Dave (DAVE) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue of $554 million (up 60% YoY), adjusted EBITDA of $227 million (up 162% YoY), and net income of $195.9 million, all exceeding initial guidance.

• Member base expanded to 14.1 million, up 17% YoY, with monthly transacting members (MTMs) growing 19% to 2.93 million and strong engagement across products.

• ExtraCash originations reached $2.2 billion in 2025, up 50% YoY, with average ExtraCash size increasing 20% to $214.

• Strategic focus on efficient member acquisition, product innovation, and leveraging AI for underwriting and risk management.

• Share repurchase authorization increased from $125 million to $300 million, with $11.8 million repurchased in Q4.

Financial highlights

• Q4 2025 revenue was $163.7 million, up 62% YoY and 9% sequentially; full-year revenue reached $554.2 million, up 60%.

• Q4 gross profit was $121.9 million, up 68% YoY; full-year gross profit was $401.5 million, up 68%.

• Q4 gross margin was 74%, up 300 bps YoY and 500 bps sequentially; full-year gross margin was 72%, up 400 bps.

• Q4 GAAP net income was $66 million, up from $16.8 million in the prior year; FY net income was $195.9 million.

• ARPU expanded 36% YoY to $224; net monetization rate reached a record 4.8% in Q4.

Outlook and guidance

• FY 2026 revenue guidance: $690–$710 million, representing 25–28% YoY growth.

• FY 2026 adjusted EBITDA expected between $290–$305 million; adjusted EPS (diluted) $14.00–$15.00, assuming a 23% tax rate.

• Medium-term baseline growth algorithm targets mid-teens MTM and low double-digit ARPU growth.

• Gross margins expected in the low 70s% for 2026, up from prior guidance.

• Annual adjusted EBITDA margins expected to expand further.