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Annual data and sources

Bakkt, Inc. (BKKT) · NYSE · USD · Sector unavailable · CIK 0001820302

Annual coverage: 2020-12-31–2025-12-31 (5 periods). Financial snapshot built 2026-10-09.

BKKT annual financial history

All stored annual observations, independent of the chart window. Per-share amounts in USD. Unavailable values are not zero.

See the calculation and limitations.

Annual EPS, cash flow, dividends, and fiscal-year dividend yield for Bakkt, Inc.
Fiscal year / endBasic EPSDiluted EPSFCF / shareDividends / shareFiscal-year dividend yieldFiling sources
2025
2025-12-31
-8.87-8.87UnavailableUnavailableUnavailableBasic EPS (2026-03-19)
Diluted EPS (2026-03-19)
2024
2024-12-31
-7.97-7.97-4.15UnavailableUnavailableBasic EPS (2026-03-19)
Diluted EPS (2026-03-19)
Operating cash flow (2026-03-19) · Capex (2025-03-20)
2023
2023-12-31
-21.01-21.01-19.68UnavailableUnavailableBasic EPS (2026-03-19)
Diluted EPS (2026-03-19)
Operating cash flow (2026-03-19) · Capex (2025-03-20)
2022
2022-12-31
-203.08-203.08-52.04UnavailableUnavailableBasic EPS (2025-03-20)
Diluted EPS (2025-03-20)
Operating cash flow (2025-03-20) · Capex (2025-03-20)
2020
2020-12-31
UnavailableUnavailableUnavailableUnavailableUnavailableOperating cash flow (2022-03-31) · Capex (2022-03-31)

Annual per-share context (USD/share)

Complete annual history, independent of chart loading and range. Revenue/share is annual revenue per average diluted share. Debt/share is borrowings per year-end common share, excluding leases. Missing inputs remain unavailable. Metric definitions.

Fiscal endRevenue / shareTotal debt / shareInputs & filing sources
2025-12-31193.15Unavailable
Inputs & filings

revenue: 2335243000; averageDilutedShares: 12090013; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

revenue (2026-03-19)
averageDilutedShares (2026-03-19)
2024-12-31587.70Unavailable
Inputs & filings

revenue: 3441056000; averageDilutedShares: 5855083; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

revenue (2026-03-19)
averageDilutedShares (2026-03-19)
2023-12-31204.02Unavailable
Inputs & filings

revenue: 726988000; averageDilutedShares: 3563333; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

revenue (2026-03-19)
averageDilutedShares (2026-03-19)
2022-12-3119.75Unavailable
Inputs & filings

revenue: 56224000; averageDilutedShares: 2846719; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

revenue (2025-03-20)
averageDilutedShares (2025-03-20)
2020-12-31UnavailableUnavailable
Inputs & filings

revenue: 28495000; averageDilutedShares: No positive shares on the exact annual duration; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

revenue (2022-03-31)

Annual returns and cash generation (%)

Complete annual history, independent of chart loading and range. FCF margin and FCF / net income use matching annual totals. ROCE uses positive exact opening and closing capital-employed bases. Inputs, scopes and unavailable reasons are disclosed below. Missing inputs remain unavailable. Metric definitions.

Fiscal endFCF margin (%)FCF / net income (%)ROCE (%)Inputs & filing sources
2025-12-31UnavailableUnavailable-113.10
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"revenue":{"value":2335243000,"tag":"RevenueFromContractWithCustomerExcludingAssessedTax","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"netIncome":{"value":-132232000,"tag":"ProfitLoss","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"operatingIncome":{"value":-147835000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingAssets":{"value":269377000,"tag":"Assets","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingCurrentLiabilities":{"value":137719000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingCapitalEmployed":{"value":131658000,"inputNames":["openingAssets","openingCurrentLiabilities"]},"openingParentEquity":{"value":33894000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingTotalEquity":{"value":62853000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingCash":{"value":39049000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2024-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCommonEquity":{"value":null,"inputNames":["openingParentEquity","openingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"closingAssets":{"value":162788000,"tag":"Assets","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingCurrentLiabilities":{"value":33030000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingCapitalEmployed":{"value":129758000,"inputNames":["closingAssets","closingCurrentLiabilities"]},"closingParentEquity":{"value":112782000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingTotalEquity":{"value":112782000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingCash":{"value":26962000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2025-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCommonEquity":{"value":null,"inputNames":["closingParentEquity","closingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"commonNetIncome":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"parentNetIncome":{"value":-107212000,"tag":"NetIncomeLoss","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"preferredDividends":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"incomeTaxExpense":{"value":-49000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"pretaxIncome":{"value":-97384000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"effectiveTaxRate":{"value":null,"inputNames":["incomeTaxExpense","pretaxIncome"],"reason":"Positive pretax income required"},"nopat":{"value":null,"inputNames":["operatingIncome","effectiveTaxRate"],"reason":"Positive pretax income required"},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":130708000,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":null,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: Stored FCF total has no matching annual OCF/capex duration; cashConversion: Stored FCF total has no matching annual OCF/capex duration; roce: -113.1032530526058

fcfMargin component 1 (2026-03-19)
cashConversion component 1 (2026-03-19)
roce component 1 (2026-03-19) · roce component 2 (2026-03-19) · roce component 3 (2026-03-19) · roce component 4 (2026-03-19) · roce component 5 (2026-03-19)
2024-12-31UnavailableUnavailable-55.72
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":-24290000,"capex":{"accession":"0001628280-25-013959","end":"2024-12-31","filed":"2025-03-20","form":"10-K","start":"2024-01-01","tag":"PaymentsToAcquireProductiveAssets","unit":"USD"},"ocf":{"accession":"0001628280-26-019870","end":"2024-12-31","filed":"2026-03-19","form":"10-K","start":"2024-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":3441056000,"tag":"RevenueFromContractWithCustomerExcludingAssessedTax","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"netIncome":{"value":-103447000,"tag":"ProfitLoss","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"operatingIncome":{"value":-82586000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingAssets":{"value":265311000,"tag":"Assets","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"openingCurrentLiabilities":{"value":100518000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"openingCapitalEmployed":{"value":164793000,"inputNames":["openingAssets","openingCurrentLiabilities"]},"openingParentEquity":{"value":48282000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"openingTotalEquity":{"value":135714000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingCash":{"value":52882000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2023-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCommonEquity":{"value":null,"inputNames":["openingParentEquity","openingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"closingAssets":{"value":269377000,"tag":"Assets","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingCurrentLiabilities":{"value":137719000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingCapitalEmployed":{"value":131658000,"inputNames":["closingAssets","closingCurrentLiabilities"]},"closingParentEquity":{"value":33894000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingTotalEquity":{"value":62853000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingCash":{"value":39049000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2024-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCommonEquity":{"value":null,"inputNames":["closingParentEquity","closingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"commonNetIncome":{"value":-46659000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"incomeTaxExpense":{"value":110000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"pretaxIncome":{"value":-94301000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"effectiveTaxRate":{"value":null,"inputNames":["incomeTaxExpense","pretaxIncome"],"reason":"Positive pretax income required"},"nopat":{"value":null,"inputNames":["operatingIncome","effectiveTaxRate"],"reason":"Positive pretax income required"},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":148225500,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":null,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: FCF and revenue sources do not share a filing; cashConversion: Positive net income required; zero or negative denominator is unavailable; roce: -55.71645904382174

fcfMargin component 1 (2026-03-19) · fcfMargin component 2 (2025-03-20) · fcfMargin component 3 (2026-03-19)
cashConversion component 1 (2026-03-19) · cashConversion component 2 (2025-03-20) · cashConversion component 3 (2026-03-19)
roce component 1 (2026-03-19) · roce component 2 (2025-03-20) · roce component 3 (2025-03-20) · roce component 4 (2026-03-19) · roce component 5 (2026-03-19)
2023-12-31UnavailableUnavailable-59.16
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":-70130000,"capex":{"accession":"0001628280-25-013959","end":"2023-12-31","filed":"2025-03-20","form":"10-K","start":"2023-01-01","tag":"PaymentsToAcquireProductiveAssets","unit":"USD"},"ocf":{"accession":"0001628280-26-019870","end":"2023-12-31","filed":"2026-03-19","form":"10-K","start":"2023-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":726988000,"tag":"RevenueFromContractWithCustomerExcludingAssessedTax","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"netIncome":{"value":-225812000,"tag":"ProfitLoss","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"operatingIncome":{"value":-156244000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingAssets":{"value":455502000,"tag":"Assets","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-03-25","accession":"0001820302-24-000056","form":"10-K"},"openingCurrentLiabilities":{"value":92129000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-03-25","accession":"0001820302-24-000056","form":"10-K"},"openingCapitalEmployed":{"value":363373000,"inputNames":["openingAssets","openingCurrentLiabilities"]},"openingParentEquity":{"value":96263000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-03-25","accession":"0001820302-24-000056","form":"10-K"},"openingTotalEquity":{"value":336074000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2022-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"openingCash":{"value":98332000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2022-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2022-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCommonEquity":{"value":null,"inputNames":["openingParentEquity","openingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"closingAssets":{"value":265311000,"tag":"Assets","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"closingCurrentLiabilities":{"value":100518000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"closingCapitalEmployed":{"value":164793000,"inputNames":["closingAssets","closingCurrentLiabilities"]},"closingParentEquity":{"value":48282000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"closingTotalEquity":{"value":135714000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingCash":{"value":52882000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2023-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCommonEquity":{"value":null,"inputNames":["closingParentEquity","closingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"commonNetIncome":{"value":-74854000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"incomeTaxExpense":{"value":355000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"pretaxIncome":{"value":-153298000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"effectiveTaxRate":{"value":null,"inputNames":["incomeTaxExpense","pretaxIncome"],"reason":"Positive pretax income required"},"nopat":{"value":null,"inputNames":["operatingIncome","effectiveTaxRate"],"reason":"Positive pretax income required"},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":264083000,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":null,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: FCF and revenue sources do not share a filing; cashConversion: Positive net income required; zero or negative denominator is unavailable; roce: -59.16473230007232

fcfMargin component 1 (2026-03-19) · fcfMargin component 2 (2025-03-20) · fcfMargin component 3 (2026-03-19)
cashConversion component 1 (2026-03-19) · cashConversion component 2 (2025-03-20) · cashConversion component 3 (2026-03-19)
roce component 1 (2026-03-19) · roce component 2 (2024-03-25) · roce component 3 (2024-03-25) · roce component 4 (2025-03-20) · roce component 5 (2025-03-20)
2022-12-31-263.48Unavailable-149.32
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":-148140000,"capex":{"accession":"0001628280-25-013959","end":"2022-12-31","filed":"2025-03-20","form":"10-K","start":"2022-01-01","tag":"PaymentsToAcquireProductiveAssets","unit":"USD"},"ocf":{"accession":"0001628280-25-013959","end":"2022-12-31","filed":"2025-03-20","form":"10-K","start":"2022-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":56224000,"tag":"RevenueFromContractWithCustomerExcludingAssessedTax","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"netIncome":{"value":-1989934000,"tag":"ProfitLoss","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"operatingIncome":{"value":-2018913000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"openingAssets":{"value":2414285000,"tag":"Assets","unit":"USD","start":null,"end":"2021-12-31","filed":"2023-03-24","accession":"0001820302-23-000016","form":"10-K"},"openingCurrentLiabilities":{"value":73604000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2021-12-31","filed":"2023-03-24","accession":"0001820302-23-000016","form":"10-K"},"openingCapitalEmployed":{"value":2340681000,"inputNames":["openingAssets","openingCurrentLiabilities"]},"openingParentEquity":{"value":468396000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2021-12-31","filed":"2023-03-24","accession":"0001820302-23-000016","form":"10-K"},"openingTotalEquity":{"value":2294171000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2021-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"openingCash":{"value":391364000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2021-12-31","filed":"2023-03-24","accession":"0001820302-23-000016","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2021-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCommonEquity":{"value":null,"inputNames":["openingParentEquity","openingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"closingAssets":{"value":455502000,"tag":"Assets","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-03-25","accession":"0001820302-24-000056","form":"10-K"},"closingCurrentLiabilities":{"value":92129000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-03-25","accession":"0001820302-24-000056","form":"10-K"},"closingCapitalEmployed":{"value":363373000,"inputNames":["closingAssets","closingCurrentLiabilities"]},"closingParentEquity":{"value":96263000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-03-25","accession":"0001820302-24-000056","form":"10-K"},"closingTotalEquity":{"value":336074000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2022-12-31","filed":"2026-03-19","accession":"0001628280-26-019870","form":"10-K"},"closingCash":{"value":98332000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2022-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2022-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCommonEquity":{"value":null,"inputNames":["closingParentEquity","closingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"commonNetIncome":{"value":-578105000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"incomeTaxExpense":{"value":-11320000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"pretaxIncome":{"value":-2001254000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-03-20","accession":"0001628280-25-013959","form":"10-K"},"effectiveTaxRate":{"value":null,"inputNames":["incomeTaxExpense","pretaxIncome"],"reason":"Positive pretax income required"},"nopat":{"value":null,"inputNames":["operatingIncome","effectiveTaxRate"],"reason":"Positive pretax income required"},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":1352027000,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":null,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: -263.4817871371656; cashConversion: Positive net income required; zero or negative denominator is unavailable; roce: -149.32490253523042

fcfMargin component 1 (2025-03-20) · fcfMargin component 2 (2025-03-20) · fcfMargin component 3 (2025-03-20)
cashConversion component 1 (2025-03-20) · cashConversion component 2 (2025-03-20) · cashConversion component 3 (2025-03-20)
roce component 1 (2025-03-20) · roce component 2 (2023-03-24) · roce component 3 (2023-03-24) · roce component 4 (2024-03-25) · roce component 5 (2024-03-25)
2020-12-31-180.77UnavailableUnavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":-51509000,"capex":{"accession":"0001820302-22-000005","end":"2020-12-31","filed":"2022-03-31","form":"10-K","start":"2020-01-01","tag":"PaymentsToAcquireProductiveAssets","unit":"USD"},"ocf":{"accession":"0001820302-22-000005","end":"2020-12-31","filed":"2022-03-31","form":"10-K","start":"2020-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":28495000,"tag":"RevenueFromContractWithCustomerExcludingAssessedTax","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"netIncome":{"value":-79605000,"tag":"ProfitLoss","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"operatingIncome":{"value":-79119000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"openingAssets":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2019-12-31"},"openingParentEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingTotalEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCash":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2019-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCommonEquity":{"value":null,"inputNames":["openingParentEquity","openingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"closingAssets":{"value":468376000,"tag":"Assets","unit":"USD","start":null,"end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"closingCurrentLiabilities":{"value":51077000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"closingCapitalEmployed":{"value":417299000,"inputNames":["closingAssets","closingCurrentLiabilities"]},"closingParentEquity":{"value":-29249901,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2020-12-31","filed":"2021-12-08","accession":"0001193125-21-350608","form":"10-K/A"},"closingTotalEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingLiabilities":{"value":58594000,"tag":"Liabilities","unit":"USD","start":null,"end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"closingCash":{"value":75361000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2020-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2020-12-31","filed":"2021-12-08","accession":"0001193125-21-350608","form":"10-K/A"},"closingCommonEquity":{"value":-29249901,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"parentNetIncome":{"value":-79605000,"tag":"NetIncomeLoss","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"preferredDividends":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"incomeTaxExpense":{"value":391000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"pretaxIncome":{"value":-79214000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2022-03-31","accession":"0001820302-22-000005","form":"10-K"},"effectiveTaxRate":{"value":null,"inputNames":["incomeTaxExpense","pretaxIncome"],"reason":"Positive pretax income required"},"nopat":{"value":null,"inputNames":["operatingIncome","effectiveTaxRate"],"reason":"Positive pretax income required"},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":null,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: -180.76504649938585; cashConversion: Positive net income required; zero or negative denominator is unavailable; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2019-12-31

fcfMargin component 1 (2022-03-31) · fcfMargin component 2 (2022-03-31) · fcfMargin component 3 (2022-03-31)
cashConversion component 1 (2022-03-31) · cashConversion component 2 (2022-03-31) · cashConversion component 3 (2022-03-31)
roce component 1 (2022-03-31) · roce component 2 (2022-03-31) · roce component 3 (2022-03-31)

Annual operating facts

Complete annual history, independent of chart loading and range. Operating margin is operating profit as a percentage of revenue; net margin is consolidated net profit as a percentage of revenue. Negative margins show losses. Missing inputs remain unavailable. Metric definitions.

Fiscal endRevenue (USD)Operating margin (%)Net margin (%)Inputs & filing sources
2025-12-312,335,243,000.00-6.33-5.66
Inputs & filings

revenue: 2335243000; operatingIncome: -147835000; netIncome: -132232000

revenue (2026-03-19)
operatingIncome (2026-03-19)
netIncome (2026-03-19)
2024-12-313,441,056,000.00-2.40-3.01
Inputs & filings

revenue: 3441056000; operatingIncome: -82586000; netIncome: -103447000

revenue (2026-03-19)
operatingIncome (2026-03-19)
netIncome (2026-03-19)
2023-12-31726,988,000.00-21.49-31.06
Inputs & filings

revenue: 726988000; operatingIncome: -156244000; netIncome: -225812000

revenue (2026-03-19)
operatingIncome (2026-03-19)
netIncome (2026-03-19)
2022-12-3156,224,000.00-3,590.84-3,539.30
Inputs & filings

revenue: 56224000; operatingIncome: -2018913000; netIncome: -1989934000

revenue (2025-03-20)
operatingIncome (2025-03-20)
netIncome (2025-03-20)
2020-12-3128,495,000.00-277.66-279.36
Inputs & filings

revenue: 28495000; operatingIncome: -79119000; netIncome: -79605000

revenue (2022-03-31)
operatingIncome (2022-03-31)
netIncome (2022-03-31)

Bakkt, Inc. (BKKT) P/E ratio history

The interactive P/E chart contains all 307 stored weekly price points (2020-11-25–2026-10-08); 0 have an eligible basic or diluted ratio. Annual EPS is carried forward from its fiscal end. Use the P/E range bar or any other chart range bar to change all five chart windows.

Fiscal-year-end snapshots

No positive annual EPS with an eligible fiscal-year-end price is available in this snapshot.

Annual P/E = eligible fiscal-year-end close ÷ reported annual EPS. This is retrospective annual P/E, not TTM or forward P/E. Why we use annual data. Missing or non-positive EPS and missing eligible prices produce unavailable ratios.

Explore the P/E chart and optional reference lines · How P/E history is calculated.

Complete annual P/E history (5 fiscal periods)
Full stored fiscal-year-end P/E history, independent of the selected chart window. Ratios in ×; prices in USD.
Fiscal endPrice dateClosePrice basisBasic P/EDiluted P/EEPS filings
2025-12-312025-12-2610.54Adjusted closeUnavailableUnavailableBasic EPS (2026-03-19) Diluted EPS (2026-03-19)
2024-12-312024-12-2727.49Adjusted closeUnavailableUnavailableBasic EPS (2026-03-19) Diluted EPS (2026-03-19)
2023-12-312023-12-2955.75Adjusted closeUnavailableUnavailableBasic EPS (2026-03-19) Diluted EPS (2026-03-19)
2022-12-312022-12-3029.75Adjusted closeUnavailableUnavailableBasic EPS (2025-03-20) Diluted EPS (2025-03-20)
2020-12-312020-12-31252.00Adjusted closeUnavailableUnavailable Source unavailable

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