DAVE earnings analysis
What we found in DAVE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q1 2026 revenue reached $158.4 million, up 47% from $107.9 million in Q1 2025.
- High EPS Surprise
- Diluted EPS for Q1 2026 came in at $4.39, a significant increase compared to $1.77 in Q1 2025.
- Strong Free Cash Flow
- Operating cash flow of $82.0 million represents a 81% growth from $45.2 million in the previous year.
- High Member Engagement
- Average monthly transacting Members increased by 18%, boosting revenue growth substantially.
- Substantial Share Repurchase
- The company repurchased $186.7 million of shares, supporting shareholder value amid strong cash generation.
- Significant Subscription Revenue Growth
- Subscription revenue surged 105% year-over-year, totaling $13.9 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Provision for Credit Losses
- Provision for credit losses increased 151% to $26.6 million due to growing ExtraCash volumes and higher delinquency rates.
- 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.
- Convertible Notes Liability
- The issuance of $200 million in convertible notes may pressure liquidity if conversions are triggered or if maturity obligations arise.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.39
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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