Dave Inc./DE (DAVE) FY2025 10-K Annual Report
Dave Inc./DE (DAVE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Dave Inc./DE FY2025 10-K Analysis
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
Dave Inc./DE FY2025 Key Financial MetricsXBRL
Revenue
$554M
▲ +59.7% YoY
Net Income
$196M
▲ +238.4% YoY
Net Margin
35.3%
▲ +1867bp YoY
ROE
55.5%
▲ +2392bp YoY
Total Assets
$487M
▲ +62.8% YoY
EPS (Diluted)
$13.53
▲ +222.9% YoY
Operating Cash Flow
$290M
▲ +131.8% YoY
Source: XBRL data from Dave Inc./DE FY2025 10-K filing on SEC EDGAR. All figures in USD.
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