Bakkt, Inc. (BKKT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BKKT SEC filings page.
This page shows Bakkt, Inc. (BKKT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Bakkt's balance sheet became less debt-heavy, yet FY2025 showed cash demands worsening even as reported equity improved.
Cash conversion reversed: operating cash outflow was 0.5x the net loss in FY2024 but 1.4x in FY2025. That shift means the latest loss was accompanied by cash leaving faster than the income statement alone would suggest.
Liabilities fell from
FY2025 operating cash outflow reached
Financial Health Signals
We are recalculating Bakkt, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Bakkt, Inc. passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass.
Bakkt, Inc. reported a net loss of $107.2M while operations used $153.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Bakkt, Inc. reported an operating loss of $147.8M against $791K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Bakkt, Inc.'s EBITDA was -$18.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 16.2% from the same quarter a year earlier. Against the prior quarter it is down 10.1%.
Bakkt, Inc. reported $80.8M in net income in Q2 2026. This represents an increase of 648.7% from the same quarter a year earlier. Against the prior quarter it is up 793.9%.
Bakkt, Inc. earned $1.94 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 573.2%.
Not reported for Q2 2026.
Cash & Balance Sheet
Bakkt, Inc. held $50.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Bakkt, Inc.'s ROE was 22.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 64.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 29.6 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Bakkt, Inc. spent $49K on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 93.9% from the same quarter a year earlier. Against the prior quarter it is down 82.5%.
Not reported for Q2 2026.
Not reported for Q2 2026.
BKKT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | $577.9M+13.3% | $1.1B+25.8% | N/A | $328.4M+60.4% |
| SG&A Expenses | $7.0M-31.6% | $6.6M-15.2% | N/A | $8.1M-18.1% | $10.2M-54.6% | $7.8M-68.3% | N/A | $9.9M-59.9% |
| Operating Income | -$19.6M-21.7% | -$16.9M-9.6% | N/A | -$25.3M-0.5% | -$16.1M+26.8% | -$15.4M+51.5% | N/A | -$25.1M+52.4% |
| EBITDA | -$18.6M-16.2% | -$16.9M-10.8% | N/A | -$25.1M-0.3% | -$16.0M+27.1% | -$15.2M+52.1% | N/A | -$25.0M+48.8% |
| Interest Expense | $547K+1132.1% | $185K-70.3% | N/A | -$50K-104.9% | -$53K-104.3% | $622K-34.9% | N/A | $1.0M-13.8% |
| Income Tax | $5K-93.4% | $12K-75.5% | N/A | -$25K+77.9% | $76K+2.7% | $49K-68.6% | N/A | -$113K-148.9% |
| Net Income | $80.8M+648.7% | -$11.7M-251.1% | N/A | -$14.9M-415.7% | -$14.7M+10.3% | $7.7M+194.4% | N/A | -$2.9M+83.3% |
| EPS (Basic) | $1.96+190.7% | -$0.41-134.7% | -$6.37-105.5% | -$1.15-155.6% | -$2.16+19.1% | $1.18+163.4% | -$3.10-969.0% | -$0.45+90.5% |
| EPS (Diluted) | $1.94 | -$0.41 | -$6.37-105.5% | -$1.15 | -$2.16+19.1% | $1.13 | -$3.10-969.0% | -$0.45 |
| Diluted Shares (Avg) | 42M | 28M | N/A | 13M | 7M+10.8% | 7M | N/A | 6M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
BKKT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $403.6M+112.3% | $213.4M+21.0% | $162.8M-39.6% | $258.3M-78.2% | $190.1M-84.7% | $176.3M-88.8% | $269.4M+1.5% | $1.2B+39.7% |
| Current Assets | $97.4M-11.8% | $125.0M+35.1% | $72.2M-60.7% | $120.5M-89.0% | $110.5M-90.5% | $92.5M-93.8% | $183.8M+1.5% | $1.1B+58.1% |
| Cash & Equivalents | $50.0M+14.9% | $80.0M+247.6% | $27.0M-31.0% | $58.3M+101.2% | $43.5M-8.4% | $23.0M-59.3% | $39.0M-26.2% | $29.0M-57.5% |
| Short-Term Investments | $311K | $249K | $235K | $5.1M-24.3% | $0-100.0% | $0-100.0% | $0-100.0% | $6.7M-70.3% |
| Accounts Receivable | $11.3M-51.6% | $9.5M-66.8% | $12.1M+57.1% | $12.6M-53.1% | $23.3M-4.6% | $28.7M-22.8% | $7.7M+11.3% | $26.8M+23.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $156.7M+142.3% | $64.7M-4.9% | $64.7M-4.9% | $64.7M-4.9% | $64.7M-4.9% | $68.0M0.0% | $68.0M0.0% | $68.0M+2.3% |
| Total Liabilities | $49.2M-62.8% | $42.5M-67.9% | $50.0M-75.8% | $129.7M-88.0% | $132.3M-88.4% | $132.3M-90.8% | $206.5M-4.8% | $1.1B+70.0% |
| Current Liabilities | $31.0M-66.7% | $30.3M-48.2% | $33.0M-76.0% | $53.8M-94.8% | $93.2M-91.4% | $58.4M-95.8% | $137.7M+37.0% | $1.0B+75.5% |
| Non-Current Liabilities | $18.2M-53.5% | $12.2M-83.4% | $17.0M-75.3% | $75.9M+95.7% | $39.1M-37.8% | $73.9M+59.4% | $68.8M-40.9% | $38.8M-7.9% |
| Total Equity | $354.4M+904.1% | $170.9M+287.8% | $112.8M+232.7% | $114.4M+126.6% | $35.3M-26.2% | $44.1M-22.7% | $33.9M-29.8% | $50.5M-27.2% |
| Retained Earnings | -$836.0M-3.9% | -$916.8M-16.0% | -$905.2M-13.4% | -$819.9M-5.3% | -$805.0M-3.7% | -$790.3M-4.1% | -$798.0M-6.2% | -$778.8M-7.5% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
BKKT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.8M-376.8% | -$12.1M+88.1% | -$10.8M-134.4% | -$46.7M-86.1% | $5.4M+108.1% | -$101.3M-364.1% | $31.4M+561.4% | -$25.1M-201.9% |
| Depreciation & Amortization | $1.1M+583.1% | $66K-70.0% | $80K+29.0% | $153K+43.0% | $154K+31.6% | $220K+286.0% | $62K-98.0% | $107K-97.3% |
| Stock-Based Compensation | N/A | $2.8M-16.1% | N/A | N/A | N/A | $3.3M-58.3% | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | $19K-95.9% | $130K-92.7% | $308K-79.8% | $545K-70.7% |
| Free Cash Flow | N/A | N/A | N/A | N/A | $5.3M+108.0% | -$101.4M-377.2% | $31.1M+473.1% | -$25.6M-212.6% |
| Investing Cash Flow | -$14.4M-419.4% | $1.9M+1588.5% | -$22.7M-464.2% | -$19.8M-435.0% | $4.5M+4.7% | -$130K+94.4% | $6.2M+2299.6% | $5.9M+162.7% |
| Financing Cash Flow | $451K-97.4% | $66.8M+1530.8% | $730K+380.8% | $60.1M+53751.8% | $17.2M+129.4% | $4.1M-88.8% | -$260K-97.0% | -$112K |
| Share Buybacks | $49K-93.9% | $280K-69.1% | N/A | $1.7M+1422.3% | $806K+1266.1% | $906K-59.9% | $260K+97.0% | $112K |
Not reported in any period shown, so not listed: Dividends Paid.
BKKT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | -2.8%+1.5pp | -1.4%+2.3pp | N/A | -7.6%+18.2pp |
| Net Margin | N/A | N/A | N/A | N/A | -2.5%+0.7pp | 0.7%+1.7pp | N/A | -0.9%+7.6pp |
| Return on Equity | 22.8%+64.6pp | -6.8%-24.3pp | N/A | -13.0%-7.3pp | -41.8%-7.4pp | 17.5%+31.8pp | N/A | -5.7%+19.3pp |
| Return on Assets | 20.0%+27.8pp | -5.5%-9.8pp | N/A | -5.8%-5.5pp | -7.8%-6.4pp | 4.4%+4.9pp | N/A | -0.2%+1.8pp |
| Current Ratio | 3.14+2.0x | 4.13+2.5x | 2.19+0.9x | 2.24+1.2x | 1.19+0.1x | 1.58+0.5x | 1.33-0.5x | 1.05-0.1x |
| Debt-to-Equity | 0.14-3.6x | 0.25-2.8x | 0.44-5.6x | 1.13-20.3x | 3.75-20.1x | 3.00-22.3x | 6.09+1.6x | 21.41+12.2x |
| Asset Turnover | N/A | N/A | N/A | N/A | 3.04+2.6x | 6.10+5.6x | N/A | 0.280.0x |
| FCF Margin | N/A | N/A | N/A | N/A | 0.9%+13.9pp | -9.4%-13.7pp | N/A | -7.8%-18.9pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Bakkt, Inc. BKKT | FY2025 | N/A | -$107.2M | N/A | $265.9M | — |
| ZenaTech, Inc. ZENA | FY2025 | N/A | -$45.2M | N/A | $219.3M | — |
| Airship AI Holdings, Inc. AISP | FY2025 | $15.3M | $29.3M | N/A | $72.3M | 31/100 |
| Arbe Robotics Ltd. ARBE | FY2025 | $1.0M | -$46.4M | N/A | $64.1M | 47/100 |
| Helport AI Limited HPAI | FY2025 | $34.9M | $1.9M | 5.3% | $12.1M | 56/100 |
| Sangoma Technologies Corporation SANG | FY2025 | $236.7M | -$5.0M | -2.1% | $158.9M | 33/100 |
Where Bakkt, Inc. Ranks
Frequently Asked Questions
Is Bakkt, Inc. profitable?
No, Bakkt, Inc. (BKKT) reported a net income of -$107.2M in fiscal year 2025.
What is Bakkt, Inc.'s EBITDA?
Bakkt, Inc. (BKKT) had EBITDA of -$147.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Bakkt, Inc.'s return on equity (ROE)?
Bakkt, Inc. (BKKT) has a return on equity of -95.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bakkt, Inc.'s operating cash flow?
Bakkt, Inc. (BKKT) recorded an outflow of $153.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Bakkt, Inc.'s total assets?
Bakkt, Inc. (BKKT) had $162.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Bakkt, Inc.'s current ratio?
Bakkt, Inc. (BKKT) had a current ratio of 2.19 as of fiscal year 2025, which is generally considered healthy.
What is Bakkt, Inc.'s debt-to-equity ratio?
Bakkt, Inc. (BKKT) had a debt-to-equity ratio of 0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bakkt, Inc.'s return on assets (ROA)?
Bakkt, Inc. (BKKT) had a return on assets of -65.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bakkt, Inc.'s P/E ratio?
Bakkt, Inc. (BKKT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $265.9M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Bakkt, Inc.'s price-to-sales ratio?
Bakkt, Inc. (BKKT) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $265.9M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Bakkt, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Bakkt, Inc. (BKKT) held $27.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $153.4M over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Bakkt, Inc.'s Piotroski F-Score?
Bakkt, Inc. (BKKT) has a Piotroski F-Score of 1 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bakkt, Inc.'s earnings high quality?
Bakkt, Inc. (BKKT) reported a net loss of $107.2M while operations used $153.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Bakkt, Inc. cover its interest payments?
Bakkt, Inc. (BKKT) reported an operating loss of $147.8M against $791K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.