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

Bakkt brought in $2.3B of revenue in fiscal 2025, Nu $11.5B in fiscal 2024. Revenue changed by -32.1% at Bakkt and +43.4% at Nu on the year before, so Nu grew faster. Bakkt kept -4.6% of its revenue as net profit, Nu 17.1%.

Side by side, latest fiscal year

BKKTNU
Fiscal year endedFY2025 (December 31, 2025)FY2024 (December 31, 2024)
Revenue$2.3B$11.5B
Revenue growth-32.1%+43.4%
Net income-$107.2M$2B
Net margin-4.6%17.1%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)-$8.87$0.40
Cash$27M$9.2B
Debtn/a$1.7B
Price to earningsn/an/a
Market value$383.1M$66B
Dividend yieldn/an/a
Rank by revenue in sector#134 of 444 · Finance#59 of 444 · Finance

Over the years

Revenue
BKKT FY2020: $28.5MBKKT FY2022: $56.2MBKKT FY2023: $727MBKKT FY2024: $3.4BBKKT FY2025: $2.3BNU FY2019: $612.1MNU FY2021: $737.1MNU FY2021: $1.7BNU FY2022: $4.8BNU FY2023: $8BNU FY2024: $11.5BFY19FY20FY21FY22FY23FY24FY25
BKKT $2.3BNU $11.5B
Net income
BKKT FY2020: -$79.6MBKKT FY2022: -$578.1MBKKT FY2023: -$74.9MBKKT FY2024: -$46.7MBKKT FY2025: -$107.2MNU FY2019: -$92.5MNU FY2021: -$171.5MNU FY2021: -$165MNU FY2022: -$364.6MNU FY2023: $1BNU FY2024: $2BFY19FY20FY21FY22FY23FY24FY25
BKKT -$107.2MNU $2B
Net margin
BKKT FY2020: -279.4%BKKT FY2022: -1,028.2%BKKT FY2023: -10.3%BKKT FY2024: -1.4%BKKT FY2025: -4.6%NU FY2019: -15.1%NU FY2021: -23.3%NU FY2021: -9.7%NU FY2022: -7.6%NU FY2023: 12.8%NU FY2024: 17.1%FY19FY20FY21FY22FY23FY24FY25
BKKT -4.6%NU 17.1%
Revenue growth
BKKT FY2023: +1,193.0%BKKT FY2024: +373.3%BKKT FY2025: -32.1%NU FY2021: +20.4%NU FY2021: +130.4%NU FY2022: +182.2%NU FY2023: +67.5%NU FY2024: +43.4%FY21FY22FY23FY24FY25
BKKT -32.1%NU +43.4%
Free cash flow
BKKT FY2020: -$51.5MBKKT FY2022: -$148.1MBKKT FY2023: -$70.1MBKKT FY2024: -$24.3MFY20FY22FY23FY24
BKKT -$24.3MNU

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

Questions about Bakkt and Nu

Which is bigger by revenue, Bakkt or Nu?

Nu is bigger by revenue: $11.5B in fiscal 2024, against $2.3B for Bakkt in fiscal 2025.

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

Bakkt had a net margin of -4.6% in fiscal 2025; Nu had 17.1% in fiscal 2024.

Which grew revenue faster, Bakkt or Nu?

In their latest fiscal years revenue changed by -32.1% at Bakkt and +43.4% at Nu.

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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