Dave (NASDAQ:DAVE) Releases Quarterly Earnings Results, Beats Estimates By $0.30 EPS

Dave (NASDAQ:DAVE) released its quarterly earnings results on Wednesday. The fintech company reported $4.39 earnings per share for the quarter, beating the consensus estimate of $4.09 by $0.30, FiscalAI reports. The company had revenue of $197.70 million for the quarter, compared to analyst estimates of $191.89 million. Dave had a return on equity of 60.98% and a net margin of 28.15%.

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

• Positive sentiment: Dave raised its full-year guidance for revenue to $746–$750 million, adjusted EBITDA to $327–$330 million, and adjusted diluted EPS to $17.45–$17.65. At the midpoint, management expects Q4 revenue growth to accelerate to about 35% and a 46% adjusted EBITDA margin.
• Neutral sentiment: Credit indicators improved after the full rollout of CashAI v6.0, with September’s 28-day past-due rate below 2% and average ExtraCash size reaching $225. However, Q3 credit-loss provision was $37 million and higher than forecast because earlier collections did not translate into as much reduction in ultimate losses as expected; management recalibrated its assumptions.
• Positive sentiment: Member acquisition reached a record 1.1 million new members, up 35% year over year, while marketing spend rose more than 50% and CAC increased 14%. Management said payback remained under four months, and annualized gross profit per monthly transacting member rose about $19 to $175.
• Positive sentiment: Dave Flex showed early traction, with better-than-expected acquisition costs and encouraging cross-adoption with ExtraCash; management said the products appear complementary rather than cannibalistic. Dave does not expect meaningful Flex revenue in 2026, but sees a more significant contribution in the second half of 2027.
• Positive sentiment: Dave expanded its Coastal Community Bank funding capacity from $225 million to $325 million and repaid the $75 million outstanding on its Victory Park facility. Management said the funding arrangement increases flexibility for growth and capital returns; $88 million remained under the share repurchase authorization.

Dave Trading Up 3.5%

Shares of DAVE traded up $9.55 during trading hours on Friday, reaching $284.89. 195,286 shares of the company traded hands, compared to its average volume of 506,690. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 22.91 and a beta of 4.07. Dave has a 12-month low of $152.21 and a 12-month high of $458.25. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average price is $349.87 and its 200 day moving average price is $288.70.

Key Headlines Impacting Dave

Here are the key news stories impacting Dave this week:

• Positive Sentiment: Dave reported Q3 revenue of about $198 million, up 31% year over year, and adjusted EBITDA of $82 million, up 39%. Credit performance improved, with the 28-day delinquency rate falling to 2.09%, and the company raised its 2026 revenue and profit outlook. Dave Q3 financial results
• Positive Sentiment: JPMorgan cut its price target to $435 from $480 but retained an “overweight” rating; the revised target still indicated substantial upside from the price cited in the report. JPMorgan price-target report
• Neutral Sentiment: Reported EPS was $4.39. Estimates differed: that beat MarketBeat’s cited consensus of $4.09 but missed Zacks’ $4.45 estimate, helping explain the mixed market reaction. Zacks earnings report
• Negative Sentiment: Shares came under pressure after the earnings release and fell below their 200-day moving average, a technical signal that may weigh on sentiment. Report on DAVE’s 200-day moving average
• Negative Sentiment: A law firm announced an investigation into possible securities-law violations following the November 4 disclosure. This is an inquiry, not a finding of wrongdoing, but it could create uncertainty and potential legal costs. Securities investigation announcement

Analyst Ratings Changes

DAVE has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of Dave from $480.00 to $435.00 and set an “overweight” rating for the company in a research note on Thursday. Citizens Jmp raised their target price on shares of Dave from $450.00 to $475.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Canaccord Genuity Group raised their target price on shares of Dave from $342.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. UBS Group reaffirmed a “buy” rating on shares of Dave in a research note on Thursday, October 1st. Finally, Piper Sandler assumed coverage on shares of Dave in a report on Monday, August 17th. They set an “overweight” rating and a $390.00 price target on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Dave presently has a consensus rating of “Moderate Buy” and a consensus target price of $429.50.

Dave Company Profile

Dave Inc is a financial technology company that operates a digital banking platform in the United States. The company’s mobile app is designed to help members manage everyday finances, access funds between paychecks and build financial flexibility.

Its primary offerings include ExtraCash, an advance product intended to provide eligible members with access to a portion of their expected income, and Dave Spending, a debit account and associated payment card. Dave also provides budgeting tools, automated savings features through Dave Goals, and Side Hustle resources that help members identify potential ways to earn additional income.

Dave was founded in 2016 by Jason Wilk, who serves as chief executive officer.