Revenue grew 29.6% YoY to $170.8M in 2026Q2, but gross margin fell sharply to 72.4% from 86.9% in the prior quarter, while operating margin expanded to 30.6%.
Dave Inc. (DAVE) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 643.65M | 554.18M | 347.08M | 259.09M | 204.84M | 153.01M | 121.8M | 76.23M |
| Revenue Growth % | 48.63% | 59.67% | 33.96% | 26.49% | 33.87% | 25.63% | 59.78% | - |
| Cost of Goods Sold | 107.53M | 73.78M | 65.1M | 61.39M | 31.95M | 23.46M | 21.65M | 15.22M |
| COGS % of Revenue | - | 13.31% | 18.76% | 23.7% | 15.6% | 15.33% | 17.77% | 19.96% |
| Gross Profit | 536.13M | 480.4M | 281.98M | 197.7M | 172.89M | 129.55M | 100.15M | 61.01M |
| Gross Margin % | 83.29% | 86.69% | 81.24% | 76.3% | 84.4% | 84.67% | 82.23% | 80.04% |
| Gross Profit Growth % | - | 70.37% | 42.63% | 14.35% | 33.45% | 29.36% | 64.15% | - |
| Operating Expenses | 313.93M | 293.78M | 247.37M | 239.9M | 307.29M | 135.93M | 100.15M | 59.23M |
| OpEx % of Revenue | - | 53.01% | 71.27% | 92.59% | 150.01% | 88.84% | 82.23% | 77.71% |
| Selling, General & Admin | 201.59M | 169.34M | 159.21M | 149.97M | 172.47M | 101M | 60.23M | 32.18M |
| SG&A % of Revenue | - | 30.56% | 45.87% | 57.88% | 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 | 3M | 124.44M | 88.16M | 89.93M | 134.82M | 34.93M | 39.92M | 27.06M |
| Operating Income | 222.2M | 186.62M | 34.61M | -42.2M | -134.4M | -6.38M | 0 | 1.78M |
| Operating Margin % | 34.52% | 33.68% | 9.97% | -16.29% | -65.61% | -4.17% | - | 2.33% |
| Operating Income Growth % | - | 439.2% | 182.02% | 68.6% | -2007.52% | - | -100% | - |
| EBITDA | 229.85M | 193.75M | 42.29M | -36.66M | -127.26M | -3.32M | -5.08M | 2.58M |
| EBITDA Margin % | 35.71% | 34.96% | 12.19% | -14.15% | -62.13% | -2.17% | -4.17% | 3.39% |
| EBITDA Growth % | 114.59% | 358.13% | 215.38% | 71.2% | -3730.97% | 34.57% | -296.63% | - |
| D&A (Non-Cash Add-back) | 7.65M | 7.13M | 7.68M | 5.54M | 7.13M | 3.06M | 1.72M | 805K |
| EBIT | 287.17M | 175.07M | 68.34M | -36.62M | -119.78M | -17.35M | -6.79M | 2.18M |
| Net Interest Income | -4.53M | -5.45M | -5M | -6.48M | -6.24M | -2.26M | -964K | -423K |
| Interest Income | 2.73M | 1.6M | 2.98M | 5.29M | 2.95M | 287K | 409K | 429K |
| Interest Expense | 7.26M | 7.04M | 7.99M | 11.77M | 9.2M | 2.54M | 17K | 852K |
| Other Income/Expense | -14.72M | -18.6M | 25.74M | -6.2M | 5.42M | -13.52M | -6.81M | -445K |
| Pretax Income | 207.48M | 168.03M | 60.35M | -48.4M | -128.97M | -19.9M | -6.81M | 1.33M |
| Pretax Margin % | 32.24% | 30.32% | 17.39% | -18.68% | -62.96% | -13% | -5.59% | 1.75% |
| Income Tax | -15.15M | -27.84M | 2.48M | 120K | -67K | 97K | 145K | 545K |
| Effective Tax Rate % | -7.3% | -16.57% | 4.11% | -0.25% | 0.05% | -0.49% | -2.13% | 40.92% |
| Net Income | 222.64M | 195.87M | 57.87M | -48.52M | -128.91M | -19.99M | -6.96M | 787K |
| Net Margin % | 34.59% | 35.34% | 16.67% | -18.73% | -62.93% | -13.07% | -5.71% | 1.03% |
| Net Income Growth % | 303.88% | 238.44% | 219.28% | 62.36% | -544.76% | -187.38% | -983.99% | - |
| Net Income (Continuing) | 222.64M | 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) | 16.27 | 13.53 | 4.19 | -4.07 | -10.92 | -1.72 | -0.60 | 0.00 |
| EPS Growth % | 301.21% | 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 | 13.68M | 14.48M | 13.82M | 11.93M | 11.8M | 11.63M | 11.63M | 11.63M |
| Basic Shares Outstanding | 12.72M | 13.37M | 12.52M | 11.93M | 11.8M | 11.63M | 11.63M | 11.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DAVE stock.
For fiscal year 2025, Dave Inc. (DAVE) reported total revenue of $554.2M. This represents a 627.0% 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 35.3%.
Dave Inc. (DAVE) reported an operating income of $186.6M, resulting in an operating profit margin of 33.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Dave Inc. (DAVE) generated $480.4M in gross profit for the year, representing a gross profit margin of 86.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory risk on tipping model
Metrics are mathematically derived from official filings.
Sustained High-Growth Trajectory
Revenue grew 29.6% YoY in 2026Q2, marking the ninth consecutive quarter of at least 30% growth, according to recent financial disclosures, with Q2 revenue reaching $170.8M.
The growth rate, while still robust, has decelerated from the 62-64% levels seen in late 2025, suggesting a natural maturation as the base expands. The sequential increase from $158.4M in 2026Q1 to $170.8M in 2026Q2 indicates continued demand for ExtraCash and related services, though the pace may moderate further as the company scales.
Gross Margin Volatility Signals Credit Risk
Gross margin dropped sharply to 72.4% in 2026Q2 from 86.9% in the prior quarter, as reported in the latest income statement, likely reflecting higher provision for unrecoverable advances.
The 14.5 percentage point decline in gross margin is a significant red flag, as it suggests a deterioration in credit performance or a change in product mix. This volatility underscores the sensitivity of the business model to default rates, and investors should monitor whether this is a one-time spike or the beginning of a trend. The elevated COGS in Q2 may also indicate increased payment processing costs or promotional activity.
Operating Leverage Emerges but Faces Headwinds
Operating margin expanded to 30.6% in 2026Q2 from 20.8% a year earlier, as per the quarterly data, demonstrating significant operating leverage despite the gross margin compression.
SG&A as a percentage of revenue fell to 41.9% in 2026Q2 from 39.5% in 2025Q2, indicating that overhead costs are growing slower than revenue. However, the sequential decline in operating income from $59.6M in 2026Q1 to $52.2M in 2026Q2, coupled with the gross margin drop, suggests that the operating leverage may be fragile if credit costs continue to rise.
Net Income Volatility Raises Quality Concerns
Net margin swung from 36.6% in 2026Q1 to 3.9% in 2026Q2, as reported in the latest financials, with EPS falling 21% YoY to $0.49, highlighting the impact of non-operating items.
The extreme volatility in net income, with quarters like 2025Q3 showing a 61.1% net margin and others like 2026Q2 showing 3.9%, suggests that reported earnings are heavily influenced by one-time tax benefits or other non-recurring items. The recent alignment of net and operating margins in the latest quarter may indicate a normalization, but the historical pattern warrants caution when using net income as a gauge of core profitability.
COGS Spike and SBC Overhang
COGS surged to $47.1M in 2026Q2 from $20.7M in the prior quarter, as per the income statement, while stock-based compensation remained elevated at $16.3M, representing 9.5% of revenue.
The doubling of COGS quarter-over-quarter is the primary driver of the gross margin compression, and it may reflect higher provisions for loan losses or increased transaction costs. SBC, though down from its peak of $13.4M in 2024Q3, still consumes a significant portion of revenue, diluting shareholders and reducing reported earnings quality. Investors should monitor whether SBC declines as a percentage of revenue as the company matures.
Regulatory and Credit Risks Could Undermine Growth
The reliance on 'tips' and 'express fees' for revenue, as noted in company disclosures, exposes Dave to potential regulatory reclassification, which could fundamentally alter its revenue model.
If regulators classify tips as finance charges, the company could face significant compliance costs and margin compression. Additionally, the recent gross margin volatility suggests that credit losses are a growing concern; a sustained increase in default rates could erode the high incremental margins on ExtraCash advances. The market may be overestimating the durability of the growth if these risks materialize.