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Dave cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$81.4M in Q3 2026 · $325M over twelve months

Operating cash flow$81.4M
Capital spending$44K
Free cash flow+$81.4M
Cash / net income1.3×

Analysis

In Q3 2026, Dave generated $81.4M of operating cash flow and spent −$44K on capital projects, leaving free cash flow of $81.4M. That is $1.7M less than in Q3 2025 ($83.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $325M; the largest uses were buybacks ($224M), other investing ($34.2M), taxes on employees’ shares ($22.5M); besides operations, cash came from other financing ($175M), shares issued ($111K); the cash balance rose by $220M.

Operating cash flow was $81.4M against net income of $63.8M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$22.0M, accrued liabilities +$8.0M, prepaid and other assets −$6.6M.

Free cash flow

Dave: free cash flow by quarterDave: free cash flow by quarter$41.7MQ4 2024$45.2MQ1 2025$68.1MQ2 2025$83.2MQ3 2025$93.2MQ4 2025$82.0MQ1 2026$68.1MQ2 2026$81.4MQ3 2026
Operating cash flow less capital spending.
Dave: operating cash flow against capital spendingDave: operating cash flow against capital spendingOperating cash flowCapital spending$41.7M$50KQ4 2024$45.2M$37KQ1 2025$68.2M$127KQ2 2025$83.2M$62KQ3 2025$93.3M$91KQ4 2025$82.0M$19KQ1 2026$68.4M$232KQ2 2026$81.4M−$44KQ3 2026
Latest (Q3 2026): Operating cash flow $81.4M, Capital spending −$44K.

Capital allocation, year by year

Dave: where the cash came from (up) and went (down), by fiscal yearDave: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$541KFY2021: Net borrowing $11.1MFY2021: Shares issued $250MFY2021: Capital spending −$371K$261MFY2021FY2022: Operating cash flow −$44.9MFY2022: Net borrowing $100MFY2022: Shares issued $620KFY2022: Capital spending −$728KFY2022: Buybacks −$536K$101MFY2022FY2023: Operating cash flow $33.8MFY2023: Shares issued $34KFY2023: Capital spending −$688K$33.8MFY2023FY2024: Operating cash flow $125MFY2024: Net borrowing −$71.0MFY2024: Shares issued $1.3MFY2024: Capital spending −$262K$126MFY2024FY2025: Operating cash flow $290MFY2025: Shares issued $761KFY2025: Capital spending −$317KFY2025: Buybacks −$43.7M$291MFY2025
Over these 5 years operating cash flow totalled $403M; the largest uses were net borrowing ($71.0M) and operating cash flow ($45.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$313M
Debtnone
Net cash$313M

Dave funds itself: free cash flow was $325M over the last twelve months, with $313M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Dave: sources (+) and uses (−) of cash, Q3 2026Dave: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$81.4MCash drawn (+) / kept (−)−$60.3MTaxes on employees’ shares−$14.3MBuybacks−$6.0MOther investing−$969KOther financing$149KCapital spending$44KNet borrowing (+) / repaid (−)$1K
Dave: sources (+) and uses (−) of cash, TTM to Q3 2026Dave: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$325MBuybacks−$224MCash drawn (+) / kept (−)−$220MOther financing$175MOther investing−$34.2MTaxes on employees’ shares−$22.5MCapital spending−$298KShares issued$111K

From profit to cash

Dave: net income to operating cash flow, Q3 2026Dave: net income to operating cash flow, Q3 2026Net income$63.8MDepreciation & amortization$1.7MStock-based pay$22.0MDeferred taxes−$2.1MPayables−$990KAccrued liabilities$8.0MPrepaid and other assets−$6.6MOther liabilities$2.7MOperating cash flow$81.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$81.4M$44K−$6.0M$1K—−$60.3M$81.4M
Q2 2026$68.4M−$232K−$19.1M−$384K$37K−$76.3M$68.1M
Q1 2026$82.0M−$19K−$187M$193M$63K−$52.8M$82.0M
Q4 2025$93.3M−$91K−$11.8M—$11K−$30.6M$93.2M
Q3 2025$83.2M−$62K−$25.0M—$28K$11.8M$83.2M
Q2 2025$68.2M−$127K——$418K−$14.9M$68.1M
Q1 2025$45.2M−$37K−$6.9M—$304K$2.7M$45.2M
Q4 2024$41.7M−$50K——$373K−$14.8M$41.7M

Dave: income statement and cash flow

Dave, Q3 2026: revenue $198M (+31% year over year), operating margin 37.7%. The chart follows the revenue to costs, profit and cash.

Dave: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.