GDOTNYSEFinance ServicesUS GAAP · USD

Green Dot Corporation

Green Dot Corp is a financial technology platform and bank holding company that provides banking and payment solutions through Green Dot Bank and a portfolio of consumer and business brands. It combines deposit accounts, cards, money movement, and cash-processing services to help consumers, businesses, and BaaS partners move money and manage accounts.

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Revenue2,080m USD
+20.7 %y/y
Operating profit (EBIT)13.7m USD
+918.9 %y/y
EBIT margin0.7%
+0.8 ppy/y
Net income-98.9m USD
−270.3 %y/y
Free cash flow66.0m USD
+830.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50005001,0001,5002,0002,500m USD2020: 1,254 m USD2020: EBIT 30 m USD20202021: 1,433 m USD2021: EBIT 66 m USD20212022: 1,450 m USD2022: EBIT 94 m USD20222023: 1,501 m USD2023: EBIT 23 m USD20232024: 1,724 m USD2024: EBIT -1.7 m USD20242025: 2,080 m USD2025: EBIT 14 m USD20252,08014
RevenueOperating profit (EBIT)

Business

Share of revenue
Consumer banking products40 %

Deposit and card-based products sold to individual consumers through retail and digital channels.

BaaS and partner programs30 %

Embedded banking and card programs delivered through business partners and platforms.

Money movement services20 %

Payment, cash processing, and disbursement services that move funds for consumers and businesses.

Other banking and fee income10 %

Net interest income and ancillary fees generated by Green Dot Bank and related activities.

Products

Reported · share of revenue
78.7%12.1%9.3%FY2025100 %
  • Card Revenues and Other Fees78.7 %
  • Processing and Settlement Service12.1 %
  • Interchange Revenues9.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Green Dot serves consumers who use its cards, checking, and cash-access products, often through retail distribution or digital channels. It also serves businesses and platform partners that embed banking features into their own offerings, including BaaS partners, tax preparation partners, and retail distributors. Walmart and other large distribution partners are strategically important because they drive account openings, usage, and transaction volume.

Consumer Services users

Individuals buying debit, checking, prepaid, and payroll card products for everyday banking and cash access.

BaaS partners

Businesses and platforms that embed Green Dot banking and payment capabilities to serve their own customers.

Money Movement Services clients

Partners and end users that need tax refund, cash deposit, and disbursement processing.

Retail distributors

Retail channels that distribute Green Dot-branded products and support account acquisition.

Tax preparation partners

Firms that use Green Dot for refund settlement and related money movement services.

Strategy

Green Dot is focused on retaining and attracting BaaS partners and long-term users while improving account usage and retention across its product set. Management is also investing in new products, features, and IT infrastructure, while pursuing strategic alternatives and strengthening compliance and regulatory capabilities after recent enforcement actions.

Retain and attract BaaS partnersShort term

Partner volume is a key driver of operating revenue and platform scale.

Increase account usage and retentionShort term

Higher usage improves transaction economics and monetization across products.

Strengthen compliance and risk managementMedium term

Regulatory remediation is necessary to protect operations and preserve banking capabilities.

Invest in product and technology infrastructureMedium term

Modern platforms and features are needed to compete with digital-first alternatives.

Assess strategic alternativesShort term

The review process could reshape the company’s structure, ownership, or portfolio.

Geography

Green Dot is primarily a U.S. business, with most customer activity, distribution, and regulatory oversight centered in the United States. The company also has a meaningful offshore software development footprint in Shanghai, China, which supports product development and creates operational concentration risk. Geography matters because U.S. banking regulation drives the business model, while the China-based development team adds execution and geopolitical exposure.

Risks

Green Dot faces concentration risk from major partners such as BaaS clients, Walmart, and other large distributors, so revenue can be materially affected by partner loss or lower usage. Regulatory risk is elevated because the company and Green Dot Bank are under intensive banking supervision and are operating under a Federal Reserve consent order tied to compliance and AML controls. The business also faces competition from free or low-cost digital banking alternatives, seasonal volume swings, and operational exposure from its software development base in Shanghai, China.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory and compliance enforcement1Consent order remediation2Customer and partner concentration3Competitive pricing pressure4China operating concentration5Seasonality in product usage6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory and compliance enforcementImpact: HighLikelihood: High

    As a bank holding company and bank, Green Dot is subject to capital, AML, and consumer compliance rules.

    ExposureFederal Reserve BoardUtah Department of Financial Institutions
  2. Consent order remediationImpact: HighLikelihood: High

    The July 2024 consent order and $44 million civil money penalty indicate elevated compliance risk and remediation costs.

    ExposureCompliance risk managementConsumer complianceAML
  3. Customer and partner concentrationImpact: HighLikelihood: Medium

    A large share of revenue depends on a limited number of BaaS partners and retail distributors.

    ExposureBaaS partnersWalmartMajor distributorsThird-party processors
  4. Competitive pricing pressureImpact: MediumLikelihood: High

    Free or low-cost digital banking alternatives can force higher incentives and lower fees.

    Exposure: Consumer Services and Money Movement Services

  5. China operating concentrationImpact: MediumLikelihood: Medium

    A significant portion of software development is based in Shanghai, creating disruption risk.

    ExposureProduct developmentLaunch timingService continuity
  6. Seasonality in product usageImpact: LowLikelihood: Low

    Transaction volumes and cash flows fluctuate with consumer and tax-related activity patterns.

    Exposure: Money movement and tax refund services

Accounting

Judgemental items
Revenue mix and timing

Different fee streams and net interest income can move differently by quarter and by usage patterns.

Impact: Affects quarterly comparability and margin interpretation

Seasonality

Tax refund and consumer spending cycles create uneven revenue and cash flow patterns.

Impact: Can distort quarter-to-quarter growth trends

Goodwill and intangible asset impairment

Net goodwill and intangibles are significant and must be tested for impairment.

Impact: Could create a large non-cash charge if business value declines

Regulatory remediation and penalties

The consent order and compliance investments may require accruals, penalties, or restructuring costs.

Impact: Can reduce earnings and increase operating expenses

Bank capital and leverage commitments

Cash contributions to Green Dot Bank may be required to maintain regulatory ratios.

Impact: Affects liquidity and parent-company capital allocation

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Last updated: 24/09/2026

Green Dot Corporation (GDOT) Revenue, Earnings & Financials 2025 – Clarifo