Dave (DAVE) Q3 2026 Earnings Report

The call was strongly positive overall. Revenue, member growth, gross profit, adjusted EBITDA, monetization, credit performance in September, liquidity, funding capacity, and full-year guidance all improved or exceeded expectations. The main negatives were provision expense above forecast, sequential gross-margin compression, a year-over-year decline in adjusted net income and adjusted EPS driven partly by tax comparisons, higher investment spending, unresolved legal matters, and no meaningful Dave Flex revenue expected in 2026.

For 2026, Dave expects revenue of $746 million to $750 million, adjusted EBITDA of $327 million to $330 million, and adjusted diluted EPS of $17.45 to $17.65, assuming a 23% effective tax rate; at the midpoint, this implies fourth quarter revenue of approximately $221 million, up roughly 35% year over year, a fourth quarter adjusted EBITDA margin of approximately 46%, and approximately 300 basis points of adjusted EBITDA margin expansion for the full year. The outlook assumes higher marketing investment in Q4 than in Q3, continued ARPU support from pricing Cash AI underwriting, subscription mix and cohort seasoning, Q4 gross margin expansion, and no meaningful revenue contribution from Dave Flex; Dave expects a more significant Dave Flex contribution in the second half of 2027, while Q4 to date is tracking in line with September and the quarter's 28 day past due rate is expected to remain below 2%. Over the medium term, management continues to expect a mid teens member growth and low double digit ARPU growth trajectory.