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Friday 6 November 2026
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Bakkt Holdings, Inc.
BKKT Technology Software Infrastructure
Bakkt Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 32.1% from fiscal 2024.
- Revenue
- −70.1%
- EPS
- +190.7%
- Free cash flow
- −401.4%
Quarter to June 2026, against a year earlier
4.26
0.09
+2.16%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 28 | 39 | 56 | 727 | 3,441 | 2,335 | 1,115 | +141.4% | 36 | — | — | (98.5%) | |
| Gross margin, % | — | — | — | — | 100.00 | 100.00 | 97.05 | 1.17 | 1.10 | 1.15 | 1.30 | (98.9) pt | ||||||
| EBT | — | — | — | — | (79) | (293) | (2,001) | (153) | (94) | (97) | (20) | +4.2% | ||||||
| EBT margin, % | — | — | — | — | (277.99) | (742.70) | (3,559.43) | (21.09) | (2.74) | (4.17) | (1.82) | +273.8 pt | ||||||
| Net income | — | 0 | — | — | (80) | (304) | (1,990) | (226) | (103) | (132) | (49) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 1.10 | 18.25 | 19.75 | 204.04 | 587.71 | 193.15 | 27.08 | +181.2% | |||||
| Earnings | — | — | — | — | — | (20.36) | (202.75) | (21.00) | (7.97) | (8.87) | (6.83) | (18.8%) | ||||||
| Cash flow | — | — | — | — | (1.19) | (62.16) | (41.31) | (17.04) | (3.62) | (12.69) | (2.05) | +60.4% | ||||||
| Capex | — | — | — | — | (0.79) | (7.26) | (10.73) | (2.65) | (0.53) | (0.32) | (0.07) | (16.8%) | ||||||
| Free cash flow | — | — | — | — | (1.99) | (69.41) | (52.03) | (19.68) | (4.15) | (13.00) | (2.12) | +45.6% | ||||||
| Book value | — | — | — | — | 15.81 | 1,061.77 | 118.05 | 38.09 | 10.73 | 9.33 | 8.61 | (10.0%) | ||||||
| Shares, m | — | — | — | — | 26 | 2 | 3 | 4 | 6 | 12 | 24 | (14.1%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | 0.00 | 11.66 | 1.47 | 0.26 | 0.04 | 0.05 | 0.15 | 2.2 | ||||||
| P/B | — | — | — | — | 36.70 | 0.20 | 0.25 | 1.39 | 2.31 | 1.08 | 0.48 | 7.0 | ||||||
| EV/Sales | — | — | — | — | 0.00 | 1.77 | (2.83) | 0.14 | 0.03 | 0.05 | 0.13 | (0.1) | ||||||
| EV/FCF | — | — | — | — | 0.00 | (0.47) | 1.08 | (1.49) | (4.08) | (0.75) | (1.64) | (1.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (31) | (134) | (118) | (61) | (21) | (153) | (84) | +37.7% | |||||
| Capex | — | — | — | — | (21) | (16) | (31) | (9) | (3) | (4) | (3) | (28.6%) | ||||||
| Free cash flow | — | — | — | — | (52) | (150) | (148) | (70) | (24) | (157) | (87) | +25.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 81 | 390 | 234 | 81 | 46 | 39 | 66 | (13.5%) | |||||
| Net debt | — | — | — | — | (94) | (408) | (256) | (102) | (64) | (28) | (51) | (21.6%) | ||||||
| Shareholders’ equity | — | — | — | — | 410 | 2,294 | 336 | 136 | 63 | 113 | 354 | (22.7%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (33.99) | (3.05) | (40.29) | (20.77) | (17.45) | (49.62) | (10.44) | (15.6) pt | |||||
| ROIC | — | — | — | — | (15.64) | (7.11) | (1,573.73) | (290.67) | 0.00 | (108.69) | (31.48) | (93.0) pt | ||||||
| ROE | — | — | — | — | (24.65) | (3.25) | (43.96) | (31.73) | (47.00) | (122.09) | (15.04) | (97.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 3 | 765 | 1,037 | 747 | 559 | 48 | — | +74.1% | |||||
| Revenue/emp, $m | — | — | — | — | 9.50 | 0.05 | 0.05 | 0.97 | 6.16 | 48.65 | — | +38.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Bakkt Holdings, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SUPX SuperX AI Technology Limited | $219.6M | — | — | — | — | −135,337.38% (below 0%: shrinking) | — | — | Compare |
| XNET Xunlei Limited | $202.7M | — (loss-making) | — | +38.73% (above 0%: growing) | n/m | +309.97% (above 0%: growing) | 56.13% | (4.67%) | Compare |
| OWLS OBOOK Holdings Inc. | $192.6M | — | — | — | — | −18.94% (below 0%: shrinking) | — | — | Compare |
| KDK Kodiak AI, Inc. | $190.8M | — (loss-making) | — | +595.63% (above 0%: growing) | n/m | −60.60% (below 0%: shrinking) | 100.00% | (1,248.27%) | Compare |
| QNC Quantum eMotion Corp. | $188.7M | — (loss-making) | — (loss-making) | — | n/m | −59.64% (below 0%: shrinking) | 100.00% | (309,745.45%) | Compare |
| BKKT Bakkt Holdings, Inc. | $187.9M | — (loss-making) | 1.8× | −70.05% (below 0%: shrinking) | n/m | −401.44% (below 0%: shrinking) | 1.30% | (11.53%) | |
| ZSQR Z Squared Inc. | $177.6M | — (loss-making) | — (loss-making) | +688.99% (above 0%: growing) | n/m | −34.24% (below 0%: shrinking) | (111.52%) | (871.15%) | Compare |
| GRRR Gorilla Technology Group Inc. | $177.3M | — (loss-making) | — (loss-making) | +223.14% (above 0%: growing) | n/m | −128.98% (below 0%: shrinking) | 21.09% | (145.44%) | Compare |
| MOVE Corvex, Inc. | $166.0M | — (loss-making) | — (loss-making) | +3,590.29% (above 0%: growing) | n/m | −91.41% (below 0%: shrinking) | 44.28% | (400.32%) | Compare |
| Median of peers | $189.7M | — | — | +595.63% | — | −60.12% | 50.21% | (635.73%) |
Pay and ownership Proxy statement filed 30 April 2026
Ownership
Directors and executive officers, together
1.19% of the votes
Intercontinental Exchange Holdings, Inc.
27.00% of the votes
Akshay Naheta
less than 1% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement