Chime Financial, Inc. enters the second half of 2026 with a quarter that materially reframes the equity narrative: a clean swing from loss to net income, a step change in adjusted EBITDA margin, and a balance sheet that comfortably supports the announced workforce restructuring. Second quarter revenue reached $669.8 million, up roughly twenty-seven percent from the prior year quarter. Net income of $27.9 million replaced a $923.4 million loss, driven almost entirely by stock-based compensation. Adjusted EBITDA of $101.6 million in the quarter represents a fifteen percent margin, a striking expansion from three percent in the comparable period, and that combination of accelerating top line and expanding unit economics now points the analytical focus toward execution of the announced cost realignment and toward the path of revenue diversification into platform and lending products. The quarter under review therefore marks a structural pivot in the operating profile rather than a one-time benefit.
The operating metrics confirm the topline acceleration is genuine rather than a function of a one-time mix shift, with Purchase Volume of $38.0 billion in the quarter rising approximately seventeen percent from a year ago. Active Members reached 10.4 million at quarter end, up from 8.7 million in the prior year period. Average Revenue per Active Member climbed to $260 from $245, a six percent gain that reflects the growing contribution of platform-related revenue. The platform revenue line expanded to $239.7 million from $162.0 million, a forty-eight percent gain that meaningfully outpaced the seventeen percent growth in payments revenue. The mix shift is the defining analytical contribution of the quarter.
The equity capitalization reflects a founder-controlled governance structure, with Co-Founder and Chief Executive Officer Christopher Britt holding approximately 34.5 percent of total voting power and Co-Founder Ryan King holding approximately 30.1 percent, and the dual-class structure concentrates strategic decision-making in the hands of the founders and mutes the influence of public Class A holders on matters submitted to a stockholder vote. That governance structure is a defining feature of the equity story that long-term holders should weigh carefully.