Dave & Buster's Entertainment (PLAY) Q4 2026 earnings summary

Executive summary

• Six consecutive months of improving same-store sales, ending February roughly flat, with continued momentum into the first fiscal month of 2026.

• Revenue for Q4 2025 was $530 million, down 0.9% year-over-year; fiscal 2025 revenue was $2.1 billion, down 1.4% year-over-year.

• Back-to-basics strategy focuses on marketing, menu, new games, remodels, and operational excellence.

• Leadership team strengthened, prioritizing guest experience and execution.

• International expansion continues, with four locations open and three more expected soon.

Financial highlights

• Q4 2025 total revenue was $530 million; adjusted EBITDA was $111.4 million, with a 21% margin.

• Net loss of $40 million ($1.15 per diluted share); adjusted net loss of $12 million ($0.35 per share).

• F&B same-store sales up ~7% in Q4; special events up nearly 7%.

• Comparable store sales decreased 3.3% year-over-year in Q4, but only 1.5% excluding winter storm impact.

• Entertainment revenues for Q4 were $313 million (59.1% of total); food and beverage revenues were $216.6 million (40.9%).

Outlook and guidance

• Management expects positive comps, revenue, and adjusted EBITDA growth in FY 2026, with over $100 million in free cash flow targeted.

• Net CapEx for FY 2026 capped at $200 million.

• 11 new stores planned for FY 2026 (8 Dave & Buster's, 3 Main Event), plus three international openings.

• Strategic focus areas include marketing, menu/pricing, new games, and remodel program.