Filing Flows › Dave (DAVE) › Q4 2025
Dave (DAVE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Dave (DAVE) reported revenue of $164M for the fourth quarter 2025 (Q4 2025), +62% from a year earlier and +9% from the quarter before. Operating margin was 39.2%, net earnings $65.9M (40.3% of revenue).
Dave, Q4 2025: revenue $164M (+62% year over year), operating margin 39.2%, net earnings $65.9M, operating cash flow $93.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $164M | +9% | +62% |
| Operating profit | $64.2M | +10% | +267% |
| Net earnings | $65.9M | -28% | +292% |
| Operating cash flow | $93.3M | +12% | +124% |
| Free cash flow | $93.2M | +12% | +124% |
What changed
Revenue was $163.7M in Q4 2025, up 62% year over year and up 9% from the previous quarter. Processing and Overdraft Service Fees Net was the largest line at 86% of revenue.
Operating profit was $64.2M, a 39.2% margin (up 21.9 points year over year). Of the extra revenue versus a year earlier, 74% reached operating profit, above the 17% margin then. Total costs grew 19% against revenue growth of 62%. Net earnings were $65.9M, up 292% year over year. The effective tax rate was -2.7%.
Operating cash flow was $93.3M (up 124% year over year), 141% of net earnings. Non-cash charges added back $2.1M of depreciation and amortization and $6.9M of share-based compensation. Working capital and other items added $18.4M. Capital expenditures of $91K left free cash flow of $93.2M.
Questions
What was Dave's revenue in the fourth quarter 2025?
Dave (DAVE) reported revenue of $164M for the fourth quarter 2025 (Q4 2025), +62% from a year earlier and +9% from the quarter before.
Was Dave profitable in the fourth quarter 2025?
Operating profit was $64.2M (39.2% of revenue) and net earnings $65.9M.
Source: Dave 10-K on SEC EDGAR.