10-K · March 2, 2026
Dave Inc. delivered strong financial growth in 2025, reflecting robust demand for its neobanking services. The company reported a 60% increase in revenue year-over-year, driven by increased ExtraCash originations and a…
Earnings analysis · 10-Q
DAVE earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Dave Inc. delivered robust Q1 2026 results with revenues of $158.4 million, a 47% increase year-over-year, and an impressive EPS of $4.39, reflecting significant growth driven by a surge in transaction volume and active…
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Dave Inc. delivered robust Q1 2026 results with revenues of $158.4 million, a 47% increase year-over-year, and an impressive EPS of $4.39, reflecting significant growth driven by a surge in transaction volume and active members. The company reported strong operational cash flow of $82.0 million and made substantial share repurchases totaling $186.7 million during the quarter, while also increasing its provision for credit losses to $26.6 million due to rising ExtraCash origination volumes and member activity.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.39
What stood out
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Strong Revenue Growth
Q1 2026 revenue reached $158.4 million, up 47% from $107.9 million in Q1 2025.
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High EPS Surprise
Diluted EPS for Q1 2026 came in at $4.39, a significant increase compared to $1.77 in Q1 2025.
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Strong Free Cash Flow
Operating cash flow of $82.0 million represents a 81% growth from $45.2 million in the previous year.
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High Member Engagement
Average monthly transacting Members increased by 18%, boosting revenue growth substantially.
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Substantial Share Repurchase
The company repurchased $186.7 million of shares, supporting shareholder value amid strong cash generation.
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Significant Subscription Revenue Growth
Subscription revenue surged 105% year-over-year, totaling $13.9 million.
What to watch
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Increased Provision for Credit Losses
Provision for credit losses increased 151% to $26.6 million due to growing ExtraCash volumes and higher delinquency rates.
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Dependence on External Factors
The company faces risks from economic fluctuations affecting members' repayment capacity, as well as potential increased interest rates impacting their funding costs.
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Convertible Notes Liability
The issuance of $200 million in convertible notes may pressure liquidity if conversions are triggered or if maturity obligations arise.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 4, 2025
Dave Inc. reported a strong third quarter for 2025, with revenues of $151 million, a 64% increase year-over-year, significantly surpassing estimates. The company reflected impressive earnings growth with EPS reaching…
10-Q · August 6, 2025
Dave Inc. reported strong growth in revenue and earnings for Q2 2025, outperforming expectations with actual EPS of 3.14 compared to the estimated 1.65. Total revenue rose to $132 million, reflecting a 65% increase…
10-Q · May 8, 2025
Dave Inc. reported strong first-quarter results for 2025, significantly surpassing both revenue and EPS estimates, with revenues of $108 million and EPS of $2.48, compared to $75 million and $2.6 in the same period last…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.