Jun 2026 (Q2 FY26) — Aug 10, 2026
Bakkt Q2 FY26 — Strong GAAP Net Income and Accelerating Commercial Execution
Read the full callBakkt earnings: last reported Mon, 10 Aug 2026, for the quarter ended Jun 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 80.8 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Price
1Y: $45.04 on 14 Oct 2025 → $5.9. High $45.04 (14 Oct 2025), low $5.9 (15 Oct 2026).
Overview
Call summaries
Bakkt Q2 FY26 — Strong GAAP Net Income and Accelerating Commercial Execution
Read the full callEvery analysed call
Financials
Net profit, year on year: +649% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 328 | 1,797 | 1,075 | 578 | — | — | — | — |
| Operating profit | -25 | -12 | -15 | -16 | -25 | -91 | -17 | -20 |
| Operating margin | −7.7% | −0.7% | −1.4% | −2.8% | — | — | — | — |
| Profit before tax | -4 | -40 | 19 | -27 | -22 | -68 | -11 | 81 |
| Tax rate | 2.9% | −0.1% | 0.3% | −0.3% | 0.1% | 0.2% | −0.1% | 0.0% |
| Net profit | -3 | -19 | 8 | -15 | -15 | -85 | -12 | 81 |
| EPS ($ per share) | -0.45 | — | 1.18 | -2.16 | -1.15 | — | -0.41 | 1.96 |
| Line item | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Reserves | -113 | -676 | -751 | -798 | -905 |
| Total liabilities | 59 | 119 | 130 | 207 | 50 |
| Fixed assets | 20 | 20 | 0 | 2 | 2 |
| Investments | — | — | — | 0 | 0 |
| Total assets | 468 | 456 | 265 | 269 | 163 |
| Line item | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash from operations | -31 | -118 | -61 | -21 | -153 |
| Cash from investing | -8 | -172 | 66 | 14 | -38 |
| Cash from financing | 37 | -3 | -3 | 44 | 82 |
| Net cash flow | -1 | -293 | 3 | 35 | -109 |
| Capital expenditure | -21 | -31 | -9 | -3 | — |
| Free cash flow | -52 | -148 | -70 | -24 | — |
50 filings between Oct 30, 2025 and Sep 30, 2026.
Purchases
$9.13M
5 purchases by 1 insider
Sales
$355.8K
21 sales by 4 insiders
33% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Also filed: 2 conversions, 1 other.
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ALFRED MICHAEL | $9.13M | — | Aug 18, 2026 |
| D'Annunzio Marc | — | $207.9K | Sep 23, 2026 |
| Alexander Karen | — | $63.4K | Jul 15, 2026 |
| Baes Nicholas | — | $50.2K | Sep 23, 2026 |
| Henderson Joseph Sean-Walsh | — | $34.2K | Sep 23, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Baes Nicholas Chief Operating Officer | Award | 30,000 | $0 |
| Sep 30, 2026 | Naheta Akshay Sudhir Chief Executive Officer | Award | 243,454 | $0 |
| Sep 30, 2026 | D'Annunzio Marc General Counsel & Secretary | Award | 45,000 | $0 |
| Sep 30, 2026 | Henderson Joseph Sean-Walsh Chief Accounting Officer | Award | 20,000 | $0 |
| Sep 23, 2026 | D'Annunzio Marc General Counsel & Secretary | Sale | 1,272 | $11.0K |
| Sep 23, 2026 | Henderson Joseph Sean-Walsh Chief Accounting Officer | Sale | 282 | $2.4K |
| Sep 23, 2026 | Baes Nicholas Chief Operating Officer | Sale | 1,272 | $11.0K |
| Aug 18, 2026 | ALFRED MICHAEL Director | Purchase | 296,567 | $2.11M |
| Jul 15, 2026 | Henderson Joseph Sean-Walsh Chief Accounting Officer | Sale | 94 | $783 |
| Jul 15, 2026 | Alexander Karen Chief Financial Officer | Sale | 657 | $5.5K |
| Jul 15, 2026 | D'Annunzio Marc General Counsel & Secretary | Sale | 539 | $4.5K |
| Jun 26, 2026 | D'Annunzio Marc General Counsel & Secretary | Sale 10b5-1 plan | 1,357 | $10.5K |
| Jun 25, 2026 | Henderson Joseph Sean-Walsh Chief Accounting Officer | Sale | 349 | $2.8K |
| Jun 25, 2026 | D'Annunzio Marc General Counsel & Secretary | Sale 10b5-1 plan | 1,562 | $12.4K |
| Jun 25, 2026 | Baes Nicholas Chief Operating Officer | Sale | 1,562 | $12.4K |
| Jun 25, 2026 | Alexander Karen Chief Financial Officer | Sale | 1,907 | $15.1K |
| Jun 10, 2026 | ALFRED MICHAEL Director | Purchase | 100,000 | $783.0K |
| Jun 9, 2026 | ALFRED MICHAEL Director | Purchase | 180,000 | $1.39M |
| May 18, 2026 | ALFRED MICHAEL Director | Purchase | 220,000 | $1.80M |
| May 15, 2026 | D'Annunzio Marc General Counsel & Secretary | Option exercise | 1,677 | $16.8K |
| May 15, 2026 | Baes Nicholas Chief Operating Officer | Option exercise | 671 | $6.7K |
| May 15, 2026 | Alexander Karen Chief Financial Officer | Option exercise | 335 | $3.4K |
| May 15, 2026 | Naheta Akshay Sudhir Chief Executive Officer | Option exercise | 33,557 | $335.6K |
| May 15, 2026 | ALFRED MICHAEL Director | Purchase | 365,000 | $3.04M |
| Apr 30, 2026 | Naheta Akshay Sudhir CEO and President | Award | 7,927,831 | — |
| Apr 28, 2026 | Baes Nicholas Chief Operating Officer | Sale | 2,352 | $21.5K |
| Apr 28, 2026 | D'Annunzio Marc General Counsel & Secretary | Sale 10b5-1 plan | 3,991 | $34.3K |
| Apr 28, 2026 | D'Annunzio Marc General Counsel & Secretary | Sale 10b5-1 plan | 3,789 | $34.6K |
| Apr 28, 2026 | Alexander Karen Chief Financial Officer | Sale | 4,684 | $42.8K |
| Apr 6, 2026 | Baes Nicholas Chief Operating Officer | Sale | 711 | $5.4K |
| Mar 30, 2026 | D'Annunzio Marc General Counsel and Secretary | Sale 10b5-1 plan | 5,342 | $37.8K |
| Mar 27, 2026 | D'Annunzio Marc General Counsel and Secretary | Sale 10b5-1 plan | 6,422 | $54.9K |
| Feb 24, 2026 | D'Annunzio Marc General Counsel and Secretary | Sale 10b5-1 plan | 785 | $7.9K |
| Dec 19, 2025 | Henderson Joseph Sean-Walsh Chief Accounting Officer | Sale | 2,461 | $24.6K |
| Dec 3, 2025 | Intercontinental Exchange, Inc. 10% owner | Conversion | 465,890 | — |
| Nov 19, 2025 | ALFRED MICHAEL Director | Award | 9,000 | $0 |
| Nov 14, 2025 | Baes Nicholas Chief Operating Officer | Tax withheld | 198 | $4.3K |
| Nov 14, 2025 | Naheta Akshay Sudhir CEO and President | Option exercise | 803,861 | $0 |
| Nov 14, 2025 | D'Annunzio Marc General Counsel & Secretary | Tax withheld | 495 | $10.7K |
| Nov 14, 2025 | Alexander Karen Chief Financial Officer | Tax withheld | 121 | $2.6K |
| Nov 12, 2025 | D'Annunzio Marc General Counsel & Secretary | Option exercise | 1,677 | $16.8K |
| Nov 12, 2025 | Alexander Karen Chief Financial Officer | Option exercise | 335 | $3.4K |
| Nov 12, 2025 | Baes Nicholas Chief Operating Officer | Option exercise | 671 | $6.7K |
| Nov 12, 2025 | Naheta Akshay Sudhir CEO and President | Option exercise | 33,557 | $335.6K |
| Nov 12, 2025 | Henderson Joseph Sean-Walsh Chief Accounting Officer | Sale | 169 | $3.6K |
| Nov 3, 2025 | Intercontinental Exchange, Inc. 10% owner | Other | 649,934 | — |
| Nov 3, 2025 | Intercontinental Exchange, Inc. 10% owner | Conversion | 6,803,178 | — |
| Nov 3, 2025 | D'Annunzio Marc General Counsel & Secretary | Option exercise | 48,188 | — |
| Nov 3, 2025 | Naheta Akshay Sudhir CEO and President | Award | 69,733 | $2.74M |
| Oct 30, 2025 | ALFRED MICHAEL Director | Award | 139 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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