Detailed financial statements for Bakkt Holdings, Inc. (BKKT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Bakkt, Inc. is building the backbone of next-generation financial infrastructure. The company provides solutions that enable institutional participation in the digital asset economy, spanning Bitcoin, tokenization, stablecoin payments, and AI-driven finance. Bakkt was founded in 2018 and is headquartered in New York, NY.
Analysis Summary
Bakkt Holdings, Inc. reported revenue of $2.34B in the most recent fiscal year, growing at a 5-year CAGR of 141.4%.
Trailing-twelve-month margins: gross margin -6.0%, operating margin -11.3%, net margin -2.8%.
At the current price of $7.17, BKKT has negative trailing earnings (P/E not meaningful) and an ROE of -16.48%. Market capitalisation stands at $320M.
Balance sheet quality for BKKT: current ratio of 2.2, net cash position of $27.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | -$864000 | $28.5M | $37.3M | $56.2M | $780.1M | $3.49B | $2.34B |
| Cost of Revenue | $31.6M | $58.6M | 0 | $1.7M | $718.5M | $3.40B | $2.31B |
| Gross Profit | -$32.5M | -$30.1M | $37.3M | $54.6M | $61.6M | $87.0M | $26.9M |
| Research & Development | 0 | $900000 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.6M | $8.2M | $168.5M | $203.0M | $166.6M | $144.2M | $122.6M |
| Operating Expenses | $3.9M | $49.0M | $201.4M | $2.07B | $289.5M | $179.9M | $168.6M |
| Operating Income | -$35.9M | -$79.1M | -$164.1M | -$2.02B | -$227.9M | -$92.9M | -$141.7M |
| EBITDA | -$35.9M | -$43.4M | -$134.7M | -$152.0M | -$114.3M | -$83.4M | -$97.1M |
| Interest Expense | 0 | 0 | $247000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$33.2M | -$79.2M | -$242.4M | -$2.00B | -$225.4M | -$103.3M | -$97.7M |
| Income Tax | -$199000 | $391000 | $11.9M | -$11.3M | $444000 | $170000 | -$49000 |
| Net Income | -$33.0M | -$79.6M | -$133.6M | -$578.1M | -$74.9M | -$46.7M | -$107.2M |
| EPS | $-0.06 | $-3.07 | $-4.24 | $-203.08 | $-21.01 | $-7.97 | $-15.71 |
| EPS (Diluted) | $-0.06 | $-3.07 | $-4.24 | $-203.08 | $-21.01 | $-7.97 | $-15.71 |
| Shares Outstanding (Diluted) | $2.0M | $2.0M | $2.3M | $2.8M | $3.6M | $5.9M | $6.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $402.2M | $299.2M | $243.6M | $170.1M |
| Gross Profit | -$16.2M | -$48.1M | -$3.0M | $893000 |
| Operating Income | -$25.3M | -$63.8M | -$16.9M | -$19.6M |
| EBITDA | -$19.5M | -$68.7M | -$11.6M | $82.2M |
| Net Income | -$14.9M | -$85.3M | -$11.7M | $80.8M |
| EPS | $-2.19 | $-6.37 | $-0.87 | $1.96 |
| EPS (Diluted) | $-2.19 | $-6.37 | $-0.87 | $1.94 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $76.6M | $75.4M | $391.4M | $98.3M | $52.9M | $39.0M | $27.5M |
| Short-term Investments | $2.0M | $1.8M | 0 | $141.1M | $17.4M | 0 | $235000 |
| Receivables | 0 | $8.1M | $18.1M | $25.3M | $29.7M | $6.4M | $12.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $100.1M | $132.1M | $463.5M | $326.5M | $882.6M | $183.8M | $72.2M |
| Property, Plant & Equipment | $11.1M | $22.2M | $17.4M | $39.4M | $11.5M | $10.0M | $1.7M |
| Goodwill | $16.9M | $233.4M | $1.53B | $15.9M | $68.0M | $68.0M | $64.7M |
| Intangible Assets | $2.1M | $62.2M | $388.5M | $55.8M | $2.9M | $2.9M | $5.5M |
| Total Assets | $177.7M | $468.4M | $2.41B | $455.5M | $966.9M | $269.4M | $162.8M |
| Accounts Payable | $1.6M | $7.2M | $10.6M | $26.0M | $14.9M | $9.2M | $29.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $15.4M | $51.1M | $73.6M | $92.1M | $802.1M | $137.7M | $33.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $15.4M | $80.0M | $120.1M | $119.4M | $831.2M | $206.5M | $50.0M |
| Retained Earnings | -$32.9M | -$112.5M | -$98.3M | -$676.4M | -$751.3M | -$798.0M | -$905.2M |
| Total Equity | $151.5M | $388.3M | $468.4M | $96.3M | $48.3M | $33.9M | $112.8M |
| Total Debt | 0 | $2.3M | $11.3M | $26.4M | $27.2M | $19.9M | $549000 |
| Net Debt | -$78.6M | -$74.9M | -$380.1M | -$213.0M | -$43.1M | -$19.2M | -$27.2M |
| Working Capital | $84.7M | $81.0M | $389.9M | $234.3M | $80.6M | $46.1M | $39.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $58.3M | $27.0M | $80.0M | $50.0M |
| Total Assets | $258.3M | $162.8M | $213.4M | $403.6M |
| Total Liabilities | $129.7M | $50.0M | $42.5M | $49.2M |
| Total Equity | $114.4M | $112.8M | $170.9M | $354.4M |
| Total Debt | $12.5M | $549000 | $79000 | $63000 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$33.0M | -$79.6M | -$183.2M | -$1.99B | -$74.9M | -$103.4M | -$132.2M |
| Depreciation & Amortization | $87000 | $8.0M | $16.2M | $25.4M | $13.9M | $343000 | $607000 |
| Stock-based Compensation | $10.7M | $11.6M | 0 | $32.1M | $16.8M | $15.8M | $71.6M |
| Change in Working Capital | -$32.5M | $10.8M | -$24.1M | $2.9M | $41.9M | $46.3M | -$87.2M |
| Operating Cash Flow | -$48.5M | -$30.9M | -$134.3M | -$117.6M | -$60.7M | -$21.2M | -$149.3M |
| Capital Expenditure | -$9.2M | -$20.6M | -$15.7M | -$30.5M | -$9.4M | -$3.1M | -$3.8M |
| Acquisitions | -$29.8M | $10.7M | $32.6M | $30.5M | -$48.5M | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$84.5M | -$2.6M | -$2.6M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$57.7M | -$51.5M | -$150.0M | -$148.1M | -$70.1M | -$24.3M | -$153.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$46.7M | -$6.7M | -$12.1M | -$14.8M |
| Capital Expenditure | -$3.2M | -$464000 | -$728000 | -$1.3M |
| Free Cash Flow | -$49.9M | -$7.1M | -$12.8M | -$16.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $2.8M | $1.9M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +3398.0% | +30.7% | +50.9% | +1287.5% | +347.4% | -33.1% |
| Net Income Growth (YoY) | | -141.4% | -67.8% | -332.9% | +87.1% | +37.7% | -129.8% |
| EPS Growth (YoY) | | -5324.0% | -38.1% | -4689.6% | +89.7% | +62.1% | -97.1% |
| Shares Change (YoY) | | +0.0% | +14.4% | +24.5% | +25.2% | +64.3% | +16.6% |
| FCF Growth (YoY) | | +10.7% | -191.2% | +1.2% | +52.7% | +65.4% | -531.5% |
| Gross Margin | 3762.4% | -105.8% | 100.0% | 97.1% | 7.9% | 2.5% | 1.1% |
| Operating Margin | 4160.6% | -277.7% | -440.6% | -3590.8% | -29.2% | -2.7% | -6.1% |
| EBITDA Margin | 4150.6% | -152.2% | -361.7% | -270.3% | -14.6% | -2.4% | -4.2% |
| Net Margin | 3816.7% | -279.4% | -358.5% | -1028.2% | -9.6% | -1.3% | -4.6% |
| FCF Margin | 6675.6% | -180.8% | -402.6% | -263.5% | -9.0% | -0.7% | -6.6% |
| Effective Tax Rate | 0.6% | -0.5% | -4.9% | 0.6% | -0.2% | -0.2% | 0.1% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-28.86 | $-25.77 | $-65.60 | $-52.04 | $-19.68 | $-4.15 | $-22.47 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.0M | $2.0M | $2.3M | $2.8M | $3.6M | $5.9M | $6.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -16.48% |
| Return on Invested Capital | -33.46% |
| Return on Assets | -7.68% |
| Gross Margin | -5.96% |
| Operating Margin | -11.27% |
| Net Margin | -2.78% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 3.14 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4858.66 | -82.08 | -50.18 | -0.15 | -2.65 | -3.11 | -0.64 |
| P/B | 3.63 | 1.30 | 1.04 | 0.88 | 4.11 | 4.28 | 0.61 |
| P/S | -636.19 | 17.68 | 13.06 | 1.51 | 0.25 | 0.04 | 0.03 |
| Gross Margin | 3762.4% | -105.8% | 100.0% | 97.1% | 7.9% | 2.5% | 1.1% |
| Operating Margin | 4160.6% | -277.7% | -440.6% | -3590.8% | -29.2% | -2.7% | -6.1% |
| Net Margin | 3816.7% | -279.4% | -358.5% | -1028.2% | -9.6% | -1.3% | -4.6% |