Filing Flows › Bakkt (BKKT) › Q2 2025 › vs Q2 2024
Bakkt (BKKT) Q2 2025 vs Q2 2024 (year over year)
Bakkt's revenue rose $68.0M (+13%) from $510M in Q2 2024 to $578M in Q2 2025. The biggest changes: Transaction revenue +$70.1M (+14%); Subscription and service revenue −$2.2M (-35%).
Bakkt, Q2 2025: revenue $578M (+13% year over year), operating margin -3.2%, net loss $30.2M, operating cash flow $5.4M. The chart draws each line against Q2 2024, the increases inside each band.
Margins
| Q2 2025 | Q2 2024 | Change | |
|---|---|---|---|
| Free cash flow margin | 0.9% | -13.0% | +13.9 pts |
Every line
| Line | Q2 2025 | Q2 2024 | Change | % |
|---|---|---|---|---|
| Transaction revenue | $574M | $504M | $70.1M | +14% |
| Subscription and service revenue | $4.0M | $6.2M | −$2.2M | -35% |
| Revenue | $578M | $510M | $68.0M | +13% |
| Net loss | $30.2M | $35.5M | −$5.4M | -15% |
| Costs & expenses | $608M | $545M | $62.6M | +11% |
| Operating costs | $596M | $532M | $64.5M | +12% |
| Interest & other, net | $11.6M | $13.4M | −$1.8M | -14% |
| Income tax | $60K | $74K | −$14K | -19% |
| Operating cash sources | $35.5M | −$30.4M | $65.9M | — |
| Depreciation & amortization | $154K | $117K | $37K | +32% |
| Share-based compensation | $6.3M | $2.4M | $3.9M | +163% |
| Working capital & other | $29.0M | −$32.9M | $61.9M | — |
| Net loss absorbed | $30.2M | $35.5M | −$5.4M | -15% |
| Operating cash flow | $5.4M | −$65.9M | $71.2M | — |
| Free cash flow (OCF − capex) | $5.3M | −$66.4M | $71.7M | — |
| Capital expenditures | $19K | $463K | −$444K | -96% |
Questions
How much did Bakkt's revenue grow year over year in Q2 2025?
Bakkt's revenue rose $68.0M (+13%) from $510M in Q2 2024 to $578M in Q2 2025.
What drove Bakkt's revenue change in Q2 2025?
Transaction revenue +$70.1M (+14%); Subscription and service revenue −$2.2M (-35%).