Revenue scaling remains tethered to seasonal cycles, yet gross margins have contracted from a 41.6% peak in 2024Q1 to 30.3% in 2026Q1, indicating persistent cost-of-revenue pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Jul'09 | Jul'08 |
|---|
| Net Interest Income | -3.21M | -6.15M | -5.51M | 0 | -255K | -150K | -761K | 0 | 18.66M | 5.41M | -1.75M | -1.21M | 2.79M | 3.37M | 4M | 564K | 313K | 395K | 418K |
| NII Growth % | 158.07% | -11.73% | - | 100% | -70% | 80.29% | - | -100% | 245.14% | 407.98% | -45.4% | -143.29% | -17.22% | -15.76% | 608.87% | 80.19% | -20.76% | -5.5% | - |
| Net Interest Margin % | -0.05% | -0.1% | -0.1% | 0% | -0.01% | -0% | -0.02% | 0% | 0.82% | 0.25% | -0.1% | -0.07% | 0.17% | 0.38% | 0.55% | 0.13% | 0.11% | 0.22% | 0.43% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.7M | 11.24M | 7.37M | 4.74M | 4.06M | 3.44M | 4.07M | 910K | 365K | 396K | 665K |
| Interest Expense | 3.21M | 6.15M | 5.51M | 0 | 255K | 150K | 761K | 0 | 5.05M | 5.84M | 9.12M | 5.94M | 1.28M | 72K | 76K | 346K | 52K | 1K | 247K |
| Loan Loss Provision | 1.59B | 1.56B | 1.14B | 880.78M | 725.4M | 653.97M | 526.87M | 399.09M | 402.79M | 355.67M | 267.01M | 270.37M | 202.14M | 217.14M | 192.38M | 158.62M | 127.08M | -1K | -247K |
| Non-Interest Income | 2.18B | 2.08B | 1.72B | 1.5B | 1.45B | 1.43B | 1.25B | 1.11B | 1.04B | 889.88M | 718.77M | 694.7M | 601.55M | 573.62M | 546.28M | 467.4M | 363.89M | 234.42M | 167.46M |
| Non-Interest Income % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 97.78% | 98.75% | 98.99% | 99.32% | 99.33% | 99.4% | 99.26% | 99.81% | 99.9% | 99.83% | 99.6% |
| Total Revenue | 2.18B | 2.08B | 1.72B | 1.5B | 1.45B | 1.43B | 1.25B | 1.11B | 1.07B | 901.12M | 726.14M | 699.44M | 605.62M | 577.06M | 550.36M | 468.31M | 364.25M | 234.82M | 168.13M |
| Revenue Growth % | 76.88% | 20.69% | 14.82% | 3.57% | 1.14% | 14.31% | 13.09% | 4.04% | 18.25% | 24.1% | 3.82% | 15.49% | 4.95% | 4.85% | 17.52% | 28.57% | 55.12% | 39.67% | - |
| Non-Interest Expense | 557.74M | 454.94M | 581.75M | 597.88M | 629.54M | 712.6M | 696.06M | 586.59M | 527.33M | 430.32M | 386.69M | 363.79M | 343.21M | 310.71M | 285.77M | 225.89M | 167.8M | 171.15M | 138.95M |
| Efficiency Ratio | 25.61% | 21.87% | 33.75% | 39.82% | 43.43% | 49.72% | 55.52% | 52.91% | 49.49% | 47.75% | 53.25% | 52.01% | 56.67% | 53.84% | 51.92% | 48.24% | 46.07% | 72.89% | 82.65% |
| Operating Income | 24.42M | 55.21M | -1.67M | 22.67M | 94.38M | 66.47M | 30.07M | 122.92M | 130.41M | 109.3M | 63.32M | 59.33M | 58.99M | 49.13M | 72.14M | 83.45M | 69.32M | 63.67M | 29.18M |
| Operating Margin % | 1.12% | 2.65% | -0.1% | 1.51% | 6.51% | 4.64% | 2.4% | 11.09% | 12.24% | 12.13% | 8.72% | 8.48% | 9.74% | 8.51% | 13.11% | 17.82% | 19.03% | 27.11% | 17.35% |
| Operating Income Growth % | - | 3409.95% | -107.36% | -75.98% | 41.97% | 121.04% | -75.53% | -5.75% | 19.32% | 72.62% | 6.72% | 0.58% | 20.06% | -31.89% | -13.55% | 20.38% | 8.87% | 118.21% | - |
| Pretax Income | -63.29M | -97.27M | -22.54M | 14.63M | 83.92M | 63.7M | 28.09M | 121.08M | 123.82M | 103.46M | 61.56M | 58.12M | 68.91M | 52.5M | 76.14M | 84.01M | 69.63M | 64.06M | 29.6M |
| Pretax Margin % | -2.91% | -4.68% | -1.31% | 0.97% | 5.79% | 4.44% | 2.24% | 10.92% | 11.62% | 11.48% | 8.48% | 8.31% | 11.38% | 9.1% | 13.83% | 17.94% | 19.12% | 27.28% | 17.6% |
| Income Tax | 7.6M | 1.59M | 4.16M | 7.91M | 19.71M | 16.22M | 4.96M | 21.18M | 5.11M | 17.57M | 19.96M | 19.71M | 26.21M | 18.46M | 28.92M | 31.93M | 27.4M | 26.9M | 12.26M |
| Effective Tax Rate % | -12.01% | -1.64% | -18.47% | 54.06% | 23.49% | 25.46% | 17.67% | 17.5% | 4.13% | 16.98% | 32.42% | 33.91% | 38.04% | 35.16% | 37.98% | 38.01% | 39.35% | 41.99% | 41.43% |
| Net Income | -70.89M | -98.87M | -26.7M | 6.72M | 64.21M | 47.48M | 23.13M | 99.9M | 118.7M | 85.89M | 41.6M | 38.41M | 42.69M | 34.04M | 47.22M | 52.08M | 42.23M | 37.16M | 17.34M |
| Net Margin % | -3.25% | -4.75% | -1.55% | 0.45% | 4.43% | 3.31% | 1.84% | 9.01% | 11.14% | 9.53% | 5.73% | 5.49% | 7.05% | 5.9% | 8.58% | 11.12% | 11.59% | 15.83% | 10.31% |
| Net Income Growth % | -1148.21% | -270.26% | -497.23% | -89.53% | 35.24% | 105.27% | -76.85% | -15.84% | 38.21% | 106.46% | 8.29% | -10.02% | 25.42% | -27.91% | -9.34% | 23.33% | 13.64% | 114.38% | - |
| Net Income (Continuing) | -70.89M | -98.87M | -26.7M | 6.72M | 64.21M | 47.48M | 23.13M | 99.9M | 118.7M | 85.89M | 41.6M | 38.41M | 42.69M | 34.04M | 47.22M | 52.08M | 42.23M | 37.16M | 17.34M |
| EPS (Diluted) | -1.22 | -1.79 | -0.50 | 0.13 | 1.19 | 0.85 | 0.42 | 1.88 | 2.18 | 1.61 | 0.80 | 0.72 | 0.90 | 0.76 | 1.07 | 1.19 | 0.98 | 0.91 | 0.11 |
| EPS Growth % | -951.79% | -258% | -484.62% | -89.08% | 40% | 102.38% | -77.66% | -13.76% | 35.4% | 101.25% | 11.11% | -20% | 18.42% | -28.97% | -10.08% | 21.43% | 7.69% | 727.27% | - |
| EPS (Basic) | - | -1.79 | -0.50 | 0.13 | 1.20 | 0.87 | 0.43 | 1.91 | 2.27 | 1.70 | 0.82 | 0.73 | 0.92 | 0.78 | 1.10 | 1.24 | 1.06 | 2.87 | 0.28 |
| Diluted Shares Outstanding | 58.02M | 55.1M | 53.53M | 52.51M | 53.87M | 55.22M | 53.69M | 53.14M | 54.48M | 53.2M | 50.8M | 51.88M | 41.77M | 37.16M | 35.92M | 42.06M | 27.78M | 40.65M | 32.22M |
Regulatory and margin compression
As evidenced by the most recent quarterly filings, Green Dot achieved a revenue of $656.2M in 2026Q1, reflecting a significant expansion from the $366.0M reported in 2023Q4, though this growth remains heavily tethered to the cyclical nature of the company's tax processing and money movement segments.
The revenue trajectory suggests that while the company is successfully capturing higher transaction volumes, the top-line expansion is inherently lumpy due to its reliance on IRS refund cycles. Investors should monitor whether this growth is sustainable outside of peak seasonal windows or if it merely reflects a temporary surge in transactional activity.
According to the provided financial data, Green Dot's gross margin has fluctuated significantly, dropping from a peak of 41.6% in 2024Q1 to 30.3% in 2026Q1, indicating that the company's cost of revenue is increasingly consuming the benefits of its top-line growth.
This compression suggests that the company's reliance on retail partners for cash-in services may be becoming more expensive, or that the product mix is shifting toward lower-margin BaaS offerings. The inability to maintain historical gross margin levels warrants investigation into whether the company possesses sufficient pricing power to offset rising partner commissions.
Based on reported figures, Green Dot's operating income has struggled to scale consistently with revenue, as evidenced by the swing from a $70.9M operating profit in 2026Q1 to a $27.0M operating loss in 2025Q4, highlighting a lack of meaningful operating leverage in the current model.
The persistent volatility in operating margins suggests that fixed costs, likely related to ongoing platform migrations and regulatory compliance, are currently outpacing the company's ability to drive efficiency. Without a clear path to decoupling SG&A growth from revenue growth, the company may continue to face significant earnings pressure.
As reported in financial statements, the company's net income has exhibited extreme swings, ranging from a $53.8M profit in 2026Q1 to a $47.0M loss in 2025Q2, suggesting that non-operating items or significant restructuring charges are heavily distorting the underlying profitability of the core business.
The discrepancy between revenue growth and net profitability implies that investors should look past headline EPS to understand the impact of non-cash charges and platform migration costs. The current negative net margin in several periods warrants further investigation into whether these are truly transitory expenses or indicative of a structural profitability challenge.
Data from recent filings suggests that while Green Dot is growing its top line, the company's reliance on high-volume, low-margin partnerships may be creating a 'growth trap' where increased activity fails to translate into meaningful bottom-line expansion for shareholders over the long term.
Short-term revenue gains may be masking a fundamental deterioration in the quality of earnings, particularly if the BaaS segment continues to grow at the expense of higher-margin consumer services. Investors should be cautious of the assumption that current revenue growth will eventually lead to margin expansion without a fundamental change in the cost structure.
Quick answers to the most common questions about buying GDOT stock.
Green Dot Corporation (GDOT) reported a net loss of $98.9M for the fiscal year ending 2025.
Green Dot Corporation (GDOT) reported an operating income of $55.2M, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Green Dot Corporation (GDOT) generated $510.1M in gross profit for the year, representing a gross profit margin of 24.5%. This demonstrates the company's core pricing power and production efficiency.