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Dave & Buster's Entertainment, Inc. (PLAY) Q1 2026 Earnings Call June 15, 2026 5:00 PM EDT

Company Participants

Cory Hatton - Head of Entertainment Finance, Investor Relations & Treasurer
Tarun Lal - CEO & Director
Darin Harper - Chief Financial Officer

Conference Call Participants

Andrew Barish - Jefferies LLC, Research Division
Sharon Zackfia - William Blair & Company L.L.C., Research Division
Andrew Strelzik - BMO Capital Markets Equity Research
Eric Wold - Texas Capital Securities, Research Division
Brian Vaccaro - Raymond James & Associates, Inc., Research Division
Michael Hickey - The Benchmark Company, LLC, Research Division
Dennis Geiger - UBS Investment Bank, Research Division

Presentation

Operator

Hello, and welcome to the Dave & Buster's Entertainment Inc. First Quarter 2026 Earnings Call. [Operator Instructions]

I'll now turn the conference over to Cory Hatton, VP of Entertainment, Finance, Investor Relations and Treasurer. Please go ahead.

Cory Hatton
Head of Entertainment Finance, Investor Relations & Treasurer

Thank you, operator, and welcome to everyone on the line. Joining me in the room on today's call are Tarun Lal, our Chief Executive Officer; and Darin Harper, our Chief Financial Officer. After our prepared remarks, we will be happy to answer any questions. This call is being recorded on behalf of Dave & Buster's Entertainment, Inc. and is copyrighted.

Before we begin the discussion on our company's first quarter 2026 results, I'd like to call your attention to the fact that in our prepared remarks and responses to questions, certain items may be discussed, which are not entirely based on historical fact. Any of these items should be considered forward-looking statements relating to future events within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Information on these risks and uncertainties have been published in our filings

Shares of Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY – Get Free Report) have received an average rating of “Hold” from the nine brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $17.3333.

PLAY has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Dave & Buster’s Entertainment in a research report on Friday, July 17th. Citizens Jmp started coverage on shares of Dave & Buster’s Entertainment in a research note on Monday, June 29th. They issued a “market perform” rating for the company. UBS Group decreased their price objective on shares of Dave & Buster’s Entertainment from $12.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, September 15th. Zacks Research raised Dave & Buster’s Entertainment from a “strong sell” rating to a “hold” rating in a report on Friday, August 28th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Dave & Buster’s Entertainment in a research note on Tuesday, September 15th.

Read Our Latest Stock Report on PLAY

Dave & Buster’s Entertainment Stock Up 0.9% Shares of Dave & Buster’s Entertainment stock opened at $6.79 on Tuesday. The company has a debt-to-equity ratio of 17.07, a current ratio of 0.30 and a quick ratio of 0.21. Dave & Buster’s Entertainment has a 1-year low of $6.45 and a 1-year high of $22.10. The business’s fifty day moving average price is $9.51 and its two-hundred day moving average price is $11.11. The company has a market capitalization of $236.50 million, a P/E ratio of -2.64 and a beta of 1.82. Dave & Buster’s Entertainment (NASDAQ:PLAY – Get Free Report) last released its quarterly earnings results on Monday, September 14th. The restaurant operator reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.46). Dave & Buster’s Entertainment had a negative return on equity of 51.87% and a negative net margin of 4.26%.The business had revenue of $544.10 million during the quarter, compared to the consensus estimate of $556.83 million. During the same period in the previous year, the company posted $0.32 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, research analysts forecast that Dave & Buster’s Entertainment will post -1.38 EPS for the current year.

Insiders Place Their Bets In other news, Director Nathaniel Lipman bought 12,000 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were purchased at an average cost of $6.78 per share, with a total value of $81,360.00. Following the completion of the acquisition, the director directly owned 30,715 shares in the company, valued at approximately $208,247.70. The trade was a 64.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dave & Buster’s Entertainment Several hedge funds have recently made changes to their positions in the business. Tidal Investments LLC bought a new stake in shares of Dave & Buster’s Entertainment in the 2nd quarter worth approximately $182,000. Engineers Gate Manager LP boosted its holdings in Dave & Buster’s Entertainment by 200.7% during the second quarter. Engineers Gate Manager LP now owns 537,254 shares of the restaurant operator’s stock worth $6,125,000 after buying an additional 358,588 shares in the last quarter. Squarepoint Ops LLC grew its position in Dave & Buster’s Entertainment by 289.7% in the second quarter. Squarepoint Ops LLC now owns 131,168 shares of the restaurant operator’s stock worth $1,495,000 after buying an additional 97,507 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Dave & Buster’s Entertainment in the second quarter valued at $141,000. Finally, Hsbc Holdings PLC bought a new position in shares of Dave & Buster’s Entertainment in the second quarter valued at $353,000. Institutional investors and hedge funds own 91.45% of the company’s stock.

Dave & Buster’s Entertainment Company Profile (Get Free Report)

Dave & Buster’s Entertainment, Inc (NASDAQ: PLAY) is an entertainment and dining company that operates venues combining arcade games, sports viewing, food and beverages, and social experiences. Its Dave & Buster’s locations are designed for adults and families and offer interactive games, prize redemption, casual dining, full-service bars, and space for group events and parties.

The company also operates Main Event, a family entertainment brand offering bowling, arcade games, laser tag, virtual reality attractions, and food and beverages.

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Key Takeaways Profit collapse just went from worse to disaster as this year flips to a 360% annual EPS lossEarnings decline continues as new QSR, health-focused, and entertainment options multiply in vibrant economyZacks EPS consensus fell from -$1.10 to -$1.38 and next year was dropped from -$1.14 to -$1.43 I last profiled Dave & Buster's ((PLAY - Free Report) ) as the Bear of the Day in late May when shares were still trading above $10.And it was the third time in 3 years I've done so as the Zacks Rank has kept pegging this stock with falling EPS estimates.

This week's earnings report didn't bring any better news and shares dropped below $7.50 on heavy volume for the first time since the 2020 Covid collapse.

After another big earnings miss -- loss of $0.27 vs expectations of $0.19 profit -- analysts slashed their estimates once again. This year's Zacks EPS consensus fell from -$1.10 to -$1.38 and next year was dropped from -$1.14 to -$1.43.

This report represents an earnings surprise of -242.11%. A quarter ago, it was expected that this owner of two chains of restaurants and arcades -- including 186 Dave & Buster's and 66 Main Event stores -- would post EPS of $0.37 when it actually produced EPS of $0.22, delivering a negative surprise of -40.54%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Dave & Buster's, which belongs to the Zacks Retail - Restaurants industry, posted revenues of $544.1 million for the quarter ended July 2026, missing the Zacks Consensus Estimate by 3.06%. This compares to year-ago revenues of $557.4 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

You can learn more about key "quick service restaurant" (QSR) metrics for the company in this article...

Compared to Estimates, Dave & Buster's (PLAY - Free Report) Q2 Earnings: A Look at Key Metrics

I'll close with the last two paragraphs from my May report...

My thesis: the earnings decline continues as new QSR, health-focused, and entertainment options multiply in a vibrant economy.

Bottom line: PLAY might be a fun place to take the family or watch a ball game with friends, but there's no joy for your money here. The Zacks Rank will let you know when it's time to play the stock again.

Published in restaurants travel-leisure video-games

Shares of Dave & Buster's Entertainment (PLAY -19.01%) plunged on Tuesday after the restaurant and arcade chain reported an unexpected loss in its most recent quarter.

Image source: Getty Images.

Sales shortfall Dave & Buster's revenue declined by 2.4% year over year to $544 million in its fiscal 2026 second quarter, which ended on Aug. 4.

The restaurant operator opened six U.S. stores during the quarter, bringing its total count to 250. Yet comparable-store sales, which measure revenue at locations open for at least 18 months, fell 2.9%.

"We are predominantly an occasion-based business with high awareness, but we have not consistently been the obvious answer when a guest is planning one of those occasions, and our value and execution have not been dependable enough," CEO Darin Harper said during a conference call with analysts.

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All told, Dave & Buster's swung to an adjusted net loss of $9.5 million, or $0.27 per share, compared to net income of $14.2 million, or $0.40 per share, in the year-ago quarter. Wall Street had expected a profit of $0.18 per share.

Leadership has a plan to right the ship Dave & Buster's is investing in new games and other upgrades to drive traffic to its restaurants. It plans to remodel two more stores in the second half of 2026. "The same-store sales of our remodels continue to outperform the system," Harper said.

In addition to remodels, Harper is prioritizing cost cuts to bolster Dave & Buster's profit margins and free cash flow generation.

"We have a clear map: capture existing demand, deliver relevant entertainment, make value clear, and execute consistently in every store," Harper said. "Our focus is converting these leading indicators into durable traffic, stronger guest frequency, and improved profitability, which will generate significant shareholder value in the near term."

Shares of Dave & Buster's Entertainment are tumbling after the restaurant and arcade operator posted a surprise loss.

Dave & Buster’s Entertainment Inc. (NASDAQ:PLAY) shares are trading lower Tuesday after the company reported worse-than-expected second-quarter financial results. Freedom Capital Markets lowered its price target on the stock from $13 to $9.

Dave & Buster’s stock is testing key support levels. What’s pressuring PLAY? Dave & Buster Slips to Loss In Q2 as Revenue DeclineDave & Buster’s reported a loss of 27 cents per share, missing the consensus estimate of 24 cents. In addition, the company reported revenue of $544.100 million, missing the consensus estimate of $557.194 million.

Comparable store sales decreased 2.9% compared to the same calendar period in fiscal 2025, and adjusted EBITDA fell to $98.9 million from $129.8 million in the second quarter of fiscal 2025.

“We are energized by the obvious, actionable and enormous opportunities ahead for Dave & Buster’s and Main Event,” said Darin Harper, CEO of Dave & Buster’s. “Our Back-to-Basics strategy is gaining momentum with enhanced executional urgency. We are experiencing ongoing growth in food and beverage sales as well as in special events sales.”

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PLAY Price Action: At the time of publication, Dave & Buster’s shares are trading 13.46% lower at $7.33, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Dave and Buster's shares cratered after a rough quarter, but management is pointing to a trend that could change the story entirely for patient investors watching the entertainment sector stumble.

Dave & Buster’s Entertainment (NASDAQ:PLAY) stock is falling 12% to $7.41 in Tuesday morning trading after the entertainment and dining operator reported weaker-than-expected second-quarter results. Dave & Buster’s generated $544.1 million of revenue, down 2.4% from a year earlier and below the roughly $556.8 million analysts had expected, while the company posted an adjusted loss of $0.27 per share.

The weakness isn’t isolated to Dave & Buster’s stock, although the decline is more pronounced than in some peers. Six Flags Entertainment (NYSE:FUN) stock is down 2% to $12.92, Lucky Strike Entertainment (NYSE:LUCK) stock is falling 1% to $5.56, the Invesco Leisure and Entertainment ETF (NYSE ARCA:PEJ) is down 1% to $62.95, and the SPDR S&P 500 ETF Trust (NYSE ARCA:SPY) stock is down 0.2% to $759.36.

Dave & Buster’s Sales Miss Raises Concerns Dave & Buster’s second-quarter same-store sales fell 2.9%, while entertainment-related sales declined 9% and food and beverage revenue provided an offsetting benefit. Dave & Buster’s also swung to a $12.5 million net loss from net income of $11.4 million in the year-earlier quarter, adding to the pressure on PLAY stock.

Dave & Buster’s does have a potential recovery argument, however, because management indicated that sales trends improved as the quarter progressed. Same-store sales declined 5% in June and 1.6% in July, while management reported additional improvement during the first five weeks of the third quarter.

A Turnaround Could Still Take Time Dave & Buster’s has acknowledged the need to improve its entertainment offerings and reconnect with customers, with the company emphasizing new products, stronger marketing and better value. Dave & Buster’s remodeled locations have also performed better than the systemwide average, which could provide a useful blueprint if those improvements can be replicated more broadly.

Yet, Dave & Buster’s stock faces a tougher case while revenue remains below the prior year’s level and profitability has deteriorated. Investors may want to watch for whether the sequential improvement continues and whether the company’s efforts to refresh its entertainment business can translate into sustained comparable-sales growth.

Peers Also Face A Challenging Backdrop Six Flags stock is falling 2% to $12.92, suggesting that pressure on discretionary entertainment businesses extends beyond Dave & Buster’s. Six Flags has faced its own operational and financial challenges following the 2024 combination of Cedar Fair and Six Flags, including weak attendance and significant debt.

Lucky Strike stock is slipping 1% to $5.56, while the Invesco Leisure and Entertainment ETF is down 1%. The relatively modest declines in Lucky Strike stock and the ETF compared with Dave & Buster’s stock could suggest that investors are distinguishing between broader leisure-sector pressure and Dave & Buster’s specific earnings problems.

Investors May Want To Stay Selective The bullish case for Dave & Buster’s rests on the possibility that recent investments in entertainment, marketing and remodeled locations can restore traffic and improve sales trends. Dave & Buster’s could also benefit if consumer spending on experiences remains resilient, giving the company room to rebuild profitability from a depressed base.

However, the latest results show that the turnaround still carries meaningful execution risk, particularly after the revenue miss and adjusted loss. Investors who choose to own Dave & Buster’s stock should consider keeping their share-position sizes moderate, while investors on the sidelines may want to watch for clearer evidence of sustained sales improvement before taking on additional exposure.

Contact [email protected] for any questions or corrections.

With U.S. stock futures trading lower this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:

Wall Street expects Forgent Power Solutions, Inc (NYSE:FPS) to report quarterly earnings at 24 cents per share on revenue of $429.94 million before the opening bell, according to data from Benzinga Pro. Forgent Power shares rose 0.9% to $28.90 in after-hours trading. Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) posted downbeat second-quarter fiscal 2026 results after Monday’s closing bell. Dave & Buster’s Entertainment reported quarterly losses of 27 cents per share, which missed the consensus estimate for losses of 24 cents, per Benzinga Pro data. Quarterly revenue came in at $544.1 million, which missed the Street estimate of $557.19 million. Dave & Buster’s shares dipped 11.4% to $7.51 in the after-hours trading session. Analysts are expecting Vera Bradley, Inc. (NASDAQ:VRA) to post a quarterly loss at 8 cents per share on revenue of $65.95 million. The company will release earnings before the markets open. Vera Bradley shares fell 3.2% to close at $3.04 on Monday. Check out our premarket coverage here

Children’s Place Inc (NASDAQ:PLCE) reported worse-than-expected second-quarter financial results. The company reported quarterly losses of 82 cents per share which missed the analyst consensus estimate of losses of 61 cents per share. The company reported quarterly sales of $241.800 million which missed the analyst consensus estimate of $252.434 million. Children’s Place shares fell 1.2% to $2.44 in the after-hours trading session. Analysts expect Trip.com Group Ltd (NASDAQ:TCOM) to post quarterly earnings at 91 cents per share on revenue of $2.29 billion after the closing bell. Trip.com shares gained 0.1% to $39.10 in after-hours trading. Photo via Shutterstock

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Dave & Buster's (PLAY - Free Report) came out with a quarterly loss of $0.27 per share versus the Zacks Consensus Estimate of $0.19. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -242.11%. A quarter ago, it was expected that this owner of Dave & Buster's, a chain of restaurants and arcades would post earnings of $0.37 per share when it actually produced earnings of $0.22, delivering a surprise of -40.54%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Dave & Buster's, which belongs to the Zacks Retail - Restaurants industry, posted revenues of $544.1 million for the quarter ended July 2026, missing the Zacks Consensus Estimate by 3.06%. This compares to year-ago revenues of $557.4 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Dave & Buster's shares have lost about 49.8% since the beginning of the year versus the S&P 500's gain of 11.9%.

What's Next for Dave & Buster's?While Dave & Buster's has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Dave & Buster's was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$1.37 on $460.29 million in revenues for the coming quarter and -$1.10 on $2.13 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Restaurants is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Cracker Barrel Old Country Store (CBRL - Free Report) , has yet to report results for the quarter ended July 2026. The results are expected to be released on September 23.

This restaurant operator is expected to post quarterly earnings of $0.20 per share in its upcoming report, which represents a year-over-year change of -73%. The consensus EPS estimate for the quarter has been revised 4.6% higher over the last 30 days to the current level.

Cracker Barrel Old Country Store's revenues are expected to be $831.12 million, down 4.3% from the year-ago quarter.

Dave & Buster’s Q1 Miss Raises the Stakes for Its Turnaround PlanDave & Buster's Entertainment NASDAQ: PLAY reported lower second-quarter revenue and earnings but said same-store sales trends improved during July and the early weeks of its third quarter as the company pursues a “back-to-basics” strategy centered on traffic, value and store execution.

Revenue for the second quarter was $544.1 million, down from $557.4 million a year earlier. Company-wide same-store sales declined 2.9%, an improvement from the 5.4% decline reported in the first quarter. Interim CFO Cory Hatton said sales trends improved further in July, when same-store sales were down 1.6%, compared with a 5% decline in June.

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Why Dave & Buster's Stock Is Ripping Higher Despite Ugly EarningsThe company recorded a GAAP net loss of $12.5 million, or $0.36 per diluted share, compared with net income of $11.4 million, or $0.32 per diluted share, in the prior-year period. Adjusted EBITDA declined to $98.9 million, representing an 18.2% margin, from $129.7 million and a 23.3% margin a year earlier.

Food and beverage growth offsets some entertainment weakness CEO Darin Harper said the company’s food-and-beverage comparable sales rose 7.6% in the second quarter, marking its fifth consecutive quarter of growth in that category. Special-events sales have increased for seven straight quarters, he added.

Dave & Buster’s Reversal Is in PLAY After Double-Bottom BreakoutHarper attributed food-and-beverage momentum primarily to a return to what he called a proven menu, improved execution of the company’s Eat & Play Combo and higher food-and-beverage attachment among gaming customers. The company also plans to raise awareness of its food-and-beverage offerings and take what Harper described as strategic, consistent inflationary price increases.

Sports viewing remains another area of focus. Harper said more than half of guests identify football, basketball or baseball among the sports they watch, while more than 90% of guests who watch sports at a food or bar venue order food and more than 80% order alcohol. He said the company produced double-digit sales growth during activated World Cup matches, including the tournament final.

“We are a perfect occasion for that type of experience,” Harper said of the World Cup activations, which included themed food, reskinned games, prize integration and ticketed events.

Strategy focuses on occasions, relevance and value Harper said the company is maintaining the core of its back-to-basics plan while providing a more detailed framework for execution. The strategy centers on capturing existing demand around personal, seasonal and cultural occasions; offering relevant entertainment and food-and-beverage choices; and delivering a consistent value message and guest experience.

He said Dave & Buster’s has high brand awareness but has not consistently been the “obvious answer” for guests planning an outing. The company intends to shift away from what Harper described as large, disconnected “tent pole” campaigns and place greater emphasis on targeted marketing around seasonal and cultural moments.

Dave & Buster’s appointed Jeremy Tucker as chief marketing officer during the second quarter after operating for more than a year without a CMO, according to Harper. The company also recently named Amanda Busby chief operations officer, Kevin Fish chief technology and digital officer, and Rachel Morgan chief legal administrative officer and corporate secretary. Aldo Rosales was promoted to chief strategy and revenue management officer.

On the entertainment side, the company launched 10 new games and attractions so far this year, including titles connected to The Mandalorian and Grogu, John Wick, Stranger Things and Hot Wheels. Management said it is also developing a plan to address consumer demand for collectibles through merchandise, prize offerings and midway games.

Harper said the company simplified its Power Card rate card and adjusted game pricing in recent months to make the experience easier to understand and allow guests to play longer. Those changes have produced a 16% to more than 20% increase in gameplay and dwell time, he said, while maintaining basket size and margins through redemption payouts and Winner’s Circle pricing.

Cost and capital discipline remain priorities Hatton said second-quarter EBITDA comparisons included several items that were not repeated or were higher than normal, including a $10 million non-cash deferral adjustment in the prior year, $3 million in higher pre-opening expenses and about $2 million in non-normalized insurance expense growth. Excluding those items, adjusted EBITDA would have declined by approximately $16 million year over year, he said.

The company said adjusted free cash flow was positive $19.5 million through the second quarter, compared with negative $36.5 million in the prior-year period. Cash from operations increased to $160.6 million from $129.8 million, while net capital expenditures declined to $127.6 million from $155.4 million.

Management remains on pace to spend less than $200 million in net capital expenditures during fiscal 2026. Harper said the company could spend about $150 million or less in fiscal 2027, depending on opportunities to invest in games, technology and the existing store base. Hatton said recurring capital needs, including game refreshes, are approximately $95 million to $100 million annually.

Dave & Buster’s opened six domestic stores in the second quarter, bringing its first-half total to seven: five Dave & Buster’s locations and two Main Event locations. The company plans to open four additional domestic stores during the remainder of fiscal 2026 and five in fiscal 2027. It operated 250 company-owned stores at quarter-end, including 184 Dave & Buster’s locations and 66 Main Event locations, along with six international franchise stores. Six Dave & Buster’s remodels were completed during fiscal 2026, with two additional remodels planned for the second half. Hatton said the company has identified $15 million in savings expected to be realized over the next 12 months, primarily from areas that should not affect the guest experience, including general and administrative overhead, information technology systems, insurance and vendor arrangements. He said management sees a path to at least double that amount in additional savings.

Harper said the company expects its initiatives to support improving same-store sales, revenue and EBITDA in the near term, while acknowledging that the business still faces a difficult consumer environment and has more work to do on traffic, affordability and service consistency.

About Dave & Buster's Entertainment (NASDAQ:PLAY)Dave & Buster's Entertainment, Inc NASDAQ: PLAY is an entertainment and dining company that operates venues combining arcade games, sports viewing, food and beverages, and social experiences. Its Dave & Buster's locations are designed for adults and families and offer interactive games, prize redemption, casual dining, full-service bars, and space for group events and parties.

The company also operates Main Event, a family entertainment brand offering bowling, arcade games, laser tag, virtual reality attractions, and food and beverages.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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DALLAS, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) (“Dave & Buster's” or “the Company”), an owner, operator, and franchisor of entertainment and dining venues, today announced financial results for its second quarter of fiscal 2026 ended August 4, 2026.

Second Quarter 2026 Financial Summary

Revenue of $544.1 million decreased 2.4% from the second quarter of fiscal 2025.Comparable store sales decreased 2.9% compared to the same calendar period in fiscal 2025.Net loss totaled $12.5 million, or a $0.36 net loss per diluted share, compared to net income of $11.4 million, or $0.32 net income per diluted share in the second quarter of fiscal 2025. Adjusted net loss1 totaled $9.5 million, or a $0.27 Adjusted net loss per diluted share, compared to Adjusted net income1 of $14.2 million, or $0.40 Adjusted net income per diluted share in the second quarter of fiscal 2025.Adjusted EBITDA1 was $98.9 million compared to $129.8 million in the second quarter of fiscal 2025.Adjusted free cash flow1 was positive $19.5 million for the six months ended August 4, 2026 compared to negative $36.5 million through the end of the six months ended August 5, 2025. Additional Events and Commentary

The Company opened six new domestic stores in the second quarter.The Company expects to complete two additional Dave & Buster’s store remodels during the remainder of fiscal 2026, bringing the total number of remodels completed in fiscal 2026 to eight.The Company has six international franchise stores and expects to open at least one additional international franchise store during the remainder of fiscal 2026. “We are energized by the obvious, actionable, and enormous opportunities ahead for Dave & Buster’s and Main Event,” said Darin Harper, Chief Executive Officer. “Our Back-to-Basics strategy is gaining momentum with enhanced executional urgency. We are experiencing ongoing growth in food and beverage sales as well as in special events sales. The same store sales of our remodels continue to outperform the system. Further, we improved overall same store sales in July, and saw continued improvement in overall same store sales during the third quarter to date. We are laser focused on returning to same-store sales and EBITDA growth, sharpening our margin management with cost saving initiatives, generating significant free cash flow, and delivering meaningful shareholder value. I have tremendous confidence in the direction of our business and am excited about what we will accomplish together as we shape the future of our company.”

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1 Adjusted EBITDA, Adjusted net income (loss) and Adjusted free cash flow are non-GAAP financial measures. Please see the discussion under Non-GAAP Measures and the reconciliations at the end of this release for additional information concerning these and other non-GAAP financial measures.

Cash Flow and Liquidity

The Company generated $19.5 million in Adjusted free cash flow for the six months ended August 4, 2026, ending the quarter with $492.1 million of available liquidity1.

Quarterly Report on Form 10-Q Available

The Company’s Quarterly Report on Form 10-Q, which will be available at www.sec.gov and on the Company’s investor relations website, contains a thorough review of its financial results for the second quarter ended August 4, 2026.

Investor Conference Call and Webcast

Management will host a conference call to discuss these results on Monday, September 14, 2026 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time). Both the live and archived webcasts of the conference call will be available at ir.daveandbusters.com. Participants in the U.S. can access the conference call by dialing toll-free (888) 596-4144, and international participants can access by dialing +1 (646) 968-2525. The conference ID is 3278311. A replay will be available after the call beginning at 6:00 p.m. Central Time (7:00 p.m. Eastern Time) and can be accessed by dialing toll-free (800) 770-2030 or by the toll number +1 (609) 800-9909. The replay conference ID is also 3278311.

About Dave & Buster’s Entertainment, Inc.

Founded in 1982 and headquartered in Coppell, Texas, Dave & Buster's Entertainment, Inc. is the owner and operator of 250 stores in North America that offer premier entertainment and dining experiences to guests through two distinct brands: Dave & Buster’s and Main Event. The Company has 184 Dave & Buster’s branded stores in 43 states, Puerto Rico, and Canada, and offers guests the opportunity to “Eat, Drink, Play, and Watch” all in one location. Each store offers a full menu of entrées and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. The Company also operates 66 Main Event branded stores in 24 states across the country, and offers state-of-the-art bowling, laser tag, hundreds of arcade games and virtual reality, making it the perfect place for families to connect and make memories. Internationally, the Company is in early-stage growth as a franchisor of its brands with six Dave & Buster’s franchise stores currently open. For more information about each brand, visit daveandbusters.com and mainevent.com.

Forward-Looking Statements

The Company cautions that this release contains statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. Forward-looking statements are neither historical facts nor assurances of future performance, and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These forward-looking statements include all matters that are not historical facts, including statements regarding our intentions, beliefs or current expectations concerning, among other things: our results of operations; financial condition; liquidity; prospects; growth; strategies; the industry in which we operate; expansion and opening of new locations; and opportunities and risks affecting our business, industry and financial results, including macroeconomic factors. These forward-looking statements involve risks and uncertainties, including: our ability to successfully design and execute our business strategy; our effectiveness at integrating and operating our past or future acquisitions; the effects of new or improved technologies or changes in consumer behavior; the potential for unfavorable publicity; our ability to obtain and renew leases on favorable terms or at all; our substantial indebtedness and covenants in our debt agreements restricting our ability to implement our business plan; our success in opening and operating new stores profitably and optimizing existing stores; risks related to our information systems and potential cybersecurity breaches or other privacy or data incidents; the cost and availability of certain commodities; our procurement of new games and entertainment offerings and our ability to obtain related licensing rights; the extensive laws and regulations in which we must comply with; and other risks identified in “Risk Factors” in our reports filed with the Securities and Exchange Commission. Accordingly, actual results may differ materially from the forward-looking statements, and the Company therefore cautions you against relying on such forward-looking statements. The Company intends these forward-looking statements to speak only as of the time of this release and does not undertake to update or revise them as more appropriate information becomes available, except as required by law.

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1 Available liquidity is defined as cash and cash equivalents plus availability under the Company’s $650.0 million revolving credit facility.

Non-GAAP Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company uses the following non-GAAP financial measures: Adjusted EBITDA, Credit Adjusted EBITDA (calculated in accordance with the Company’s Credit Facility), Net Total Leverage Ratio (calculated in accordance with the Company’s Credit Facility), Store operating income before depreciation and amortization, Adjusted net income (loss), Adjusted net income (loss) per share - diluted, and Adjusted free cash flow, reconciliations or numerical inputs of which can be found on the following pages (collectively the “non-GAAP financial measures”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of our operating performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures used by the Company in this press release may be different from the measures used by other companies or calculated differently than similar measures used by other companies.

For Investor Relations Inquiries:

[email protected]

 DAVE & BUSTER'S ENTERTAINMENT, INC.
Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)       Three Months Ended Six Months Ended  August 4, 2026 August 5, 2025 August 4, 2026 August 5, 2025Entertainment revenues $332.6  61.1% $364.5 65.4% $677.7  61.4% $731.1 65.0%Food and beverage revenues  211.5  38.9%  192.9 34.6%  425.6  38.6%  393.9 35.0%Total revenues  544.1  100.0%  557.4 100.0%  1,103.3  100.0%  1,125.0 100.0%Cost of entertainment  30.7  9.2%  29.2 8.0%  58.1  8.6%  59.8 8.2%Cost of food and beverage  52.5  24.8%  47.2 24.5%  104.9  24.6%  98.8 25.1%Total cost of products  83.2  15.3%  76.4 13.7%  163.0  14.8%  158.6 14.1%Operating payroll and benefits  140.2  25.8%  138.7 24.9%  280.3  25.4%  273.7 24.3%Other store operating expenses  192.9  35.5%  186.9 33.5%  379.6  34.4%  375.3 33.4%General and administrative expenses  27.1  5.0%  32.0 5.7%  54.6  4.9%  56.3 5.0%Depreciation and amortization expenses  73.7  13.5%  65.2 11.7%  144.6  13.1%  128.4 11.4%Pre-opening costs  6.7  1.2%  4.1 0.7%  12.1  1.1%  10.1 0.9%Other charges and gains  0.9  0.2%  1.1 0.2%  2.8  0.3%  6.4 0.6%Total operating costs  524.7  96.4%  504.4 90.5%  1,037.0  94.0%  1,008.8 89.7%Operating income  19.4  3.6%  53.0 9.5%  66.3  6.0%  116.2 10.3%Interest expense, net  38.0  7.0%  38.7 6.9%  74.9  6.8%  75.5 6.7%Income (loss) before income taxes  (18.6) (3.4)%  14.3 2.6%  (8.6) (0.8)%  40.7 3.6%Provision for (benefit from) income taxes  (6.1) (1.1)%  2.9 0.5%  (1.8) (0.2)%  7.6 0.7%Net income (loss) $(12.5) (2.3)% $11.4 2.0% $(6.8) (0.6)% $33.1 2.9%                 Net income (loss) per share:                Basic $(0.36)   $0.33   $(0.20)   $0.96  Diluted $(0.36)   $0.32   $(0.20)   $0.94  Weighted average shares used in per share calculations:                Basic shares  34.81     34.52    34.78     34.56  Diluted shares  34.81     35.14    34.78     35.08                   Other information:                Company-owned stores at end of period  250     237    250     237  Store operating weeks in the period  3,204     3,066    6,364     6,081  Total revenue per store operating weeks in the period (in thousands) $170    $182   $173    $185  Total revenue per square foot per store operating weeks in the period (in dollars) $4.15    $4.43   $4.23    $4.49   (1) All percentages are expressed as a percentage of total revenues for the respective period presented, except cost of entertainment, which is expressed as a percentage of entertainment revenues, and cost of food and beverage, which is expressed as a percentage of food and beverage revenues.     DAVE & BUSTER'S ENTERTAINMENT, INC.
Other Financial Data
(unaudited, in millions) Condensed Consolidated Balance Sheets:     August 4, 2026
 February 3, 2026
ASSETS     Cash and cash equivalents$16.0  $16.6 Other current assets 111.8   107.5 Total current assets 127.8   124.1 Property and equipment, net 1,739.9   1,719.0 Operating lease right of use assets 1,283.1   1,303.2 Intangible and other assets, net 970.1   970.3 Total assets$4,120.9  $4,116.6       LIABILITIES AND STOCKHOLDERS' EQUITY     Total current liabilities$430.7  $434.6 Deferred income taxes 66.6   68.6 Operating lease liabilities 1,539.4   1,562.6 Other long-term liabilities 495.8   444.6 Long-term debt, net 1,500.5   1,515.0 Stockholders' equity 87.9   91.2 Total liabilities and stockholders' equity$4,120.9  $4,116.6  Summary Cash Flow Information:       Three Months Ended Six Months Ended  August 4, 2026 August 5, 2025 August 4, 2026 August 5, 2025Net cash provided by (used in):        Operating activities: $46.8  $34.0  $160.6  $129.8 Investing activities:  (84.7)  (84.7)  (190.0)  (239.3)Financing activities:  34.3   50.8   28.8   114.6 Increase (decrease) in cash and cash equivalents $(3.6) $0.1  $(0.6) $5.1                    DAVE & BUSTER'S ENTERTAINMENT, INC.
Non-GAAP Measures
(unaudited, in millions)  Adjusted EBITDA:

Adjusted EBITDA represents net income (loss), plus interest expense, net, loss on debt refinancing, provision for (benefit from) income taxes, depreciation and amortization expense, (gain) loss on property and equipment transactions, impairment of long-lived assets, share-based compensation, currency transaction (gains) losses, transaction and integration costs, system implementation costs and certain other costs, as calculated below. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA is presented because we believe that it provides useful information to investors and analysts regarding our operating performance. By reporting Adjusted EBITDA, we provide a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. A reconciliation of net income (loss) to Adjusted EBITDA is provided below for the periods presented:

 Three Months Ended Six Months Ended August 4, 2026(1) August 5, 2025(1) August 4, 2026(1) August 5, 2025(1)Net income (loss)$(12.5) (2.3)% $11.4  2.0% $(6.8) (0.6)% $33.1  2.9%Add back:                 Interest expense, net 38.0     38.7     74.9     75.5   Provision for (benefit from) income taxes (6.1)    2.9     (1.8)    7.6   Depreciation and amortization expense 73.7     65.2     144.6     128.4   Share-based compensation(2) 0.9     7.9     3.4     10.9   Transaction and integration costs(3) —     0.2     —     0.4   System implementation costs(4) —     0.9     —     2.5   Loss on property and equipment transactions(5) 0.9     0.2     2.8     3.9   Other items, net(6) 4.0     2.4     4.9     3.5   Adjusted EBITDA, a non-GAAP measure(1)$98.9  18.2% $129.8  23.3% $222.0  20.1% $265.8  23.6% (1) All percentages are expressed as a percentage of total revenues for the respective period presented.(2) Non-cash share-based compensation expense, net of forfeitures, recorded in General and administrative expenses on the Consolidated Statements of Comprehensive Income (Loss).(3) Transaction and integration costs related to the acquisition and integration of Main Event recorded in General and administrative expenses on the Consolidated Statements of Comprehensive Income (Loss)(4) System implementation costs represent expenses incurred related to the development of new enterprise resource planning, human capital management and inventory software for our stores and store support teams. These charges are recorded in Other charges and gains on the Consolidated Statements of Comprehensive Income (Loss).(5) Loss on property and equipment transactions primarily represents the net book value of assets retired and certain costs associated with the retirement of those assets.(6) The amounts for the 2026 periods primarily consisted of severance and restructuring charges, one-time third-party legal consulting fees, a discrete legal settlement outside of the normal course of business, and various individually immaterial adjustments. The amount for the fiscal 2025 periods primarily consisted of discretionary retention incentives, one-time, third-party consulting fees, and severance costs.    Store Operating Income Before Depreciation and Amortization:

Store Operating Income Before Depreciation and Amortization, a non-GAAP measure, represents operating income, plus depreciation and amortization expense, general and administrative expenses, pre-opening costs and other gains and charges. We believe that Store Operating Income Before Depreciation and Amortization is another useful measure in evaluating our operating performance because it removes the impact of general and administrative expenses, which are not incurred at the store level, and the costs of opening new stores, which are non-recurring at the store level, and thereby enables the comparability of the operating performance of our stores for the periods presented. We also believe that Store Operating Income Before Depreciation and Amortization is a useful measure in evaluating our operating performance within the entertainment and dining industry because it permits the evaluation of store-level productivity, efficiency, and performance, and we use Store Operating Income Before Depreciation and Amortization as a means of evaluating store financial performance compared with our competitors. However, because this measure excludes significant items such as general and administrative expenses, pre-opening costs and other gains and charges, as well as our interest expense, net, loss on debt extinguishment/refinance and depreciation and amortization expense, which are important in evaluating our consolidated financial performance from period to period, the value of this measure is limited as a measure of our consolidated financial performance. A reconciliation of operating income to Store Operating Income Before Depreciation and Amortization is provided below for the periods presented:

 Three Months Ended Six Months Ended August 4, 2026(1) August 5, 2025(1) August 4, 2026(1) August 5, 2025(1)Operating income$19.4  3.6% $53.0  9.5% $66.3  6.0% $116.2  10.3%Add back:                   General and administrative expenses 27.1     32.0     54.6     56.3   Depreciation and amortization expense 73.7     65.2     144.6     128.4   Pre-opening costs 6.7     4.1     12.1     10.1   Other gains and charges 0.9     1.1     2.8     6.4   Store operating income before depreciation and amortization, a non-GAAP measure$127.8  23.5% $155.4  27.9% $280.4  25.4% $317.4  28.2% (1) All percentages are expressed as a percentage of total revenues for the respective period presented.    Adjusted free cash flow:

Adjusted free cash flow, a non-GAAP measure, represents Net cash provided by operating activities less capital expenditures, plus payments received from landlords related to sale-leaseback transactions and finance leases. Management believes adjusted free cash flow provides investors with an additional measure of the cash generated by the business after considering routine capital investment requirements. A reconciliation of Net cash provided by operating activities to Adjusted free cash flow is provided below for the periods presented:

  Six Months Ended  August 4, 2026 August 5, 2025Net cash provided by operating activities $160.6  $129.8 Less: Capital expenditures  (190.0)  (243.8)Add: Incentives from landlords - finance leases  —   4.5 Add: Proceeds from sale-leaseback transactions  48.9   73.0 Adjusted free cash flow, a non-GAAP measure $19.5  $(36.5)          Credit Adjusted EBITDA and Net Total Leverage Ratio:

Credit Adjusted EBITDA, a non-GAAP measure, represents net loss plus certain items as defined at Adjusted EBITDA above, as well as certain other adjustments as defined in our Credit Agreement. These other adjustments include (i) entertainment revenue deferrals, (ii) the cost of new projects, including store pre-opening costs, (iii) business optimization expenses and other restructuring costs, and (iv) other costs and adjustments as permitted by the Credit Agreement. We believe the presentation of Credit Adjusted EBITDA is appropriate as it provides additional information to investors about the calculation of, and compliance with, certain financial covenants in the Credit Agreement. The following table sets forth a reconciliation of Net loss to Credit Adjusted EBITDA for the period shown:

  Trailing Four Quarters Ended
August 4, 2026Net loss $(88.7)Add back:  Interest expense, net  153.4 Loss on debt refinancing  — Provision for income taxes  (28.6)Depreciation and amortization expense  295.6 Share-based compensation(1)  12.1 Transaction and integration costs(2)  0.3 System implementation costs(3)  0.9 Loss on property and equipment transactions and impairments(4)  35.7 Other items, net(5)  12.1 Pre-opening costs(6)  21.1 Credit Facility specific items, net(7)  21.9 Credit Adjusted EBITDA, a non-GAAP measure $435.8  (1) See discussion of share-based compensation at Adjusted EBITDA above.(2) See discussion of transaction and integration costs at Adjusted EBITDA above.(3) See discussion of system implementation costs at Adjusted EBITDA above.(4) Consists of store asset impairments and loss on property and equipment disposals.(5) Primarily consists of discretionary retention incentives, severance costs and certain third-party consulting fees. The third-party consulting fees are not part of our ongoing operations and were incurred in association with a change in leadership to execute discrete, project-based strategic initiatives aimed at analyzing and summarizing growth opportunities and cost reductions for the Company. The transformative nature, narrow scope, and limited duration of these incremental consulting fees are not reflective of the ordinary course expenses incurred to operate our business. Third-party consulting fees, discretionary retention incentives and severance costs are included in General and administrative expenses on the Consolidated Statements of Comprehensive Income (Loss).(6) Represents costs incurred, primarily consisting of occupancy and payroll related expenses, associated with the opening of new stores. These costs are considered a “cost of new projects” as defined in our Credit Facility.(7) Represents other adjustments allowed under our Credit Agreement in the determination of Net Total Leverage Ratio including (i) amortization of software costs, (ii) executive search fees, (iii) public company costs, (iv) estimated impact of remodels to financial performance, (v) the pro forma impact of certain leases that were reclassified as finance leases during fiscal 2025 and (vi) the pro forma impact of certain implemented cost saving initiatives.    The following table provides a calculation of Net Total Leverage Ratio, as defined in the Credit Agreement, for the period shown:

 As of, and for the Trailing Four Quarters Ended
August 4, 2026Credit Adjusted EBITDA (a)$435.8 Total debt(1) 1,540.4 Less: Cash and cash equivalents (16.0)Add: Outstanding letters of credit 18.9 Net debt (b)$1,543.3 Net Total Leverage Ratio (b / a)3.5
x (1) Amount represents the sum of the carrying amount of debt outstanding and finance lease liabilities.    Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share - Diluted:

Adjusted net income (loss), a non-GAAP measure, represents net income (loss) before special items, as calculated below, and Adjusted net income (loss) per share - diluted, a non-GAAP measure, represents Adjusted net income (loss) on a fully diluted, per share basis. We believe excluding these special items from net income (loss) provides investors with a clearer perspective of our ongoing operating performance and a more relevant comparison to prior period results. The following table presents a reconciliation of net income (loss) to Adjusted net income (loss) and presents Adjusted net income (loss) per diluted share, for the periods shown:

 Three Months Ended Six Months Ended August 4, 2026 August 5, 2025 August 4, 2026 August 5, 2025 $ Per Diluted Share $ Per Diluted Share $ Per Diluted Share $ Per Diluted ShareNet income (loss) and net income (loss) per diluted share$(12.5) $(0.36) $11.4  $0.32  $(6.8) $(0.20) $33.1  $0.94 Adjustments:               Transaction and integration costs(1) —   —   0.2   0.01   —   —   0.4   0.01 System implementation costs(2) —   —   0.9   0.03   —   —   2.5   0.07 Loss on property and
equipment transactions(3) —   —   0.2   0.01   0.0   0.00   3.9   0.11 Other items, net(4) 4.0   0.11   2.4   0.07   4.9   0.14   3.5   0.10 Tax impact of items above, net(5) (1.0)  (0.03)  (0.9)  (0.03)  (1.3)  (0.03)  (2.7)  (0.08)Adjusted net income (loss) and Adjusted net income (loss) per share - diluted, non-GAAP measures$(9.5) $(0.27) $14.2  $0.40  $(3.2) $(0.09) $40.7  $1.16  (1) See discussion of transaction and integration costs at Adjusted EBITDA above.(2) See discussion of system implementation costs at Adjusted EBITDA above.(3) Loss on property and equipment transactions primarily represents the net book value of assets retired and certain costs associated with the retirement of those assets.(4) See discussion of other items, net at Adjusted EBITDA above.(5) The income tax effect related to special items is based on the blended jurisdictional statutory tax rates for the applicable period.   

The company said it swung to a second-quarter loss of $12.5 million, compared with a profit of $11.4 million a year earlier.

Dave & Buster's Entertainment, Inc. operates 250 North American locations blending arcade entertainment, sports, food, and beverages. Despite distressed share levels, PLAY's weak comps and sluggish growth undermine the appeal for value investors. Comparable sales declined 3.3% in Q4 and 5.4% in Q1, with adjusted EBITDA dropping from $136.1M to $123.2M.

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Shares of Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY – Get Free Report) have earned an average rating of “Hold” from the nine analysts that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $19.3333.

Several equities analysts have recently issued reports on PLAY shares. UBS Group lowered their price target on shares of Dave & Buster’s Entertainment from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, June 16th. Citizens Jmp initiated coverage on shares of Dave & Buster’s Entertainment in a research report on Monday, June 29th. They issued a “market perform” rating on the stock. BMO Capital Markets reduced their target price on shares of Dave & Buster’s Entertainment from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, June 16th. Citigroup started coverage on shares of Dave & Buster’s Entertainment in a research report on Monday, June 29th. They issued a “market perform” rating for the company. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Dave & Buster’s Entertainment in a research note on Friday, July 17th.

Check Out Our Latest Research Report on PLAY

Institutional Trading of Dave & Buster’s Entertainment Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Dave & Buster’s Entertainment during the second quarter valued at about $36,725,000. Nomura Holdings Inc. grew its position in Dave & Buster’s Entertainment by 532.9% in the 3rd quarter. Nomura Holdings Inc. now owns 2,411,191 shares of the restaurant operator’s stock valued at $43,787,000 after buying an additional 2,030,186 shares in the last quarter. Wolf Hill Capital Management LP bought a new position in Dave & Buster’s Entertainment in the 2nd quarter valued at about $15,468,694. Arrowstreet Capital Limited Partnership increased its stake in Dave & Buster’s Entertainment by 44.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,509,752 shares of the restaurant operator’s stock valued at $16,351,000 after buying an additional 468,174 shares during the period. Finally, MUFG Securities EMEA plc acquired a new position in Dave & Buster’s Entertainment during the 4th quarter valued at about $7,359,000. 91.45% of the stock is currently owned by institutional investors and hedge funds. Dave & Buster’s Entertainment Stock Performance Shares of NASDAQ PLAY opened at $9.40 on Friday. Dave & Buster’s Entertainment has a 12-month low of $9.10 and a 12-month high of $25.69. The company has a market cap of $327.03 million, a price-to-earnings ratio of -4.97 and a beta of 1.86. The company has a current ratio of 0.29, a quick ratio of 0.20 and a debt-to-equity ratio of 15.01. The stock’s 50 day simple moving average is $10.46 and its 200 day simple moving average is $11.95.

Dave & Buster’s Entertainment (NASDAQ:PLAY – Get Free Report) last issued its quarterly earnings data on Monday, June 15th. The restaurant operator reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.38). The company had revenue of $559.20 million for the quarter, compared to the consensus estimate of $580.60 million. Dave & Buster’s Entertainment had a negative return on equity of 24.19% and a negative net margin of 3.09%.Dave & Buster’s Entertainment’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.76 earnings per share. Equities research analysts expect that Dave & Buster’s Entertainment will post -1.1 EPS for the current year.

Dave & Buster’s Entertainment Company Profile (Get Free Report)

Dave & Buster’s Entertainment, Inc operates a chain of combined restaurant and entertainment venues designed to appeal to families, young adults and corporate groups. Each location features a full-service restaurant and bar alongside an arcade gaming area with ticket-based redemption, virtual reality experiences and skill-based games. Many venues also include multiple large-screen televisions and a sports bar atmosphere, catering to fans who wish to watch live sporting events in a social setting.

The company was founded in 1982 by David Corriveau and James “Buster” Corley, opening its first location in Dallas, Texas.

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Posted by Defense World Staff on Aug 15th, 2026

Bank of New York Mellon Corp reduced its holdings in Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY – Free Report) by 49.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,941 shares of the restaurant operator’s stock after selling 77,091 shares during the quarter. Bank of New York Mellon Corp owned 0.22% of Dave & Buster’s Entertainment worth $844,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Raymond James Financial Inc. lifted its stake in Dave & Buster’s Entertainment by 0.5% in the second quarter. Raymond James Financial Inc. now owns 121,847 shares of the restaurant operator’s stock valued at $3,665,000 after buying an additional 637 shares in the last quarter. Deutsche Bank AG increased its holdings in Dave & Buster’s Entertainment by 3.1% during the 4th quarter. Deutsche Bank AG now owns 24,794 shares of the restaurant operator’s stock worth $402,000 after purchasing an additional 741 shares in the last quarter. Nuveen LLC raised its stake in shares of Dave & Buster’s Entertainment by 1.2% in the 4th quarter. Nuveen LLC now owns 102,226 shares of the restaurant operator’s stock valued at $1,657,000 after purchasing an additional 1,254 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Dave & Buster’s Entertainment in the 3rd quarter valued at about $27,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Dave & Buster’s Entertainment by 616.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,942 shares of the restaurant operator’s stock valued at $31,000 after purchasing an additional 1,671 shares in the last quarter. Institutional investors and hedge funds own 91.45% of the company’s stock.

Analysts Set New Price Targets A number of research firms have weighed in on PLAY. BMO Capital Markets reduced their price target on Dave & Buster’s Entertainment from $24.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, June 16th. Citigroup assumed coverage on Dave & Buster’s Entertainment in a research report on Monday, June 29th. They set a “market perform” rating on the stock. Citizens Jmp initiated coverage on Dave & Buster’s Entertainment in a report on Monday, June 29th. They set a “market perform” rating on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Dave & Buster’s Entertainment in a research note on Friday, July 17th. Finally, UBS Group cut their price target on Dave & Buster’s Entertainment from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, June 16th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Dave & Buster’s Entertainment currently has an average rating of “Hold” and an average target price of $19.33.

Read Our Latest Stock Analysis on Dave & Buster’s Entertainment

Dave & Buster’s Entertainment Stock Performance Shares of Dave & Buster’s Entertainment stock opened at $10.19 on Friday. The company’s 50 day moving average price is $10.88 and its two-hundred day moving average price is $12.64. The firm has a market capitalization of $354.51 million, a P/E ratio of -5.39 and a beta of 1.86. Dave & Buster’s Entertainment, Inc. has a fifty-two week low of $9.40 and a fifty-two week high of $26.67. The company has a debt-to-equity ratio of 15.01, a current ratio of 0.29 and a quick ratio of 0.20.

Dave & Buster’s Entertainment (NASDAQ:PLAY – Get Free Report) last announced its quarterly earnings results on Monday, June 15th. The restaurant operator reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.38). The firm had revenue of $559.20 million during the quarter, compared to the consensus estimate of $580.60 million. Dave & Buster’s Entertainment had a negative net margin of 3.09% and a negative return on equity of 24.19%. The firm’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.76 earnings per share. On average, equities analysts forecast that Dave & Buster’s Entertainment, Inc. will post -1.1 earnings per share for the current fiscal year.

Dave & Buster’s Entertainment Company Profile (Free Report)

Dave & Buster’s Entertainment, Inc operates a chain of combined restaurant and entertainment venues designed to appeal to families, young adults and corporate groups. Each location features a full-service restaurant and bar alongside an arcade gaming area with ticket-based redemption, virtual reality experiences and skill-based games. Many venues also include multiple large-screen televisions and a sports bar atmosphere, catering to fans who wish to watch live sporting events in a social setting.

The company was founded in 1982 by David Corriveau and James “Buster” Corley, opening its first location in Dallas, Texas.

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McAlester, Oklahoma--(Newsfile Corp. - July 30, 2026) - A newly published valuation analysis of Airtopia Adventure Parks, the family entertainment center (FEC) vertical of Lelantos Holdings, Inc. (OTCID: LNTO), models an implied enterprise value of approximately $161.6 million at full 2028' build-out - a target contingent on the company executing a planned expansion from its current 5 locations to 16.

Current Operations

Airtopia today operates 5 indoor family entertainment centers - featuring trampolines, ropes courses, climbing walls, arcade and event space, food & beverage, and an adult "Sky Lounge" - generating approximately $11.96 million in annualized revenue at a stated 24% net margin, with no significant company debt.

The Expansion Plan

Per company-supplied proformas, management's plan calls for:

6 locations by end-2026, implying ~$22.76M annualized revenue16 locations by end of 2028, implying ~$89.76M revenue, ~$21.54M net profit, and ~$26.93M EBITDA (a 30% margin)The Valuation

Applying a 6.0x EV/EBITDA multiple to the projected 2027 EBITDA of $26.93M implies an enterprise value of roughly $161.6 million. Because Airtopia carries no significant debt, implied equity value converges with enterprise value on a standalone basis. The 6.0x multiple sits in the lower-middle of the 4x-8x range typical for amusement and FEC operators and below the ~7.2x-10x multiples seen for larger, listed comparables such as Dave & Buster's (NASDAQ: PLAY).

Important Context

The analysis is explicit that the $161.6M figure describes a fully-built-out 2028 target, not the value of the business as it operates today. Roughly 80% of the projected 2028 revenue comes from locations not yet open, and the figures underlying the model are unaudited and company-supplied rather than independently verified. The report identifies execution risk, margin durability at scale, and undisclosed capital/funding requirements for the 10 planned new locations as the principal variables that could affect the outcome.

About Airtopia Adventure Parks

Airtopia Adventure Parks exists to provide exceptional all-ages family entertainment that exceeds expectations and enriches communities through clean, fast, friendly, affordable, safe, and fun experiences. Through its growing network of adventure parks, Airtopia combines active attractions, arcade entertainment, birthday parties, memberships, food and beverage, and hospitality-driven guest experiences to create destinations where families connect, celebrate, and create lasting memories.

About Lelantos Holdings, Inc.

Lelantos Holdings, Inc. (OTCID: LNTO) is a publicly traded holding company focused on acquiring, operating, and growing scalable businesses with strong operating fundamentals and long-term growth potential. Through its wholly owned subsidiary, Airtopia Adventure Parks, the Company operates a growing family entertainment platform across multiple states.

Disclaimer: This release summarizes an independent, analytical valuation exercise based on unaudited, company-supplied projections and general market data. It is not investment, legal, tax, or accounting advice, and not an offer or solicitation to buy or sell any security. Forward-looking figures are inherently uncertain and are not guaranteed. Independent due diligence and consultation with a qualified professional are recommended before making any investment decision.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307275

Source: Lelantos Holdings Inc.

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Key Takeaways PLAY posted weaker Q1 results, with lower revenues, EPS miss and a 5.4% comparable sales decline.PLAY is resetting promotions after dollar-per-day messaging fell short and new offers gained traction.PLAY sees new games, food momentum, remodels and World Cup activations as key traffic drivers. Dave & Buster’s Entertainment, Inc. (PLAY - Free Report) used its first-quarter fiscal 2026 call to acknowledge a weak start while arguing that the bigger story is a business reset built around games, value, food and beverage, and remodels.

Management’s message was clear: Q1 disappointed, but the company believes the pieces are now in place to improve same-store sales through the rest of fiscal 2026 and deliver more than $100 million in free cash flow.

PLAY Confronts a Soft QuarterCEO Tarun Lal said first-quarter results came in below both internal expectations and the outlook management had set previously. He pointed to a softer macro backdrop in April, including pressure on consumer sentiment, but also said the company was not using that as an excuse.

The reported numbers were weak enough to keep the pressure on management. Adjusted earnings per share came in at $0.22, below the Zacks Consensus Estimate of $0.37, resulting in a negative earnings surprise of 40.5%. Revenues of $559.2 million missed the Zacks Consensus Estimate of $571.1 million by 2.1%.

Comparable store sales fell 5.4% in the first quarter, revenues declined 1.5% year over year, and adjusted EBITDA slipped to $123.2 million from $136.1 million a year earlier. Adjusted EBITDA margin also narrowed to 22% from 24%.

Dave & Buster’s Reworks Its Value MessageLal said one of the clearest lessons from the quarter was that the company’s dollar-per-day messaging did not resonate as expected. He said the company has since pivoted to promotions that are proving more compelling with customers.

Management described the marketing reset as broader than a single campaign. Lal said Dave & Buster’s is simplifying its promotional calendar, leaning more heavily on data-driven media mix decisions, and trying to strike a better balance between television and digital rather than swinging too far in either direction.

In Q&A, a BMO Capital Markets analyst pressed for more detail on what changed. Lal stated that the current message hierarchy is more disciplined, with 10 new games now serving as the primary message and the World Cup watch experience as a secondary one.

PLAY Sees Traction in Food and GamesWhile entertainment remained soft, management highlighted food and beverage as an early proof point. Lal said comparable food and beverage sales rose about 5% in Q1, extending a run of nine straight months of positive same-store sales in that part of the business.

Lal credited the return to a historically proven menu and stronger execution of the Eat & Play Combo. CFO Darin Harper added that attach trends have improved, helping the company target value-conscious guests without overdiscounting the broader business.

Games are the bigger strategic swing. Lal said the company rolled out 10 new games, the most since 2017, and expects at least five more over the rest of fiscal 2026. He framed that as a direct response to guest feedback that the arcade floor had lacked enough newness.

Dave & Buster’s Pins Hopes on Traffic DriversManagement repeatedly returned to the idea that new games are meant to drive visits first and spending second. In response to a Texas Capital Securities analyst, Harper said the refresh should be viewed mainly as a way to restore relevance, reengage lapsed guests, and support traffic rather than simply lift in-store game spend.

Lal also tied the second-half outlook to still-unannounced intellectual property partnerships, saying those deals should help put the brand back into consumer conversation. That confidence sounded firmer in Q&A than in the prepared remarks.

The World Cup is another near-term catalyst. Management said the company launched a full activation around watch parties, themed food and drinks, soccer-inspired games, and promotional ticket giveaways tied to marquee matches.

PLAY Stays Focused on Cash and CapexDespite the weak quarter, Harper said the company generated $25.3 million of adjusted free cash flow compared with a negative $58.8 million a year earlier. Available liquidity ended the quarter at $499.1 million.

Management is pairing that cash focus with stricter capital discipline. Lal reiterated that net capital expenditures should not exceed $200 million in fiscal 2026, down from about $270 million in fiscal 2025, while free cash flow should still top $100 million this year.

The call also made clear that capital allocation is shifting. Lal and Harper said the core store base now takes priority, with remodels, deleveraging and shareholder returns all competing for dollars that might otherwise have gone to faster unit growth.

Dave & Buster’s Narrows Its PrioritiesPrepared remarks and Q&A both pointed to a tighter operating playbook. Management emphasized speed of service, more disciplined marketing, better value architecture, and a remodel program that costs about half as much as prior versions while still producing about a 7% comp uplift.

Harper said six remodels have already been completed, with two more expected in fiscal 2026. He also said the company could open about half as many new units in fiscal 2027 as it refocuses spending on the existing base.

Coming out of the call, management’s stance was not celebratory. It was more a case that the quarter exposed what was not working, and that the company now wants investors to judge it on execution against a narrower set of priorities over the balance of the year.

Zacks Signals on PLAYPLAY carries a Zacks Rank #4 (Sell), alongside Value Score A, Growth Score B, Momentum Score A and VGM Score A. Zacks says a Style Score is meant to complement, not override, the Zacks Rank, with the rank remaining the first screen because earnings estimate revisions are the most important driver in the system.

That leaves PLAY with a mixed signal. The style profile points to favorable value, growth and momentum characteristics, but Zacks’ framework says investors should not buy stocks rated Zacks Rank #4 or 5 (Strong Sell) even when each Style Score is strong. That ranking can still change as estimate revisions move following the latest results.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Dave & Buster's weak Q1 reset the debate as comps fell 5.4% and entertainment revenues declined.PLAY is refocusing on food, games, marketing, operations and remodels to restore sales growth.Cash flow improved in Q1, with Dave & Buster's targeting more than $100M in 2026 free cash flow. Dave & Buster’s Entertainment, Inc. (PLAY - Free Report) remains a contested story after a weak fiscal first quarter. The company has recognizable entertainment assets, but softer traffic and execution missteps have reset the debate.

The question is whether management’s back-to-basics plan can restore positive comparable sales and rebuild profitability fast enough.

Dave & Buster's Business Mix Matters AgainDave & Buster’s operates around dining, games and sports viewing through its “Eat, Drink, Play and Watch” model. That mix matters because the latest quarter showed sharply different trends across the business.

Food and beverage revenues represented 38.3% of revenues and rose 6.5% year over year to $214.1 million. Entertainment revenues represented 61.7% and fell 5.9% to $345.1 million, making games and traffic the key recovery areas.

Brinker International (EAT - Free Report) is a relevant restaurant peer because casual-dining operators compete for discretionary dining dollars. Brinker currently carries a Zacks Rank #3 (Hold).

The Cheesecake Factory Incorporated (CAKE - Free Report) also fits the comparison, as it depends on guest traffic, menu appeal and value perception in a competitive restaurant market. Cheesecake Factory currently carries a Zacks Rank #3.

PLAY's Weak Quarter Shows the Real ProblemDave & Buster’s reported adjusted earnings of 22 cents per share, missing the Zacks Consensus Estimate of 37 cents. Revenues of $559.2 million also missed the consensus mark of $571 million and declined 1.5% year over year.

Comparable store sales fell 5.4%, including Main Event-branded locations. The decline reflected weaker walk-in business, with entertainment softness weighing heavily on the quarter.

Operating income dropped to $46.9 million from $63.2 million a year earlier. Adjusted EBITDA declined to $123.2 million from $136.1 million, while adjusted EBITDA margin narrowed to 22% from 24%.

Dave & Buster's Turnaround Levers Are VisibleManagement is refocusing on food, games, marketing, operations and remodels. Food and beverage has been an early bright spot, supported by Eat & Play Combos, menu changes and improved food attach.

Games are another major lever after years of underinvestment. The company recently rolled out 10 new games and plans at least five additional games during the remainder of fiscal 2026.

Marketing is being rebuilt around a simpler promotional calendar and more disciplined media spending. Remodels are also part of the reset, with the new prototype producing roughly a 7% comparable sales uplift while costing about half as much as prior remodels.

PLAY Still Faces Clear Execution RisksThe rebound still faces clear pressure points. Weaker consumer sentiment, elevated gas prices and pressure on discretionary spending remain risks for a concept built around out-of-home entertainment.

Marketing execution is also not fixed yet. Management said its dollar-per-day messaging did not resonate as expected, highlighting the need for sharper value communication.

Lower-income consumer weakness adds another challenge. Value promotions may support traffic, but sustained discounting could pressure margins if sales do not respond enough.

Dave & Buster's Cash Flow Adds Breathing RoomCash flow gives the turnaround more flexibility. Dave & Buster’s generated $25.3 million in adjusted free cash flow in the fiscal first quarter, compared with a negative $58.8 million a year earlier.

The company ended the quarter with $499.1 million of available liquidity. Management continues to target more than $100 million in free cash flow for fiscal 2026.

Capital discipline also supports the plan. Net capital expenditures are expected to be no more than $200 million in fiscal 2026, down from approximately $270 million in fiscal 2025.

How PLAY's Zacks Signals Fit This StoryThe bottom line is that PLAY has visible turnaround levers, but the operating proof is still early. Food and beverage momentum, game reinvestment, remodel economics and better cash flow are positives, while negative comps and entertainment weakness keep the stock in prove-it mode.

PLAY currently carries a Zacks Rank #4 (Sell). That rank points to caution around the near-term earnings outlook.

The stock’s Style Scores are stronger, with a VGM Score of A, Value Score of A, Growth Score of B and Momentum Score of A. These scores suggest PLAY screens well across several style factors, but Style Scores are most useful when aligned with a favorable Zacks Rank.

For now, the stronger style profile does not override the cautious rank. Investors may want clearer evidence that the operating reset is translating into sustained sales growth, margin recovery and better earnings momentum.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

PLAY's steep valuation discount may tempt bargain hunters, but weak comps, margin pressure and estimate cuts keep the turnaround case unsettled.

Dave & Buster's Entertainment (NASDAQ:PLAY) reported a steeper-than-expected drop in first-quarter profit and revenue as softer consumer sentiment and a marketing misstep weighed on comparable store sales.

The video game and restaurant chain posted adjusted earnings per share of $0.22 for the quarter, falling well short of the analyst consensus of approximately $0.90.

Revenue declined 1.5% year-over-year to $559.2 million, missing the $580.6 million expected by analysts.

Comparable store sales fell 5.4% in the quarter, significantly worse than the consensus estimate of a 1.2% decline. The company attributed the shortfall to macroeconomic headwinds including elevated gas prices and geopolitical uncertainty, as well as promotional tests that failed to connect with cost-conscious consumers.

Despite the weak headline results, management pointed to early signs of stabilization. Quarter-to-date comparable sales through mid-June were running at negative 4%, and the company said it expects to return to positive comparable sales for the remainder of fiscal 2026, beginning in mid-June, driven by a new games lineup, World Cup activations and a revitalized loyalty program with personalized offers.

The company also cited momentum in its food and beverage segment, where comparable sales rose 5% year-over-year for the ninth consecutive month of positive growth, and in special events, which saw a 3% comparable sales gain.

On the operational side, Dave & Buster's reported a meaningful swing in adjusted free cash flow, improving to positive $25.3 million from negative $58.8 million in the prior year period. Management reiterated its fiscal 2026 target of generating more than $100 million in free cash flow, with approximately $499 million in total liquidity.

Dave & Buster's also reported continued international expansion, opening its fifth and sixth franchise locations in May and June 2026, including a partnership to develop 15 venues in India.

Jefferies analysts said they view risk/reward as skewed to the upside at current valuations.

The firm noted the stock trades at roughly 4 times estimated 2027 EBITDA, a discount to most full-service peers at 5 to 12 times.

The bank lowered its 2026 comparable sales estimate to negative 2.4% and cut its adjusted EBITDA forecasts for 2026 and 2027 to $433 million and $469 million, respectively.

Shares opened about 2.6% lower on Tuesday.

Dave & Buster’s stock is among today’s weakest performers. What’s pressuring PLAY stock? Earnings HighlightsDave & Buster’s reported adjusted earnings per share of 22 cents, missing the consensus estimate of 61 cents. In addition, it reported revenue of $559.20 million, missing the consensus estimate of $580.46 million and representing a 1.5% year-over-year decline.

Comparable store sales fell 5.4% compared to the same period in fiscal 2025. The company ended the quarter with $499.1 million in available liquidity.

Dave & Buster’s opened one new domestic store in the first quarter and three additional domestic stores in the second quarter. The company has completed six store remodels in fiscal 2026 and expects two more by year-end. Its international franchise footprint expanded to six stores with openings in May and June.

“While first quarter results fell short of expectations, our back-to-basics strategy is gaining clear traction,” said Tarun Lal, CEO. “We are highly confident in our ability to drive positive comps for the remainder of the year while generating over $100 million in free cash flow in fiscal 2026.”

Analyst Consensus & Recent ActionsThe stock carries a Hold rating with an average price target of $14.67. Recent analyst moves include:

UBS: Neutral (Lowers Target to $12.00) (June 16) Dave & Buster’s Shares CraterPLAY Price Action: At the time of publication, Dave & Buster’s shares are trading 18.02% lower at $10.10, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.

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Includes all-new Marvel Infinity Comics series and access to expansive digital catalog of comics

New York, NY--(BUSINESS WIRE)--USA TODAY PLAY, a unified digital hub for casual entertainment and gaming, part of USA TODAY Co., Inc. (NYSE: TDAY), announced a collaboration with Marvel Comics to provide an exclusive vertically-formatted Marvel Infinity “Spider-Man TODAY” Comic series to USA TODAY PLAY. The all-new specially created comic “Spider-Man TODAY” weekly subscriber series written by Al Ewing and illustrated by Todd Nauck will publish every Wednesday for the next 47 weeks showcasing the adventures of the web-slinger teaming up with heroes from across the Marvel Universe.

Additionally, USA TODAY PLAY subscribers can enjoy unlimited access to a catalog of 1,000 digital comics from Marvel’s expansive breadth of characters and storylines including X-Men, Captain America, Black Panther, Fantastic Four, Guardians of the Galaxy, and Captain Marvel among many others. *Non-subscribers can explore a curated weekly selection.

“We’re thrilled to expand the USA TODAY PLAY brand through this exciting collaboration with Marvel,” said Dara Sanderson, Vice President and General Manager of USA TODAY PLAY. “We’re continuing to broaden our offerings, and this project is a testament to that. By blending iconic storytelling with interactive experiences true to the USA TODAY PLAY ethos, we continue to create daily moments that provide users well-deserved breaks from everyday stressors.”

“As digital comics continue to grow, we have the opportunity at Marvel to bring our comics to more fans across different platforms,” said Jon-Michael Ennis, Director of Digital Publishing at Marvel. “We’re excited to be working with USA TODAY to invite even more people to experience our comic book storytelling, whether they’re brand new to comics or lifelong readers.”

Featuring digital comics, puzzles, games and more, USA TODAY offers multiple ways to PLAY. Users can access content ad-free with a subscription, or for free using an ad-supported option. Paid subscribers also enjoy additional benefits, including unlimited hints and reveals in puzzles, full access to archival content, and early access to select new features.

*Subscription Pricing and Availability (subject to applicable terms and conditions)

USA TODAY PLAY monthly subscription: $0.99 for the first month, then $4.99 per month USA TODAY PLAY annual subscription: $39.99 per year Add USA TODAY PLAY monthly subscription to an existing USA TODAY Network subscription: $2 per month Add USA TODAY PLAY annual subscription to an existing USA TODAY Network subscription: $24 per year Anonymous Users: Enjoy access to 1 free Marvel comic a week (from a curated selection of 10) Registered Users: Enjoy access to 2 free Marvel comics a week (from a curated selection of 10) ABOUT USA TODAY CO., INC.

USA TODAY Co., Inc. is a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. Our mission is to inspire, inform, and connect audiences. As a media and digital marketing solutions company we are focused on sustainable growth. Through our trusted brands, including the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and our network of local properties, in the United States, and Newsquest, a wholly-owned subsidiary operating in the United Kingdom, we provide essential journalism, local content, and digital experiences to audiences and businesses. We deliver trusted unbiased journalism when and where consumers want it. LocaliQ, our digital marketing solutions brand, supports small and medium-sized businesses with innovative digital marketing products and solutions.

ABOUT USA TODAY

Since its introduction in 1982, USA TODAY has been a cornerstone of the national media landscape under its recognizable and respected brand. It also serves as the foundation for our newsroom network which allows for content sharing capabilities across our local and national markets. Through USA TODAY, we deliver high-quality, trusted content with a commitment to balanced, unbiased journalism, where and when consumers want to engage. Across our digital platforms we reach an audience of approximately 87 million unique visitors each month (based on December 2025 Comscore Media Metrix®).

ABOUT MARVEL

Marvel is one of the world’s most prominent entertainment brands, built on an unparalleled library of iconic characters and stories that have shaped pop culture for over 85 years. The Marvel brand spans entertainment, including film, television, publishing, licensing, games, live events, digital media, and more. For more information visit marvel.com. © 2026 MARVEL

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