Bakkt (BKKT) Operating Expenses (2020 - 2026)
Bakkt (BKKT) recorded Operating Expenses of $189.76 million in Q2 2026, down 67.5% from $584.22 million a year earlier and down 27.2% from the prior quarter.
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Analysis
Bakkt (BKKT) Operating Expenses (2020 - 2026) Analysis & Trends
On a TTM basis, Bakkt's Operating Expenses came in at $1.27 billion as of Jun 30, 2026, down 66.7% year-over-year; for FY2025, it came in at $2.48 billion, down 29.5% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 87.3% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $3.52 billion in FY2024 (+298.9%), $883.23 million in FY2023 (-57.4%), $2.08 billion in FY2022 and $86.03 million in FY2021 (-20.1%).
- The Q2 2026 figure is the lowest quarterly Operating Expenses since Q4 2023.
- On a year-over-year basis, Operating Expenses has declined for three consecutive quarters, with growth averaging 104.5% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 967.8% in Q4 2024, against a decline of 84.0% in Q3 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at $260.52 million (Q1 2026), $390.19 million (Q4 2025) and $427.47 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | PayPal Holdings | 50.08 Bn | 8.30 Bn | - | 7.26 Bn |
| 2 | Block | 46.71 Bn | 18.00 Bn | 3.17 Bn | 2.72 Bn |
| 3 | Coinbase Global | 45.00 Bn | 1.80 Bn | - | 1.33 Bn |
| 4 | Corpay | 26.84 Bn | 16.72 Bn | - | 260.40 Mn |
| 5 | Fiserv | 25.68 Bn | 22.36 Bn | 2.90 Bn | 4.28 Bn |
| 6 | Global Payments | 22.94 Bn | 732.47 Mn | 2.03 Bn | 2.98 Bn |
| 7 | Guidewire Software | 15.52 Bn | 12.08 Bn | 269.68 Mn | 207.36 Mn |
| 8 | Bitmine Immersion Technologies | 12.62 Bn | 10.00 Bn | 40.81 Mn | 52.67 Mn |
| 9 | Chime Financial | 11.56 Bn | 7.35 Bn | 594.87 Mn | 573.55 Mn |
| 10 | Bakkt | 226.71 Mn | 5.57 Mn | 2.21 Mn | 189.76 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 189.76 Mn |
| Mar 31, 2026 | 260.52 Mn |
| Dec 31, 2025 | 390.19 Mn |
| Sep 30, 2025 | 427.47 Mn |
| Jun 30, 2025 | 584.22 Mn |
| Mar 31, 2025 | 1.08 Bn |
| Dec 31, 2024 | 1.80 Bn |
| Sep 30, 2024 | 341.47 Mn |
| Jun 30, 2024 | 531.92 Mn |
| Mar 31, 2024 | 886.42 Mn |
| Dec 31, 2023 | 168.21 Mn |
| Sep 30, 2023 | 257.63 Mn |
| Jun 30, 2023 | 398.72 Mn |
| Mar 31, 2023 | 58.67 Mn |
| Sep 30, 2022 | 1.61 Bn |
| Jun 30, 2022 | 57.59 Mn |
| Mar 31, 2022 | 61.02 Mn |
| Dec 31, 2021 | 86.03 Mn |
| Sep 30, 2021 | 39.00 Mn |
| Jun 30, 2021 | 39.81 Mn |
API Access
Bakkt Operating Expenses 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=operating-expenses&ticker=BKKT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=BKKT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();