Dave Q4 Revenue Jumps 62% to $163.7M, Adjusted EBITDA Hits 45% Margin and Raises 2026 Guidance
Dave posted Q4 revenue of $163.7 million, up 62% year-over-year, with GAAP net income of $66 million and record Adjusted EBITDA of $72.3 million (45% margin). It guided 2026 revenue to $690–710 million and raised its share buyback authorization to $300 million.
1. Q4 Financial Performance
Dave generated $163.7 million in Q4 revenue, a 62% year-over-year increase and 9% sequential gain, delivering GAAP net income of $66 million versus $16.8 million last year. Adjusted EBITDA reached a record $72.3 million, a 45% margin reflecting 1,100 basis points of expansion, with revenue outperformance flowing through at an 86% rate.
2. Full-Year 2025 Outperformance
For full-year 2025, Dave recorded $554 million in revenue, up 60% year-over-year, and $226.7 million in Adjusted EBITDA at a 41% margin. These results surpassed original guidance of $415–435 million in revenue and $110–120 million in EBITDA, beating the midpoint by 30% on revenue and nearly doubling on EBITDA.
3. 2026 Outlook and Capital Return
Dave guided 2026 revenue to $690–710 million, Adjusted EBITDA of $290–305 million and Adjusted EPS of $14–15. It plans an off-balance-sheet funding structure to unlock over $200 million of liquidity and increased its share buyback authorization to $300 million.
4. Operational Drivers
Gross profit climbed 68% in Q4 to $121.9 million, with margins expanding due to lower credit loss provisions driven by CashAI v5.5. Member acquisition rose 13% to 867,000 new users at a $20 CAC, ARPU grew 36%, ExtraCash originations hit $2.2 billion and subscription revenue surged 92% with a $3 monthly fee.