Green Dot (GDOT) Q4 2025 earnings summary

Executive summary

• Non-GAAP revenue for Q4 2025 increased 15% year-over-year to $520M, led by strong B2B segment growth.

• Achieved first year of adjusted EBITDA growth since 2022, driven by embedded finance momentum and operational improvements.

• Entered agreements to be acquired by Smith Ventures and CommerceOne, separating FinTech and bank operations.

• Adjusted EBITDA declined 68% year-over-year to $14M in Q4, reflecting challenging prior-year comparisons and non-recurring benefits in Q4 2024.

• Non-GAAP EPS was $(0.08) in Q4, down from $0.40 in Q4 2024, due to reduced earnings and higher bonus accruals.

Financial highlights

• Total operating revenues for 2025 were $2.08B, up 21% year-over-year; Q4 revenues were $522.6M, up 15%.

• GAAP net loss for 2025 was $(98.9)M, compared to $(26.7)M in 2024; Q4 net loss was $(46.8)M.

• Adjusted EBITDA for 2025 was $173.6M, up 5% year-over-year; Q4 adjusted EBITDA was $14.0M, down 68%.

• B2B Services revenue grew 24% to $385.6M; Consumer Services revenue fell 18% to $87.6M; Money Movement revenue rose 16% to $34.4M.

• Cash at holding company was approximately $60M as of December 31, 2025.

Outlook and guidance

• No 2026 guidance issued due to pending acquisition and separation transactions.

• Profitability in the Money Movement segment is expected to improve as the tax season progresses.

• Management expects continued growth in embedded finance and B2B Services pipeline.

• Investments in new features and user experience in the Direct channel are anticipated to support customer acquisition and retention in 2026.

• Launches of new partners in B2B and Money Movement segments are expected to drive future growth.