Technical setup
At $8.29, Dave & Buster's sits just 35 cents above its 52-week low of $7.94, which doubles as the only support on the board. A miss tonight puts that floor in play immediately, while the 50-day average at $9.90 is the first real hurdle for any relief move, with the 200-day still up at $13.36.
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That wraps up our initial coverage of Dave & Buster’s Q2 results. Thank you for stopping by!
Report card grade for the quarter. D - Revenue: D. $544 million against a $557 million bar, with entertainment sliding to $332.6 million from $364.5 million. - Margins: F. Adjusted EBITDA margin at 18.2% versus 23.3%, and an adjusted loss of $0.27 where the Street wanted $0.19. - Cash: B. Six-month adjusted free cash flow swung to positive $19.5 million from negative $36.5 million, with $492.1 million of liquidity. Food and beverage at $211.5 million is the only growth line. Comps down 2.9% hold the overall grade at a D until the 5:00 p.m. ET call proves the July inflection is real.
Call preview · Q3 2026
Sep 14, 4:20pm ET
Same-store sales have been analysts' biggest source of questions on every recent call, and with comps down 2.9% this quarter, the 5:00 PM ET earnings call turns on whether the CEO's claim of improving July trends holds into Q3. Analysts will also want the free cash flow and EBITDA targets restated after the margin slip, since the Back-to-Basics story leans on that swing.
Q2 2027
Sep 14, 4:13pm ET
Adjusted EBITDA margin compressed to 18.2% from 23.3%. Management says same-store sales have improved into the third quarter. Management noted, “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.”
One line in this release moved the right way. Adjusted free cash flow for the six months ended August 4 was positive $19.5 million, against negative $36.5 million in the same stretch last year, and Dave & Buster's closed the quarter with $492.1 million of available liquidity. That swing is the strongest item in the print and it buys the turnaround time. Management's full-year target was more than $100 million in free cash flow, leaving the bulk of it still to be earned in the back half.
Valuation · as of Sep 14
Sep 14, 4:00pm ET
At $8.47, just above the 52-week low of $7.94, the stock trades at 6x forward earnings and 0.14 times sales with revenue down 1.5% year over year. The $17 consensus target sits at double the current price, and 8 of 11 analysts still rate it a hold.
Dave & Buster’s just reported earnings, with shares initially dropping 13% following the report. Here are the key numbers:
Both the top and bottom lines missed expectations, with revenue declining 2.4% year over year. Expectations were already low heading into the print, with consensus calling for roughly $0.19 per share.
Quick Read:
A double miss is hitting PLAY hard: Revenue fell about $13 million short of estimates, while the company swung to an adjusted loss versus expectations for a profit.
With shares already deeply depressed entering earnings, tonight’s 13% drop suggests investors wanted clearer evidence that Dave & Buster’s operating trends are stabilizing.
Dave & Buster's has cleared consensus once in its last four earnings reports, and the misses have widened each time, from 25% short in Q1 2026 to 177% short last quarter. That pattern is the real reason tonight's report is being treated as a referendum on management rather than a quarter.
Thesis check
Sep 14, 3:10pm ET
The load-bearing piece is comparable sales turning positive, and after last quarter's revenue shortfall that is the one promise tonight has to validate. As we noted at 1:48 p.m. ET, traders extended management credit on the last report and then pulled it back over the following months. Positive comps plus a reaffirmed free cash flow target would flip this back to intact.
Margin story · Q3 2024 – Q2 2026
Sep 14, 2:15pm ET
Gross margin has averaged around 35% over the past several quarters, but the damage the company is seeing is coming below that line. Operating margin swung from 12.2% in Q2 2025 to negative territory in Q4 2025 and Q1 2026 before clawing back to 9.7% last quarter on $559 million of revenue. Whether the operating margin recovery holds will likely determine how the market digests this quarter's results, since cost control is where the turnaround has been leaking.
16.6%6.30%-4.02%
Tracked 13F positioning
Sep 14, 2:10pm ET
$12MNew
$8M+0.4%
$4M0.0%
$4M+0.6%
$3M—
$270K—
$196K—
$180K-1.0%
+ 1 more tracked holder
As of Jun 30, 2026 quarter end · 13F disclosures lag ~45 days — long positions only, tracked filers only.
Two Sigma opened the largest position in the tracked group during the June quarter, and Point72 and D. E. Shaw both added, per filings disclosed as of June 30 among the eight filers we track. This shows hedge fund conviction building into tonight's report, though the 45-day lag means these funds might not be positioned this way right now.
Prediction markets
Sep 14, 1:15pm ET
Traders on Polymarket are effectively flipping a coin on whether Dave & Buster's clears the bar tonight, with the yes side drifting slightly lower ahead of the 4:05 p.m. ET release. A 50/50 reading on a stock down sharply this year shows that the market still believes the turnaround is genuinely unresolved.
51.0%50.8%50.5%
Options positioning
Sep 14, 1:10pm ET
At-the-money implied vol of 163% into Friday's expiration says the options market expects tonight's earnings report to reset the stock. The 0.43 put/call ratio shows investors are heavily bullish on a turnaround, though this one-sided call buying could leave little room for disappointment. Open interest shows tension: calls stack up at $9 and $10 while the fattest put walls sit at $10 and $8.
9 / 22
270 / 45
1.1k / 23
2.4k / 462
1.6k / 1.3k
2.8k / 849
Last quarter — Q4 2026
Sep 14, 1:05pm ET
Traders bid the stock up on the last report even as both lines came in short, betting the turnaround plan mattered more than the quarter itself. That patience has since drained away, and tonight's report is the first real test of management's promise of positive comparable sales and full-year free cash flow above $100 million.
$15$11$7.6
Reported Tue, Mar 31 · next print Mon, Sep 14
Regular session
Sep 14, 12:55pm ET
$8.4$8.3$8.1
Buyers are stepping in at $8.40 hours before Dave & Buster's reports earnings today, a bold bet on a company whose market cap has shrunk to roughly $291 million. The results land with the stock priced for almost nothing to go right.
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.
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