Dave (NASDAQ:DAVE) Issues Quarterly Earnings Results

Dave (NASDAQ:DAVE) posted its quarterly earnings results on Wednesday. The fintech company reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.68, FiscalAI reports. Dave had a net margin of 37.22% and a return on equity of 77.70%. The firm had revenue of $170.79 million for the quarter, compared to analyst estimates 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 Stock Performance

DAVE stock traded up $0.90 during mid-day trading on Wednesday, hitting $430.16. 429,908 shares of the company were exchanged, compared to its average volume of 430,706. Dave has a 1-year low of $152.21 and a 1-year high of $458.25. The stock has a market capitalization of $5.47 billion, a PE ratio of 27.66 and a beta of 3.83. The business has a 50 day simple moving average of $353.90 and a 200-day simple moving average of $259.45. The company has a current ratio of 3.86, a quick ratio of 3.86 and a debt-to-equity ratio of 0.95.

Key Headlines Impacting Dave

Here are the key news stories impacting Dave this week:

• Positive Sentiment: Q2 earnings significantly beat expectations: Dave reported adjusted earnings of $4.12 per share, up from $3.14 a year earlier and above consensus estimates ranging from $3.44 to $3.69. Dave Inc. Tops Q2 Earnings and Revenue Estimates
• Positive Sentiment: Strong operating momentum: Second-quarter revenue rose 30% year over year to $170.8 million, driven by growth in membership and transaction-related offerings and higher average revenue per user. Adjusted EBITDA increased 48% to $75.5 million, representing a 44% margin. ExtraCash originations grew 27% to $2.3 billion, while the 28-day delinquency rate improved 14 basis points to 2.12%. Dave Reports Second Quarter 2026 Financial Results
• Positive Sentiment: 2026 outlook was raised: Dave guided to full-year earnings of $17.00–$17.50 per share and revenue of $725 million–$735 million, both above analyst consensus of $16.36 EPS and $714.7 million revenue. The improved outlook signals management expects continued growth and profitability. Dave Financial Results and Guidance
• Neutral Sentiment: Reported net income was $6.7 million, but it included $36.9 million in non-cash warrant and earnout remeasurement charges, making adjusted profitability measures more informative for assessing ongoing operations. Dave Second Quarter Financial Results
• Negative Sentiment: DAVE’s valuation and elevated growth expectations remain risks. Ahead of earnings, analysts noted that spending investments and the stock’s premium valuation could limit upside if future growth or credit performance falls short. What Should Investors Do With DAVE Stock Ahead of Q2 Earnings?

Analyst Ratings Changes

Several brokerages recently issued reports on DAVE. Barrington Research raised their target price on shares of Dave from $290.00 to $310.00 and gave the company an “outperform” rating in a research note on Friday, June 12th. Citigroup restated an “outperform” rating on shares of Dave in a research note on Thursday, July 9th. Canaccord Genuity Group raised their price objective on Dave from $328.00 to $342.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Weiss Ratings upgraded Dave from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 17th. Finally, Freedom Capital raised Dave to a “hold” rating in a report on Thursday, July 30th. One 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, Dave has a consensus rating of “Moderate Buy” and an average price target of $379.40.

Insider Buying and Selling

In other Dave news, CEO Jason Wilk sold 8,474 shares of the 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 $82,501,247.50. This trade represents a 2.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dan Preston sold 275 shares of Dave stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $247.65, for a total value of $68,103.75. Following the sale, the director directly owned 5,466 shares of the company’s stock, valued at $1,353,654.90. This represents a 4.79% decrease in their position. The SEC filing for this sale provides additional information. 23.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dave

Hedge funds have recently bought and sold shares of the business. National Bank of Canada FI bought a new position in shares of Dave during the third quarter worth approximately $30,000. WealthCollab LLC bought a new position in Dave during the 2nd quarter worth $30,000. Kestra Advisory Services LLC acquired a new position in Dave in the 4th quarter valued at $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 stake in shares of Dave during the 4th quarter valued at $207,000. 18.01% of the stock is owned by institutional investors.

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.