Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Bakkt, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2023
FY2024
FY2025
Revenue
28.5
56.2
727
3,441
2,335
Operating expenses
108
2,075
883
3,524
2,483
Operating income
-79.1
-2,019
-156
-82.6
-148
Other non-operating income
-0.22
-0.86
0.18
1.15
19.5
Pre-tax income
-79.2
-2,001
-153
-94.3
-97.4
Income tax
0.39
-11.3
0.36
0.11
-0.05
Income from continuing operations
-50.9
-42.6
-79.2
Net income to minority interests
-1,412
-151
-56.8
-25
Net income
-79.6
-578
-74.9
-46.7
-107
EBITDA
-71.1
-1,994
-142
-82.2
-147
EPS, basic
-203.08
-21.01
-7.97
-8.87
EPS, diluted
-203.08
-21.01
-7.97
-8.87
Shares, basic (weighted)
2.85
3.56
5.86
12.1
Shares, diluted (weighted)
2.85
3.56
5.86
12.1
Balance sheet
FY2020
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
75.4
98.3
52.9
39
27
Short-term investments
0
0.24
Receivables
10.4
25.3
29.7
7.68
12.1
Other current assets
6.96
6.06
3.33
2.17
14.9
Total current assets
132
326
181
184
72.2
Property, plant and equipment
20
19.7
0.06
2.06
1.66
Lease right-of-use assets
1.8
19.6
11.5
7.95
0
Goodwill
233
15.9
68
68
64.7
Intangible assets
62.2
55.8
2.9
2.9
5.55
Other non-current assets
5.58
22.5
13.3
10.4
4.22
Total assets
468
456
265
269
163
Accounts payable
7.17
26
14.9
3.06
3.72
Accrued liabilities
14.8
15.5
16
3.32
5.99
Deferred revenue
4.28
3.97
4.28
0
0.79
Short-term debt
0
Total current liabilities
51.1
92.1
101
138
33
Lease liabilities
0.85
23.4
23.5
16.1
0.24
Other non-current liabilities
3.32
23.4
23.5
16.1
0.24
Total liabilities
58.6
119
130
207
50
Paid-in capital
0
773
800
833
1,017
Retained earnings
-113
-676
-751
-798
-905
Other comprehensive income
0.19
-0.29
-0.1
-0.84
0.95
Shareholders' equity
-29.2
96.3
48.3
33.9
113
Minority interests
240
87.4
29
0
Total equity
-29.2
336
136
62.9
113
Total liabilities and equity
468
456
265
269
163
Shares outstanding
25.5
Cash flow statement
FY2020
FY2022
FY2023
FY2024
FY2025
Net income
-79.6
-1,990
-226
-103
-132
Depreciation and amortization
7.97
25.4
13.9
0.34
0.61
Stock-based compensation
0
31.6
15.5
15.8
71.6
Deferred income tax
-0.35
-11.6
0
0
0
Change in receivables
-0.26
-7.16
-10
5.41
-1.24
Change in payables
16.1
0.74
-7.99
-15.6
-5.14
Cash from operations
-30.9
-118
-60.7
-21.2
-153
Capital expenditures
-20.6
-30.5
-9.43
-3.09
Purchases of investments
-307
-61.8
-18
-55.2
Cash from investing
-7.93
-172
66
14.1
-38.1
Stock issued
0
0
0
63
Share buybacks
-2.59
-2.63
-2.69
Cash from financing
37.5
-2.58
-2.63
43.8
82.1
Exchange rate effect
0.19
-0.85
0.44
-1.5
0.59
Net change in cash
-1.19
-293
3.08
35.2
-109
Free cash flow
-51.5
-148
-70.1
-24.3
Income taxes paid
0
0
0.24
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.50 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-8.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-7.7%
Net income / average total assets.
Return on invested capital (ROIC)
-39.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-32.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
246.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
232.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
5.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-39.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-29.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
106.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
61.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.14x
Current assets / current liabilities.
Quick ratio
1.97x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.61x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$2.02
Cash from operations / diluted weighted shares.
Book value per share
$7.86
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.08x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.19x
Market cap / tangible book value, when positive.
Earnings yield
-8.1%
Net income / market cap (the inverse of P/E).
What was Bakkt, Inc.'s revenue in fiscal 2025?
Bakkt, Inc. reported revenue of $2.34B for fiscal 2025, 32.1% lower than the year before.
Was Bakkt, Inc. profitable in fiscal 2025?
No. It reported a net loss of $107.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.