Bakkt, Inc.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $3.4B | $727.0M | $56.2M | — |
| Operating income | -$147.8M | -$82.6M | -$156.2M | -$2.0B | — |
| Operating expenses | $2.5B | $3.5B | $883.2M | $2.1B | — |
| Cash from operations | -$153.4M | -$21.2M | -$60.7M | -$117.6M | — |
| Capital expenditure | $0 | $3.1M | $9.4M | $30.5M | — |
| Free cash flow | -$153.4M | -$24.3M | -$70.1M | -$148.1M | — |
| Share repurchases | — | $2.7M | $2.6M | $2.6M | — |
| Impairments | $961,000 | $0 | $0 | $1.5B | — |
| Total assets | $162.8M | $269.4M | $265.3M | $455.5M | $2.4B |
| Total liabilities | $50.0M | $206.5M | $129.6M | $119.4M | $120.1M |
Shares outstanding 44.6M · Free float 49.4%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.