Dave & Buster’s Q4 Revenue Hits $530M With $40M Loss, Plans 11 New Stores
Dave & Buster’s reported Q4 2025 revenue of $530 million and a net loss of $40 million ($1.15 per share), while adjusted EBITDA was $111 million. The company forecasts over $100 million in free cash flow for FY2026 and plans up to $200 million in capex to open 11 new stores.
1. Q4 2025 Financial Results
Dave & Buster’s posted Q4 2025 revenue of $530 million, a net loss of $40 million ($1.15 per share) and an adjusted net loss of $12 million ($0.35 per share). Adjusted EBITDA was $111 million, a 21% margin, reflecting a $9 million headwind from deferred revenue.
2. Operational Performance Trends
Comparable store sales declined 3.3% in Q4 due to extreme winter weather, but the brand achieved six consecutive months of same-store sales improvement into fiscal 2026, with F&B sales rising approximately 7%.
3. 2026 Cash Flow and CapEx Outlook
For FY2026, management projects more than $100 million in free cash flow and plans to limit capital expenditures to no more than $200 million to support operations and growth initiatives.
4. Expansion Strategy
The company plans to open 11 new locations in FY2026, including eight Dave & Buster’s and three Main Events sites, and has agreements for over 35 additional international franchise stores with three openings expected soon.