# GREEN DOT CORP (GDOT)

Informational only - not investment advice.

CIK: 0001386278
SIC: 6199 Finance Services
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6199 Finance Services](/industry/6199/)
Latest 10-K filed: 2026-03-16
SEC page: https://www.sec.gov/edgar/browse/?CIK=1386278
Filing source: https://www.sec.gov/Archives/edgar/data/1386278/000138627826000015/gdot-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-16 · accession 0001386278-26-000015 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001386278.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,080,491,000 USD | 2025 | verified |
| Net income | -98,866,000 USD | 2025 | verified |
| Assets | 5,985,236,000 USD | 2025 | verified |
| Free cash flow | 66,017,000 USD | 2025 | computed |
| Net margin | -4.75% | 2025 | computed |
| Operating margin | 0.66% | 2025 | computed |
| Revenue YoY | +20.69% | 2025 | computed |
| ROE | -11.11% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | GDOT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -4.8% | 4.4% | 34 | 33 |
| Operating margin | 0.7% | -3.5% | 55 | 21 |
| Revenue growth | 20.7% | 15.2% | 61 | 34 |
| FCF margin | 3.2% | -27.0% | 62 | 30 |
| ROE | -11.1% | -2.1% | 34 | 33 |
| ROA | -1.7% | -0.1% | 44 | 35 |
| Liabilities / equity | 5.72 | 2.00 | 66 | 33 |
| Current ratio | 0.52 | 2.19 | 0 | 21 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6199 Finance Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2080491000 | USD | 2025 | 2026-03-16 |
| Net income | -98866000 | USD | 2025 | 2026-03-16 |
| Assets | 5985236000 | USD | 2025 | 2026-03-16 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001386278.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 718,774,000 | 901,123,000 | 1,065,575,000 | 1,108,595,000 | 1,253,760,000 | 1,433,197,000 | 1,449,566,000 | 1,501,328,000 | 1,723,876,000 | 2,080,491,000 |
| Net income |  | 41,600,000 | 85,887,000 | 118,703,000 | 99,897,000 | 23,131,000 | 47,480,000 | 64,212,000 | 6,722,000 | -26,702,000 | -98,866,000 |
| Operating income |  | 63,316,000 | 109,296,000 | 130,415,000 | 122,918,000 | 30,073,000 | 66,474,000 | 94,375,000 | 22,670,000 | -1,668,000 | 13,659,000 |
| Operating cash flow |  | 114,515,000 | 218,310,000 | 251,051,000 | 189,914,000 | 209,178,000 | 167,033,000 | 277,686,000 | 97,519,000 | 81,383,000 | 138,557,000 |
| Capital expenditures |  | 43,273,000 | 44,142,000 | 61,030,000 | 78,214,000 | 59,035,000 | 57,432,000 | 84,326,000 | 75,942,000 | 74,287,000 | 72,540,000 |
| Share buybacks | 40,986,000 | 59,013,000 | 51,969,000 | 0.00 | 100,000,000 | 0.00 | 0.00 | 95,525,000 | 0.00 | 0.00 |  |
| Assets |  | 1,740,344,000 | 2,197,531,000 | 2,287,118,000 | 2,460,590,000 | 4,115,267,000 | 4,725,477,000 | 4,789,176,000 | 4,817,122,000 | 5,434,282,000 | 5,985,236,000 |
| Liabilities |  | 1,056,611,000 | 1,432,981,000 | 1,377,306,000 | 1,533,234,000 | 3,105,435,000 | 3,654,804,000 | 4,007,695,000 | 3,957,772,000 | 4,560,697,000 | 5,094,991,000 |
| Stockholders' equity |  | 683,733,000 | 764,550,000 | 909,812,000 | 927,356,000 | 1,009,832,000 | 1,070,673,000 | 781,481,000 | 859,350,000 | 873,585,000 | 890,245,000 |
| Cash and cash equivalents |  | 732,676,000 | 919,243,000 | 1,094,728,000 | 1,063,426,000 | 1,491,842,000 | 1,322,319,000 | 813,945,000 | 682,263,000 | 1,592,391,000 | 1,421,690,000 |
| Free cash flow |  | 71,242,000 | 174,168,000 | 190,021,000 | 111,700,000 | 150,143,000 | 109,601,000 | 193,360,000 | 21,577,000 | 7,096,000 | 66,017,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 5.79% | 9.53% | 11.14% | 9.01% | 1.84% | 3.31% | 4.43% | 0.45% | -1.55% | -4.75% |
| Operating margin |  | 8.81% | 12.13% | 12.24% | 11.09% | 2.40% | 4.64% | 6.51% | 1.51% | -0.10% | 0.66% |
| Return on equity |  | 6.08% | 11.23% | 13.05% | 10.77% | 2.29% | 4.43% | 8.22% | 0.78% | -3.06% | -11.11% |
| Return on assets |  | 2.39% | 3.91% | 5.19% | 4.06% | 0.56% | 1.00% | 1.34% | 0.14% | -0.49% | -1.65% |
| Liabilities / equity |  | 1.55 | 1.87 | 1.51 | 1.65 | 3.08 | 3.41 | 5.13 | 4.61 | 5.22 | 5.72 |
| Current ratio |  | 1.05 | 0.99 | 1.03 | 1.00 | 0.78 | 0.50 | 0.37 | 0.41 | 0.54 | 0.52 |

## As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/GDOT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001386278.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2014-Q1 | 2014-03-31 |  |  | 0.33 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 353,029,000 | -6,265,000 |  | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 366,043,000 | -23,603,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 451,988,000 | 4,750,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 407,121,000 | -28,715,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 409,743,000 | -7,840,000 |  | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 455,024,000 | 5,103,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 558,874,000 | 25,773,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 504,176,000 | -47,025,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 494,826,000 | -30,791,000 |  | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 522,615,000 | -46,823,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 656,247,000 | 53,753,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 595,883,000 | -2,087,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from GDOT's latest 10-K: [/company/GDOT/business/](/company/GDOT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from GDOT's latest 10-K: [/company/GDOT/risk-factors/](/company/GDOT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1386278/000138627826000045/gdot-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-10
Report date: 2026-06-30

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q, including this Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the "Securities Act"), and the Exchange Act. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “endeavors,” “strives,” “may” and “assumes,” variations of such words and similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks, uncertainties, and assumptions that are difficult to predict, including inflation and interest rate trends and impacts and other macro-economic impacts on our business, results of operations and financial condition and our responses to such events, including those identified below, under “Part II, Item 1A. Risk Factors,” and elsewhere herein. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.

In this Quarterly Report, unless otherwise specified or the context otherwise requires, “Green Dot,” “we,” “us,” and “our” refer to Green Dot Corporation and its consolidated subsidiaries.

Overview

Green Dot Corporation is a financial technology platform and registered bank holding company that builds banking and payment solutions to create value, retain and reward customers, and accelerate growth for businesses of all sizes. For more than two decades, we have delivered financial tools and services that address the most pressing financial needs of consumers and businesses, and that transform the way people and businesses manage and move money. Through Green Dot Bank, our wholly owned subsidiary, we deliver a broad spectrum of financial products to consumers and businesses through our portfolio of brands, including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, such as tax refunds, cash deposits and disbursements.

Our Chief Operating Decision Maker (our “CODM,” who is our Chief Executive Officer) organizes and manages our businesses primarily on the basis of the channels in which our product and services are offered and uses net revenue and segment profit to assess profitability. Segment profit reflects each segment's net revenue less direct costs, such as sales and marketing expenses, processing expenses, transaction losses and fraud management, and customer support and related expenses. Our operations are aggregated amongst three reportable segments: 1) Business to Business ("B2B") Services, 2) Consumer Services, and 3) Money Movement Services. Net interest income, certain other investment income earned by our bank, interest profit sharing arrangements with certain BaaS partners (a reduction of revenue), eliminations of inter-segment revenues and expenses, and unallocated corporate expenses that are not considered when our CODM evaluates the performance of our three reportable segments are recorded in Corporate and Other expenses. Refer to our 2025 Annual Report on Form 10-K "Part I, Item 1. Business" for more detailed information about our operations and Note 20—Segment Information in the notes to the accompanying unaudited consolidated financial statements.

27

Table of Contents

Consolidated Financial Results and Trends

Our consolidated results of operations for the three and six months ended June 30, 2026 and 2025 were as follows:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","","","","","Six Months Ended June 30,"],["","2026","","2025","","Change","","%","","2026","","2025","","Change","","%"],["","(In thousands, except percentages)"],["Total operating revenues","$","595,883","","","$","504,176","","","$","91,707","","","18.2","%","","$","1,252,130","","","$","1,063,050","","","$","189,080","","","17.8","%"],["Total operating expenses","596,644","","","490,777","","","105,867","","","21.6","%","","1,183,853","","","988,906","","","194,947","","","19.7","%"],["Net (loss) income","(2,087)","","","(47,025)","","","44,938","","","(95.6)","%","","51,666","","","(21,252)","","","72,918","","","(343.1)","%"]]
[[/GREPCENT_TABLE]]

Refer to "Segment Results" below for a summary of financial results of each of our reportable segments.

Total operating revenues

Our total operating revenues for the three and six months ended June 30, 2026 increased $91.7 million, or 18%, and $189.1 million, or 18%, respectively, over the prior year comparable periods, driven primarily by higher revenues in our B2B Services segment partially offset by lower revenues earned in our Consumer Services segment.

Continued growth of certain BaaS partner programs generated an increase of 19% and 18% in our total gross dollar volume for the three and six months ended June 30, 2026, respectively, over the prior year comparable periods, which increased our total operating revenues year-over-year. However, as discussed below, our total operating revenues for the three and six months ended June 30, 2026 were negatively impacted by unfavorable trends and factors in our deposit account programs, driving, among other things, a decrease in the number of active accounts during the three months ended June 30, 2026 by 1%, as compared to the prior year period, and a decrease in purchase volume and the number of cash transfers by 6% and 2%, respectively, for the three months ended June 30, 2026 and 7% and 4%, respectively, for the six months ended June 30, 2026 from the prior year comparable periods.

In our B2B Services segment, revenues increased during the three and six months ended June 30, 2026 by 29% and 25%, respectively, over the prior year comparable periods. The increase was driven by strong year-over-year growth in our gross dollar volume, which increased during the three and six months ended June 30, 2026 by 22% and 21%, respectively, and to a lesser extent, growth in the number of active accounts, which increased by 9% over the prior year comparable period. We recorded a net increase in segment revenue primarily due to growth in gross dollar volume attributable to certain BaaS programs that do not generate interchange fees, resulting in higher program management service fees earned from these BaaS partners.

In our Consumer Services segment, revenues decreased during each of the three and six months ended June 30, 2026 by 9% from the prior year comparable periods. Our gross dollar volume and purchase volume declined by 7% and 10%, respectively, for the three months ended June 30, 2026, and the number of active accounts and direct deposit accounts declined by 12% and 7%, respectively. Similarly, gross dollar volume and purchase volume each declined for the six months ended June 30, 2026 by 8% and 11%, respectively. While we saw some moderation in these declining trends in recent periods, we believe these decreases in our Consumer Services segment remain attributable to several persistent factors, including macro-economic factors affecting consumer behavior and other competitive trends that have impacted account acquisition. These factors had a corresponding negative impact on the amount of accountholder fee revenue we earn from accounts, including monthly maintenance fees, ATM fees and interchange fees. These decreases in segment revenues were partially offset by fees generated from our overdraft protection programs due to expanded usage by our accountholders.

In our Money Movement Services segment, revenues decreased during the three months ended June 30, 2026 by 8% and increased by 10% during the six months ended June 30, 2026, from the prior year comparable periods. The decrease in our Money Movement Services revenue during the three months ended June 30, 2026 was driven primarily by a decrease in our tax processing revenues due to a 23% decrease in the number of tax refunds processed, principally attributable to our online tax preparation partners and the timing of when tax refunds were processed between interim periods during the first half of the year. This decrease in our Money Movement Services revenue was partially offset by an increase in cash transfer revenues during the three months ended June 30, 2026 primarily due to higher disbursements revenue per transaction from a platform partner despite a 2% decrease in cash transfers processed. The decline in the number of cash transfers processed was primarily due to a lower number of active accounts within our Consumer Services segment discussed above, partially offset by a higher

28

Table of Contents

number of cash transfers processed for third-party programs, which continued to represent the majority of our total cash transfers as of June 30, 2026.

The increase in revenue in our Money Movement Services segment during the six months ended June 30, 2026 was driven primarily by an increase in our tax processing revenues and, to a lesser extent, an increase in cash transfer revenues. Although the number of tax refunds processed decreased by 9% for the six months ended June 30, 2026, as compared to the prior year period, our tax processing revenues increased due to the expansion of our taxpayer advance programs. The decrease in the number of tax refunds processed was principally attributable to our online tax preparation partners. Our cash transfer revenues increased during the six months ended June 30, 2026 despite a 4% decrease in the number of cash transfers processed due to the same reasons discussed above.

Revenues within our Corporate and Other segment increased during the three and six months ended June 30, 2026 by 31% and 67%, respectively, from the prior year comparable periods, driven primarily by a decrease in interest profit sharing arrangements with certain BaaS partners (a reduction of revenue). In addition, the increase during the six months ended June 30, 2026 was driven by an increase in net interest income earned by Green Dot Bank, primarily the result of both the size of our investments portfolio and higher yielding investments therein from our bond repositioning strategy.

Total operating expenses

Our total operating expenses for the three and six months ended June 30, 2026 increased $105.9 million, or 22%, and $194.9 million, or 20%, respectively, over the prior year comparable periods.

For the three months ended June 30, 2026, the increase in total operating expenses was driven primarily by an increase in our processing expenses from the growth in gross dollar volume associated with certain BaaS account programs within our B2B Services segment, which is discussed above. To a lesser extent, our total operating expenses increased due to an increase in other general and administrative expenses, driven primarily by higher professional services fees associated with our proposed transactions with CommerceOne and Smith Ventures, as well as our anti-money laundering ("AML") regulatory compliance initiatives, and an increase in depreciation and amortization expense and software licenses and hosting costs due to investments in our platform and operations. In addition, the inc

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1386278/000138627826000015/gdot-20251231.htm
Complete FY 2025 MD&A: /company/GDOT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-16
Report date: 2025-12-31

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Annual Report on Form 10-K, including this Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act and the Exchange Act. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “endeavors,” “strives,” “may” and “assumes,” variations of such words and similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks, uncertainties, and assumptions that are difficult to predict, including inflation and interest rate trends and impacts and other macro-economic impacts on our business, results of operations and financial condition and governmental and our responses to such events, including those identified above, under “Part I, Item 1A. Risk Factors,” and elsewhere herein. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.

In this Annual Report, unless otherwise specified or the context otherwise requires, “Green Dot,” “we,” “us,” and “our” refer to Green Dot Corporation and its consolidated subsidiaries.

Overview

Green Dot Corporation is a financial technology platform and registered bank holding company ("BHC") that builds banking and payment solutions to create value, retain and reward customers, and accelerate growth for businesses of all sizes. For more than two decades, we have delivered financial tools and services that address the most pressing financial needs of consumers and businesses, and that transform the way people and businesses manage and move money. Through Green Dot Bank, our wholly owned subsidiary, we deliver a broad spectrum of financial products to consumers and businesses through our portfolio of brands, including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, such as tax refunds, cash deposits and disbursements.

Our Chief Operating Decision Maker (our “CODM” who is our Chief Executive Officer) organizes and manages our businesses primarily on the basis of the channels in which our product and services are offered and uses net revenue and segment profit to assess profitability. Segment profit reflects each segment's net revenue less direct costs, such as sales and marketing expenses, processing expenses, transaction losses and fraud management, and customer support and related expenses. Our operations are aggregated amongst three reportable segments: 1) Business to Business ("B2B") Services, 2) Consumer Services, and 3) Money Movement Services. Net interest income, certain other investment income earned by our bank, interest profit sharing arrangements with certain BaaS partners (a reduction of revenue), eliminations of inter-segment revenues and expenses, and unallocated corporate expenses that are not considered when our CODM evaluates the performance of our three reportable segments are recorded in Corporate and Other expenses. Refer to "Part I, Item 1. Business" for more detailed information about our operations and Note 25—Segment Information to the Consolidated Financial Statements included herein.

Proposed Transactions with CommerceOne Financial Corporation and Smith Ventures, LLC

In connection with a strategic review process we commenced in March 2025 (our “strategic review process”), on November 23, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”), with CommerceOne Financial Corporation, an Alabama corporation (“CommerceOne”), Compass Sub North, Inc., a newly formed Delaware corporation and a direct, wholly owned subsidiary of CommerceOne (“New CommerceOne”), Compass Sub East, Inc., a newly formed Delaware corporation and a direct, wholly owned subsidiary of New CommerceOne (“Merger Sub One”), and Compass Sub West, Inc., a newly formed Delaware corporation and an indirect, wholly owned subsidiary of New CommerceOne (“Merger Sub Two”), pursuant to which, upon the terms and subject to the conditions therein, (i) Merger Sub One will merge with and into CommerceOne, with CommerceOne surviving (the “CommerceOne Merger”), and Merger Sub Two will merge with and into Green Dot Corporation, with Green Dot Corporation surviving (the “Green Dot Merger,” and together with the CommerceOne Merger, the “First Mergers”); and (ii) following the First Mergers, CommerceOne will merge with and into New CommerceOne, with New CommerceOne surviving under the name “CommerceOne Financial Corporation” (together with the First Mergers, the “Mergers”).

36

Table of Contents

Subject to the terms and conditions of the Merger Agreement, at the effective time of the First Mergers (the “First Effective Time”), each share of common stock of Green Dot Corporation, issued and outstanding immediately prior to the First Effective Time, other than certain excluded shares held by us, CommerceOne, New CommerceOne or our dissenting stockholders, will be converted into the right to receive (i) 0.2215 shares of the common stock of New CommerceOne and (ii) an amount in cash equal to $8.11 (the “Per Share Cash Consideration”), less any withholding and without interest.

Also on November 23, 2025, we entered into a separation agreement (the “Separation Agreement”), with New CommerceOne and Green Dot OpCo, LLC, a newly formed Delaware limited liability company and affiliate of Smith Ventures LLC, an Alabama limited liability company (“Payments Buyer”), pursuant to which, upon the terms and subject to the conditions therein, following the First Mergers, (i) Green Dot Corporation will convert into a limited liability company, (ii) Green Dot Corporation will distribute the stock of Green Dot Bank to Compass Sub Northwest, Inc., a Delaware corporation and direct, wholly owned subsidiary of New CommerceOne, and (iii) Payments Buyer will acquire Green Dot Corporation and its non-bank financial technology and related assets and operations (the “Payments Business”) for $690 million (the “Payments Sale”), the proceeds of which will be paid to New CommerceOne and are expected to be used to fund the Per Share Cash Consideration and to retire certain indebtedness of Green Dot Corporation.

The Merger Agreement and the Separation Agreement were unanimously approved by our Board of Directors. The closing of the transactions contemplated by the Merger Agreement and the Separation Agreement remains subject to the receipt of required regulatory approvals, approval by the stockholders of Green Dot Corporation and CommerceOne and the satisfaction of other customary closing conditions.

For additional information regarding potential risks and uncertainties associated with such transactions, please see Part I, Item 1A, Risk Factors above.

Consolidated Financial Results and Trends

Our consolidated results of operations for the years ended December 31, 2025 and 2024 were as follows:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Change","","%"],["","(In thousands, except percentages)"],["Total operating revenues","$","2,080,491","","","$","1,723,876","","","$","356,615","","","20.7","%"],["Total operating expenses","2,066,832","","","1,725,544","","","341,288","","","19.8","%"],["Net loss","(98,866)","","","(26,702)","","","(72,164)","","","270.3","%"]]
[[/GREPCENT_TABLE]]

Refer to "Segment Results" below for a summary of financial results of each of our reportable segments.

Total operating revenues

Our total operating revenues for the year ended December 31, 2025 increased $356.6 million, or 21% over the prior year comparable period, driven primarily by higher revenues in our B2B Services segment and to a lesser extent in our Money Movement Services segment, partially offset by lower revenues earned in our Consumer Services segment.

Continued growth of certain BaaS partner programs generated an increase of 18% in our total gross dollar volume for the year ended December 31, 2025 over the prior year comparable period, which increased our total operating revenues year-over-year. However, as discussed below, our total operating revenues for the year ended December 31, 2025 were negatively impacted by unfavorable trends and factors in certain deposit account programs, driving, among other things, a small reduction in the average number of consolidated active accounts, and a decrease in purchase volume and number of cash transfers of 4%, and 8%, respectively, from the prior year comparable period.

In our B2B Services segment, revenues increased during the year ended December 31, 2025 by 33% over the prior year comparable period. The increase was driven by strong year-over-year growth in our gross dollar volume, which increased during the year ended December 31, 2025 by 22%, and to a lesser extent, growth in purchase volume, which increased year-over-year by 1%. The average number of active accounts for the year ended December 31, 2025 increased by 11% over the prior year comparable period. The growth in gross dollar volume was driven primarily by certain BaaS programs that do not generate interchange fees and resulted in a net increase in segment revenue due to higher program management service fees earned from these BaaS partners.

In our Consumer Services segment, revenues decreased during the year ended December 31, 2025 by 9% from the prior year comparable period. Gross dollar volume and purchase volume each declined for the year ended

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Table of Contents

December 31, 2025 by 7%, and the average number of active accounts and direct deposit accounts for the fiscal year declined by 10%. We believe these decreases in our Consumer Services segment remain attributable to several persistent factors, including macro-economic factors affecting consumer behavior and other competitive trends that have impacted acquisition at retail locations. These factors had a corresponding impact on the amount of accountholder fee revenue we earn from accounts, including monthly maintenance fees, ATM fees and interchange fees. Revenues within this segment were also adversely impacted by a decrease in breakage revenue on our gift card portfolio for the comparable period, as the program has been discontinued.

In our Money Movement Services segment, revenues increased for the year ended December 31, 2025 by 3% from the prior year comparable period. The increase in revenues was driven primarily by an increase in our tax processing revenues, partially offset by a decrease in cash transfer revenues. Although the number of tax refunds processed decreased by 13% during the year ended December 31, 2025, our tax processing revenues increased due to the expansion of our taxpayer advance programs and a favorable mix-shift in the distribution channel in which the tax refund was generated. The decrease in the number of tax refunds processed was principally attributable to the performance of our online tax preparation partners. These increases in tax processing revenues was partially offset by an 8% decline in the number of cash transfers processed during the year ended December 3

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/GDOT/mda/fy2025/
All MD&A years: /company/GDOT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/GDOT/mda/fy2024/): filed 2025-03-04; accession 0001386278-25-000009 (https://www.sec.gov/Archives/edgar/data/1386278/000138627825000009/gdot-20241231.htm)
- [FY 2023 MD&A](/company/GDOT/mda/fy2023/): filed 2024-02-29; accession 0001386278-24-000010 (https://www.sec.gov/Archives/edgar/data/1386278/000138627824000010/gdot-20231231.htm)
- [FY 2022 MD&A](/company/GDOT/mda/fy2022/): filed 2023-03-01; accession 0001386278-23-000007 (https://www.sec.gov/Archives/edgar/data/1386278/000138627823000007/gdot-20221231.htm)
- [FY 2021 MD&A](/company/GDOT/mda/fy2021/): filed 2022-02-28; accession 0001386278-22-000007 (https://www.sec.gov/Archives/edgar/data/1386278/000138627822000007/gdot-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6199 Finance Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/GDOT.md · JSON record: /company/GDOT.json · verified financials: /company/GDOT/financials.json / /company/GDOT/financials.csv · machine TOC for the whole site: /llms.txt