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Dec 31, 2025
Dave Q4 2025 Earnings Report
Dave reported record fourth quarter 2025 results with significant revenue growth and net income expansion.
Key Takeaways
Dave delivered a strong Q4 2025, with revenue increasing 62% year-over-year to $163.7 million and net income growing 292% to $66.0 million. The company saw significant improvements in unit economics, driven by its CashAI underwriting engine, which helped reduce delinquency rates while originations grew 50%. Dave also expanded its share repurchase authorization to $300 million.
Q4 revenue grew 62% year-over-year to $163.7 million, marking the third consecutive quarter of 60%+ growth.
Net income reached $66.0 million, a 292% increase compared to the prior year period.
Monthly Transacting Members (MTMs) increased 19% year-over-year to 2.93 million.
ExtraCash originations rose 50% to $2.2 billion while the 28-day past due rate improved to 1.89%.
Revenue by Segment
Forward Guidance
Dave established a positive outlook for 2026, projecting continued double-digit revenue growth and expanding margins.
Positive Outlook
- Projected 2026 revenue growth of 25% to 28%.
- Expected Adjusted EBITDA between $290 million and $305 million.
- Adjusted Diluted EPS guidance of $14.00 to $15.00.
- Increased share repurchase authorization to $300 million.
- Anticipated incremental liquidity from Coastal Community Bank arrangement.
Challenges Ahead
- Ongoing Department of Justice lawsuit against the company.
- Highly competitive industry environment.
- Potential impact of fluctuating interest rates and inflation.
- Reliance on two specific bank partners for operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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