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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

Ratios

Percentages worked out from the filed figures; debt to equity in times. 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
Margins
−277.7% −3,590.8% −21.5% −2.4% −6.3%
−278.0% −3,559.4% −21.1% −2.7% −4.2%
−279.4% −1,028.2% −10.3% −1.4% −4.6%
−180.8% −263.5% −9.6% −0.7% n/a
Spending
72.2% 54.3% 1.3% 0.1% n/a
Returns
n/a −600.5% −155.0% −137.7% −95.1%
−17.0% −126.9% −28.2% −17.3% −65.9%
Balance and payout
12.5% 26.2% 48.8% 76.7% 30.7%