# Dave & Buster’s Entertainment, Inc. (PLAY) Q2 2025 Financial Results Summary
DALLAS, September 15, 2025 – Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY) released its financial results for the second quarter of fiscal 2025 ended August 5, 2025. Below is a summary of their major financial metrics and highlights from the report.
## Second Quarter 2025 Financial Summary
– **Revenue:**
– Total revenue was **$557.4 million**, a **0.05% increase** from **$557.1 million** in Q2 2024.
– **Comparable Store Sales:**
– Decreased by **3.0%** compared to Q2 2024.
– **Net Income:**
– Totaled **$11.4 million**, or **$0.32 per diluted share**, compared with **$40.3 million**, or **$0.99 per diluted share** for Q2 2024. This represents a decline of **71.7%** in net income and **67.7%** in earnings per share.
– **Adjusted Net Income:**
– Stood at **$14.1 million**, or **$0.40 per diluted share**, down from **$45.7 million**, or **$1.12 per diluted share** in Q2 2024, indicating a **69.0%** decrease in adjusted net income and **64.3%** in adjusted earnings per share.
– **Adjusted EBITDA:**
– Totaled **$129.8 million**, compared to **$151.6 million** in Q2 2024, marking a **14.4% decrease**.
– **Operating Income:**
– Totaled **$53.0 million**, down from **$84.5 million** in Q2 2024, representing a **37.3% decline**.
– **Store Operating Income Before Depreciation and Amortization:**
– Was **$155.4 million**, compared to **$173.5 million** in Q2 2024, indicating a decrease of **10.4%**.
– **Cash Flow:**
– Generated **$34.0 million** in operating cash during Q2 2025.
– Ended the quarter with **$443.3 million** of liquidity.
– **Net Total Leverage Ratio:**
– Was **3.2x**, remaining similar to previous quarters.
## Other Highlights
– **New Appointments:**
– Appointed **Tarun Lal** as Chief Executive Officer and a member of the Board of Directors effective July 14, 2025.
– **Store Openings:**
– Opened three new domestic Dave & Buster’s stores.
– Additionally, opened one domestic store and two Main Event stores after Q2.
– Opened its second international franchise store in India, with plans for at least five more international stores in the next six months.
– **Remodels:**
– Completed remodels of three Dave & Buster’s stores during the quarter.
– **Real Estate Transactions:**
– Realized approximately **$77 million** in cash through sale leaseback and other real estate financing transactions.
– **Sales Trends:**
– The Company’s same-store sales trends for the current quarter are consistent with trends observed at the end of Q2.
## Shareholder Returns
– No quarterly dividend was declared.
– No share repurchase announced.
## Conclusion
Dave & Buster’s financial results for Q2 2025 reflect challenges in net income and adjusted earnings while maintaining slight revenue growth. The Company is focused on expansion and leadership transition under new CEO Tarun Lal as it seeks to address sales trends moving into the next quarters. The detailed financial report is accessible via the Company’s investor relations website.
| Three | Months | August 5, | August 6, | Six Months | August 5, | August 6, | ||
|---|---|---|---|---|---|---|---|---|
| Ended | 2025(1) | 2024(1) | Ended | 2025(1) | 2024(1) | |||
| Entertain… | $364.5 | 65.4% | $375.7 | 67.4% | $731.1 | 65.0% | $761.4 | 66.5% |
| revenues | ||||||||
| Food and | $192.9 | 34.6% | $181.4 | 32.6% | $393.9 | 35.0% | $383.8 | 33.5% |
| beverage revenues | ||||||||
| Total | $557.4 | 100.0% | $557.1 | 100.0% | $1,125.0 | 100.0% | $1,145.2 | 100.0% |
| revenues | ||||||||
| Cost of | $29.2 | 8.0% | $32.9 | 8.8% | $59.8 | 8.2% | $66.1 | 8.7% |
| entertain… | ||||||||
| Cost of | $47.2 | 24.5% | $48.9 | 27.0% | $98.8 | 25.1% | $103.0 | 26.8% |
| food and | ||||||||
| beverage(… | ||||||||
| Total cost | $76.4 | 13.7% | $81.8 | 14.7% | $158.6 | 14.1% | $169.1 | 14.8% |
| of products | ||||||||
| Operating | $138.7 | 24.9% | $131.2 | 23.6% | $273.7 | 24.3% | $272.8 | 23.8% |
| payroll | ||||||||
| and benefits(… | ||||||||
| Other | $186.9 | 33.5% | $170.6 | 30.6% | $375.3 | 33.4% | $346.6 | 30.3% |
| store operating | ||||||||
| expenses(… | ||||||||
| General | $32.0 | 5.7% | $28.0 | 5.0% | $56.3 | 5.0% | $56.0 | 4.9% |
| and administr… | ||||||||
| expenses(… | ||||||||
| Depreciat… | $65.2 | 11.7% | $57.5 | 10.3% | $128.4 | 11.4% | $120.3 | 10.5% |
| and amortizat… | ||||||||
| expense | ||||||||
| Pre-openi… | $4.1 | 0.7% | $4.1 | 0.7% | $10.1 | 0.9% | $7.4 | 0.6% |
| costs | ||||||||
| Other | $1.1 | 0.2% | -0.6 | -0.1% | $6.4 | 0.6% | $3.0 | 0.3% |
| charges | ||||||||
| and | ||||||||
| gains(2) | ||||||||
| Total | $504.4 | 90.5% | $472.6 | 84.8% | $1,008.8 | 89.7% | $975.2 | 85.2% |
| operating | ||||||||
| costs | ||||||||
| Operating | $53.0 | 9.5% | $84.5 | 15.2% | $116.2 | 10.3% | $170.0 | 14.8% |
| income | ||||||||
| Interest | $38.7 | 6.9% | $33.9 | 6.1% | $75.5 | 6.7% | $67.0 | 5.9% |
| expense, | ||||||||
| net | ||||||||
| Income | $14.3 | 2.6% | $50.6 | 9.1% | $40.7 | 3.6% | $103.0 | 9.0% |
| before | ||||||||
| provision | $2.9 | 0.5% | $10.3 | 1.8% | $7.6 | 0.7% | $21.3 | 1.9% |
| for income | ||||||||
| taxes | ||||||||
| Net income | $11.4 | 2.0% | $40.3 | 7.2% | $33.1 | 2.9% | $81.7 | 7.1% |
| Net income | ||||||||
| per share: | ||||||||
| Basic | $0.33 | $1.02 | $0.96 | $2.05 | ||||
| Diluted | $0.32 | $0.99 | $0.94 | $1.99 | ||||
| Weighted | ||||||||
| average | ||||||||
| shares | ||||||||
| used in | ||||||||
| per | </ |
