Chime — research brief (BMC #049)

Prepared 2026-10-07. Labels: FACT = from Chime's SEC filings; INFERENCE = computed by this project from those facts. No press-only figures used.

Sources

Chime Financial, Inc. 2025 Form 10-K (filed Mar 6, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000179558626000013/chym-20251231.htm
Q2 2026 earnings release, Form 8-K Ex. 99.1 (Aug 5, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000179558626000046/ex991q226.htm
Q2 2026 Form 10-Q (Aug 6, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000179558626000048/chym-20260630.htm
Form 8-K, workforce reduction + CFO transition (Aug 5, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000179558626000046/chym-20260731.htm
Stride Bank acquisition press release, Form 8-K Ex. 99.1 (Sep 8, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000119312526385383/d948605dex991.htm

Teaching arc

Free banking paid for by swipes → paycheck-first liquidity products → buying the bank behind the app.

FY2025 (10-K, FACT)

Revenue $2,186.8M (+31%): payments (interchange) $1,500.6M (+18%); platform-related $686.2M (+73%).
Platform growth: +$212.5M from MyPay (full launch Jul 2024); $38.0M outbound instant transfer fees (launched 2025).
Purchase Volume $133.7B (2024: $115.2B). Active Members 9.5M (2024: 8.0M). ARPAM $257.
Cost of revenue $263.0M; gross profit $1,923.7M. Transaction and risk losses $407.3M (+85%; MyPay +$121.5M).
Sales & marketing $635.4M; technology & development $934.9M; member support & ops $458.0M; G&A $512.1M.
Net loss $1,009.9M; stock-based comp rose ~$1,041.1M as IPO-linked awards vested. IPO closed Jun 13, 2025 at $27.00, net proceeds $770.6M.
Bank partners: The Bancorp Bank, N.A. and Stride Bank, N.A. (OCC-regulated, FDIC-insured). Both under $10B in assets, so exempt from Durbin debit interchange caps.
ChimeCore: in-house payment processor and ledger. 45,000+ fee-free ATMs.
Products: checking + Visa debit, Get Paid Early (up to 2 days), SpotMe (fee-free overdraft; optional tips), MyPay, Instant Loans, Credit Builder / Chime Card (secured, no fees or interest), high-yield savings, Pay Anyone, SpotMe Boosts, Chime Workplace (Chime Enterprise, est. 2024).
Checking, debit, Pay Anyone, SpotMe, Credit Builder in all 50 states; MyPay and Instant Loans not yet in all states.

Q2 2026 (earnings release / 10-Q, FACT)

Revenue $669.8M (+27%): payments $430M (+17%); platform-related $240M (+48%).
Gross profit $594.9M (89%); transaction & risk losses $103.3M; transaction profit $491.6M (73%, non-GAAP, +36%).
Net income $27.9M (second straight GAAP-profitable quarter); adjusted EBITDA $101.6M (15%).
Active Members 10.4M (+20%); 1.7M net adds in 12 months. ARPAM $260 (+6%). PV $38B (+17%); credit 27% of PV.
Chime Prime launched Q2 2026 for members with $3,000+/month direct deposit; Prime members >2× average ARPAM. Fastest-growing segment: $75K+ earners.
MyPay originations $4.5B, loss rate 0.9%, transaction profit $73M (more than tripled). Instant Loans originations $300M (~+70% QoQ); expected >$100M annualized revenue run rate exiting Q3.
Chime Enterprise signed Allied Universal + a large national retailer (350,000+ employees combined). Chime Invest launched (advisory via Atomic Invest).
FY2026 guide raised: revenue $2.725–2.745B; adjusted EBITDA $465–475M.
Cash $536.0M; marketable securities $527.4M; $50M warehouse facility drawn; $222.1M share repurchases in H1.
Aug 5, 2026 8-K: ~10% workforce reduction; CFO Matt Newcomb stepping down; President Mark Troughton interim CFO.

Stride acquisition (Sep 8, 2026, FACT)

Chime to acquire Central Service Corporation (parent of Stride Bank, N.A., Enid, OK, founded 1913) for $590M cash, ~1.5× tangible book.
Stride becomes Chime Bank, N.A.; >$100M expected net synergies (sponsor-bank fee savings, lending expansion, lower cost of funds); accretive to EPS at close.
Chime "will manage its balance sheet and keep its assets below $10 billion for the foreseeable future." Close expected H1 2027 pending OCC + Federal Reserve approval. Chime becomes a bank holding company.

INFERENCE

Payments share of revenue: 69% (FY25), 64% (Q2'26).
Payments revenue ÷ PV ≈ 1.12% (FY25) and ≈1.13% (Q2'26).
FY25 gross margin ≈ 88%; S&M ≈ 29% of revenue (FY25), ≈ 25% (Q2'26).
The <$10B asset pledge matters because crossing it would subject debit interchange to Durbin caps (inference from the 10-K's description of the exemption).

Not used / unknown

Headcount was not found in the 10-K text extracted; not cited. Logo is a project monogram, not Chime's official mark.

# Chime — research brief (BMC #049) Prepared 2026-10-07. Labels: **FACT** = from Chime's SEC filings; **INFERENCE** = computed by this project from those facts. No press-only figures used. ## Sources - Chime Financial, Inc. 2025 Form 10-K (filed Mar 6, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000179558626000013/chym-20251231.htm - Q2 2026 earnings release, Form 8-K Ex. 99.1 (Aug 5, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000179558626000046/ex991q226.htm - Q2 2026 Form 10-Q (Aug 6, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000179558626000048/chym-20260630.htm - Form 8-K, workforce reduction + CFO transition (Aug 5, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000179558626000046/chym-20260731.htm - Stride Bank acquisition press release, Form 8-K Ex. 99.1 (Sep 8, 2026): https://www.sec.gov/Archives/edgar/data/1795586/000119312526385383/d948605dex991.htm ## Teaching arc Free banking paid for by swipes → paycheck-first liquidity products → buying the bank behind the app. ## FY2025 (10-K, FACT) - Revenue $2,186.8M (+31%): payments (interchange) $1,500.6M (+18%); platform-related $686.2M (+73%). - Platform growth: +$212.5M from MyPay (full launch Jul 2024); $38.0M outbound instant transfer fees (launched 2025). - Purchase Volume $133.7B (2024: $115.2B). Active Members 9.5M (2024: 8.0M). ARPAM $257. - Cost of revenue $263.0M; gross profit $1,923.7M. Transaction and risk losses $407.3M (+85%; MyPay +$121.5M). - Sales & marketing $635.4M; technology & development $934.9M; member support & ops $458.0M; G&A $512.1M. - Net loss $1,009.9M; stock-based comp rose ~$1,041.1M as IPO-linked awards vested. IPO closed Jun 13, 2025 at $27.00, net proceeds $770.6M. - Bank partners: The Bancorp Bank, N.A. and Stride Bank, N.A. (OCC-regulated, FDIC-insured). Both under $10B in assets, so exempt from Durbin debit interchange caps. - ChimeCore: in-house payment processor and ledger. 45,000+ fee-free ATMs. - Products: checking + Visa debit, Get Paid Early (up to 2 days), SpotMe (fee-free overdraft; optional tips), MyPay, Instant Loans, Credit Builder / Chime Card (secured, no fees or interest), high-yield savings, Pay Anyone, SpotMe Boosts, Chime Workplace (Chime Enterprise, est. 2024). - Checking, debit, Pay Anyone, SpotMe, Credit Builder in all 50 states; MyPay and Instant Loans not yet in all states. ## Q2 2026 (earnings release / 10-Q, FACT) - Revenue $669.8M (+27%): payments $430M (+17%); platform-related $240M (+48%). - Gross profit $594.9M (89%); transaction & risk losses $103.3M; transaction profit $491.6M (73%, non-GAAP, +36%). - Net income $27.9M (second straight GAAP-profitable quarter); adjusted EBITDA $101.6M (15%). - Active Members 10.4M (+20%); 1.7M net adds in 12 months. ARPAM $260 (+6%). PV $38B (+17%); credit 27% of PV. - Chime Prime launched Q2 2026 for members with $3,000+/month direct deposit; Prime members >2× average ARPAM. Fastest-growing segment: $75K+ earners. - MyPay originations $4.5B, loss rate 0.9%, transaction profit $73M (more than tripled). Instant Loans originations $300M (~+70% QoQ); expected >$100M annualized revenue run rate exiting Q3. - Chime Enterprise signed Allied Universal + a large national retailer (350,000+ employees combined). Chime Invest launched (advisory via Atomic Invest). - FY2026 guide raised: revenue $2.725–2.745B; adjusted EBITDA $465–475M. - Cash $536.0M; marketable securities $527.4M; $50M warehouse facility drawn; $222.1M share repurchases in H1. - Aug 5, 2026 8-K: ~10% workforce reduction; CFO Matt Newcomb stepping down; President Mark Troughton interim CFO. ## Stride acquisition (Sep 8, 2026, FACT) - Chime to acquire Central Service Corporation (parent of Stride Bank, N.A., Enid, OK, founded 1913) for $590M cash, ~1.5× tangible book. - Stride becomes Chime Bank, N.A.; >$100M expected net synergies (sponsor-bank fee savings, lending expansion, lower cost of funds); accretive to EPS at close. - Chime "will manage its balance sheet and keep its assets below $10 billion for the foreseeable future." Close expected H1 2027 pending OCC + Federal Reserve approval. Chime becomes a bank holding company. ## INFERENCE - Payments share of revenue: 69% (FY25), 64% (Q2'26). - Payments revenue ÷ PV ≈ 1.12% (FY25) and ≈1.13% (Q2'26). - FY25 gross margin ≈ 88%; S&M ≈ 29% of revenue (FY25), ≈ 25% (Q2'26). - The <$10B asset pledge matters because crossing it would subject debit interchange to Durbin caps (inference from the 10-K's description of the exemption). ## Not used / unknown - Headcount was not found in the 10-K text extracted; not cited. Logo is a project monogram, not Chime's official mark.