Structural free cash flow deficits persist, with the company recording negative FCF in eight of the last ten quarters, exacerbated by capital expenditures consuming up to 31.8% of revenue.
Dave & Buster's Entertainment, Inc. (PLAY) cash flow statement — 17-year operating, investing & financing cash flows
| Metric | TTM | Feb'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 |
|---|
| Cash from Operations | 321.6M | 290.8M | 312.3M | 364.2M | 444.47M | 283.13M | -49.22M | 288.95M | 337.62M | 264.67M | 231.33M | 186.98M | 86.72M | 109.88M | 82.8M | 72.78M | 36.53M | 59.05M |
| Operating CF Margin % | - | 13.83% | 14.64% | 16.51% | 22.63% | 21.71% | -11.28% | 21.33% | 26.68% | 23.22% | 23.01% | 21.57% | 11.61% | 17.29% | 13.62% | 13.44% | 7.01% | 11.34% |
| Operating CF Growth % | 956.57% | -6.88% | -14.25% | -18.06% | 56.98% | 675.18% | -117.04% | -14.42% | 27.56% | 14.41% | 23.72% | 115.63% | -21.08% | 32.71% | 13.77% | 99.2% | -38.13% | - |
| Net Income | -88.6M | -48.7M | 58.3M | 126.9M | 137.13M | 108.64M | -206.97M | 100.26M | 117.22M | 120.95M | 90.8M | 59.62M | 7.64M | 2.17M | 8.78M | -6.99M | -7.29M | -350K |
| Depreciation & Amortization | 517.5M | 279.4M | 238.2M | 208.5M | 169.3M | 138.33M | 138.79M | 132.46M | 118.28M | 102.77M | 88.31M | 78.66M | 70.87M | 66.34M | 63.46M | 54.28M | 50.02M | 53.66M |
| Stock-Based Compensation | 23.3M | 19.6M | 4.6M | 16M | 20M | 12.5M | 6.99M | 6.86M | 7.42M | 8.92M | 5.83M | 4.11M | 2.21M | 1.21M | 1.1M | 1.04M | 2.49M | 723K |
| Deferred Taxes | -4.5M | -3M | -21M | 17.2M | 27.63M | -7.79M | -3.37M | 6.47M | 5.47M | -8.85M | 6.96M | 7.85M | -1.61M | -801K | -13.55M | -4M | -3.49M | -6.25M |
| Other Non-Cash Items | -128.4M | 35.6M | 60.9M | 36.1M | 17.25M | 19.67M | 21.74M | 2.88M | 2.17M | 3.46M | -16.3M | -7.5M | -29.28M | 22.38M | 18.55M | 13.02M | -1.8M | 1.65M |
| Working Capital Changes | 78.5M | 7.9M | -28.7M | -40.5M | 73.16M | 11.81M | -6.39M | 40.01M | 87.05M | 37.42M | 55.74M | 44.24M | 36.89M | 18.59M | 4.46M | 15.43M | -3.39M | 9.62M |
| Change in Receivables | -10.7M | -25.3M | 15.5M | 2.5M | 39.4M | 5.14M | -8.58M | 41.86M | 36.73M | 9.49M | 37.09M | 16.51M | 14.36M | 8.65M | -2.13M | 5.27M | -4.14M | -3.48M |
| Change in Inventory | -300K | -100K | -2.6M | 8.1M | -176K | -16.51M | 10.67M | -7.16M | 245K | -5.7M | -2.33M | -1.07M | -3.1M | -505K | -9K | -609K | -1.17M | 1.49M |
| Change in Payables | 69.1M | 24.4M | -11.9M | -1.3M | 1.2M | 14.29M | -9.58M | 2.03M | 11.12M | -4.07M | 832K | 3.39M | 8.72M | -1.77M | -96K | 5.28M | -2.72M | 2.52M |
| Cash from Investing | -337.6M | -386.9M | -529.8M | -329.1M | -1.05B | -91.47M | -81.96M | -227.29M | -203.81M | -216.62M | -159.49M | -161.54M | -129.57M | -105.68M | -78.49M | -70.5M | -115.72M | -48.41M |
| Capital Expenditures | -337.6M | -391.4M | -530.2M | -330.2M | -234.22M | -92.2M | -83.02M | -228.09M | -216.29M | -219.9M | -180.58M | -162.89M | -129.69M | -105.89M | -78.69M | -72.95M | -35.23M | -48.42M |
| CapEx % of Revenue | 16.22% | 18.61% | 24.86% | 14.97% | 11.92% | 7.07% | 19.02% | 16.84% | 17.09% | 19.29% | 17.96% | 18.79% | 17.37% | 16.66% | 12.94% | 13.47% | 6.76% | 9.3% |
| Acquisitions | 0 | 0 | 400K | 0 | -818.67M | 729K | 461K | 800K | 11.94M | 78K | 20.29M | 132K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 4.5M | 0 | 1.1M | 1.3M | 700K | 595K | 800K | 12.48M | 3.28M | 21.09M | 1.35M | 115K | 217K | 201K | 2.44M | 250.32M | 17K |
| Cash from Financing | 20M | 105.8M | 187.1M | -179.4M | 762.81M | -177.64M | 118.42M | -58.59M | -131.02M | -49.34M | -77.26M | -70.82M | 75.65M | -2.24M | -1.88M | -3M | 96.91M | -2.5M |
| Debt Issued (Net) | 22.7M | 132.1M | 370.2M | 131.4M | 805.4M | -170M | -38.25M | 254M | 27M | 102.5M | -73.5M | -91.75M | -15.7M | -1.5M | -1.88M | 98.5M | 110M | -2.5M |
| Equity Issued (Net) | -2M | -25.6M | -165.7M | -303.1M | -33.5M | -9.5M | -929K | -297.91M | -149.8M | -151.91M | -28.82M | 1.1M | 100.66M | 0 | 0 | -97.41M | -500K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -4.89M | -15.72M | -11.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2M | -1.7M | -173.6M | -303.1M | -33.5M | -9.5M | -929K | -297.91M | -149.8M | -151.91M | -28.82M | 0 | 0 | 0 | 0 | -98.48M | -500K | 0 |
| Other Financing | -700K | -700K | -17.4M | -7.7M | -9.09M | 1.86M | 162.49M | 1.05M | 3.35M | 76K | 25.07M | 19.82M | -9.3M | -738K | 0 | -4.09M | -12.59M | 0 |
| Net Change in Cash | 4M | 9.7M | -30.4M | -144.3M | 155.68M | 14.02M | -12.76M | 3.07M | 2.79M | -1.29M | -5.41M | -45.38M | 32.8M | 1.96M | 2.43M | -723K | 17.73M | 8.15M |
| Free Cash Flow | -16M | -100.6M | -217.9M | 34M | 210.24M | 190.93M | -132.24M | 60.85M | 121.33M | 44.77M | 50.75M | 24.09M | -42.97M | 3.98M | 4.11M | -169K | 1.3M | 10.63M |
| FCF Margin % | -0.77% | -4.78% | -10.22% | 1.54% | 10.7% | 14.64% | -30.29% | 4.49% | 9.59% | 3.93% | 5.05% | 2.78% | -5.75% | 0.63% | 0.68% | -0.03% | 0.25% | 2.04% |
| FCF Growth % | 93.22% | 53.83% | -740.88% | -83.83% | 10.12% | 244.38% | -317.3% | -49.84% | 171% | -11.78% | 110.67% | 156.06% | -1178.64% | -2.99% | 2530.18% | -112.98% | -87.75% | - |
| FCF per Share | -0.46 | -2.90 | -5.45 | 0.77 | 4.28 | 3.88 | -3.04 | 1.78 | 3.04 | 1.05 | 1.17 | 0.56 | -1.16 | 0.10 | 0.11 | -0.00 | 0.03 | 0.27 |
| FCF Conversion (FCF/Net Income) | 0.18x | -5.97x | 5.36x | 2.87x | 3.24x | 2.60x | 0.24x | 2.88x | 2.88x | 2.19x | 2.55x | 3.14x | 11.36x | 50.66x | 9.43x | -10.42x | -5.01x | -168.73x |
| Interest Paid | 56.4M | 126.7M | 0 | 122.3M | 0 | 44.5M | 17.92M | 20.11M | 12.25M | 7.85M | 6.6M | 10.72M | 97.7M | 29.1M | 32.44M | 0 | 43.3M | 22.93M |
| Taxes Paid | 2.2M | 10.8M | 20.1M | 9.7M | 0 | 21.5M | 9.35M | 27.25M | 13.46M | 43.07M | 28.21M | 8.01M | 4.94M | 2.15M | 2.52M | 0 | 660K | 3.6M |
Quick answers to the most common questions about buying PLAY stock.
Dave & Buster's Entertainment, Inc. (PLAY) generated $290.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dave & Buster's Entertainment, Inc. (PLAY) reported negative free cash flow of $100.6M in 2025, indicating capital requirements exceeded cash from operations.
Dave & Buster's Entertainment, Inc. (PLAY) spent $391.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Dave & Buster's Entertainment, Inc. (PLAY) spent $1.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
High capital intensity requirements
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Divergence
According to the provided financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly from -2.59 in 2025Q4 to 11.71 in 2024Q4, suggesting that reported earnings are currently poor proxies for actual cash generation capabilities.
The extreme variance in the OCF/NI ratio indicates that non-cash charges and working capital swings are significantly distorting the company's bottom-line profitability. Investors should monitor this divergence closely, as it suggests that the underlying business may be struggling to convert accounting profits into tangible liquidity.
Persistent Free Cash Flow Deficits
As reported in recent quarterly statements, PLAY has struggled to maintain positive free cash flow, recording negative FCF in eight of the last ten quarters, with a peak deficit of $138.4M in 2024Q3, indicating a structural inability to fund operations and growth from internal cash.
The consistent failure to generate positive free cash flow suggests that the company's current capital allocation strategy is heavily reliant on external financing. This trend warrants further investigation into whether the current store-level economics can support the high fixed-cost base required for large-format entertainment venues.
Capital Intensity Pressures Cash Flow
Based on the provided figures, capital expenditures remain elevated, consistently consuming between 13% and 31.8% of revenue, which appears to be a primary driver of the company's inability to achieve sustained positive free cash flow despite its high-margin amusement segment revenue profile.
The high level of capital intensity suggests that maintaining the competitive edge of the arcade floor requires constant, significant reinvestment. This ongoing drain on cash flow may limit the company's flexibility to navigate periods of economic volatility or to pursue strategic acquisitions without further leveraging the balance sheet.
Volatile Working Capital Management Trends
Data from recent filings reveals significant volatility in working capital changes, ranging from a $72.6M outflow in 2025Q2 to a $32.4M inflow in 2024Q4, which suggests that the company's cash conversion cycle is highly sensitive to seasonal shifts and inventory management timing.
These erratic swings in working capital indicate potential inefficiencies in managing the cash conversion cycle, particularly regarding the timing of payments and collections. Such instability in working capital management may exacerbate the company's existing liquidity constraints during periods of lower consumer traffic.