Saturday 17 October 2026 Export BKKT’s income statement to Excel — free account

Bakkt Holdings, Inc.

Bakkt Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 32.1% from fiscal 2024. In the quarter to June 2026, revenue fell 70.1%, EPS grew 190.7% and free cash flow fell 401.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

5.59 0.31 −5.25%

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Market cap: $265.9M
P/E: 0.0×
Fwd P/E: 27.0×
Dividend yield: —
F-score: 3/9
Altman Z: 5.31
Beneish M: 0.51
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 9.13

Total sells 0.35

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	1	1	—	1	—	—
Sell	—	1	—	1	1	4	—	4	3	—	3	—

Insider Ownership 35.58%

Capital & Financial Ratios $m

Market Cap 265.91

Revenue 1,115.13

Net Income (49.13)

Free Cash Flow (87.38)

Net Debt (51.01)

Current Ratio 3.14

Debt/Equity 0.00

P/E ratio 0.00

Fwd P/E 27.00

P/S ratio 0.21

P/B ratio 0.65

Past 5Y EPS Growth —

This Y EPS Growth 130.08%

Next Y EPS Growth (101.02%)

Next Y revenue growth (98.47%)

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 53.95%

10-year low 10-year high

P/B against its own 10 years 41.51%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	102	64	28	51
Receivables	30	8	12	11
Inventory	—	—	—	—
Other	36	108	30	34
	181	184	72	97

	2023	2024	2025	Q'26
Payables	55	14	15	10
ST’ Debt	—	—	—	—
Other	8	35	3	1
	101	138	33	31

Compound Annual Growth %

	10y	5y	3y
Sales	—	141.39%	246.31%
Cash Flow	—	0.00%	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	(22.74%)	(30.51%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	244	170	—	—	—
’25	1,066	568	402	299	2,335
’24	855	510	316	1,760	3,441
’23	13	348	205	161	727
’22	13	14	13	16	56
’21	8	8	9	14	39

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(12)	(15)	—	—	—
’25	(101)	5	(47)	(11)	(153)
’24	38	(66)	(25)	31	(21)
’23	(47)	(31)	25	(7)	(61)
’22	(33)	(27)	(33)	(24)	(118)
’21	(1)	(18)	(25)	(91)	(134)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(13)	(16)	—	—	—
’25	(101)	5	(50)	(11)	(157)
’24	37	(66)	(26)	31	(24)
’23	(51)	(34)	23	(8)	(70)
’22	(36)	(39)	(41)	(32)	(148)
’21	(5)	(22)	(28)	(95)	(150)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.41)	1.94	—	—	—
’25	1.13	(2.16)	(1.15)	(7.00)	(8.87)
’24	(1.86)	(2.67)	(0.45)	(2.95)	(7.97)
’23	(4.25)	(4.75)	(4.75)	(7.25)	(21.00)
’22	(3.50)	(1.25)	(152.75)	(31.00)	(202.75)
’21	(50.00)	0.82	(0.02)	(90.72)	(140.72)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	240.00	200.00	29.00	16.03	5.57	6.81	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	275.00	1,270.00	225.25	71.75	59.50	49.79
People
People	Employees	—	—	—	—	3	765	1,037	747	559	48
	Revenue/emp, $m	—	—	—	—	9.50	0.05	0.05	0.97	6.16	48.65
Income, $m
Income, $m	Revenue	—	—	—	—	28	39	56	727	3,441	2,335
	Gross margin, %	—	—	—	—	100.00	100.00	97.05	1.17	1.10	1.15
	EBT	—	—	—	—	(79)	(293)	(2,001)	(153)	(94)	(97)
	EBT margin, %	—	—	—	—	(277.99)	(742.70)	(3,559.43)	(21.09)	(2.74)	(4.17)
	Net income	—	0	—	—	(80)	(304)	(1,990)	(226)	(103)	(132)
	Depreciation	—	—	—	—	8	17	1,847	74	0	1
Per share, $
Per share, $	Revenue	—	—	—	—	1.10	18.25	19.75	204.04	587.71	193.15
	Earnings	—	—	—	—	(3.96)	(55.98)	(202.75)	(21.00)	(7.97)	(8.87)
	Cash flow	—	—	—	—	(1.19)	(62.16)	(41.31)	(17.04)	(3.62)	(12.69)
	Capex	—	—	—	—	(0.79)	(7.26)	(10.73)	(2.65)	(0.53)	(0.32)
	Free cash flow	—	—	—	—	(1.99)	(69.41)	(52.03)	(19.68)	(4.15)	(13.00)
	Book value	—	—	—	—	15.81	1,061.77	118.05	38.09	10.73	9.33
	Shares, m	—	—	—	—	26	2	3	4	6	12
Valuation, ×
Valuation, ×	P/E	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	—	—	—	—	0.00	11.66	1.47	0.26	0.04	0.05
	P/B	—	—	—	—	36.70	0.20	0.25	1.39	2.31	1.08
	EV/Sales	—	—	—	—	0.00	1.77	(2.83)	0.14	0.03	0.05
	EV/FCF	—	—	—	—	0.00	(0.47)	1.08	(1.49)	(4.08)	(0.75)
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	(31)	(134)	(118)	(61)	(21)	(153)
	Capex	—	—	—	—	(21)	(16)	(31)	(9)	(3)	(4)
	Free cash flow	—	—	—	—	(52)	(150)	(148)	(70)	(24)	(157)
Balance, $m
Balance, $m	Working capital	—	—	—	—	81	390	234	81	46	39
	Total debt	—	—	—	—	—	29	37	—	—	—
	Net debt	—	—	—	—	(94)	(408)	(256)	(102)	(64)	(28)
	Shareholders’ equity	—	—	—	—	410	2,294	336	136	63	113
Returns, %
Returns, %	ROA	—	—	—	—	(33.99)	(12.71)	(40.29)	(20.77)	(17.45)	(49.62)
	ROIC	—	—	—	—	(15.64)	(7.11)	(1,573.73)	(290.67)	0.00	(108.69)
	ROE	—	—	—	—	(24.65)	(13.55)	(43.96)	(31.73)	(47.00)	(122.09)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
KDK Kodiak AI, Inc.	$319.0M	— (loss-making)	—	+595.63% (above 0%: growing)	n/m	−60.60% (below 0%: shrinking)	100.00%	(1,248.27%)	Compare
XNET Xunlei Limited	$295.8M	— (loss-making)	—	+38.73% (above 0%: growing)	n/m	+309.97% (above 0%: growing)	56.13%	(4.67%)	Compare
PSFE Paysafe Limited	$295.5M	— (loss-making)	— (loss-making)	+4.49% (above 0%: growing)	n/m	−148.29% (below 0%: shrinking)	54.48%	(2.84%)	Compare
ARQQ Arqit Quantum Inc.	$276.7M	175×	— (loss-making)	+1,196.45% (above 0%: growing)	n/m	−12,314.98% (below 0%: shrinking)	0.00%	0.00%	Compare
BKKT Bakkt Holdings, Inc.	$265.9M	— (loss-making)	27.0×	−70.05% (below 0%: shrinking)	n/m	−401.44% (below 0%: shrinking)	1.30%	(11.53%)
MOVE Corvex, Inc.	$265.4M	— (loss-making)	— (loss-making)	+3,590.29% (above 0%: growing)	n/m	−91.41% (below 0%: shrinking)	44.28%	(400.32%)	Compare
GRRR Gorilla Technology Group Inc.	$231.4M	— (loss-making)	— (loss-making)	+223.14% (above 0%: growing)	n/m	−128.98% (below 0%: shrinking)	21.09%	(145.44%)	Compare
ZSQR Z Squared Inc.	$226.8M	— (loss-making)	— (loss-making)	+688.99% (above 0%: growing)	n/m	−34.24% (below 0%: shrinking)	(111.52%)	(871.15%)	Compare
ZENA ZenaTech, Inc.	$225.5M	— (loss-making)	— (loss-making)	—	n/m	−159.28% (below 0%: shrinking)	100.00%	(234.70%)	Compare
Median of peers	$271.0M	—	—	+595.63%	—	−110.19%	49.38%	(190.07%)

All 173 Software Infrastructure stocks →

Bakkt Holdings, Inc. (BKKT) key facts

Concern: Bakkt Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 32.1% from fiscal 2024.
Bakkt Holdings, Inc. (BKKT) is a Software Infrastructure company in the Technology sector, listed on the New York Stock Exchange.
As of October 16, 2026, BKKT traded at $5.59, a market capitalization of $265.9 million.
Return on equity was −122.1% and debt-to-equity 0.00.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 5.31 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.