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Bakkt vs Klarna: revenue, profit, margins and growth compared

Bakkt brought in $2.3B of revenue in fiscal 2025, Klarna $3.5B in fiscal 2025. Revenue changed by -32.1% at Bakkt and +24.8% at Klarna on the year before, so Klarna grew faster. Bakkt kept -4.6% of its revenue as net profit, Klarna -7.8%.

Side by side, latest fiscal year

BKKTKLAR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.3B$3.5B
Revenue growth-32.1%+24.8%
Net income-$107.2M-$273M
Net margin-4.6%-7.8%
Free cash flown/a-$1B
Free cash flow marginn/a-29.5%
Earnings per share (diluted)-$8.87-$0.79
Cash$27M$3.8B
Debtn/an/a
Price to earningsn/an/a
Market value$383.1M$9B
Dividend yieldn/an/a
Rank by revenue in sector#134 of 444 · Finance#113 of 444 · Finance

Over the years

Revenue
BKKT FY2020: $28.5MBKKT FY2022: $56.2MBKKT FY2023: $727MBKKT FY2024: $3.4BBKKT FY2025: $2.3BKLAR FY2023: $2.3BKLAR FY2025: $2.8BKLAR FY2025: $3.5BFY20FY22FY23FY24FY25
BKKT $2.3BKLAR $3.5B
Net income
BKKT FY2020: -$79.6MBKKT FY2022: -$578.1MBKKT FY2023: -$74.9MBKKT FY2024: -$46.7MBKKT FY2025: -$107.2MKLAR FY2023: -$244MKLAR FY2025: $21MKLAR FY2025: -$273MFY20FY22FY23FY24FY25
BKKT -$107.2MKLAR -$273M
Net margin
BKKT FY2020: -279.4%BKKT FY2022: -1,028.2%BKKT FY2023: -10.3%BKKT FY2024: -1.4%BKKT FY2025: -4.6%KLAR FY2023: -10.7%KLAR FY2025: 0.7%KLAR FY2025: -7.8%FY20FY22FY23FY24FY25
BKKT -4.6%KLAR -7.8%
Revenue growth
BKKT FY2023: +1,193.0%BKKT FY2024: +373.3%BKKT FY2025: -32.1%KLAR FY2025: +23.5%KLAR FY2025: +24.8%FY23FY24FY25
BKKT -32.1%KLAR +24.8%
Free cash flow
BKKT FY2020: -$51.5MBKKT FY2022: -$148.1MBKKT FY2023: -$70.1MBKKT FY2024: -$24.3MKLAR FY2023: $807MKLAR FY2025: $586MKLAR FY2025: -$1BFY20FY22FY23FY24FY25
BKKT -$24.3MKLAR -$1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Bakkt and Klarna

Which is bigger by revenue, Bakkt or Klarna?

Klarna is bigger by revenue: $3.5B in fiscal 2025, against $2.3B for Bakkt in fiscal 2025.

Which keeps more of its revenue as profit, Bakkt or Klarna?

Bakkt had a net margin of -4.6% in fiscal 2025; Klarna had -7.8% in fiscal 2025.

Which grew revenue faster, Bakkt or Klarna?

In their latest fiscal years revenue changed by -32.1% at Bakkt and +24.8% at Klarna.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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