, diluted−21.01Fiscal year 2024Revenue3,441.1 +373.3%Operating income−82.6Net income−46.7EPS, diluted−7.97Fiscal year 2025Revenue2,335.2 −32.1%Operating income−147.8Net income−107.2EPS, diluted−8.87
FY2020FY2022FY2023FY2024FY2025
Revenue 28.5 56.2 727.0 3,441.1 2,335.2
Growth +97.3% +1,193.0% +373.3% −32.1%
Operating income −79.1 −2,018.9 −156.2 −82.6 −147.8
Net income −79.6 −578.1 −74.9 −46.7 −107.2
Growth
EPS, diluted n/a −203.08 −21.01 −7.97 −8.87

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2020Operating margin−277.7%Net margin−279.4%Free cash flow margin−180.8%Fiscal year 2022Operating margin−3,590.8%Net margin−1,028.2%Free cash flow margin−263.5%Fiscal year 2023Operating margin−21.5%Net margin−10.3%Free cash flow margin−9.6%Fiscal year 2024Operating margin−2.4%Net margin−1.4%Free cash flow margin−0.7%Fiscal year 2025Operating margin−6.3%Net margin−4.6%
FY2020FY2022FY2023FY2024FY2025
Operating margin −277.7% −3,590.8% −21.5% −2.4% −6.3%
Net margin −279.4% −1,028.2% −10.3% −1.4% −4.6%
Free cash flow margin −180.8% −263.5% −9.6% −0.7% n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow−30.9Capital expenditure−20.6Free cash flow−51.5Fiscal year 2022Operating cash flow−117.6Capital expenditure−30.5Free cash flow−148.1Buybacks−2.6Fiscal year 2023Operating cash flow−60.7Capital expenditure−9.4Free cash flow−70.1Buybacks−2.6Fiscal year 2024Operating cash flow−21.2Capital expenditure−3.1Free cash flow−24.3Buybacks−2.7Fiscal year 2025Operating cash flow−153.4
FY2020FY2022FY2023FY2024FY2025
Operating cash flow −30.9 −117.6 −60.7 −21.2 −153.4
Capital expenditure −20.6 −30.5 −9.4 −3.1 n/a
Free cash flow −51.5 −148.1 −70.1 −24.3 n/a
Growth
Buybacks n/a −2.6 −2.6 −2.7 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2020Cash75.4Shareholders’ equity−29.2Fiscal year 2022Cash98.3Shareholders’ equity96.3Fiscal year 2023Cash52.9Shareholders’ equity48.3Fiscal year 2024Cash39.0Shareholders’ equity33.9Fiscal year 2025Cash27.0Shareholders’ equity112.8
FY2020FY2022FY2023FY2024FY2025
Cash 75.4 98.3 52.9 39.0 27.0
Shareholders’ equity −29.2 96.3 48.3 33.9 112.8

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
28.5 56.2 727.0 3,441.1 2,335.2
Growth +97.3% +1,193.0% +373.3% −32.1%
−79.1 −2,018.9 −156.2 −82.6 −147.8
Growth
−79.2 −2,001.3 −153.3 −94.3 −97.4
0.4 −11.3 0.4 0.1 −0.0
−79.6 −578.1 −74.9 −46.7 −107.2
Growth
Per share
n/a −203.08 −21.01 −7.97 −8.87
n/a −203.08 −21.01 −7.97 −8.87
Growth
n/a 2.8 3.6 5.9 12.1
n/a 2.8 3.6 5.9 12.1
Growth +25.2% +64.3% +106.5%

† The diluted share count jumps at 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • A net loss in 5 of 5 years on file.