Filing Flows › Dave (DAVE) › Q3 2025
Dave (DAVE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Dave (DAVE) reported revenue of $151M for the third quarter 2025 (Q3 2025), +63% from a year earlier and +14% from the quarter before. Operating margin was 38.8%, net earnings $92.1M (61.1% of revenue).
Dave, Q3 2025: revenue $151M (+63% year over year), operating margin 38.8%, net earnings $92.1M, operating cash flow $83.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $151M | +14% | +63% |
| Operating profit | $58.4M | +408% | 70× |
| Net earnings | $92.1M | +918% | 198× |
| Operating cash flow | $83.2M | +22% | +125% |
| Free cash flow | $83.2M | +22% | +125% |
What changed
Revenue was $150.7M in Q3 2025, up 63% year over year and up 14% from the previous quarter. Processing and Overdraft Service Fees Net was the largest line at 86% of revenue. Processing and Overdraft Service Fees Net added $70.5M year over year (up 120%), 121% of the total change. Other declined 18%.
Operating profit was $58.4M, a 38.8% margin (up 37.9 points year over year). Of the extra revenue versus a year earlier, 99% reached operating profit, above the 1% margin then. Total costs grew 1% against revenue growth of 63%. Net earnings were $92.1M, up 19658% year over year. The effective tax rate was -57.6%.
Operating cash flow was $83.2M (up 125% year over year), 90% of net earnings. Non-cash charges added back $1.9M of depreciation and amortization and $7.2M of share-based compensation. Working capital and other items used $17.9M. Capital expenditures of $62K left free cash flow of $83.2M.
Questions
What was Dave's revenue in the third quarter 2025?
Dave (DAVE) reported revenue of $151M for the third quarter 2025 (Q3 2025), +63% from a year earlier and +14% from the quarter before.
Was Dave profitable in the third quarter 2025?
Operating profit was $58.4M (38.8% of revenue) and net earnings $92.1M.
Source: Dave 10-Q on SEC EDGAR.