Dave (NASDAQ:DAVE) Issues Quarterly Earnings Results

Dave (NASDAQ:DAVE) announced its quarterly earnings results on Wednesday. The fintech company reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.68, FiscalAI reports. Dave had a return on equity of 77.70% and a net margin of 37.22%.The business had revenue of $170.79 million during the quarter, compared to the consensus estimate of $171.11 million. Dave updated its FY 2026 guidance to 17.000-17.500 EPS.

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

• Q2 revenue rose 30% to $171 million, while adjusted EBITDA increased 48% to $76 million, producing a 44% margin. Dave raised its full-year revenue, adjusted EBITDA, and adjusted diluted EPS guidance.
• Member additions accelerated to 951,000, up 32% year over year, while customer acquisition cost remained flat at $19. Management plans to increase second-half marketing investment as payback periods remain under four months.
• ExtraCash originations grew 27% to $2.3 billion, and average advance size reached a record $215. Expanded fee caps, higher limits, and the Cash AI V6 underwriting model are expected to drive further ARPU and gross-profit growth while keeping loss rates broadly stable.
• The Coastal Community Bank funding structure improved capital efficiency, generated nearly $100 million of balance-sheet liquidity, and shifted ExtraCash receivables from a cash use to a cash source. Dave ended the quarter with $254 million in cash, investments, and restricted cash and repurchased 19 million shares.
• Dave Flex is showing encouraging conversion, engagement, and complementary usage alongside ExtraCash, but management does not expect meaningful revenue from the product in 2026. The company also reported no update on its ongoing DOJ matter.

Dave Stock Performance

Shares of DAVE traded up $0.90 during midday trading on Wednesday, reaching $430.16. 429,908 shares of the stock were exchanged, compared to its average volume of 430,706. The stock’s 50 day simple moving average is $353.90 and its 200 day simple moving average is $259.45. The company has a market cap of $5.47 billion, a P/E ratio of 27.66 and a beta of 3.83. Dave has a twelve month low of $152.21 and a twelve month high of $458.25. The company has a quick ratio of 3.86, a current ratio of 3.86 and a debt-to-equity ratio of 0.95.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on DAVE shares. Citigroup reissued an “outperform” rating on shares of Dave in a research report on Thursday, July 9th. Benchmark lifted their target price on shares of Dave from $345.00 to $475.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Evercore assumed coverage on shares of Dave in a report on Wednesday, May 27th. They issued a “hold” rating and a $260.00 price target on the stock. B. Riley Financial raised their price objective on shares of Dave from $358.00 to $370.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Finally, Citizens Jmp boosted their price objective on Dave from $365.00 to $450.00 and gave the stock a “market outperform” rating in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $379.40.

Insider Activity

In other Dave news, CEO Jason Wilk sold 8,474 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $275.05, for a total value of $2,330,773.70. Following the completion of the sale, the chief executive officer owned 299,950 shares of the company’s stock, valued at $82,501,247.50. The trade was a 2.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dan Preston sold 275 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $247.65, for a total transaction of $68,103.75. Following the transaction, the director owned 5,466 shares in the company, valued at approximately $1,353,654.90. The trade was a 4.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 23.59% of the company’s stock.

Institutional Investors Weigh In On Dave

Several institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI acquired a new stake in Dave during the third quarter worth approximately $30,000. WealthCollab LLC bought a new position in Dave during the 2nd quarter worth $30,000. Kestra Advisory Services LLC acquired a new position in Dave in the 4th quarter valued at $36,000. Atlas Capital Advisors Inc. acquired a new position in Dave in the 4th quarter valued at $84,000. Finally, Inspire Advisors LLC bought a new stake in shares of Dave during the 4th quarter valued at $207,000. 18.01% of the stock is currently owned by institutional investors.

Dave Company Profile

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave’s offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.