Dave (NASDAQ:DAVE) Announces Earnings Results, Misses Estimates By $2.95 EPS

Dave (NASDAQ:DAVE) announced its earnings results on Wednesday. The fintech company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.44 by ($2.95), Zacks reports. The company had revenue of $170.79 million for the quarter, compared to the consensus estimate of $171.11 million. Dave had a net margin of 37.22% and a return on equity of 77.70%. 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 Trading Down 12.2%

Shares of DAVE traded down $52.45 during midday trading on Thursday, reaching $377.71. The company had a trading volume of 419,879 shares, compared to its average volume of 569,241. The firm has a 50 day simple moving average of $353.90 and a 200-day simple moving average of $259.45. The company has a quick ratio of 3.86, a current ratio of 3.86 and a debt-to-equity ratio of 0.95. The stock has a market cap of $4.80 billion, a PE ratio of 24.15 and a beta of 3.83. Dave has a 1-year low of $152.21 and a 1-year high of $458.25.

Analyst Ratings Changes

Several brokerages recently weighed in on DAVE. Keefe, Bruyette & Woods increased their price target on shares of Dave from $485.00 to $490.00 and gave the stock an “outperform” rating in a report on Thursday. Canaccord Genuity Group set a $450.00 target price on shares of Dave in a research report on Thursday. B. Riley Financial boosted their price objective on Dave from $370.00 to $449.00 and gave the company a “buy” rating in a report on Thursday. Citigroup reiterated an “outperform” rating on shares of Dave in a research report on Thursday. Finally, Citizens Jmp raised their price objective on shares of Dave from $450.00 to $475.00 and gave the stock a “market outperform” rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $401.10.

Key Headlines Impacting Dave

Here are the key news stories impacting Dave this week:

• Positive Sentiment: Analysts raised price targets and maintained bullish ratings. Keefe, Bruyette & Woods increased its target from $485 to $490 and assigned an “outperform” rating. Citizens JMP raised its target from $450 to $475 and reiterated “market outperform,” implying substantial upside from recent trading levels. Benzinga analyst price-target reports
• Positive Sentiment: Dave raised its 2026 financial guidance. The company now expects adjusted earnings per share of $17.00–$17.50, above the $16.36 consensus estimate, and revenue of $725 million–$735 million, compared with the $714.7 million consensus. Dave Reports Second Quarter 2026 Financial Results
• Positive Sentiment: Underlying operating trends were strong. Second-quarter revenue grew 30% year over year to $170.8 million, adjusted EBITDA rose 48% to $75.5 million, ExtraCash originations increased 27% to $2.3 billion, and the 28-day delinquency rate improved to 2.12%. Dave Q2 financial results
• Neutral Sentiment: Reported earnings figures are mixed across sources. One report cited quarterly EPS of $0.49, well below expectations, while Zacks reported $4.12 per share versus a $3.69 consensus. Dave said net income included $36.9 million of non-cash warrant and earnout remeasurement charges, which may have distorted headline results. Dave tops Q2 earnings and revenue estimates
• Negative Sentiment: The headline EPS miss may be weighing on the stock. MarketBeat reported EPS of $0.49 versus a $3.44 consensus, while revenue was essentially in line with estimates at $170.8 million versus $171.1 million. The conflicting earnings data and elevated valuation may be prompting profit-taking despite stronger adjusted metrics and guidance.

Insider Transactions at Dave

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

Institutional Trading of Dave

Institutional investors have recently bought and sold shares of the business. WealthCollab LLC acquired a new stake in shares of Dave during the 2nd quarter worth about $30,000. National Bank of Canada FI acquired a new position in shares of Dave in the 3rd quarter valued at $30,000. Kestra Advisory Services LLC acquired a new stake in Dave during the 4th quarter worth $36,000. Atlas Capital Advisors Inc. purchased a new stake in Dave in the fourth quarter valued at $84,000. Finally, Inspire Advisors LLC acquired a new position in Dave in the fourth quarter valued at $207,000. 18.01% of the stock is owned by hedge funds and other institutional investors.

About Dave

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.