Bakkt (BKKT) Cost of Revenue (2022 - 2026)
Bakkt's Cost of Revenue came in at $167.94 million for Q2 2026, down 70.1% from $561.07 million a year earlier and down 30.0% from the prior quarter.
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Analysis
Bakkt (BKKT) Cost of Revenue (2022 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Bakkt reported Cost of Revenue of $1.1 billion, down 70.2% year-over-year; for FY2025, it was $2.31 billion, down 32.2% from FY2024.
- Cost of Revenue carries a three-year compound annual growth rate of 1016.9% (FY2022 to FY2025).
- Going back by year, Cost of Revenue was $3.4 billion in FY2024 (+373.6%), $718.51 million in FY2023 and $1.66 million in FY2022.
- The Q2 2026 figure represents the lowest quarterly Cost of Revenue since Q1 2023.
- Year-over-year, Cost of Revenue has declined for three consecutive quarters, with growth averaging 87.4% over the last eight quarters.
- The fastest year-over-year change in Cost of Revenue over five years came in Q4 2024 (growth of 797.2%), and the weakest in Q4 2025 (a decline of 83.3%).
- Business Quant data shows BKKT's Cost of Revenue at $239.97 million (Q1 2026), $295.87 million (Q4 2025) and $396.82 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | PayPal Holdings | 49.15 Bn | 7.38 Bn | - | - |
| 2 | Block | 45.94 Bn | 17.20 Bn | 3.17 Bn | 3.45 Bn |
| 3 | Coinbase Global | 43.38 Bn | 184.17 Mn | - | - |
| 4 | Corpay | 26.82 Bn | 17.02 Bn | - | - |
| 5 | Fiserv | 26.51 Bn | 23.21 Bn | 2.90 Bn | 2.40 Bn |
| 6 | Global Payments | 22.01 Bn | 453.00 Mn | 2.03 Bn | 1.29 Bn |
| 7 | Iren | 18.95 Bn | 6.55 Bn | 103.89 Mn | 33.34 Mn |
| 8 | Guidewire Software | 15.50 Bn | 12.06 Bn | 269.68 Mn | 141.41 Mn |
| 9 | Bitmine Immersion Technologies | 12.97 Bn | 10.35 Bn | 40.81 Mn | 5.73 Mn |
| 10 | Bakkt | 228.00 Mn | 6.87 Mn | 2.21 Mn | 167.94 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 167.94 Mn |
| Mar 31, 2026 | 239.97 Mn |
| Dec 31, 2025 | 295.87 Mn |
| Sep 30, 2025 | 396.82 Mn |
| Jun 30, 2025 | 561.07 Mn |
| Mar 31, 2025 | 1.05 Bn |
| Dec 31, 2024 | 1.77 Bn |
| Sep 30, 2024 | 312.84 Mn |
| Jun 30, 2024 | 491.70 Mn |
| Mar 31, 2024 | 831.97 Mn |
| Dec 31, 2023 | 196.91 Mn |
| Sep 30, 2023 | 189.43 Mn |
| Jun 30, 2023 | 331.81 Mn |
| Mar 31, 2023 | 363,000.00 |
| Dec 31, 2022 | 305,000.00 |
| Sep 30, 2022 | 353,000.00 |
| Jun 30, 2022 | 463,000.00 |
API Access
Bakkt Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=BKKT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "BKKT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=BKKT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();