Revenue
578 million USD
2025 Q2 · USD
Exact inputs and evidence
- Revenue: 577882000 USD Source
Fundies. English
Bakkt, Inc.
EDGARAnnual consolidated revenue for 2025: about USD 2.335B, using the latest reported figures. The previous period, 2024, was about USD 3.441B.
Latest quarter
Operating margin
-2.79%
2025 Q2 · %
Operating cash flow
5.35 million USD
2025 Q2 · USD
- Cash and cash equivalents
- 50 million USD Source
Exact value
49980000 USD
- Long-term debt including current maturities
- Not available
- Shares outstanding
- 45.1 million shares Source
Exact value
45059802 shares
Trailing twelve months
The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.
Revenue
3.73 billion USD
2024-07-01 – 2025-06-30
Exact inputs and evidence
Net income
-31 million USD
2025-07-01 – 2026-06-30
Exact inputs and evidence
Operating cash flow
-84.4 million USD
2025-07-01 – 2026-06-30
Exact inputs and evidence
- Operating cash flow: -142586000 USD · 2025-01-01 – 2025-09-30 Source
- Operating cash flow: -95929000 USD · 2025-01-01 – 2025-06-30 Source
- Operating cash flow: -153399000 USD · 2025-01-01 – 2025-12-31 Source
- Operating cash flow: -142586000 USD · 2025-01-01 – 2025-09-30 Source
- Operating cash flow: -12093000 USD · 2026-01-01 – 2026-03-31 Source
- Operating cash flow: -26910000 USD · 2026-01-01 – 2026-06-30 Source
- Operating cash flow: -12093000 USD · 2026-01-01 – 2026-03-31 Source
Includes later revisions to earlier periods. Annual charts exclude incomplete years.
Latest filing recorded: 2026-08-10.
Financial data available through: 2025-12-31.
Coverage by financial measure
- Revenue: 5 of 11 periods available· newest 2025-12-31
- Operating income: 5 of 11 periods available· newest 2025-12-31
- Net income: 5 of 11 periods available· newest 2025-12-31
- Operating cash flow: 5 of 11 periods available· newest 2025-12-31
- capital expenditure: No compatible figures in this window
- Total assets: 5 of 11 periods available· newest 2025-12-31
- Total liabilities: 5 of 11 periods available· newest 2025-12-31
- Current assets: 5 of 11 periods available· newest 2025-12-31
- Current liabilities: 5 of 11 periods available· newest 2025-12-31
- Cash and cash equivalents: 5 of 11 periods available· newest 2025-12-31
- long term debt: No compatible figures in this window
- Shares outstanding: 1 of 11 periods available· newest 2025-12-31
Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.
What changed year over year
Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.
Revenue
-32.1%Prior period
USD 3.44 billion
–
Current period
USD 2.34 billion
–
Exact inputs and evidence
2335243000 − 3441056000 = -1105813000 USD
3441056000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source2335243000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Net income
−USD 60.55 millionPrior period
−USD 46.66 million
–
Current period
−USD 107.21 million
–
Exact inputs and evidence
-107212000 − -46659000 = -60553000 USD
-46659000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source-107212000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Operating cash flow
−USD 132.2 millionPrior period
−USD 21.2 million
–
Current period
−USD 153.4 million
–
Exact inputs and evidence
-153399000 − -21203000 = -132196000 USD
-21203000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source-153399000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Comparable inputs unavailable for: Capital expenditure.
Where revenue goes
How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.
2025 2025-01-01 – 2025-12-31
- Revenue USD 2.34 billion 100% of revenue
- Operating costs Derived USD 2.48 billion 106% of revenue
- Operating income −USD 147.84 million −6.3% of revenue
- Tax, interest and other Derived −USD 40.62 million −1.7% of revenue
- Net income −USD 107.21 million −4.6% of revenue
Cash
- Operating cash flow −USD 153.4 million −6.6% of revenue
- Capital expenditure Unavailable An input is unavailable.
- Free cash flow Derived Unavailable An input is unavailable.
Share of revenue by period
- Net income
- Tax, interest and other
- Operating costs
- 2020 Operating loss: operating costs were 378% of revenue.
- 2022 Operating loss: operating costs were 3,691% of revenue.
- 2023 Operating loss: operating costs were 121% of revenue.
- 2024 Operating loss: operating costs were 102% of revenue.
- 2025 Operating loss: operating costs were 106% of revenue.
Values and sources
| Period | Revenue | Operating costs | Operating income | Tax, interest and other | Net income | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| 2020 2020-01-01 – 2020-12-31 | 28495000 | 107614000 Derived | -79119000 | 486000 Derived | -79605000 | Unavailable | Source
|
| 2022 2022-01-01 – 2022-12-31 | 56224000 | 2075137000 Derived | -2018913000 | -1440808000 Derived | -578105000 | Unavailable | Source
|
| 2023 2023-01-01 – 2023-12-31 | 726988000 | 883232000 Derived | -156244000 | -81390000 Derived | -74854000 | Unavailable | Source
|
| 2024 2024-01-01 – 2024-12-31 | 3441056000 | 3523642000 Derived | -82586000 | -35927000 Derived | -46659000 | Unavailable | Source
|
| 2025 2025-01-01 – 2025-12-31 | 2335243000 | 2483078000 Derived | -147835000 | -40623000 Derived | -107212000 | Unavailable | Source
|
Amounts are exact, in USD.
Growth
Sales over time and how quickly they are changing.
Revenue
Revenue reported for each complete financial period.
USD 2.3B 2025
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2020 | Revenue | 28495000 |
|
| 2022 | Revenue | 56224000 |
|
| 2023 | Revenue | 726988000 |
|
| 2024 | Revenue | 3441056000 |
|
| 2025 | Revenue | 2335243000 |
|
Revenue growth
Change in revenue from the same financial period one year earlier.
-32.1% 2025
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2020 | Year over year | No prior comparable period |
|
| 2022 | Year over year | No prior comparable period |
|
| 2023 | Year over year | 1,193% |
|
| 2024 | Year over year | 373.3% |
|
| 2025 | Year over year | -32.1% |
|
Profit and cash
How much revenue becomes profit, and how much cash operations generate.
Profit margins
Operating income, net income and free cash flow as a share of revenue.
Operating margin -6.3% 2025
Net margin -4.6% 2025
- Operating margin
- Net margin
- Free cash flow margin
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2020 | Operating margin | -277.7% |
|
| 2022 | Operating margin | -3,590.8% |
|
| 2023 | Operating margin | -21.5% |
|
| 2024 | Operating margin | -2.4% |
|
| 2025 | Operating margin | -6.3% |
|
| 2020 | Net margin | -279.4% |
|
| 2022 | Net margin | -1,028.2% |
|
| 2023 | Net margin | -10.3% |
|
| 2024 | Net margin | -1.4% |
|
| 2025 | Net margin | -4.6% |
|
| 2020 | Free cash flow margin | Not reported |
|
| 2022 | Free cash flow margin | Not reported |
|
| 2023 | Free cash flow margin | Not reported |
|
| 2024 | Free cash flow margin | Not reported |
|
| 2025 | Free cash flow margin | Not reported |
|
Operating cash flow
Cash generated by the company’s normal business operations.
USD -153.4M 2025
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2020 | Operating cash flow | -30940000 |
|
| 2022 | Operating cash flow | -117597000 |
|
| 2023 | Operating cash flow | -60697000 |
|
| 2024 | Operating cash flow | -21203000 |
|
| 2025 | Operating cash flow | -153399000 |
|
Free cash flow
Operating cash flow minus capital expenditure for the same period and unit.
Not enough comparable data to show this history.
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2020 | Free cash flow | Unavailable |
|
| 2022 | Free cash flow | Unavailable |
|
| 2023 | Free cash flow | Unavailable |
|
| 2024 | Free cash flow | Unavailable |
|
| 2025 | Free cash flow | Unavailable |
|
Balance sheet
Liabilities and short-term ability to meet obligations at each period end.
Liabilities to assets
Total liabilities as a share of total assets.
30.7% 2025
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2020 | Liabilities / assets | 12.5% |
|
| 2022 | Liabilities / assets | 26.2% |
|
| 2023 | Liabilities / assets | 48.8% |
|
| 2024 | Liabilities / assets | 76.7% |
|
| 2025 | Liabilities / assets | 30.7% |
|
Current assets to current liabilities
Current assets divided by current liabilities.
2.19× 2025
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2020 | Current assets / current liabilities | 2.59× |
|
| 2022 | Current assets / current liabilities | 3.54× |
|
| 2023 | Current assets / current liabilities | 1.8× |
|
| 2024 | Current assets / current liabilities | 1.33× |
|
| 2025 | Current assets / current liabilities | 2.19× |
|
Cash generation
Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.
| Period | Net income | Operating cash flow | Capital expenditure | Free cash flow |
|---|---|---|---|---|
| 2020 2020-01-01 – 2020-12-31 | −USD 79.61 million Exact valueExact value: -79605000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | −USD 30.94 million Exact valueExact value: -30940000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2022 2022-01-01 – 2022-12-31 | −USD 578.11 million Exact valueExact value: -578105000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | −USD 117.6 million Exact valueExact value: -117597000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2023 2023-01-01 – 2023-12-31 | −USD 74.85 million Exact valueExact value: -74854000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | −USD 60.7 million Exact valueExact value: -60697000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2024 2024-01-01 – 2024-12-31 | −USD 46.66 million Exact valueExact value: -46659000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | −USD 21.2 million Exact valueExact value: -21203000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2025 2025-01-01 – 2025-12-31 | −USD 107.21 million Exact valueExact value: -107212000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | −USD 153.4 million Exact valueExact value: -153399000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.
Dataset coverage and company identifiers
Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.
50 filings · 1,776 latest values · 1,776 originally reported values
Dataset published . Source filing dates and reporting periods are shown separately.
Identifiers: 0001820302, 1820302, BKKT, BKKT-WT, edgar:1820302
Also known as BAKKT HOLDINGS, INC., BAKKT, INC., Bakkt Holdings, Inc., Bakkt, Inc., VPC IMPACT ACQUISITION HOLDINGS, VPC Impact Acquisition Holdings