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PLAY

Dave & Buster's Entertainment, Inc.

PLAY

Dave & Buster's Entertainment, Inc. • NASDAQ
$17.49 ▲ 0.52% (+0.09)
Market Cap $606.32 M
52w High $39.88
52w Low $13.04
Dividend Yield 0%
P/E 43.72
Volume 791.50K
Outstanding Shares 34.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $557.4M ▼ $31.5M ▼ $11.4M ▼ 2.045% ▼ $0.33 ▼ $118.3M ▼
Q1-2025 $567.7M ▲ $179.4M ▼ $21.7M ▲ 3.822% ▲ $0.63 ▲ $126.4M ▲
Q4-2024 $534.5M ▲ $412.9M ▲ $9.3M ▲ 1.74% ▲ $0.25 ▲ $105.9M ▲
Q3-2024 $453M ▼ $378.9M ▲ $-32.7M ▼ -7.219% ▼ $-0.84 ▼ $42.3M ▼
Q2-2024 $557.1M $30.4M $40.3M 7.234% $1.02 $139.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $12M ▲ $4.093B ▲ $3.927B ▲ $166.2M ▲
Q1-2025 $11.9M ▲ $4.065B ▲ $3.918B ▲ $146.8M ▲
Q4-2024 $6.9M ▼ $4.016B ▲ $3.87B ▲ $145.8M ▼
Q3-2024 $8.6M ▼ $3.941B ▲ $3.715B ▲ $226.6M ▼
Q2-2024 $13.1M $3.834B $3.55B $284.4M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $9.7M ▼ $34M ▼ $-84.7M ▲ $50.8M ▼ $100K ▼ $-55.2M ▲
Q1-2025 $21.7M ▲ $95.8M ▼ $-154.6M ▲ $63.8M ▲ $5M ▲ $-58.8M ▲
Q4-2024 $9.3M ▲ $108.9M ▲ $-169.9M ▼ $59.3M ▼ $-1.7M ▲ $-61M ▲
Q3-2024 $-32.7M ▼ $-7.2M ▼ $-131.2M ▼ $133.9M ▲ $-4.5M ▲ $-138.4M ▼
Q2-2024 $40.3M $101.8M $-115.9M $-4.9M $-19M $-14.3M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Entertainment
Entertainment
 $290.00M ▲$340.00M ▲$370.00M ▲$360.00M ▼
Food and Beverage
Food and Beverage
 $160.00M ▲$200.00M ▲$200.00M ▲$190.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has bounced back strongly from the pandemic years and is now well above 2021, though it slipped a bit most recently after a very strong prior year. The business is clearly profitable again, but earnings have not kept pace with sales growth. Operating profit and cash-style profit have been positive for several years, yet net income has drifted down recently, suggesting rising costs, heavier interest expense, or promotions and investments weighing on the bottom line. Overall, PLAY looks like a mature, steady top-line story with profits that are decent but under some pressure versus earlier post‑recovery years.

Balance Sheet

Balance Sheet The balance sheet shows a business that is asset‑heavy, highly leveraged, and running with very little cash on hand. Total assets have grown, reflecting store investments and the Main Event combination, but debt has also climbed and now makes up the vast majority of the capital structure. Equity is quite thin relative to assets, which points to high financial leverage and less of a cushion if performance weakens. The structure can amplify returns when things go well, but it also raises sensitivity to downturns and interest costs.

Cash Flow

Cash Flow Core cash generated from operations is solid and fairly consistent, showing that the underlying business throws off meaningful cash in normal conditions. However, recent years show a big step‑up in spending on new and remodeled locations and technology, which has pushed free cash flow down and recently into negative territory. In simple terms, PLAY is choosing to reinvest heavily in the concept rather than bank cash or reduce debt, which could pay off in growth but limits short‑term financial flexibility.

Competitive Edge

Competitive Edge Dave & Buster’s sits in a distinct “eatertainment” niche, combining a full bar, restaurant, and large‑scale arcade and attractions under one roof. This bundle is hard for smaller competitors to replicate and gives the brand a clear identity for group outings, adults’ nights out, and events. The Main Event acquisition broadens the reach into family entertainment, adding bowling, laser tag, and similar activities, and lets the company cover more age groups and occasions. Still, the company competes with a wide mix of alternatives—from bars and casual dining to bowling alleys, cinemas, and destination venues like Topgolf—so keeping experiences fresh and pricing attractive is critical to sustaining its edge.

Innovation and R&D

Innovation and R&D The company is leaning heavily into innovation through its “Store of the Future” concept, which adds immersive tech like interactive gaming arenas, digital social bays, giant sports viewing walls, and self‑serve beer setups. It is also pushing a more modern food and drink offering and using its app and loyalty program to personalize marketing, test features like social wagering, and increase repeat visits. On top of that, PLAY is experimenting with flexible event spaces and rolling out international locations via partners. The key question is execution: whether these upgrades meaningfully lift traffic and spending enough to justify the higher investment and complexity.

Summary

PLAY has evolved from a post‑pandemic recovery story into a more traditional experiential entertainment company that is in the middle of a heavy reinvestment phase. Sales are strong and the concept remains relevant, but earnings have softened somewhat, and the balance sheet relies heavily on debt. Management is betting on tech‑driven remodels, a richer entertainment mix, and international expansion to deepen the moat and expand the audience. The upside lies in successfully turning these investments into higher traffic, stronger pricing power, and better event business; the main risks are execution missteps, economic slowdowns that hit discretionary outings, and the constraints that come with high leverage and elevated capital spending.

NEWS

November 28, 2025 · 1:15 PM UTC

Dave & Buster's Entertainment, Inc. to Report Third Quarter 2025 Financial Results on December 9, 2025

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October 15, 2025 · 9:00 AM UTC

USA TODAY Launches USA TODAY PLAY

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September 2, 2025 · 4:05 PM UTC

Dave & Buster's Entertainment, Inc. to Report Second Quarter 2025 Financial Results on September 15, 2025

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