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This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. Simply stay on this page, and new updates will appear below automatically.
We expect Dave & Buster’s to release Q2 earnings shortly after 4:05 p.m. ET.
Dave & Buster’s reports second-quarter fiscal 2026 results at 4:05 PM ET tonight, with investors focused on whether the company’s turnaround is finally gaining traction.
Management entered the quarter expecting positive comparable-store sales for the remainder of fiscal 2026 and more than $100 million in full-year free cash flow.
But expectations have fallen sharply. Consensus EPS has dropped from $0.8363 just 30 days ago to $0.1872 today as softer traffic has weighed on the outlook. That follows a first quarter in which comparable-store sales fell 5.4% and adjusted EPS of $0.22 missed expectations.
With PLAY shares down more than 60% over the past 12 months, investors have already priced in considerable trouble. The key question tonight is whether management can show a credible inflection in comparable sales while maintaining its free cash flow outlook. Another guidance cut or continued comp weakness would suggest Dave & Buster’s problems run deeper than a temporary traffic slowdown.
This article is updated throughout the trading day. Check back for more.
Dave & Buster’s (NASDAQ:PLAY) is expected to report Q2 2026 earnings today after the market closes at 4:05 PM ET. With shares trading near their 52-week lows and CEO Tarun Lal roughly 14 months into a back-to-basics reset, this report tests whether the business can finally see an inflection. Additionally, the company announced on August 3 that CFO Davin Harper would be succeeding Tarun Lal as CEO in order to spend more time with family.
Q1 fiscal 2026 undershot plans, with comparable store sales falling 5.4% as management cited elevated gas prices, geopolitical uncertainty, and meaningful softness in consumer sentiment. Revenue landed at $559 million, adjusted EPS at $0.22, and adjusted EBITDA at $123 million.
Encouragingly, food and beverage delivered nine straight months of positive same-store sales, up around 5%. Free cash flow flipped to positive $25 million from negative $59 million a year earlier. Management flagged Q2-to-date comps down approximately 4%, framing a shallower decline.
| Metric | Q2 FY26 Est. | YoY Change | FY26 Est. | FY27 Est. |
|---|---|---|---|---|
| Revenue | $556.8M | -0.1% | $2.12B | $2.21B |
| EPS (Adj.) | $0.1872 | -53.2% | -$0.8864 | -$0.5488 |
Revenue is modeled essentially flat, but the EPS line reflects sharp margin compression versus the prior-year $0.40 result. Analysts cut Q2 numbers hard: 4 downward revisions in the last 30 days pulled consensus from $0.8363 to $0.1872. The bar is meaningfully lower than 90 days ago.
Tonight, I’ll be watching how management frames the second-half of the year comp inflection. Management already committed to positive comparable store sales growth in the remainder of the year, so any softening of that language matters.
Second, the new-games rollout. Management pushed out 10 new games, its largest cabinet refresh since 2017, with at least five additional planned. Dwell time and game plays are reportedly up 20% year over year.
Third, the remodel prototype. New builds cost roughly half the FY24-25 versions and delivered a 7% comp uplift, outrunning the system by nearly 700 basis points.
Fourth, free cash flow. Management reiterated the $100M FY26 target with FY26 net capex capped at no more than $200 million. Investors will focus on whether that number holds despite the weak first half.
Fifth, marketing. It will be interesting to see whether the pivot from dollar-per-day messaging to eat-and-play combos and half-price games is paying off.
| Quarter | EPS Surprise | Day-of Move | 1-Week Move | 30-Day Move |
|---|---|---|---|---|
| Q1 FY26 | n/a | -4.72% | -8.52% | -17.29% |
| Q4 FY25 | -176.91% | +16.07% | +7.24% | -14.08% |
| Q3 FY25 | miss | +13.02% | -8.71% | -11.57% |
| Q2 FY25 | -56.56% | -16.74% | -3.77% | -7.94% |
On average, shares moved 0.69% in the week after earnings across the past six reported periods.
Contact [email protected] for any questions or corrections.
Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 500 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.
Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.
Outside of work, Thomas enjoys weight lifting and soccer.
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