Bakkt Holdings, Inc.

BKKTNYSETechnology● Active

$8.35

+$0.52(+6.58%)

Market Cap$372289644

P/E Ratio—

52W High$49.79

52W Low$6.87

Avg Volume1.6M

Open$8.29

Beta5.86

Overview

Bakkt Holdings, Inc. (BKKT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BKKT · free cash flow · updated Jun 8, 2026

Core FCF metrics

BKKT · FCF · TTM · margin & CAGR

Free cash flow was −$153.4M for FY2025 (fiscal year ending 2025-12-31), down 531.5% year-over-year The FCF margin was -6.6%.

FY2025 Free Cash Flow−$153.4M▼ -531.5% YoY

Trailing 12M (TTM)−$64.5Mtrailing 4 quarters sum

FCF Margin-6.6%−$153.4M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BKKT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$149.3M(4M)−$153.4M▼ 531.5%-6.6%

FY2024−$21.2M(3M)−$24.3M▲ +65.4%-0.7%

FY2023−$60.7M(9M)−$70.1M▲ +52.7%-9.0%

FY2022−$117.6M(31M)−$148.1M▲ +1.2%-263.5%

FY2021−$134.3M(16M)−$150.0M▼ 191.2%-402.6%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BKKT · P/FCF · FCF yield · FCF per share

Bakkt Holdings, Inc. (BKKT) reported negative free cash flow of −$0.15B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BKKT · cash flow statement · operating / investing / financing

For FY2025, Bakkt Holdings, Inc. generated −$149.3M in operating cash flow and spent 4M in capital expenditures, yielding −$153.4M in free cash flow.

Operating Activities

−$149.3M

Cash from core business operations

2025-12-31

Investing Activities

−$38.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$77.9M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$149.3M) − |CapEx| (4M) = FCF (−$153.4M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

BKKT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Bakkt Holdings, Inc.YOU

BKKT

−$153.4M-531.5%-6.6%

Loss

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Bakkt Holdings, Inc. (BKKT) reported free cash flow of −$153.4M for FY2025 (fiscal year ending 2025-12-31), down 531.5% year-over-year. The FCF margin was -6.6%.

Bakkt Holdings, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 7 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BKKT free cash flow · 8 questions

Bakkt Holdings, Inc. free cash flow was −$153.4M for FY2025, down 531.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$64.5M.

BKKT free cash flowBKKT FCFBKKT FCF 2025BKKT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Bakkt Holdings, Inc. · Bakkt Holdings, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026