Dave (DAVE) FY2025 results: revenue $554 million, up 59.7% on the year
Dave Inc. (DAVE) reported revenue of $554 million for fiscal 2025, the year ended 31 December 2025, up 59.7% on the year before. Net income was $196 million, up 238.4%, and diluted earnings per share $13.53. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 4 new.
- Revenue rose 62% in Q4: Fourth-quarter revenue was $163.7 million, up from $100.9 million a year earlier; full-year revenue was $554.2 million.
- Adjusted EBITDA rose 118%: Adjusted EBITDA was $72.9 million in the fourth quarter and $226.7 million for 2025, per the company.
- ARPU rose 36% year over year: ARPU rose 36% year over year and monthly transacting members grew 19%, per the CEO.
- ExtraCash originations rose 50%: Originations reached $2.2 billion, and the net monetization rate after losses hit a record 4.8%, up 29 basis points.
- Past-due rate fell despite growth: The CashAI v5.5 underwriting engine lowered the 28-day past due rate significantly while originations grew 50%.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 554 | 347 | 259 | +59.7% | |
| Operating income | 187 | 34.6 | -42.2 | +439.2% | |
| Operating margin | 33.7% | 10.0% | -16.3% | ||
| Interest expense | 7.0 | 8.0 | 11.8 | -11.8% | |
| Pre-tax income | 168 | 60.4 | -48.4 | +178.4% | |
| Income tax | -27.8 | 2.5 | 0.1 | ||
| Effective tax rate | -16.6% | 4.1% | n/a | ||
| Net income | 196 | 57.9 | -48.5 | +238.4% | |
| Net margin | 35.3% | 16.7% | -18.7% | ||
| Diluted EPS | $13.53 | $4.19 | -$4.07 | +222.9% |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 290 | 125 | 33.8 | +131.8% | |
| Capital expenditure | 0.3 | 0.3 | 0.7 | +21.0% | |
| Free cash flow | 290 | 125 | 33.1 | +132.0% | |
| Free cash flow margin | 52.3% | 36.0% | 12.8% | ||
| Cash from investing | -203 | -45.8 | -14.4 | ||
| Cash from financing | -56.3 | -71.0 | 0.0 | ||
| Depreciation and amortisation | 7.1 | 7.7 | 5.5 | -7.2% | |
| Share-based compensation | 29.9 | 37.3 | 26.7 | -19.8% | |
| Buybacks | 43.7 | 0.0 | 0.0 | ||
| Diluted shares, weighted | 14m | 14m | 12m | +4.8% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 353 | 183 | 87.1 | +92.6% | |
| Debt | 0.0 | 75.0 | 75.0 | ||
| Operating lease liabilities | 0.1 | 0.2 | 0.5 | -30.9% | |
| Other liabilities | 135 | 41.0 | 131 | +228.0% | |
| Total liabilities and equity | 487 | 299 | 294 | +62.8% | |
| Fixed assets | 0.5 | 0.7 | 1.1 | -32.7% | |
| Intangible assets | 13.7 | 13.6 | 13.2 | +0.2% | |
| Investments | 0.0 | 0.3 | 1.3 | ||
| Loans | n/a | n/a | 113 | ||
| Cash and equivalents | 80.5 | 49.7 | 41.8 | +62.0% | |
| Other assets | 393 | 235 | 124 | +67.1% | |
| Total assets | 487 | 299 | 294 | +62.8% |
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.