Bakkt, Inc. cash flow statement

In fiscal 2025, Bakkt, Inc.'s operations generated −$153m of cash; it spent $0 on capital projects, leaving free cash flow of −$153m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bakkt, Inc.: cash flow statement, annual
Fiscal year	2020Dec 2020	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−31	−118	−61	−21	−153
Depreciation and amortisation	8	25	14	0	1
Stock-based pay	0	32	15	16	72
Capital spending	21	31	9	3	0
Free cash flow	−52	−148	−70	−24	−153
Free cash flow after stock pay	−52	−180	−86	−40	−225
Share buybacks	—	3	3	3	—
Shares issued	—	0	0	0	63

US$ millions unless shown otherwise. Fiscal quarters.

Bakkt, Inc.: cash flow statement, quarterly
Quarter	2023 Q3Sept 2023	2023 Q4Dec 2023	2024 Q1Mar 2024	2024 Q2Jun 2024	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025
Cash from operations	25	−7	38	−66	−25	31	−101	5
Depreciation and amortisation	4	3	0	0	0	0	0	0
Stock-based pay	3	1	8	2	3	3	3	6
Capital spending	2	2	2	0	1	0	0	0
Free cash flow	23	−8	37	−66	−26	31	−101	5
Free cash flow after stock pay	20	−10	29	−69	−28	28	−105	−1
Shares issued	0	0	39	8	−47	0	0	0

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Bakkt, Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bakkt, Inc.