Revenue growth has turned negative at -1.40% YoY, while operating margins have compressed significantly from 15.2% in 2024Q2 to 9.7% in 2026Q1, signaling a failure to scale profitability.
Dave & Buster's Entertainment, Inc. (PLAY) annual income statement — 17-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 2.08B | 2.1B | 2.13B | 2.21B | 1.96B | 1.3B | 436.51M | 1.35B | 1.27B | 1.14B | 1.01B | 866.98M | 746.75M | 635.58M | 608.07M | 541.54M | 521.54M | 520.78M |
| Revenue Growth % | -5.15% | -1.4% | -3.29% | 12.26% | 50.64% | 198.73% | -67.78% | 7.06% | 11.01% | 13.39% | 15.94% | 16.1% | 17.49% | 4.52% | 12.28% | 3.84% | 0.15% | - |
| Cost of Goods Sold | 1.11B | 300.3M | 314.4M | 1.48B | 323.2M | 204.9M | 74.91M | 233.31M | 220.26M | 196.67M | 180.3M | 162.81M | 146.47M | 125.01M | 119.12M | 107.17M | 103.98M | 104.14M |
| COGS % of Revenue | - | 14.28% | 14.74% | 67.17% | 16.45% | 15.71% | 17.16% | 17.22% | 17.41% | 17.26% | 17.94% | 18.78% | 19.61% | 19.67% | 19.59% | 19.79% | 19.94% | 20% |
| Gross Profit | 971.9M | 1.8B | 1.82B | 723.9M | 1.64B | 1.1B | 361.61M | 1.12B | 1.05B | 943.12M | 824.86M | 704.17M | 600.28M | 510.56M | 488.95M | 434.38M | 417.56M | 416.65M |
| Gross Margin % | 46.7% | 85.72% | 85.26% | 32.83% | 83.55% | 84.29% | 82.84% | 82.78% | 82.59% | 82.74% | 82.06% | 81.22% | 80.38% | 80.33% | 80.41% | 80.21% | 80.06% | 80% |
| Gross Profit Growth % | - | -0.87% | -1.84% | -56.27% | 49.32% | 203.95% | -67.75% | 7.31% | 10.81% | 14.34% | 17.14% | 17.31% | 17.57% | 4.42% | 12.56% | 4.03% | 0.22% | - |
| Operating Expenses | 911.9M | 1.7B | 1.6B | 417.3M | 1.36B | 903.8M | 614.22M | 973.3M | 884.04M | 777.35M | 674.34M | 594.14M | 526.41M | 459.53M | 445.24M | 400.23M | 395.54M | 394.77M |
| OpEx % of Revenue | - | 80.72% | 74.92% | 18.92% | 69.44% | 69.31% | 140.71% | 71.85% | 69.87% | 68.2% | 67.09% | 68.53% | 70.49% | 72.3% | 73.22% | 73.9% | 75.84% | 75.8% |
| Selling, General & Admin | 377.4M | 652.8M | 623M | 197.7M | 607.4M | 362.8M | 164.69M | 392.44M | 358.44M | 316.29M | 283.3M | 253.73M | 220.28M | 186.61M | 185.93M | 165.77M | 345.52M | 341.12M |
| SG&A % of Revenue | - | 31.04% | 29.21% | 8.96% | 30.92% | 27.82% | 37.73% | 28.97% | 28.33% | 27.75% | 28.18% | 29.27% | 29.5% | 29.36% | 30.58% | 30.61% | 66.25% | 65.5% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 1.04B | 974.9M | 219.6M | 756.7M | 541M | 449.53M | 580.86M | 525.59M | 461.06M | 391.04M | 340.41M | 306.13M | 272.91M | 259.31M | 234.46M | 50.02M | 53.66M |
| Operating Income | 60M | 105.1M | 220.4M | 306.6M | 277.1M | 195.3M | -252.61M | 148.08M | 161M | 165.77M | 150.52M | 110.04M | 73.86M | 51.04M | 43.71M | 34.15M | 22.02M | 21.87M |
| Operating Margin % | 2.88% | 5% | 10.33% | 13.9% | 14.11% | 14.98% | -57.87% | 10.93% | 12.72% | 14.54% | 14.97% | 12.69% | 9.89% | 8.03% | 7.19% | 6.31% | 4.22% | 4.2% |
| Operating Income Growth % | - | -56.04% | -32.18% | 16.8% | 48.04% | 177.31% | -270.59% | -8.03% | -2.88% | 10.14% | 36.79% | 48.98% | 44.71% | 16.76% | 28.01% | 55.09% | 0.68% | - |
| EBITDA | 355.6M | 384.5M | 458.6M | 515.1M | 446.4M | 333.6M | -113.82M | 280.54M | 279.27M | 268.54M | 238.82M | 188.7M | 144.73M | 117.38M | 107.17M | 88.43M | 72.04M | 75.53M |
| EBITDA Margin % | 17.09% | 18.29% | 21.5% | 23.36% | 22.72% | 25.58% | -26.08% | 20.71% | 22.07% | 23.56% | 23.76% | 21.76% | 19.38% | 18.47% | 17.62% | 16.33% | 13.81% | 14.5% |
| EBITDA Growth % | -25.47% | -19.44% | -14.04% | 19.29% | 37.14% | 393.09% | -140.57% | 0.45% | 4% | 12.44% | 26.56% | 30.38% | 23.3% | 9.52% | 21.2% | 22.75% | -4.62% | - |
| D&A (Non-Cash Add-back) | 295.6M | 279.4M | 238.2M | 208.5M | 169.3M | 138.3M | 138.79M | 132.46M | 118.28M | 102.77M | 88.31M | 78.66M | 70.87M | 66.34M | 63.46M | 54.28M | 50.02M | 53.66M |
| EBIT | 46.7M | 77.8M | 205.2M | 283.4M | 253.1M | 177.4M | -255.68M | 147.41M | 160.15M | 164.3M | 149.97M | 102.18M | 44.32M | 48.18M | 41.1M | 31.49M | 22.3M | 22.19M |
| Net Interest Income | -151.2M | -145.1M | -135.3M | -127.4M | -83.28M | -49.7M | -36.89M | -20.94M | -13.05M | -8.43M | -6.84M | -11.48M | -34.79M | -47.81M | -47.63M | -44.93M | -32.46M | -22.12M |
| Interest Income | 900K | 600K | 400K | 4.7M | 628K | 0 | 0 | 0 | 136K | 224K | 271K | 308K | 0 | 334K | 336K | 367K | 283K | 316K |
| Interest Expense | 152.1M | 145.7M | 135.7M | 132.1M | 83.9M | 49.7M | 36.89M | 20.94M | 13.11M | 8.65M | 7.11M | 11.79M | 34.79M | 48.14M | 47.97M | 45.3M | 32.74M | 22.44M |
| Other Income/Expense | -177.2M | -173M | -150.5M | -143.5M | -103.5M | -67.6M | -37.79M | -20.94M | -13.11M | -9.38M | -6.99M | -18.29M | -62.37M | -47.81M | -47.63M | -44.93M | -32.46M | -22.12M |
| Pretax Income | -117.2M | -67.9M | 69.9M | 163.1M | 173.6M | 127.7M | -290.41M | 127.14M | 147.89M | 156.39M | 143.53M | 91.75M | 11.49M | 3.23M | -3.92M | -10.78M | -10.44M | -251K |
| Pretax Margin % | -5.63% | -3.23% | 3.28% | 7.4% | 8.84% | 9.79% | -66.53% | 9.39% | 11.69% | 13.72% | 14.28% | 10.58% | 1.54% | 0.51% | -0.64% | -1.99% | -2% | -0.05% |
| Income Tax | -28.6M | -19.2M | 11.6M | 36.2M | 36.5M | 19M | -83.43M | 26.88M | 30.67M | 35.44M | 52.74M | 32.13M | 3.86M | 1.06M | -12.7M | -3.8M | -3.15M | 99K |
| Effective Tax Rate % | 24.4% | 28.28% | 16.6% | 22.19% | 21.03% | 14.88% | 28.73% | 21.14% | 20.74% | 22.66% | 36.74% | 35.02% | 33.57% | 32.85% | 324.03% | 35.21% | 30.14% | -39.44% |
| Net Income | -88.6M | -48.7M | 58.3M | 126.9M | 137.1M | 108.7M | -206.97M | 100.26M | 117.22M | 120.95M | 90.8M | 59.62M | 7.64M | 2.17M | 8.78M | -6.99M | -7.29M | -350K |
| Net Margin % | -4.26% | -2.32% | 2.73% | 5.75% | 6.98% | 8.34% | -47.42% | 7.4% | 9.26% | 10.61% | 9.03% | 6.88% | 1.02% | 0.34% | 1.44% | -1.29% | -1.4% | -0.07% |
| Net Income Growth % | -271.37% | -183.53% | -54.06% | -7.44% | 26.13% | 152.52% | -306.43% | -14.47% | -3.08% | 33.21% | 52.29% | 680.76% | 252.05% | -75.3% | 225.73% | 4.25% | -1984.29% | - |
| Net Income (Continuing) | -88.6M | -48.7M | 58.3M | 126.9M | 137.1M | 108.7M | -206.97M | 100.26M | 117.22M | 120.95M | 90.8M | 59.62M | 7.64M | 2.17M | 8.78M | -6.99M | -7.29M | -350K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.55 | -1.40 | 1.46 | 2.88 | 2.79 | 2.21 | -4.75 | 2.94 | 2.93 | 2.84 | 2.10 | 1.39 | 0.21 | 0.06 | 0.22 | -0.18 | -0.19 | -0.01 |
| EPS Growth % | -280.28% | -195.89% | -49.31% | 3.23% | 26.24% | 146.53% | -261.56% | 0.34% | 3.17% | 35.24% | 51.08% | 561.9% | 278.38% | -74.77% | 222.22% | 5.26% | - | - |
| EPS (Basic) | - | -1.40 | 1.49 | 2.94 | 2.83 | 2.26 | -4.75 | 3.00 | 3.00 | 2.93 | 2.16 | 1.46 | 0.22 | 0.06 | 0.22 | -0.18 | -0.19 | -0.01 |
| Diluted Shares Outstanding | 34.81M | 34.67M | 40.01M | 44.07M | 49.18M | 49.26M | 43.55M | 34.1M | 39.98M | 42.58M | 43.29M | 42.78M | 37.13M | 39.09M | 39.09M | 39.09M | 39.09M | 39.09M |
| Basic Shares Outstanding | 34.81M | 34.67M | 39.07M | 43.2M | 48.5M | 48.14M | 43.55M | 33.45M | 39.05M | 41.28M | 41.95M | 40.97M | 35.31M | 39.09M | 39.09M | 39.09M | 39.09M | 39.09M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 15.68% | 9.87% | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PLAY stock.
For fiscal year 2025, Dave & Buster's Entertainment, Inc. (PLAY) reported total revenue of $2.10B. This represents a 303.8% increase compared to $520.8M in 2009.
Dave & Buster's Entertainment, Inc. (PLAY) reported a net loss of $48.7M for the fiscal year ending 2025.
Dave & Buster's Entertainment, Inc. (PLAY) reported an operating income of $105.1M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Dave & Buster's Entertainment, Inc. (PLAY) generated $1.80B in gross profit for the year, representing a gross profit margin of 85.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fixed cost deleveraging risk
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As reported in recent financial filings, PLAY has experienced a sustained period of top-line pressure, with revenue growth turning negative at -1.40% YoY, suggesting that the post-pandemic consumer demand for large-format entertainment venues may be reaching a saturation point in key regional markets.
The consistent negative growth trajectory indicates that the company is struggling to maintain traffic levels against a backdrop of cooling discretionary spending. Investors should monitor whether this trend reflects a structural shift in consumer behavior or merely a temporary lull in the effectiveness of promotional activity.
Operating Leverage Under Significant Pressure
Based on the company's reported figures, operating margins have compressed significantly from historical highs of 15.2% in 2024Q2 to a recent 9.7% in 2026Q1, highlighting a failure to scale operating income effectively as the top-line revenue base continues to face persistent downward pressure.
The inability to maintain operating leverage suggests that the company's high fixed-cost structure is becoming a liability during periods of revenue decline. This trend warrants further investigation into whether management can successfully implement cost-saving initiatives without further eroding the customer experience.
Earnings Volatility and Quality Concerns
According to the latest income statement data, net income has exhibited extreme volatility, swinging from a $41.4M profit in 2024Q1 to a $42.1M loss by 2025Q3, which suggests that reported EPS may be heavily influenced by non-operating items and integration-related expenses.
The erratic nature of bottom-line results makes it difficult to ascertain the underlying earnings power of the core business. Analysts should be wary of relying on GAAP net income as a proxy for operational health, given the potential for significant noise from acquisition-related accounting adjustments.
Structural Risks to Margin Sustainability
While the company maintains a high gross margin profile, recent data indicates that net margins have dipped into negative territory at -2.32%, suggesting that the business model may be more sensitive to inflationary labor and utility costs than the market currently anticipates.
Short-sellers may focus on the disconnect between the company's high-margin amusement narrative and the reality of its struggling bottom-line profitability. The reliance on high-volume traffic to cover massive real estate footprints creates a binary risk profile that could worsen if consumer discretionary budgets continue to tighten.