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Bakkt BKKT Operating margin

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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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Net margin-0.8%-0.3pp
FCF margin-3.4%

Returns & leverage

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Return on equity-117.8%+1,634pp
Debt / equity
Current ratio4.1×+2.5×

Where this comes from

Calculated from Bakkt ’s reported figures.

Based on trailing twelve months.

The official record: Bakkt ’s 10-Q, filed August 11, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Bakkt 's operating margin?
Bakkt (BKKT) reported operating margin of -1.9% in Q2 2025.
How has Bakkt 's operating margin changed year-over-year?
Bakkt 's operating margin increased by 71.8% year-over-year, from -6.6% to -1.9%.
What is the long-term trend for Bakkt 's operating margin?
Over 3 years (2021 to 2024), Bakkt 's operating margin has grown at a -82.0% compound annual growth rate (CAGR), from -440.6% to -2.6%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.