Dave (NASDAQ:DAVE) Releases Earnings Results, Beats Expectations By $0.68 EPS

Key Points

• Dave reported adjusted EPS of $4.12, beating expectations by $0.68, while quarterly revenue reached $170.79 million, slightly below analyst estimates. The company raised its FY 2026 EPS guidance to $17.00–$17.50.
• Q2 revenue grew 30% and adjusted EBITDA rose 48% to $76 million, supported by 32% year-over-year member growth to 951,000 and stable $19 customer-acquisition costs.
• ExtraCash originations increased 27% to $2.3 billion, while improved bank funding generated nearly $100 million in liquidity; management also repurchased 19 million shares. Analysts maintained a broadly positive view, with a consensus “Moderate Buy” rating.

Dave (NASDAQ:DAVE - Get Free Report) posted its quarterly earnings data on Wednesday. The fintech company reported $4.12 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.68, FiscalAI reports. The company had revenue of $170.79 million during the quarter, compared to analysts' expectations of $171.11 million. Dave had a return on equity of 77.70% and a net margin of 37.22%. Dave updated its FY 2026 guidance to 17.000-17.500 EPS.

Here are the key takeaways from Dave's conference call:

• Q2 revenue rose 30% to $171 million, while adjusted EBITDA increased 48% to $76 million, producing a 44% margin. Dave raised its full-year revenue, adjusted EBITDA, and adjusted diluted EPS guidance.
• Member additions accelerated to 951,000, up 32% year over year, while customer acquisition cost remained flat at $19. Management plans to increase second-half marketing investment as payback periods remain under four months.
• ExtraCash originations grew 27% to $2.3 billion, and average advance size reached a record $215. Expanded fee caps, higher limits, and the Cash AI V6 underwriting model are expected to drive further ARPU and gross-profit growth while keeping loss rates broadly stable.
• The Coastal Community Bank funding structure improved capital efficiency, generated nearly $100 million of balance-sheet liquidity, and shifted ExtraCash receivables from a cash use to a cash source. Dave ended the quarter with $254 million in cash, investments, and restricted cash and repurchased 19 million shares.
• Dave Flex is showing encouraging conversion, engagement, and complementary usage alongside ExtraCash, but management does not expect meaningful revenue from the product in 2026. The company also reported no update on its ongoing DOJ matter.

Dave Stock Up 0.2%

Shares of NASDAQ DAVE traded up $0.90 during trading hours on Wednesday, hitting $430.16. The company had a trading volume of 429,908 shares, compared to its average volume of 430,706. The stock has a market capitalization of $5.47 billion, a P/E ratio of 27.66 and a beta of 3.83. The company has a quick ratio of 3.86, a current ratio of 3.86 and a debt-to-equity ratio of 0.95. Dave has a 1-year low of $152.21 and a 1-year high of $458.25. The firm's 50 day moving average is $353.90 and its 200-day moving average is $259.45.

Insiders Place Their Bets

In other Dave news, Director Dan Preston sold 275 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $247.65, for a total value of $68,103.75. Following the completion of the sale, the director owned 5,466 shares in the company, valued at $1,353,654.90. This trade represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jason Wilk sold 8,474 shares of Dave stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $275.05, for a total transaction of $2,330,773.70. Following the completion of the transaction, the chief executive officer directly owned 299,950 shares of the company's stock, valued at approximately $82,501,247.50. This trade represents a 2.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 23.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Dave

Institutional investors and hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. grew its holdings in Dave by 819.3% during the third quarter. Ameriprise Financial Inc. now owns 209,008 shares of the fintech company's stock worth $41,666,000 after purchasing an additional 186,273 shares during the period. Wellington Management Group LLP raised its stake in Dave by 200.7% in the third quarter. Wellington Management Group LLP now owns 177,103 shares of the fintech company's stock valued at $35,305,000 after buying an additional 118,203 shares during the period. Renaissance Technologies LLC raised its stake in Dave by 29.2% in the fourth quarter. Renaissance Technologies LLC now owns 499,100 shares of the fintech company's stock valued at $110,506,000 after buying an additional 112,700 shares during the period. Invesco Ltd. raised its stake in Dave by 2,379.9% in the second quarter. Invesco Ltd. now owns 97,485 shares of the fintech company's stock valued at $26,166,000 after buying an additional 93,554 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in shares of Dave by 14,074.9% in the second quarter. BNP Paribas Financial Markets now owns 84,766 shares of the fintech company's stock valued at $22,752,000 after buying an additional 84,168 shares during the last quarter. 18.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DAVE has been the topic of several research reports. UBS Group boosted their target price on Dave from $300.00 to $470.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Lake Street Capital reissued a "buy" rating and issued a $332.00 price objective on shares of Dave in a research report on Wednesday, May 6th. Citizens Jmp increased their target price on shares of Dave from $365.00 to $450.00 and gave the stock a "market outperform" rating in a report on Thursday, July 9th. Citigroup reiterated an "outperform" rating on shares of Dave in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods raised their price objective on Dave from $340.00 to $485.00 and gave the company an "outperform" rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $379.40.

About Dave

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave's offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.

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