Dave & Buster's Entertainment, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Dave & Buster's Entertainment, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Revenue	1,005	1,140	1,265	1,355	437	1,304	1,964	2,205	2,133	2,103
Cost of revenue	180	197	220	233	74.9	205	323	353	314	300
Gross profit	825	943	1,045	1,121	362	1,099	1,641	1,852	1,818	1,803
Selling and marketing							57.6	73.5	80.3	93
General and administrative	54.5	59.6	61.5	69.5	47.2	75.5	137	114	99.5	117
Operating income	151	166	161	148	-253	187	263	307	220	86.1
Interest expense	6.99	8.67	13.1	20.9	36.9	53.9	87.4	127	135	154
Pre-tax income	144	156	148	127	-290	128	174	163	69.9	-67.9
Income tax	52.7	35.4	30.7	26.9	-83.4	19	36.5	36.2	11.6	-19.2
Net income	90.8	121	117	100	-207	109	137	127	58.3	-48.7
EBITDA	239	269	279	281	-114	326	432	515	459	366
EPS, basic	2.16	2.93	3.00	3.00	-4.75	2.26	2.83	2.94	1.49	-1.40
EPS, diluted	2.10	2.84	2.93	2.94	-4.75	2.21	2.79	2.88	1.46	-1.40
Shares, basic (weighted)	42	41.3	39	33.5	43.5	48.1	48.5	43.2	39.1	34.7
Shares, diluted (weighted)	43.3	42.6	40	34.1	43.5	49.3	49.2	44.1	40	34.7
Dividend per share			0.62	0.62

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Cash and equivalents	20.1	18.8	21.6	24.7	11.9	25.9	182	37.3	6.9	16.6
Inventory	21.9	27.6	27.3	34.5	23.8	40.3	45.4	37.2	39.8	39.9
Other current assets	11.9	24.6	19.6	3.25	1.23	3.11	21.7	18.2	18.5	13.1
Total current assets	75.6	94.9	91.1	79	119	146	294	138	94.4	124
Property, plant and equipment	607	726	805	901	815	779	1,180	1,333	1,635	1,719
Lease right-of-use assets				1,012	1,038	1,037	1,334	1,323	1,318	1,303
Goodwill	273	273	273	273	273	273	745	743	743	743
Other non-current assets	16.2	16.3	18.4	19.7	23.9	22.9	30.3	34.2	37.5	40.5
Total assets	1,053	1,197	1,273	2,370	2,353	2,346	3,761	3,754	4,016	4,117
Accounts payable	55.3	54.6	60.4	65.4	36.4	62.5	84.7	119	134	126
Accrued liabilities	112	135	157	207	235	248	343	306	291	300
Deferred revenue	28.3	3.25	3.73	4.32	1.37	3.47	8.7	9.7	10.4	11.7
Short-term debt	7.5	15	15	15		0	8.5	9	7	7
Total current liabilities	178	208	244	291	272	312	438	436	434	435
Long-term debt	257	351	378	633	596	431	1,223	1,284	1,479	1,515
Lease liabilities				1,222	1,268	1,278	1,568	1,559	1,575	1,563
Other non-current liabilities	16.8	21.1	24.2	35.8	50.1	37.9	55.7	135	309	445
Total liabilities	613	775	885	2,200	2,200	2,070	3,351	3,503	3,870	4,025
Total debt	265	367	394	648	610	440	1,288	1,338	1,524	1,552
Paid-in capital	310	320	331	339	531	549	578	598	610	630
Retained earnings	144	248	354	433	226	335	472	599	658	609
Treasury stock	-14.8	-147	-297	-595	-596	-605	-639	-945	-1,121	-1,147
Other comprehensive income			-0.68	-8.37	-9.09	-3.63	-0.9	-0.9	-1.6	-1.1
Shareholders' equity	439	422	388	170	153	275	411	251	146	91.2
Total equity	439	422	388	170	153	275	411	251	146	91.2
Total liabilities and equity	1,053	1,197	1,273	2,370	2,353	2,346	3,761	3,754	4,016	4,117
Shares outstanding	42.2	40.1	37.5	30.6	47.6	48.5	48.4	40.3	35.6	34.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Net income	90.8	121	117	100	-207	109	137	127	58.3	-48.7
Depreciation and amortization	88.3	103	118	132	139	138	169	209	238	279
Stock-based compensation	5.83	8.92	7.42	6.86	6.99	12.5	20	16	4.6	19.6
Deferred income tax	6.96	-8.85	5.47	6.47	-3.37	-7.8	27.6	17.2	-21	-3
Change in receivables						-1.9	-9.3	-0.1	1.8	0.8
Change in inventory	-2.33	-5.7	0.25	-7.16	10.7	-16.5	-0.2	8.1	-2.6	-0.1
Change in payables	0.83	-4.07	11.1	2.03	-9.58	14.3	1.2	-1.3	-11.9	24.4
Cash from operations	231	265	338	289	-49.2	283	444	364	312	291
Capital expenditures	-181	-220	-216	-228	-83	-92.2	-234	-330	-530	-391
Acquisitions					0	0	-819	0	0
Cash from investing	-159	-217	-204	-227	-82	-91.5	-1,052	-329	-530	-387
Debt issued	97	509	265	406	732	83	822	214	1,448	813
Debt repaid	-171	-407	-238	-152	-255	-253	-16.1	-167	-1,262	-785
Stock issued	4.36	1.34	3.35	1.05	182	0	0	4.1	7.9	0
Share buybacks	-28.8	-152	-149	-297	0	0	-25	-300	-172	-23.9
Dividends paid			-11.6	-15.7	-4.89	0	0
Cash from financing	-77.3	-49.3	-131	-58.6	118	-178	763	-179	187	106
Net change in cash	-5.41	-1.29	2.79	3.07	-12.8	14	156	-144	-30.4	9.7
Free cash flow	50.8	44.8	121	60.9	-132	191	210	34	-218	-101
Interest paid	6.6	7.85	12.2	20.1	17.9	44.5	68.7	122	124	127
Income taxes paid	28.2	43.1	13.5	27.2	-9.35	21.5	-30.4	9.7	20.1	10.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 4, 2026; growth uses fiscal years. Valuation uses the share price of $6.62 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	85.4%	Gross profit / revenue.
Operating margin	1.7%	Operating income / revenue.
EBITDA margin	15.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.6%	Pre-tax income / revenue.
Net margin	-4.3%	Net income / revenue.
FCF margin	-0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.5%	Cash from operations / revenue.
Return on equity (ROE)	-100.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.2%	Net income / average total assets.
Return on invested capital (ROIC)	1.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	16.2%	Capital expenditures / revenue.
D&A / revenue	14.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	36.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	37.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-60.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-31.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-20.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-183.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-195.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-6.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-37.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-39.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-9.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-13.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-11.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.30x	Current assets / current liabilities.
Quick ratio	0.04x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	17.4x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.2%	Total debt / total assets.
Liabilities / assets	97.9%	Total liabilities / total assets.
Net debt	$1.52B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.24x	Operating income / interest expense.
Working capital	-$302.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$654.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	1.20x	Revenue / average property, plant and equipment.
Inventory turnover	7.73x	Cost of revenue / average inventory.
Days inventory	47 days	365 x average inventory / cost of revenue.
Days payables	149 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	105.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$59.78	Revenue / diluted weighted shares.
FCF per share	-$0.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.24	Cash from operations / diluted weighted shares.
Book value per share	$2.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$18.79	Tangible book value / shares outstanding.
Cash per share	$0.46	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$230.3M	Share price x shares outstanding.
Enterprise value	$1.75B	Market cap + total debt - cash - short-term investments.
P/S	0.11x	Market cap / revenue.
P/B	2.62x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	0.72x	Market cap / cash from operations, when positive.
EV/Sales	0.84x	Enterprise value / revenue.
EV/EBIT	48.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.27x	Enterprise value / EBITDA, when both are positive.
FCF yield	-6.9%	Free cash flow / market cap.
Earnings yield	-38.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Dave & Buster's Entertainment, Inc.'s revenue in fiscal 2025?

Dave & Buster's Entertainment, Inc. reported revenue of $2.10B for fiscal 2025, 1.4% lower than the year before.

Was Dave & Buster's Entertainment, Inc. profitable in fiscal 2025?

No. It reported a net loss of $48.7M.

How much free cash flow did Dave & Buster's Entertainment, Inc. generate in fiscal 2025?

Cash from operations of $290.8M minus capital expenditures of $391.4M left free cash flow of -$100.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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