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$9.22$162M
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BKKT logoBakkt Holdings, Inc.(BKKT)Earnings, Financials & Key Ratios

BKKT•NYSE
Price updated Jun 19, 2026
SectorTechnologyIndustryInfrastructure SoftwareSub-IndustryPayments and fintech infrastructure
AboutBakkt Holdings, Inc. operates a digital asset platform. The company's platform enables consumers to buy, sell, convert, and spend digital assets. Its customers include merchants, retailers, and financial institutions. Bakkt Holdings, Inc. has a strategic alliance with the Global Payments to collaborate on use cases starting with enabling cryptocurrency redemption in customer loyalty programs offered by bankcard clients, as well as expanding its banking-as-a-service offerings to include consumer access to cryptocurrency. The company was formerly known as VPC Impact Acquisition Holdings and changed its name to Bakkt Holdings, Inc. The company was founded in 2018 and is headquartered in Alpharetta, Georgia. Bakkt Holdings, Inc. is a subsidiary of Intercontinental Exchange Holdings, Inc.Show more
  • Revenue$2.34B-33.1%
  • EBITDA-$141M-52.4%
  • Net Income-$107M-129.8%
  • EPS (Diluted)-15.71-97.1%
  • Gross Margin1.15%-53.9%
  • EBITDA Margin-6.04%-127.8%
  • Operating Margin-6.07%-128.0%
  • Net Margin-4.59%-243.4%
  • ROE-122.08%-159.8%

BKKT Key Insights

Bakkt Holdings, Inc. (BKKT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 141.4%
  • ✓Trading at only 0.6x book value
  • ✓Efficient asset utilization: 14.3x turnover

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 19 (bottom 19%)
  • ✗Shares diluted 16.6% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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BKKT Price & Volume

Bakkt Holdings, Inc. (BKKT) stock price & volume — 10-year historical chart

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BKKT Growth Metrics

Bakkt Holdings, Inc. (BKKT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years141.39%
3 Years246.31%
TTM-58.96%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-311.13%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-134.62%

Return on Capital

10 Years-66.85%
5 Years-83.7%
3 Years-85.8%
Last Year-108.42%

BKKT Recent Earnings

Bakkt Holdings, Inc. (BKKT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 2/12 qtrs (18%)●Beat Revenue 9/12 qtrs (82%)
Q2 2026Latest
May 11, 2026
Metric
Actual
Est
EPS
$0.41-310.0%
$0.10
Rev
$244M-18.2%
$298M
Q2 2026
Mar 16, 2026
Metric
Actual
Est
EPS
$6.73-1134.9%
$0.55
Rev
$281M-29.1%
$396M
Q4 2025
Nov 10, 2025
Metric
Actual
Est
EPS
$1.20+355.3%
$0.47
Rev
$402M+43.7%
$280M
Q3 2025
Aug 11, 2025
Metric
Actual
Est
EPS
$2.16
—
Rev
$578M
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 11, 2026
$0.41vs $0.10-310.0%
$244Mvs $298M-18.2%
Q2 2026Mar 16, 2026
$6.73vs $0.55-1134.9%
$281Mvs $396M-29.1%
Q4 2025Nov 10, 2025
$1.20vs $0.47+355.3%
$402Mvs $280M+43.7%
Q3 2025Aug 11, 2025
$2.16
$578M
Based on last 12 quarters of dataView full earnings history →

BKKT Peer Comparison

Bakkt Holdings, Inc. (BKKT) competitors in Payments and fintech infrastructure — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
COIN logoCOINCoinbase Global, Inc.Direct Competitor43.01B163.2636.699.4%13.78%5.68%0.53
MSTR logoMSTRStrategy IncDirect Competitor37.58B112.53-7.392.97%-25.19%-24.09%0.16
HOOD logoHOODRobinhood Markets, Inc.Direct Competitor97.43B108.1552.7651.58%41.12%21.38%1.68
LPRO logoLPROOpen Lending CorporationProduct Competitor367.65M3.11-87.11288.02%-5.95%-7.04%1.17
PAYO logoPAYOPayoneer Global Inc.Product Competitor2.35B7.0236.957.68%6.76%10.01%0.10
FLYW logoFLYWFlywire CorporationProduct Competitor1.89B15.85144.0926.59%6.65%5.87%
CRCL logoCRCLCircle Internet GroupProduct Competitor21.44B80.23-276.6663.86%-2.76%-2.6%0.01
BTBT logoBTBTBit Digital, Inc.Product Competitor706.64M2.17-7-30.65%-146.01%-0.11%0.16

Compare BKKT vs Peers

Bakkt Holdings, Inc. (BKKT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs COIN

Most directly comparable listed peer for BKKT.

Scale Benchmark

vs V

Larger-name benchmark to compare BKKT against a more recognizable public peer.

Peer Set

Compare Top 5

vs COIN, MSTR, HOOD, LPRO

BKKT Income Statement

Bakkt Holdings, Inc. (BKKT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
-864K28.5M37.25M56.22M780.14M3.49B2.34B1.52B
Revenue Growth %
-3398.03%30.74%50.92%1287.55%347.39%-33.09%-58.96%
Cost of Goods Sold
31.64M58.63M01.66M718.51M3.4B2.31B1.04B
COGS % of Revenue
-3662.38%205.77%-2.95%92.1%97.51%98.85%-
Gross Profit
-32.51M▲ 0%
-30.14M▲ 7.3%
37.25M▲ 223.6%
54.57M▲ 46.5%
61.63M▲ 12.9%
87.01M▲ 41.2%
26.85M▼ 69.1%
483.45M▲ 0%
Gross Margin %
3762.38%-105.77%100%97.05%7.9%2.49%1.15%31.75%
Gross Profit Growth %
-7.29%223.61%46.47%12.93%41.2%-69.14%-
Operating Expenses
3.95M48.98M201.4M2.07B289.51M179.93M168.57M607.96M
OpEx % of Revenue
-456.94%171.89%540.6%3687.89%37.11%5.16%7.22%-
Selling, General & Admin
2.62M8.22M168.54M203.03M166.65M144.24M122.56M81.24M
SG&A % of Revenue
-302.89%28.84%452.4%361.1%21.36%4.13%5.25%-
Research & Development
0900K000000
R&D % of Revenue
-3.16%------
Other Operating Expenses
039.86M32.86M1.87B122.87M35.69M46M-46K
Operating Income
-35.95M▲ 0%
-79.12M▼ 120.1%
-164.14M▼ 107.5%
-2.02B▼ 1130.0%
-227.89M▲ 88.7%
-92.92M▲ 59.2%
-141.71M▼ 52.5%
-124.51M▲ 0%
Operating Margin %
4160.65%-277.66%-440.6%-3590.84%-29.21%-2.66%-6.07%-8.18%
Operating Income Growth %
--120.09%-107.46%-1129.97%88.71%59.23%-52.52%-
EBITDA
-35.86M-72.05M-149.62M-1.99B-213.96M-92.57M-141.11M-124.06M
EBITDA Margin %
4150.58%-252.84%-401.63%-3545.75%-27.43%-2.65%-6.04%-8.15%
EBITDA Growth %
--100.9%-107.68%-1232.39%89.27%56.73%-52.43%-56.85%
D&A (Non-Cash Add-back)
87K7.07M14.52M25.35M13.93M343K607K453K
EBIT
-35.95M-50.45M-149.27M-177.32M-128.22M-83.7M-141.71M-130.47M
Net Interest Income
3.28M0-236K1.88M4.34M4.32M0455K
Interest Income
3.28M011K1.88M4.34M4.32M0508K
Interest Expense
00247K000053K
Other Income/Expense
3.5M-95K-78.3M17.66M2.52M-10.36M44.01M-7.55M
Pretax Income
-33.17M▲ 0%
-79.21M▼ 138.8%
-242.44M▼ 206.1%
-2B▼ 725.5%
-225.37M▲ 88.7%
-103.28M▲ 54.2%
-97.71M▲ 5.4%
-132.06M▲ 0%
Pretax Margin %
3839.7%-277.99%-650.77%-3559.43%-28.89%-2.96%-4.18%-8.67%
Income Tax
-199K391K11.95M-11.32M444K170K-49K-103K
Effective Tax Rate %
0.6%-0.49%-4.93%0.57%-0.2%-0.16%0.05%0.08%
Net Income
-32.98M▲ 0%
-79.61M▼ 141.4%
-133.55M▼ 67.8%
-578.11M▼ 332.9%
-74.85M▲ 87.1%
-46.66M▲ 37.7%
-107.21M▼ 129.8%
-126.57M▲ 0%
Net Margin %
3816.67%-279.36%-358.49%-1028.22%-9.59%-1.34%-4.59%-8.31%
Net Income Growth %
--141.4%-67.77%-332.87%87.05%37.67%-129.78%-311.13%
Net Income (Continuing)
-32.98M-79.61M-254.38M-1.99B-225.81M-103.45M-97.66M-131.96M
Discontinued Operations
000000-34.57M-2M
Minority Interest
001.83B239.81M87.43M28.96M00
EPS (Diluted)
-0.06▲ 0%
-3.07▼ 5324.0%
-4.24▼ 38.1%
-203.08▼ 4689.6%
-21.01▲ 89.7%
-7.97▲ 62.1%
-15.71▼ 97.1%
-9.46▲ 0%
EPS Growth %
--5324.03%-38.11%-4689.62%89.65%62.07%-97.11%-134.62%
EPS (Basic)
-0.06-3.07-4.24-203.08-21.01-7.97-15.71-
Diluted Shares Outstanding
582.5M25.92M57.16M2.85M3.56M5.86M6.83M13.38M
Basic Shares Outstanding
582.5M25.92M57.16M2.85M3.56M5.86M6.83M13.38M
Dividend Payout Ratio
--------

BKKT Balance Sheet

Bakkt Holdings, Inc. (BKKT) balance sheet — assets, liabilities & shareholders' equity

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
100.08M132.06M463.55M326.46M882.64M183.84M72.2M124.99M
Cash & Short-Term Investments
78.62M77.18M407.86M239.39M70.28M39.05M27.77M97.38M
Cash Only
76.63M75.36M407.86M98.33M52.88M39.05M27.54M79.98M
Short-Term Investments
1.99M1.82M0141.06M17.4M0235K17.39M
Accounts Receivable
08.1M18.14M25.31M29.66M24.65M12.07M9.53M
Days Sales Outstanding
-103.7177.75164.2813.882.581.893.22
Inventory
00000000
Days Inventory Outstanding
--------
Other Current Assets
19.48M41.42M551K32.88M766.34M113.61M29.61M18.09M
Total Non-Current Assets
77.6M336.31M1.95B129.04M84.22M85.53M90.59M88.39M
Property, Plant & Equipment
11.11M22.22M17.36M39.38M11.52M11.8M1.66M2.32M
Fixed Asset Turnover
-0.08x1.28x2.15x1.43x67.74x295.81x1406.77x308.66x
Goodwill
16.85M233.43M1.53B15.85M68M68M64.66M64.66M
Intangible Assets
2.09M62.2M388.47M55.83M2.9M2.9M5.55M5.55M
Long-Term Investments
1.19M2.71M000014.5M11.47M
Other Non-Current Assets
46.36M15.75M17.79M17.98M1.81M2.83M4.22M15.86M
Total Assets
177.68M▲ 0%
468.38M▲ 163.6%
2.42B▲ 415.9%
455.5M▼ 81.2%
966.87M▲ 112.3%
269.38M▼ 72.1%
162.79M▼ 39.6%
213.38M▲ 0%
Asset Turnover
-0.00x0.06x0.02x0.12x0.81x12.96x14.35x7.39x
Asset Growth %
-163.6%415.93%-81.15%112.26%-72.14%-39.57%-181.43%
Total Current Liabilities
15.39M51.08M73.6M92.13M802.07M137.72M33.03M30.27M
Accounts Payable
1.61M7.17M10.65M25.98M14.93M12.78M29.54M17.39M
Days Payables Outstanding
18.6144.6-5.72K7.581.374.676.28
Short-Term Debt
0018.31M00000
Deferred Revenue (Current)
004.63M3.97M4.28M1.6M789K3.21M
Other Current Liabilities
35K20.15M26.67M16.6M702.62M998K2.7M12.88M
Current Ratio
6.50x2.59x6.30x3.54x1.10x1.33x2.19x4.13x
Quick Ratio
6.50x2.59x6.30x3.54x1.10x1.33x2.19x4.13x
Cash Conversion Cycle
--------3.06
Total Non-Current Liabilities
028.97M48.71M27.3M29.08M68.81M16.98M12.23M
Long-Term Debt
00000000
Capital Lease Obligations
01.22M10.65M23.4M23.52M19.26M023.99M
Deferred Tax Liabilities
0013.79M00000
Other Non-Current Liabilities
027.75M19.45M785K2.36M46.92M16.98M12.23M
Total Liabilities
15.39M80.05M122.31M119.43M831.15M206.52M50.01M42.5M
Total Debt
02.3M28.96M26.42M27.16M23.54M00
Net Debt
-76.63M-73.06M-378.9M-71.92M-25.72M-15.51M-27.54M-79.98M
Debt / Equity
-0.01x0.01x0.08x0.20x0.37x-0.00x
Debt / EBITDA
--------0.00x
Net Debt / EBITDA
-------0.64x
Interest Coverage
---604.33x-----2461.77x
Total Equity
151.52M▲ 0%
388.33M▲ 156.3%
2.29B▲ 490.8%
336.07M▼ 85.4%
135.71M▼ 59.6%
62.85M▼ 53.7%
112.78M▲ 79.4%
170.88M▲ 0%
Equity Growth %
-156.29%490.78%-85.35%-59.62%-53.69%79.44%171.38%
Book Value per Share
0.2614.9840.13118.0638.0910.7316.5212.77
Total Shareholders' Equity
151.52M388.33M468.4M96.26M48.28M33.89M112.78M170.88M
Common Stock
184.42M495.22M27K27K28K2K3K3K
Retained Earnings
-32.9M-112.5M-98.34M-676.45M-751.3M-797.96M-905.17M-916.82M
Treasury Stock
00000000
Accumulated OCI
05.62M-55K-290K-101K-841K947K1.04M
Minority Interest
001.83B239.81M87.43M28.96M00

BKKT Cash Flow Statement

Bakkt Holdings, Inc. (BKKT) cash flow — operating, investing & free cash flow history

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-48.5M-30.94M-134.3M-117.6M-60.7M-21.2M-149.26M-60.08M
Operating CF Margin %
5612.96%-108.58%-360.5%-209.16%-7.78%-0.61%-6.39%-
Operating CF Growth %
-36.2%-334.07%12.44%48.39%65.07%-603.98%-11.23%
Net Income
-32.98M-79.61M-183.21M-1.99B-74.85M-103.45M-132.23M-126.57M
Depreciation & Amortization
87K7.97M16.24M25.35M13.93M343K607K453K
Stock-Based Compensation
10.67M11.65M032.11M16.76M15.84M71.6M0
Deferred Taxes
0-354K11.73M-11.59M0000
Other Non-Cash Items
6.17M18.63M45.01M1.82B-58.44M19.74M-2.07M33.48M
Working Capital Changes
-32.45M10.77M-24.07M2.91M41.9M46.32M-87.17M821K
Change in Receivables
0-149K-7.73M-7.16M-10.04M5.41M-1.24M3.86M
Change in Inventory
00-12.88M00000
Change in Payables
016.08M3.56M744K-7.99M-15.62M-79.04M-79.36M
Cash from Investing
-40.95M-7.93M16.92M-171.96M65.97M14.13M-38.12M-36.06M
Capital Expenditures
-9.18M-20.57M-15.69M-30.54M-9.43M-3.09M0-4.42M
CapEx % of Revenue
-1062.62%72.18%42.11%54.32%1.21%0.09%0.16%0.29%
Acquisitions
-29.78M10.65M32.6M30.54M-48.53M00-33.22M
Investments
--------
Other Investing
-1.99M08K-30.54M00-26.41M13.3M
Cash from Financing
037.49M256.83M-2.58M-2.63M43.82M77.95M140.63M
Debt Issued (Net)
0-313K-501K00010.21M28.96M
Equity Issued (Net)
037.8M227.47M-2.59M-2.63M46.51M70.81M136.78M
Dividends Paid
00000000
Share Repurchases
00-84.53M-2.59M-2.63M00-1.09M
Other Financing
0029.86M2K0-2.69M-3.07M-25.11M
Net Change in Cash
-89.44M▲ 0%
-1.19M▲ 98.7%
406.69M▲ 34246.6%
-292.99M▼ 172.0%
3.08M▲ 101.0%
35.25M▲ 1046.3%
-36.4M▼ 203.3%
39.8M▲ 0%
Free Cash Flow
-57.68M▲ 0%
-51.51M▲ 10.7%
-149.99M▼ 191.2%
-148.14M▲ 1.2%
-70.13M▲ 52.7%
-24.29M▲ 65.4%
-153.4M▼ 531.5%
-64.49M▲ 0%
FCF Margin %
6675.58%-180.76%-402.61%-263.48%-8.99%-0.7%-6.57%-4.23%
FCF Growth %
-10.69%-191.19%1.23%52.66%65.36%-531.53%59.57%
FCF per Share
-0.10-1.99-2.62-52.04-19.68-4.15-22.47-4.82
FCF Conversion (FCF/Net Income)
1.47x0.39x1.01x0.20x0.81x0.45x1.39x0.51x
Interest Paid
00000000
Taxes Paid
0000239K000

BKKT Key Ratios

Bakkt Holdings, Inc. (BKKT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)
-29.49%-9.96%-43.96%-31.73%-47%-122.08%-107.71%
Return on Invested Capital (ROIC)
-30.42%-11.04%-138.95%-91.36%-88.58%-160.32%-119.29%
Gross Margin
-105.77%100%97.05%7.9%2.49%1.15%31.75%
Net Margin
-279.36%-358.49%-1028.22%-9.59%-1.34%-4.59%-8.31%
Debt / Equity
0.01x0.01x0.08x0.20x0.37x-0.00x
Interest Coverage
--604.33x-----2461.77x
FCF Conversion
0.39x1.01x0.20x0.81x0.45x1.39x0.51x
Revenue Growth
3398.03%30.74%50.92%1287.55%347.39%-33.09%-58.96%
Related:BKKT Dividend History·BKKT Revenue History·BKKT Price History·BKKT P/E History·BKKT Financial Ratios·BKKT Institutional Holders

BKKT SEC Filings & Documents

Bakkt Holdings, Inc. (BKKT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 11, 2026·SEC

Material company update

Apr 30, 2026·SEC

Material company update

Apr 20, 2026·SEC

10-K Annual Reports

2
FY 2026

Mar 19, 2026·SEC

FY 2025

Mar 20, 2025·SEC

10-Q Quarterly Reports

4
FY 2026

May 11, 2026·SEC

FY 2025

Nov 12, 2025·SEC

FY 2025

Aug 11, 2025·SEC

BKKT Frequently Asked Questions

Bakkt Holdings, Inc. (BKKT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Bakkt Holdings, Inc. (BKKT) reported $1.52B in revenue for fiscal year 2025.

Bakkt Holdings, Inc. (BKKT) saw revenue decline by 33.1% over the past year.

Bakkt Holdings, Inc. (BKKT) reported a net loss of $126.6M for fiscal year 2025.

Dividend & Returns

Bakkt Holdings, Inc. (BKKT) has a return on equity (ROE) of -122.1%. Negative ROE indicates the company is unprofitable.

Bakkt Holdings, Inc. (BKKT) had negative free cash flow of $64.5M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in BKKT back in 2019?

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