Dave Raises FY26 Outlook as Q3 Revenue Jumps 31% to $197.7M, but Adjusted EPS Slips 1% to $4.39

Dave (DAVE) reported third-quarter 2026 revenue of $197.7 million, up 31% from a year earlier and above the $191.2 million estimate, and adjusted EBITDA of $81.5 million, up 39%. The company raised its full-year 2026 guidance for revenue, adjusted EBITDA and adjusted EPS, while adjusted EPS slipped 1% to $4.39 and GAAP net income fell 31% to $63.8 million.

Q3 scorecard

Adjusted EBITDA margin was 41.2%, against 38.9% a year earlier and 44.2% in the second quarter. Adjusted diluted EPS includes the benefit expected from capped-call transactions tied to the company's 2031 convertible notes. GAAP diluted EPS was $3.30, against $6.34 a year earlier.

Profitability and margin

• Gross profit. Non-GAAP gross profit rose 33% to $137.9 million, a 70% margin against 69% a year earlier.
• Sequential margin. Non-GAAP gross margin fell from 72% in the second quarter. The company's CFO attributed about 100 basis points of the decline to Coastal funding costs, and most of the rest to provision for credit losses.

Members and ExtraCash

• New members. New members rose 35% to 1.135 million, at a customer acquisition cost of $22 against $19 a year earlier.
• Transacting members. Monthly transacting members rose 18% to 3.15 million. Dave updated its calculation this quarter to exclude members whose only monthly activity was low-engagement, non-monetized Goals-account activity, and recast prior periods.
• Originations. ExtraCash originations rose 23% to $2.5 billion. Average ExtraCash size reached $225 in September with CashAI v6.0 fully deployed.
• Monetization. The net ExtraCash monetization rate was 5.2%, up about 40 basis points from a year earlier, and gross monetization was about 7.0% in September.

Credit quality

• Delinquency. The 28-day past-due rate improved to 2.09% from 2.15% a year earlier, and fell below 2.00% in September. Management expects the rate to stay below 2.00% in the fourth quarter.

Capital and products

• Cash. Cash, investments and restricted cash totaled $315 million at Sept. 30, up from $254.4 million at June 30.
• Buybacks and debt. Dave deployed about $20 million to reduce its share count in the quarter and has $88 million left under its repurchase authorization. It repaid $75 million of its Victory Park facility in early October.
• Dave Flex. The Pay in Four credit card grew from single-digit to double-digit thousands of active users during the quarter, with a broader rollout planned for 2027.

Outlook

The full-year revenue midpoint rises $18 million, or 2.5%, to $748 million. The adjusted EBITDA midpoint rises 2.7% to $328.5 million, and the adjusted EPS midpoint rises 1.7% to $17.55.

What to watch

• Credit. Whether the 28-day past-due rate holds below 2.00% in the fourth quarter, as management expects.
• Margin. Whether non-GAAP gross margin stabilizes after falling to 70% from 72% in the second quarter.
• Acquisition cost. Whether customer acquisition cost stays near $22 as new member growth runs at 35%.
• Related coverage. See our reports on Figma and Fastly.

Sources: Results are from Dave's third-quarter 2026 report. Revenue estimate is a consensus figure. Prior guidance and comparison figures are from the company's earlier releases. This article is informational only and is not investment advice.

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