Revenue growth is accelerating, with total revenue rising from $407.1M in 2024Q2 to $595.9M in 2026Q2, but net margins remain negative due to provision expenses that reached $475.9M, overshadowing the efficiency ratio improvement to 19.0%.
Green Dot Corporation (GDOT) annual income statement — 18-year revenue, gross profit & net income history
| 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 | -3.16M | -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 % | 189.36% | -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 | 3.16M | 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 | 1.71B | 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 | 2.27B | 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 % | 100.14% | 100.3% | 100.32% | 100% | 100.02% | 100.01% | 100.06% | 100% | 98.24% | 99.4% | 100.24% | 100.17% | 99.54% | 99.42% | 99.27% | 99.88% | 99.91% | 99.83% | 99.75% |
| Total Net Revenue | 2.27B | 2.07B | 1.72B | 1.5B | 1.45B | 1.43B | 1.25B | 1.11B | 1.06B | 895.28M | 717.02M | 693.49M | 604.34M | 576.99M | 550.28M | 467.96M | 364.2M | 234.81M | 167.88M |
| Revenue Growth % | 17.92% | 20.72% | 14.46% | 3.59% | 1.13% | 14.37% | 13.03% | 4.53% | 18.46% | 24.86% | 3.39% | 14.75% | 4.74% | 4.85% | 17.59% | 28.49% | 55.1% | 39.87% | - |
| Non-Interest Expense | 539.13M | 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 | 23.79% | 21.93% | 33.85% | 39.82% | 43.44% | 49.73% | 55.55% | 52.91% | 49.72% | 48.07% | 53.93% | 52.46% | 56.79% | 53.85% | 51.93% | 48.27% | 46.07% | 72.89% | 82.77% |
| Operating Income | 15.94M | 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 % | 0.7% | 2.66% | -0.1% | 1.51% | 6.51% | 4.64% | 2.4% | 11.09% | 12.3% | 12.21% | 8.83% | 8.56% | 9.76% | 8.52% | 13.11% | 17.83% | 19.03% | 27.11% | 17.38% |
| 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 | -2.72M | -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 % | -0.12% | -4.69% | -1.31% | 0.97% | 5.79% | 4.45% | 2.24% | 10.92% | 11.68% | 11.56% | 8.59% | 8.38% | 11.4% | 9.1% | 13.84% | 17.95% | 19.12% | 27.28% | 17.63% |
| Income Tax | 23.23M | 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 % | -853.97% | -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 | -25.95M | -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 % | -1.14% | -4.77% | -1.55% | 0.45% | 4.43% | 3.31% | 1.85% | 9.01% | 11.19% | 9.59% | 5.8% | 5.54% | 7.06% | 5.9% | 8.58% | 11.13% | 11.6% | 15.83% | 10.33% |
| Net Income Growth % | -8.17% | -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) | -25.95M | -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) | -0.45 | -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 % | -16.37% | -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 | 58.04M | 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 |
Quick answers to the most common questions about buying GDOT stock.
For fiscal year 2025, Green Dot Corporation (GDOT) reported total revenue of $2.07B. This represents a 1135.6% increase compared to $167.9M in 2008.
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.
Key Metrics
Top Statement Risk
Persistent negative net margins
Metrics are mathematically derived from official filings.
NII Negligible as Fee Model Dominates
Net interest income is consistently negative or zero across all reported quarters, with total revenue almost entirely derived from non-interest income, according to the income statement data.
The bank's earnings model is not reliant on interest spreads; instead, interchange and transaction fees drive essentially all revenue. This suggests that rate cycles have minimal direct impact on the top line, and the focus should remain on fee-generating volumes and partner economics. The negative NII, though small, indicates a slight funding cost drag that is immaterial to overall profitability.
Fee-Based Model Yields No NIM
Net interest margin is effectively zero or negative in every quarter, reflecting a business model where interest income is negligible, as reported in the quarterly income statement data.
With NIM at -0.0% and fee income at 100% of revenue, traditional bank margin analysis is irrelevant. The company's profitability hinges on the spread between interchange and partner commissions, not on asset yields. Investors should monitor the efficiency ratio, which has improved from 39.4% in 2024Q1 to 19.0% in 2026Q2, suggesting better cost control despite revenue volatility.
Efficiency Gains Mask Underlying Losses
The efficiency ratio improved from 39.4% in 2024Q1 to 19.0% in 2026Q2, yet net income remains negative in most quarters, indicating that cost cuts are not translating to profitability, based on reported figures.
While the efficiency ratio appears strong, it is calculated against total revenue that is heavily weighted toward pass-through fees. The persistent net losses, despite improving efficiency, suggest that non-operating items or provision expenses are absorbing the gains. The provision for loan losses has surged from $262.5M in 2024Q1 to $475.9M in 2026Q2, which may indicate deteriorating credit quality or a change in reserve methodology that warrants deeper investigation.
Provision Spike Pressures Earnings
Provision for loan losses nearly doubled from $262.5M in 2024Q1 to $475.9M in 2026Q2, outpacing revenue growth and contributing to negative net income, as per the income statement data.
The provision expense is the single largest cost line, exceeding operating income in most quarters. This suggests that credit losses or reserve builds are a primary driver of the bottom-line weakness. The increase may reflect a more conservative stance or actual deterioration in the loan portfolio, but the lack of detail on charge-offs makes it difficult to assess the quality of the provision. Investors should monitor whether this trend stabilizes or continues to escalate.
Fee Income Sole Revenue Engine
Non-interest income constitutes 100% of total revenue across all ten quarters, with no meaningful contribution from net interest income, according to the income statement data.
The reliance on fee income, primarily from interchange and cash-loading services, makes the business highly sensitive to transaction volumes and partner relationships. The 20.7% year-over-year revenue growth in 2026Q2 suggests strong volume expansion, but the negative net margin indicates that the cost of generating those fees is high. The concentration in fee-based revenue also exposes the company to regulatory risks around fee caps or interchange limits, which could materially impact the top line.
2026Q2 Marks Profitability Inflection
Despite a $475.9M provision, 2026Q2 saw operating income turn positive at $4.9M, a sharp improvement from the -$27.0M in 2025Q4, based on the quarterly income statement data.
The sequential improvement from a $32.8M operating loss in 2025Q3 to a $4.9M gain in 2026Q2 suggests that cost-saving measures or revenue mix shifts are beginning to take effect. However, net income remains negative due to tax or other items, indicating that the operating turnaround has not yet reached the bottom line. This quarter may represent a turning point if the trend continues, but the high provision expense remains a significant overhang.
Earnings Quality Questioned by Provision
The massive provision expense, which exceeds operating income in most quarters, raises questions about the sustainability of reported earnings, as per the income statement data.
If the provision is primarily for loan losses, the bank may be facing credit deterioration that could worsen. Alternatively, if it includes non-cash charges or reserve builds, the underlying cash earnings may be stronger than reported. The negative net margin of -4.75% and ROE of -11.2% suggest that the market is pricing in continued weakness. Investors should scrutinize the composition of the provision and whether it reflects actual losses or conservative reserving, as this will determine the true earnings power.