The earnings call presented a mixed outlook with strong cash flow and new store development being major positives. However, the decrease in comparable store sales and significant operational challenges weighed down the sentiment. Strategic plans are in place to address these issues moving forward.

Company Guidance

During the Dave & Buster's Second Quarter 2025 Earnings Conference Call, the company's leadership provided several forward-looking metrics and strategic priorities. Tarun Lal, the CEO, emphasized a focus on enhancing same-store sales, cash flow, and shareholder value. Despite a 3% decrease in comparable store sales for the quarter, the company generated $557 million in revenue, with net income of $11 million and adjusted EBITDA of $130 million. The leadership aims to improve operational execution, marketing strategies, and guest experiences while maintaining a strong financial position with $443 million in total liquidity. The company plans to open 11 new stores in fiscal 2025, with a focus on international franchising. They also introduced a new fall season pass and plan to launch a revised menu and remodel program to drive growth. Tarun Lal's compensation package is tied to achieving $675 million in annual EBITDA, highlighting a strategic focus on operational excellence and financial success.

Strong Cash Flow and Liquidity Position

Generated $34 million in operating cash flow during the second quarter and ended the quarter with $12 million in cash and $443 million in total liquidity. Year to date, $130 million in operating cash flow was generated.

New Store Development and Expansion

Opened three new Dave & Buster's stores and two Main Event locations with expectations to open 11 new stores in fiscal 2025. International expansion includes five more openings over the next six months.

Positive Returns on New Stores

New store development continues to deliver strong returns, with a reported 40% plus returns on new stores opened since the start of fiscal 2024.

Enhancements in Games and Marketing

Introduced 10 new game titles in 2025 and reintroduced TV advertising, which has shown meaningful progress in increasing same-store sales.

Dave & Busters Entertainment (PLAY) Earnings, Revenues Date & History

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PLAY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Dec 09, 2025	2025 (Q3)	-1.04 / -	-0.84	―	―	―
Sep 15, 2025	2025 (Q2)	0.91 / 0.32	0.99	-67.68% (-0.67)	―
Jun 10, 2025	2025 (Q1)	1.01 / 0.62	0.99	-37.37% (-0.37)	―
Apr 07, 2025	2024 (Q4)	0.68 / 0.24	0.88	-72.73% (-0.64)	―
Dec 10, 2024	2024 (Q3)	-0.39 / -0.84	-0.12	-600.00% (-0.72)	―
Sep 10, 2024	2024 (Q2)	0.85 / 0.99	0.6	65.00% (+0.39)	―
Jun 12, 2024	2024 (Q1)	1.72 / 0.99	1.45	-31.72% (-0.46)	―
Apr 02, 2024	2023 (Q4)	1.09 / 0.88	0.8	10.00% (+0.08)	―
Dec 05, 2023	2023 (Q3)	-0.18 / -0.12	0.04	-400.00% (-0.16)	―
Sep 06, 2023	2023 (Q2)	0.93 / 0.60	0.59	1.69% (+0.01)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PLAY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Sep 15, 2025	$24.19	$20.14	-16.74%
Jun 10, 2025	$25.87	$30.46	+17.74%
Apr 07, 2025	$16.19	$16.06	-0.80%
Dec 10, 2024	$36.80	$29.41	-20.08%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.