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Bakkt (BKKT) earnings and revenue breakdown
Latest: Q2 2025 · 10-Q filed Aug 11, 2025 · Bakkt (BKKT) Q2 2025 earnings results →
Q2 2025 Revenue up 13% year over year to $578M · 5¢ of every $1 of revenue lost · operating margin -3.2%
Bakkt made $578M in Q2 2025 (+13% Y/Y): Transaction revenue $574M, Subscription and service revenue $4.0M. Operating margin -3.2%, net loss $30.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2025.
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What changed this quarter
Revenue was $577.9M in Q2 2025, up 13% year over year and down 46% from the previous quarter. Transaction revenue was the largest line at 99% of revenue. Transaction revenue added $70.1M year over year (up 14%), 103% of the total change. Subscription and service revenue declined 35%.
Operating costs exceeded revenue by $18.5M, an operating margin of -3.2%. Total costs grew 12% against revenue growth of 13%. The quarter ended with a net loss of $30.2M, after a profit of $16.2M the previous quarter. Minority interests bore $15.4M of it: to shareholders the quarter was a loss of $14.7M.
Operating cash flow was $5.4M. Non-cash charges added back $154K of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items added $29.0M. Capital expenditures of $19K left free cash flow of $5.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2025 | 10-Q | Aug 11, 2025 | $578M | +13% | -3.2% | −$30.2M | $5.4M |
| Q1 2025 | 10-Q | May 12, 2025 | $1.1B | +26% | -1.7% | $16.2M | −$101M |
| Q4 2024 | 10-K | Mar 20, 2025 | $1.7B | +715% | -0.7% | −$40.4M | $31.4M |
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
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About Bakkt
Overview Unless otherwise noted, in this section or elsewhere in this Form 10-K, (1) the term “Bakkt" refers to Bakkt, Inc., a Delaware corporation and its subsidiaries, and (2) the terms Company,” “we,” “us,” and “our,” refer to the ongoing business operations of Bakkt, Inc. and its subsidiaries, whether conducted through Bakkt or a subsidiary of Bakkt. • “Client” means businesses with whom we contract to provide services to customers on our platform, and includes financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses (except in the accompanying notes to the consolidated financial statements, where we refer to revenue earned from customers, instead of clients). The term customers is in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers .
In its own words, from its 10-K, filed Mar 19, 2026.
Bakkt against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +17%. Operating margin: -3.2% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BKKT Bakkt | Q2 2025 | $578M | +13% | -3.2% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Bakkt 10-Q on SEC EDGAR · CIK 1820302 · Finance Services
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History
Every quarter: Q2 2025 results · Q1 2025 results · Q4 2024 results