Revenue growth has accelerated to 36.7% year-over-year as of 2026Q1, though gross margins have contracted from a peak of 93.8% in 2024Q4 to 81.3% due to potential increases in credit-related costs.
| Sales/Revenue | 551.52M | 511.91M | 347.08M | 259.09M | 204.84M | 153.01M | 121.8M | 76.23M |
| Revenue Growth % | 44.59% | 47.49% | 33.96% | 26.49% | 33.87% | 25.63% | 59.78% | - |
| Cost of Goods Sold | 102.19M | 103.35M | 30.38M | 28.93M | 31.95M | 23.46M | 21.65M | 15.22M |
| COGS % of Revenue | - | 20.19% | 8.75% | 11.16% | 15.6% | 15.33% | 17.77% | 19.96% |
| Gross Profit | 449.33M | 408.56M | 316.7M | 230.17M | 172.89M | 129.55M | 100.15M | 61.01M |
| Gross Margin % | 81.47% | 79.81% | 91.25% | 88.84% | 84.4% | 84.67% | 82.23% | 80.04% |
| Gross Profit Growth % | - | 29% | 37.6% | 33.13% | 33.45% | 29.36% | 64.15% | - |
| Operating Expenses | 422.33M | 367.56M | 282.09M | 272.37M | 307.29M | 135.93M | 100.15M | 61.01M |
| OpEx % of Revenue | - | 71.8% | 81.28% | 105.12% | 150.01% | 88.84% | 82.23% | 80.04% |
| Selling, General & Admin | 130.16M | 0 | 151.93M | 143.3M | 172.47M | 101M | 60.23M | 32.18M |
| SG&A % of Revenue | - | - | 43.77% | 55.31% | 84.2% | 66.01% | 49.45% | 42.21% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 367.56M | 130.16M | 129.06M | 134.82M | 34.93M | 39.92M | 28.84M |
| Operating Income | 27M | 41M | 34.61M | -42.2M | -134.4M | -6.38M | 0 | 1.78M |
| Operating Margin % | 4.9% | 8.01% | 9.97% | -16.29% | -65.61% | -4.17% | - | 2.33% |
| Operating Income Growth % | - | 18.45% | 182.02% | 68.6% | -2007.52% | - | -100% | - |
| EBITDA | 32.59M | 48.13M | 42.29M | -36.66M | -127.26M | -3.32M | -5.08M | 2.58M |
| EBITDA Margin % | 5.91% | 9.4% | 12.19% | -14.15% | -62.13% | -2.17% | -4.17% | 3.39% |
| EBITDA Growth % | -54.64% | 13.8% | 215.38% | 71.2% | -3730.97% | 34.57% | -296.63% | - |
| D&A (Non-Cash Add-back) | 5.59M | 7.13M | 7.68M | 5.54M | 7.13M | 3.06M | 1.72M | 805K |
| EBIT | 160.35M | 175.07M | 68.34M | -36.62M | -119.78M | -17.35M | -6.79M | 2.18M |
| Net Interest Income | -4.12M | -5.45M | -5M | -6.48M | -6.24M | -2.26M | -964K | -423K |
| Interest Income | 341K | 1.6M | 2.98M | 5.29M | 2.95M | 287K | 409K | 429K |
| Interest Expense | 7.01M | 7.04M | 7.99M | 11.77M | 9.2M | 2.54M | 17K | 852K |
| Other Income/Expense | 177.32M | 127.03M | 25.74M | -6.2M | 5.42M | -13.52M | -6.81M | -445K |
| Pretax Income | 204.4M | 168.03M | 60.35M | -48.4M | -128.97M | -19.9M | -6.81M | 1.33M |
| Pretax Margin % | 37.06% | 32.82% | 17.39% | -18.68% | -62.96% | -13% | -5.59% | 1.75% |
| Income Tax | -20.65M | -27.84M | 2.48M | 120K | -67K | 97K | 145K | 545K |
| Effective Tax Rate % | -10.1% | -16.57% | 4.11% | -0.25% | 0.05% | -0.49% | -2.13% | 40.92% |
| Net Income | 225.05M | 195.87M | 57.87M | -48.52M | -128.91M | -19.99M | -6.96M | 787K |
| Net Margin % | 40.81% | 38.26% | 16.67% | -18.73% | -62.93% | -13.07% | -5.71% | 1.03% |
| Net Income Growth % | 329.14% | 238.44% | 219.28% | 62.36% | -544.76% | -187.38% | -983.99% | - |
| Net Income (Continuing) | 225.05M | 195.87M | 57.87M | -48.52M | -128.91M | -19.99M | -6.96M | 787K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 15.63 | 13.53 | 4.19 | -4.07 | -10.92 | -1.72 | -0.60 | 0.00 |
| EPS Growth % | 321.02% | 222.91% | 202.95% | 62.73% | -534.88% | -186.67% | - | - |
| EPS (Basic) | - | 14.65 | 4.62 | -4.07 | -10.92 | -1.72 | -0.60 | 0.00 |
| Diluted Shares Outstanding | 14.4M | 14.48M | 13.82M | 11.93M | 11.8M | 11.63M | 11.63M | 11.63M |
| Basic Shares Outstanding | 13.43M | 13.37M | 12.52M | 11.93M | 11.8M | 11.63M | 11.63M | 11.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Regulatory revenue model vulnerability
As reported in recent financial filings, Dave's quarterly revenue reached $147.6 million in 2026Q1, reflecting a sustained growth trajectory that has accelerated from 22.7% in 2023Q4 to 36.7% year-over-year, suggesting strong market penetration for its ExtraCash liquidity product despite increasing competition in the fintech space.
The consistent double-digit revenue expansion indicates that the company's user acquisition strategy is effectively scaling. However, investors should monitor whether this growth is driven by sustainable user base expansion or an increasing reliance on high-frequency transactional fees from existing cohorts.
Based on the provided income statement data, Dave's gross margin has experienced significant fluctuations, peaking at 93.8% in 2024Q4 before contracting to 81.3% in 2026Q1, which may indicate rising costs associated with credit provisioning or payment processing as the platform scales its transaction volume.
While the current gross margin remains high relative to traditional financial services, the recent compression suggests that the cost of delivering digital liquidity is not as fixed as previously assumed. This trend warrants further investigation into whether the company is facing higher default rates or increased variable costs per transaction.
According to the quarterly income statements, a persistent divergence exists between operating margins and net margins, with the latter reaching 39.3% in 2026Q1, suggesting that reported net income is significantly bolstered by non-operating gains or tax benefits rather than core operational efficiency alone.
The gap between operating income and net income implies that headline profitability metrics may overstate the company's underlying cash-generating capacity. Analysts should prioritize operating income as a more reliable indicator of the business's true performance, as non-recurring items are unlikely to provide a permanent earnings tailwind.
As indicated by the company's reliance on voluntary tips and express fees, Dave faces a material risk of regulatory reclassification, which could fundamentally invalidate its current revenue model if the CFPB or other bodies choose to categorize these transactional inflows as interest under existing lending regulations.
The reliance on discretionary payments creates a fragile revenue structure that may be vulnerable to sudden policy shifts. If these fees are forced into a more restrictive regulatory framework, the company's ability to maintain its current margin profile could be severely compromised, necessitating a pivot in its monetization strategy.
Quick answers to the most common questions about buying DAVE stock.
For fiscal year 2025, Dave Inc. (DAVE) reported total revenue of $511.9M. This represents a 571.6% increase compared to $76.2M in 2019.
Dave Inc. (DAVE) is profitable, generating $195.9M in net income for the fiscal year ending 2025 with a net profit margin of 38.3%.
Dave Inc. (DAVE) reported an operating income of $41.0M, resulting in an operating profit margin of 8.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Dave Inc. (DAVE) generated $408.6M in gross profit for the year, representing a gross profit margin of 79.8%. This demonstrates the company's core pricing power and production efficiency.