Bakkt, Inc. (BKKT) financials — revenue, cash, debt and margins

Bakkt, Inc. (BKKT) financials — revenue, cash, debt and margins — InspectStocks

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $364.6M
P/E (TTM): —
Price / sales: 0.10
EV / EBITDA: —
Price / book: 1.03

Cash flow

FCF yield: -24.8%
SBC-adjusted FCF yield: -29.0%
SBC impact: —
Stock compensation (TTM): $66.6M

Margins & growth

Profit margin: -0.8%
Operating margin: -4.1%
Quarterly revenue (year on year): 13.3%
Quarterly earnings (year on year): —

Balance sheet

Cash & investments: $27.2M
Debt: $63K
Net cash / (debt): $27.1M

Where the revenue comes from

Transaction Revenue Net is 100% of revenue.

By product or service

Year to Dec 31, 2025 · $2.3B

Transaction Revenue Net100%
$2.3B-32.1% vs. a year earlier
Subscription and Service Revenue0.00%
$50K-37.5% vs. a year earlier

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$3.73BQ2 2025+1.9%

1Y: +115.49%2Y: +856.32%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

EBITDA

-$151.47MQ2 2026-1.7%

1Y: -128.99%2Y: -42.43%

Operating profit before depreciation and amortisation — approximated from operating income, because no depreciation tag is reported consistently enough across filers to do better. Treat it as indicative. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

-$31MQ2 2026+75.5%

1Y: -6.53%2Y: +54.83%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

-0.8%Q2 2025+7.2%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

-$90.59MQ2 2025+44.2%

1Y: -489.34%2Y: +42.47%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit per share

-$5.99Q2 2026+40.6%

1Y: -30.79%2Y: +63.83%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

26.27MQ2 2026+49.6%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

About Bakkt, Inc.

Ticker: BKKT
SEC classification: Finance Services (6199)
Listed on: NYSE
Financial year ends: December 31
Filer size: Accelerated filer<br>Smaller reporting company

About this data

Everything above comes from Bakkt, Inc.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Share-count jumps we cannot explain: 1.64x around Dec 31, 2024 and 2.06x around Dec 31, 2025. No split accounts for these, so nothing was adjusted — most often it is real dilution rather than a data problem, which is why it is flagged and not corrected.

Not reported by this filer: Cost of Revenue, Gross Profit, R&D Expense, Interest Income, Non-interest Income, Non-interest Expense, Provision for Credit Losses, Deposits, Loans, Inventory, Long-term Debt (noncurrent), Borrowings (total), and Dividends paid. Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.