Dave (DAVE) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 31% YoY to $197.7M; record new-member acquisition, MTM growth and ARPU expansion supported momentum.

• Adjusted EBITDA increased 39% to $81.5M, with a 41% margin; GAAP net income was $63.8M.

• FY26 revenue, Adjusted EBITDA and Adjusted diluted EPS guidance increased; September credit indicators improved after CashAI v6.0 rollout.

Financial highlights

• Revenue was $197.7M, up 31% YoY and 16% QoQ; service-based revenue was $186.4M and transaction-based revenue was $11.3M.

• Non-GAAP gross profit was $137.9M, up 33% YoY; gross margin was 70%, versus 69% a year ago and 72% in Q2.

• Adjusted net income was $60.3M, down 7% YoY; Adjusted diluted EPS was $4.39, down 1%. GAAP net income was $63.8M versus $92.1M a year ago.

• Operating expenses rose 43% to $149.7M, including $36.5M of credit-loss provision and $28.0M of advertising and activation expenses.

Outlook and guidance

• FY26 revenue guidance increased to $746M-$750M from $725M-$735M; Adjusted EBITDA guidance rose to $327M-$330M from $315M-$325M.

• FY26 Adjusted diluted EPS guidance increased to $17.45-$17.65 from $17.00-$17.50, assuming a 23% effective tax rate.

• Guidance midpoint implies Q4 revenue of $221M, up 35% YoY, and Adjusted EBITDA of $102M at a 46% margin; FY Adjusted EBITDA margin expansion is expected at ~300 bps.

• Q4 gross margin is expected above Q2 levels and the 28-day past-due rate below 2%; outlook reflects higher marketing investment and recalibrated provision assumptions.