DAVE

MKT CAP:$4B

Dave Inc.

Market Cap

$4B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$283.00+$63.52 (+28.94%)

Apr 23, 2026

Company Details

Dave Inc. provides a suite of financial products and services through its financial service online platform. The company offers Insights, a personal financial management tool to manage income and expenses between paychecks for members; Extr...

CEO

Jason Wilk

IPO Date

Apr 26, 2021

Website

dave.com

Key Metrics TTM

Revenue

$512M

+47.5% YoY

Net Income

$196M

EPS (Diluted)

$13.50

Free Cash Flow

$288M

Revenue / Share

$35.44

Gross Margin

79.8%

Operating Margin

8.0%

Net Margin

38.3%

FCF Margin

56.3%

P/S

7.2x

P/E

18.7x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 2, 2026

$512M+47.5%EPS $13.53

Q4 2025

Mar 2, 2026

$121M+20.4%EPS $4.57

Q3 2025

Nov 4, 2025

$151M+63.0%EPS $6.34

Q2 2025

Aug 6, 2025

$132M+64.5%EPS $0.62

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$41M	$27M	$7M
Q2 22	$46M	-$923.0K	-$53M
Q3 22	$57M	$23M	-$38M
Q4 22	$60M	$29M	-$20M
Q1 23	$59M	$27M	-$12M
Q2 23	$61M	$30M	-$21M
Q3 23	$66M	$59M	$0
Q4 23	$73M	$66M	$2M
Q1 24	$74M	$66M	$5M
Q2 24	$80M	$72M	$6M
Q3 24	$92M	$84M	$3M
Q4 24	$101M	$95M	$21M
Q1 25	$108M	$101M	$35M
Q2 25	$132M	$114M	$41M
Q3 25	$151M	$109M	$46M
Q4 25	$121M	$84M	-$81M

Valuation

Quarter	P/S	P/E
Q4 21	24.0x	—
Q2 22	22.3x	—
Q3 22	19.9x	—
Q4 22	18.0x	—
Q1 23	16.6x	—
Q2 23	15.5x	—
Q3 23	14.9x	—
Q4 23	14.1x	—
Q1 24	13.4x	—
Q2 24	12.5x	127.6x
Q3 24	11.5x	88.8x
Q4 24	10.6x	63.3x
Q1 25	9.6x	69.9x
Q2 25	8.5x	66.5x
Q3 25	7.5x	25.0x
Q4 25	7.2x	18.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$22M	$19M
Q2 22	-$14M	-$16M
Q3 22	-$14M	-$17M
Q4 22	-$4M	-$6M
Q1 23	-$7M	-$9M
Q2 23	$10M	$7M
Q3 23	$15M	$13M
Q4 23	$16M	$14M
Q1 24	$18M	$17M
Q2 24	$28M	$26M
Q3 24	$37M	$35M
Q4 24	$42M	$40M
Q1 25	$45M	$44M
Q2 25	$68M	$68M
Q3 25	$83M	$85M
Q4 25	$93M	$91M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$1M
Q2 25	$127.0K
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+16.1%	+14.0%
Q2 22	+33.1%	+236.3%
Q3 22	+52.6%	+231.4%
Q4 22	+48.3%	+42.3%
Q1 23	+43.2%	+106.8%
Q2 23	+33.7%	-16.9%
Q3 23	+15.9%	-30.5%
Q4 23	+22.7%	-10.3%
Q1 24	+24.9%	-4.5%
Q2 24	+30.8%	-9.4%
Q3 24	+40.5%	+36.7%
Q4 24	+37.9%	+11.9%
Q1 25	+46.7%	+6.7%
Q2 25	+64.5%	+21.8%
Q3 25	+63.0%	+16.6%
Q4 25	+20.4%	+153.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$1M	2.5%
Q2 22	$23M	49.9%
Q3 22	$8M	14.1%
Q4 22	$7M	11.0%
Q1 23	$7M	11.5%
Q2 23	$7M	10.8%
Q3 23	$7M	10.2%
Q4 23	$7M	8.9%
Q1 24	$6M	8.3%
Q2 24	$8M	9.6%
Q3 24	$13M	14.4%
Q4 24	$10M	10.0%
Q1 25	$8M	7.0%
Q2 25	$8M	6.3%
Q3 25	$7M	4.8%
Q4 25	$7M	5.7%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 21	$8M	$13M	—
Q2 22	—	—	$52M
Q3 22	—	—	$61M
Q4 22	—	—	$49M
Q1 23	—	—	$40M
Q2 23	—	—	$51M
Q3 23	$23M	$14M	—
Q4 23	$24M	$10M	—
Q1 24	$25M	$9M	—
Q2 24	$25M	$11M	—
Q3 24	$31M	$13M	—
Q4 24	$27M	$13M	—
Q1 25	$28M	$10M	—
Q2 25	$26M	$15M	—
Q3 25	—	—	$63M
Q4 25	$25M	$20M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	16.1%	-35.3%	-19.2
Q2 22	33.1%	-50.5%	-17.4
Q3 22	52.6%	-72.6%	-20.0
Q4 22	48.3%	-28.8%	19.4
Q1 23	43.2%	-16.7%	26.5
Q2 23	33.7%	-30.0%	3.7
Q3 23	15.9%	-11.5%	4.4
Q4 23	22.7%	6.5%	29.2
Q1 24	24.9%	56.2%	81.2
Q2 24	30.8%	10.4%	41.2
Q3 24	40.5%	5.0%	45.6
Q4 24	37.9%	21.5%	59.4
Q1 25	46.7%	34.4%	81.1
Q2 25	64.5%	11.3%	75.8
Q3 25	63.0%	41.2%	104.2
Q4 25	20.4%	55.8%	76.3

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$24M	$278M	$302M
Q2 22	$26M	$230M	$257M
Q3 22	$39M	$185M	$224M
Q4 22	$23M	$169M	$192M
Q1 23	$52M	$143M	$195M
Q2 23	$49M	$128M	$178M
Q3 23	$44M	$126M	$170M
Q4 23	$42M	$114M	$156M
Q1 24	$56M	$44M	$100M
Q2 24	$49M	$40M	$88M
Q3 24	$35M	$40M	$75M
Q4 24	$50M	$41M	$90M
Q1 25	$47M	$41M	$88M
Q2 25	$62M	$41M	$103M
Q3 25	$50M	$42M	$92M
Q4 25	$81M	$41M	$121M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	12M	0.0%	0.0%
Q2 22	12M	+0.1%	+0.1%
Q3 22	12M	+1.1%	+1.2%
Q4 22	12M	+0.3%	+1.5%
Q1 23	12M	+0.6%	+2.1%
Q2 23	12M	+0.1%	+2.1%
Q3 23	12M	+0.6%	+1.7%
Q4 23	13M	+4.9%	+6.3%
Q1 24	13M	+4.9%	+10.8%
Q2 24	14M	+3.0%	+14.0%
Q3 24	14M	+2.9%	+16.5%
Q4 24	14M	+3.6%	+15.0%
Q1 25	15M	+1.5%	+11.3%
Q2 25	15M	-0.6%	+7.5%
Q3 25	15M	-0.2%	+4.3%
Q4 25	14M	-0.6%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$162.0K	254
Q2 22	$180.3K	254
Q3 22	$223.6K	254
Q4 22	$186.3K	320
Q1 23	$184.2K	320
Q2 23	$191.4K	320
Q3 23	$205.7K	320
Q4 23	$256.6K	285
Q1 24	$258.4K	285
Q2 24	$281.1K	285
Q3 24	$324.5K	285
Q4 24	$368.0K	274
Q1 25	$394.1K	274
Q2 25	$480.9K	274
Q3 25	$550.1K	274
Q4 25	$433.7K	280

Revenue / Employee