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Bakkt cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$14.8M in Q2 2026 · −$84.4M over twelve months

Operating cash flow−$14.8M
Free cash flow−$14.8M
Cash / net income-0.2×

Analysis

In Q2 2026, Bakkt generated −$14.8M of operating cash flow. That is $20.1M less than in Q2 2025 ($5.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$84.4M; the largest uses were operating cash flow ($84.4M), other investing ($54.9M); besides operations, cash came from other financing ($127M), shares issued ($884K); the cash balance fell by $11.5M.

Operating cash flow was −$14.8M against net income of $80.8M — -0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$2.9M, stock-based pay +$1.9M, receivables −$1.8M.

Free cash flow

Bakkt: free cash flow by quarterBakkt: free cash flow by quarter−$25.6MQ3 2024$31.1MQ4 2024−$101MQ1 2025$5.3MQ2 2025−$46.7MQ3 2025−$10.8MQ4 2025−$12.1MQ1 2026−$14.8MQ2 2026
Operating cash flow less capital spending.
Bakkt: operating cash flow against capital spendingBakkt: operating cash flow against capital spendingOperating cash flowCapital spending−$25.1M$545KQ3 2024$31.4M$308KQ4 2024−$101M$130KQ1 2025$5.4M$19KQ2 2025−$46.7M$0Q3 2025−$10.8M$0Q4 2025−$12.1M$0Q1 2026−$14.8M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$14.8M, Capital spending $0.

Capital allocation, year by year

Bakkt: where the cash came from (up) and went (down), by fiscal yearBakkt: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2020: Operating cash flow −$30.9MFY2020: Net borrowing −$313KFY2020: Capital spending −$20.6MFY2020FY2022: Operating cash flow −$118MFY2022: Capital spending −$30.5MFY2022: Buybacks −$2.6MFY2022FY2023: Operating cash flow −$60.7MFY2023: Capital spending −$9.4MFY2023: Buybacks −$2.6MFY2023FY2024: Operating cash flow −$21.2MFY2024: Capital spending −$3.1MFY2024: Buybacks −$2.7MFY2024FY2025: Operating cash flow −$153MFY2025: Net borrowing $18.8MFY2025: Shares issued $63.3MFY2025: Asset sales −$20.1M$82.1MFY2025
Over these 5 years operating cash flow totalled −$384M; the largest uses were operating cash flow ($384M) and capital spending ($63.6M). Cash-flow statements as filed.

Where the cash came from and went

Bakkt: sources (+) and uses (−) of cash, Q2 2026Bakkt: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$28.8MOperating cash flow−$14.8MOther investing−$14.4MOther financing$500KBuybacks−$49KExchange rates−$40K
Bakkt: sources (+) and uses (−) of cash, TTM to Q2 2026Bakkt: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$127MOperating cash flow−$84.4MOther investing−$54.9MCash drawn (+) / kept (−)$11.5MShares issued$884KExchange rates−$268K

From profit to cash

Bakkt: net income to operating cash flow, Q2 2026Bakkt: net income to operating cash flow, Q2 2026Net income$80.8MDepreciation & amortization$1.1MStock-based pay$1.9MImpairments$1.2MReceivables−$1.8MPayables−$2.9MDeferred revenue$24KPrepaid and other assets$742KOther operating capital−$1.2MOperating cash flow−$14.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$14.8M—−$49K——$28.8M−$14.8M
Q1 2026−$12.1M—−$280K—$69.6M−$56.7M−$12.1M
Q4 2025−$10.8M————$32.8M−$10.8M
Q3 2025−$46.7M—−$1.7M−$1.5M$63.0M$6.7M−$46.7M
Q2 2025$5.4M−$19K−$806K——−$27.9M$5.3M
Q1 2025−$101M−$130K−$906K$5.0M—$97.3M−$101M
Q4 2024$31.4M−$308K−$260K——−$36.3M$31.1M
Q3 2024−$25.1M−$545K−$112K—−$46.5M$19.0M−$25.6M

Bakkt: income statement and cash flow

Bakkt, Q2 2025: revenue $578M (+13% year over year), operating margin -3.2%. The chart follows the revenue to costs, profit and cash.

Bakkt: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.