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Sep 30, 2025
Dave Q3 2025 Earnings Report
Dave reported record Q3 2025 results with strong revenue, profitability, and ExtraCash originations growth.
Key Takeaways
Dave achieved $150.8 million in revenue and $92 million in net income during Q3 2025. The company saw accelerated ExtraCash growth, higher monetization, and strong operating leverage, contributing to record profitability. Adjusted EPS rose to $4.24, and free cash flow generation supported operations despite share repurchases.
Revenue reached a record $150.8 million, up 63% YoY.
Net income rose to $92 million; adjusted net income was $61.6 million.
ExtraCash originations exceeded $2 billion, growing 49% YoY.
Adjusted EPS increased to $4.24 from $1.51 in Q3 2024.
Revenue by Segment
Forward Guidance
Dave raised its FY2025 guidance, now expecting $544–$547 million in revenue and $215–$218 million in adjusted EBITDA, reflecting confidence in its profitable growth trajectory.
Positive Outlook
- FY25 revenue guidance raised to $544–$547 million.
- Adjusted EBITDA guidance raised to $215–$218 million.
- ExtraCash monetization net of losses reached record 4.8%.
- Adjusted EBITDA margin expanded by 1,200 bps to nearly 40%.
- CashAI v5.5 rollout improved originations and delinquency rates.
Challenges Ahead
- Cash position declined due to $25M share repurchase and higher ExtraCash receivables.
- 28-day delinquency rate rose to 2.33%.
- Decrease in compensation and benefits signals possible cost pressure.
- No increase in credit facility utilization may limit future liquidity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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