Short answer
Dave Inc./DE (DAVE) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $554M (+59.7% year over year) and net income of $196M.
- Top risk flagged: Regulatory risk: Ongoing increased legal fees of $0.9 million in 2025 driven by litigation, settlements, and compliance with evolving regulations
FY2025 key financial metrics · XBRL
- Revenue
- $554M
- +59.7% YoY
- Net income
- $196M
- +238.4% YoY
- EPS (diluted)
- $13.53
- +222.9% YoY
- ROE
- 55.5%
- +23.9 pp YoY
- Operating cash flow
- $290M
- +131.8% YoY
Source: XBRL data from the Dave Inc./DE (DAVE) FY2025 10-K on SEC EDGAR. USD.
Dave Inc./DE FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Provider of ExtraCash financial products with revenue from service and transaction fees
- Emphasis on simplified fee structure and growth in ExtraCash origination volume driving revenue and net income increase
- Net income surged to $195.9 million in 2025 from $57.9 million in 2024 reflecting improved operating performance and tax benefit
- Released $58.7 million deferred tax asset valuation allowance in 2025 after demonstrating sustained profitability
- Enacted new tax laws in 2025, including California sales factor apportionment and U.S. OBBBA tax legislation affecting R&D amortization
Management Discussion & Analysis
- Revenue $554.2M in 2025, up 59.7% YoY from $347.1M in 2024; service-based revenue $511.9M vs $311.4M, transaction-based $42.3M vs $35.7M
- Operating margin 33.7% in 2025 (Operating expenses $367.6M on $554.2M revenue) vs 10.0% in 2024 (Operating expenses $312.5M on $347.1M revenue)
- Best segment: Service-based revenue $511.9M in 2025, up 64.4% YoY; worst: compensation and benefits expense stable at ~$103.4M vs $105.8M
- Operating cash flow $290.0M in 2025 vs $125.1M in 2024; share repurchases $43.7M; capital expenditures $6.8M; dividends not mentioned
- Management discontinued optional tips in Feb 2025, simplified fee to mandatory 5% overdraft service fee; guidance not explicitly disclosed; credit loss allowance increased to $37.6M
Risk Factors
- Regulatory risk: Ongoing increased legal fees of $0.9 million in 2025 driven by litigation, settlements, and compliance with evolving regulations
- Macroeconomic risk: 67% rise in provision for credit losses to $91.0 million in 2025 reflects credit performance amid portfolio growth and economic conditions
- Operational risk: Reliance on third-party SaaS and cloud platforms with 10% technology infrastructure cost increase to $12.1 million for security and scalability
- Competitive risk: 23% increase in transaction volume to $1.9 billion card spend in 2025 intensifies competition in payment and financing solutions
- Financial risk: $300 million share repurchase authorization replacing prior $125 million program may strain liquidity amid rising credit losses and operating expenses
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