What is Bakkt 's TRA settlement expense?

Bakkt (BKKT) reported TRA settlement expense of $6.72M in Q4 2025.

What does TRA settlement expense mean?

Represents the financial obligation arising from agreements to share tax benefits with pre-IPO shareholders or partners. These settlements are often non-operational in nature and reflect legacy structural obligations.

Bakkt BKKT TRA settlement expense

TRA settlement expense at other companies

Blue Owl CapitalOWL

$95.75M-1.5%

Shift4 PaymentsFOUR

-$120M-4,100%

NuScale PowerSMR

$582.72M—

HagertyHGTY

$8.06M+1,912%

AlTi Global, Inc.ALTI

$30.55M+3.1%

HagertyHGTY

-$1.55M-593%

Other financials

Income statement

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Revenue$577.9M+13.3%

Operating income-$16.9M-9.6%

Net income-$11.7M-251%

EPS (diluted)-$0.41-136%

Balance sheet

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Cash & equivalents$80.0M+248%

Total debt$79.0K—

Total equity$170.9M+288%

Total assets$213.4M+21.0%

Cash flow

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Operating cash flow-$12.1M+88.1%

CapEx$19.0K-95.9%

Free cash flow-$101.4M-377%

Valuation

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Market cap$350.06M+286%

Enterprise value$270.15M—

P/S0.1×-0.2×

Profitability

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Operating margin-1.9%-0.8pp

Net margin-0.8%-0.3pp

FCF margin-3.4%—

Returns & leverage

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Return on equity-117.8%+1,634pp

Debt / equity0×—

Current ratio4.1×+2.5×

Where this comes from

Reported directly by Bakkt in its filing.

Tagged under the XBRL concept bakkt:TaxReceivableAgreementSettlementExpense.

The official record: Bakkt ’s 10-K, filed March 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Bakkt 's TRA settlement expense?: Bakkt (BKKT) reported TRA settlement expense of $6.72M in Q4 2025.
What does TRA settlement expense mean?: Represents the financial obligation arising from agreements to share tax benefits with pre-IPO shareholders or partners. These settlements are often non-operational in nature and reflect legacy structural obligations.