Growth & profitability
- Revenue has grown 141.4% per year over the past 4 years.
- Operating margin has expanded, at -6.3% in the latest year.
BKKT Financials Bakkt, Inc.
5 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $2.3B | -$107M | 0.0% | -6.3% | — | — | $27M |
| 2024 | $3.4B | -$47M | 0.0% | -2.4% | -$24M | — | $39M |
| 2023 | $727M | -$75M | 0.0% | -21.5% | -$70M | — | $53M |
| 2022 | $2M | -$578M | 0.0% | -114008.8% | -$148M | — | $98M |
| 2020 | $28M | -$80M | 0.0% | -277.7% | -$52M | — | $75M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | -$12M | — | — | — | — | $80M |
| Dec '25 | — | -$85M | — | — | — | — | $27M |
| Sep '25 | — | -$15M | — | — | — | — | $58M |
| Jun '25 | $578M | -$15M | 0.0% | -3.2% | $5M | — | $43M |
| Mar '25 | $1.1B | $8M | 0.0% | -1.4% | -$101M | — | $23M |
| Dec '24 | $1.8B | -$19M | 0.0% | -0.6% | $31M | — | $39M |
| Sep '24 | $328M | -$3M | 0.0% | -7.7% | -$26M | — | $29M |
| Jun '24 | $510M | -$16M | 0.0% | -4.3% | -$66M | — | $47M |
| Mar '24 | $855M | -$8M | 0.0% | -3.7% | $37M | — | $57M |
| Dec '23 | $215M | -$27M | 0.0% | -36.6% | -$8M | — | $53M |
| Sep '23 | $205M | -$17M | 0.0% | -25.8% | $23M | — | $68M |
| Jun '23 | $348M | -$17M | 0.0% | -14.7% | -$34M | — | $85M |
| Mar '23 | $13M | -$14M | 0.0% | -343.8% | -$51M | — | $51M |
| Dec '22 | $16M | -$99M | 0.0% | -2086.8% | -$32M | — | $98M |
| Sep '22 | $13M | -$468M | 0.0% | -12070.7% | -$41M | — | $160M |
| Jun '22 | $14M | -$4M | 0.0% | -310.3% | -$39M | — | $127M |
| Mar '22 | $13M | -$7M | 0.0% | -386.9% | -$36M | — | $355M |
| Dec '21 | $11M | -$44M | 0.0% | -649.3% | -$87M | — | $391M |
| Sep '21 | $9M | -$29M | 0.0% | -326.6% | -$28M | — | $22M |
| Jun '21 | $8M | -$32M | 0.0% | -369.1% | -$22M | — | $50M |
Valuation over time
How the market has priced BKKT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has fallen from 43.8× (Mar '23) to 0.1× (Jun '26).
P/S
Frequently asked questions
Is BKKT growing its revenue and profit?
Over the past 4 years, Bakkt, Inc.'s revenue has grown 141.4% per year. These are computed facts, not advice.
How much debt does BKKT have?
As of FY2025, Bakkt, Inc. reported — of total debt against $27M of cash.
What is BKKT's profit margin?
In FY2025, gross margin was —, operating margin -6.3%, and net margin -4.6%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.