Dave (NASDAQ:DAVE) Issues Earnings Results

Dave (NASDAQ:DAVE) announced its quarterly earnings results on Wednesday. The fintech company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.44 by ($2.95), Zacks reports. Dave had a net margin of 34.58% and a return on equity of 72.34%. The business had revenue of $170.79 million during the quarter, compared to analysts’ expectations of $171.11 million. 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 Trading Down 8.0%

Shares of DAVE traded down $29.28 during midday trading on Friday, hitting $335.98. The stock had a trading volume of 241,343 shares, compared to its average volume of 570,728. Dave has a fifty-two week low of $152.21 and a fifty-two week high of $458.25. The business has a 50-day simple moving average of $355.83 and a two-hundred day simple moving average of $260.65. The firm has a market cap of $4.27 billion, a P/E ratio of 21.79 and a beta of 3.83. The company has a current ratio of 3.86, a quick ratio of 3.86 and a debt-to-equity ratio of 0.95.

Analyst Ratings Changes

A number of analysts recently commented on the company. Citizens Jmp increased their price objective on Dave from $450.00 to $475.00 and gave the company a “market outperform” rating in a research note on Thursday. Benchmark increased their target price on Dave from $345.00 to $475.00 and gave the stock a “buy” rating in a research report on Wednesday, July 1st. Evercore began coverage on Dave in a research report on Wednesday, May 27th. They issued a “hold” rating and a $260.00 target price for the company. B. Riley Financial upped their price objective on shares of Dave from $370.00 to $449.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Lake Street Capital reissued a “buy” rating and set a $450.00 price objective on shares of Dave in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Dave currently has an average rating of “Moderate Buy” and an average target price of $412.90.

Insider Buying and Selling at Dave

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

Hedge Funds Weigh In On Dave

A number of institutional investors have recently modified their holdings of DAVE. WealthCollab LLC acquired a new position in Dave in the 2nd quarter valued at approximately $30,000. National Bank of Canada FI acquired a new position in shares of Dave during the third quarter worth approximately $30,000. Kestra Advisory Services LLC acquired a new stake in Dave in the fourth quarter worth about $36,000. Atlas Capital Advisors Inc. bought a new stake in shares of Dave during the 4th quarter valued at $84,000. Finally, Inspire Advisors LLC bought a new position in shares of Dave in the 4th quarter worth $207,000. Institutional investors own 18.01% of the company’s stock.

Dave News Roundup

Here are the key news stories impacting Dave this week:

• Positive Sentiment: Dave raised its full-year 2026 outlook to $725 million-$735 million in revenue and $17.00-$17.50 in adjusted diluted EPS, above analyst expectations of approximately $714.7 million and $16.36, respectively. The company plans to increase second-half marketing investment to support growth. Dave 2026 outlook article
• Positive Sentiment: Second-quarter revenue increased 30% year over year to $170.8 million, while adjusted EBITDA rose 48% to $75.5 million, representing a 44% margin. ExtraCash originations grew 27% to $2.3 billion, and the 28-day delinquency rate improved to 2.12%. Dave second-quarter results
• Positive Sentiment: Analysts raised their price targets following the results: Keefe, Bruyette & Woods increased its target to $490 and maintained an “outperform” rating; Citizens JMP raised its target to $475 with a “market outperform” rating; and B. Riley lifted its target to $449 and assigned a “buy” rating. KBW Dave price target Citizens JMP Dave forecast
• Neutral Sentiment: Management highlighted CashAI v6, higher ExtraCash limits, improved credit performance and increased marketing as key growth drivers. These investments could accelerate expansion but may also raise near-term operating costs. Dave earnings call highlights
• Negative Sentiment: Reported GAAP EPS was $0.49, below the $3.44 consensus cited by some data providers, and net income included $36.9 million in non-cash warrant and earnout remeasurement charges. Although adjusted EPS was reported at $4.12 by Zacks, the conflicting headline figures likely contributed to investor caution. Dave quarterly earnings article

Dave Company Profile

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.