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Dave & Buster s Entertainment, Inc. Annual Report On Form 10-K For Fiscal Year Ended February 3, 2026
Dear Fellow Shareholders: It is my privilege to write to you for the first time as Chief Executive Officer of Dave & Buster s Entertainment. Since joining in July 2025, I have immersed myself in every dimension of this business visiting stores, listening to guests, and learning alongside the exceptional team members who bring our two iconic brands, Dave & Buster s and Main Event, to life every day. What I found confirmed my conviction: we are the largest operator of Family Entertainment Centers in the world, and we are sitting on an extraordinary platform for long-term, profitable growth. Fiscal year 2025 was a year of transition and deliberate foundation-building. Against a challenging consumer backdrop marked by softening traffic and shifting guest expectations we took decisive action to stabilize the business, sharpen our strategy, and set the stage for a meaningful inflection. Fiscal Year 2025 Highlights Revenue of $2.1 billion in fiscal year 2025. Adjusted EBITDA of $437 million in fiscal year 2025. Launched an entirely new Dave & Buster s menu and Happy Hour program, meaningfully strengthening food and beverage attachment and mix throughout the year. Delivered sequential improvement in food sales growth across walk-in channels, driven by our Eat & Play Combo and an elevated menu offering. Introduced innovative experiences including the Human Crane, invested in new games and strategic partnerships to reinvigorate our midway with many more activations planned for fiscal year 2026. Defined our brand purpose of Fun is the Emotion and establishing a clear North Star to guide everything we do. Executed successful ticketed events, including high-energy sports watch activations, demonstrating the power of our venues as premier destinations for marquee occasions. A Compelling Strategy to Win Through a rigorous strategic review and deep consumer research, we have built a clear, differentiated strategy that I am confident will drive substantial long-term value for our shareholders. We are a games-first business with over 60% of our revenue derived from amusements. That is not just a data point; it is the strategic lens through which we see every decision. We are reimagining our entertainment arcade to establish Dave & Buster s as the definitive indoor location-based entertainment destination, driving trial visits, deepening repeat visitation, and modernizing our games portfolio and in-store activations. We are also transforming the WIN store into a high-impact destination attraction that delivers a memorable finale to every visit all while delivering tremendous value to our guests. Fiscal year 2025 reinforced the power of pairing food and beverage with the entertainment experience. Our Eat & Play Combo was a standout driver, and we will continue to test and scale programmatic levers to grow this attachment metric in a margin-accretive way. In parallel, we are simplifying our menu and elevating our culinary approach reducing operational complexity while improving quality and speed of service.
We also see a significant opportunity to reshape how guests perceive our value. In January 2026, we expanded our Half Price Games promotion to Sunday through Thursday, creating a differentiated, on-brand everyday value platform with attractive margin characteristics. Early results are promising: average gaming spend has held steady while dwell times have increased meaningfully, expanding the window to attach food and beverage during each visit. We are further simplifying our rate card, streamlining the kiosk experience, and applying disciplined menu engineering because for our guests, nothing beats clarity and simplicity. Operational Excellence and Margin Management Excellent strategy demands excellent execution. We are overhauling our labor model, optimizing staffing levels, and simplifying operational processes to deliver a materially better guest experience. We have set clear, measurable service standards at key guest touchpoints including a one-minute greeting and four-minute drink delivery backed by consistent coaching and performance management. We have also taken meaningful steps to protect gross profit despite higher gameplay and ticket issuance, through pricing discipline and the digital rollout of ticket management, replacing what was historically a labor-intensive manual process. On the financial side, we are managing capital spending with rigor to generate strong free cash flow while pursuing savings that will expand EBITDA margins. Marketing, Technology, and Partnerships We are rebuilding our marketing engine with the right talent, processes, and measurement infrastructure to deliver compelling creative and media strategies that move guests through our doors. We are activating our loyalty program to deepen guest relationships and build brand consideration, while developing a scalable Special Events growth engine that turns occasions into culturally relevant moments and converts event guests into loyal, repeat visitors. Technology is a critical enabler of everything we are building. We are modernizing in-store systems to reduce friction for team members and elevate the guest experience, upgrading our website and mobile app to increase conversion, and investing deeply in data, particularly first-party data, to enable faster, smarter decision-making across the business. Strategic partnerships with culturally relevant IP and brands will further amplify our entertainment offering, deepen guest engagement, and strengthen our long-term competitive position. Our People and Our Communities Our team members are the heart of everything we do. The connection between team enthusiasm, guest enjoyment, and business performance is direct and we are investing accordingly. We are implementing leadership development programs across our stores and support center to strengthen our bench, improve retention, and increase internal mobility. We are also unifying our culture around a shared mission. At Dave & Buster s, our You Got It! service philosophy drives every team member to go above and beyond for every guest. At Main Event, our values of raising your game, going above and beyond, speaking up, making it memorable, and winning through people guide every action, every day. Our commitment to community is equally strong. We have proudly supported Make-A-Wish since 2012, and Main Event continues its long-standing partnership with the Special Olympics. Across the country, our venues participate in local charitable efforts that reflect the communities we serve. Our Buster s Legacy Fund, supported by contributions from team members, guests, and business partners, provides critical assistance to team members facing difficult life events or severe financial hardship. Looking Ahead Beyond our domestic opportunity, the international stage beckons. With seven billion potential customers outside our current footprint, the long-term global runway for these brands is extraordinary. Our near-term focus remains squarely on executing our domestic strategy with discipline and precision but make no mistake, the world-stage opportunity is real, and we intend to capture it.
I am extremely energized about this company s future. We have two beloved, industry-leading brands, exceptional underlying business models, and a team that is talented, passionate, and hungry to win. Our strategy is clear. Our direction is set. And I am confident that the best days for Dave & Buster s and Main Event lie squarely ahead. We remain committed to delivering the highest possible returns for our shareholders and unlocking the full potential of this remarkable company. Thank you for your continued interest in and support of our journey. Tarun Lal Chief Executive Officer Dave & Buster s Entertainment, Inc.
 • shareholder letter icon 5/6/2026 Letter Continued (Full PDF)
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PLAY Shareholder/Stockholder Letter Transcript:

Dave & Buster   s Entertainment, Inc.
Annual Report On Form 10-K
For Fiscal Year Ended February 3, 2026


Dear Fellow Shareholders:
It is my privilege to write to you for the first time as Chief Executive Officer of Dave & Buster   s Entertainment.
Since joining in July 2025, I have immersed myself in every dimension of this business   visiting stores, listening
to guests, and learning alongside the exceptional team members who bring our two iconic brands, Dave &
Buster   s and Main Event, to life every day. What I found confirmed my conviction: we are the largest operator
of Family Entertainment Centers in the world, and we are sitting on an extraordinary platform for long-term,
profitable growth.
Fiscal year 2025 was a year of transition and deliberate foundation-building. Against a challenging consumer
backdrop   marked by softening traffic and shifting guest expectations   we took decisive action to stabilize the
business, sharpen our strategy, and set the stage for a meaningful inflection.
Fiscal Year 2025 Highlights

Revenue of $2.1 billion in fiscal year 2025.

Adjusted EBITDA of $437 million in fiscal year 2025.

Launched an entirely new Dave & Buster   s menu and Happy Hour program, meaningfully strengthening
food and beverage attachment and mix throughout the year.

Delivered sequential improvement in food sales growth across walk-in channels, driven by our Eat & Play
Combo and an elevated menu offering.

Introduced innovative experiences including the Human Crane, invested in new games and strategic
partnerships to reinvigorate our midway with many more activations planned for fiscal year 2026.

Defined our brand purpose of    Fun is the Emotion    and establishing a clear North Star to guide everything
we do.

Executed successful ticketed events, including high-energy sports watch activations, demonstrating the
power of our venues as premier destinations for marquee occasions.
A Compelling Strategy to Win
Through a rigorous strategic review and deep consumer research, we have built a clear, differentiated strategy
that I am confident will drive substantial long-term value for our shareholders.
We are a games-first business with over 60% of our revenue derived from amusements. That is not just a data
point; it is the strategic lens through which we see every decision. We are reimagining our entertainment
arcade to establish Dave & Buster   s as the definitive indoor location-based entertainment destination, driving
trial visits, deepening repeat visitation, and modernizing our games portfolio and in-store activations. We are
also transforming the WIN store into a high-impact destination attraction that delivers a memorable finale to
every visit   all while delivering tremendous value to our guests.
Fiscal year 2025 reinforced the power of pairing food and beverage with the entertainment experience. Our Eat
& Play Combo was a standout driver, and we will continue to test and scale programmatic levers to grow this
attachment metric in a margin-accretive way. In parallel, we are simplifying our menu and elevating our culinary
approach   reducing operational complexity while improving quality and speed of service.

We also see a significant opportunity to reshape how guests perceive our value. In January 2026, we expanded
our Half Price Games promotion to Sunday through Thursday, creating a differentiated, on-brand everyday
value platform with attractive margin characteristics. Early results are promising: average gaming spend has
held steady while dwell times have increased meaningfully, expanding the window to attach food and beverage
during each visit. We are further simplifying our rate card, streamlining the kiosk experience, and applying
disciplined menu engineering because for our guests, nothing beats clarity and simplicity.
Operational Excellence and Margin Management
Excellent strategy demands excellent execution. We are overhauling our labor model, optimizing staffing levels,
and simplifying operational processes to deliver a materially better guest experience. We have set clear,
measurable service standards at key guest touchpoints   including a one-minute greeting and four-minute drink
delivery   backed by consistent coaching and performance management. We have also taken meaningful steps
to protect gross profit despite higher gameplay and ticket issuance, through pricing discipline and the digital
rollout of ticket management, replacing what was historically a labor-intensive manual process. On the financial
side, we are managing capital spending with rigor to generate strong free cash flow while pursuing savings that
will expand EBITDA margins.
Marketing, Technology, and Partnerships
We are rebuilding our marketing engine with the right talent, processes, and measurement infrastructure to
deliver compelling creative and media strategies that move guests through our doors. We are activating our
loyalty program to deepen guest relationships and build brand consideration, while developing a scalable
Special Events growth engine that turns occasions into culturally relevant moments and converts event guests
into loyal, repeat visitors.
Technology is a critical enabler of everything we are building. We are modernizing in-store systems to reduce
friction for team members and elevate the guest experience, upgrading our website and mobile app to increase
conversion, and investing deeply in data, particularly first-party data, to enable faster, smarter decision-making
across the business. Strategic partnerships with culturally relevant IP and brands will further amplify our
entertainment offering, deepen guest engagement, and strengthen our long-term competitive position.
Our People and Our Communities
Our team members are the heart of everything we do. The connection between team enthusiasm, guest
enjoyment, and business performance is direct and we are investing accordingly. We are implementing
leadership development programs across our stores and support center to strengthen our bench, improve
retention, and increase internal mobility. We are also unifying our culture around a shared mission. At Dave &
Buster   s, our    You Got It!    service philosophy drives every team member to go above and beyond for every
guest. At Main Event, our values of raising your game, going above and beyond, speaking up, making it
memorable, and winning through people   guide every action, every day.
Our commitment to community is equally strong. We have proudly supported Make-A-Wish since 2012, and
Main Event continues its long-standing partnership with the Special Olympics. Across the country, our venues
participate in local charitable efforts that reflect the communities we serve. Our Buster   s Legacy Fund,
supported by contributions from team members, guests, and business partners, provides critical assistance to
team members facing difficult life events or severe financial hardship.
Looking Ahead
Beyond our domestic opportunity, the international stage beckons. With seven billion potential customers
outside our current footprint, the long-term global runway for these brands is extraordinary. Our near-term
focus remains squarely on executing our domestic strategy with discipline and precision   but make no mistake,
the world-stage opportunity is real, and we intend to capture it.

I am extremely energized about this company   s future. We have two beloved, industry-leading brands,
exceptional underlying business models, and a team that is talented, passionate, and hungry to win. Our
strategy is clear. Our direction is set. And I am confident that the best days for Dave & Buster   s and Main Event
lie squarely ahead. We remain committed to delivering the highest possible returns for our shareholders and
unlocking the full potential of this remarkable company.
Thank you for your continued interest in and support of our journey.
Tarun Lal
Chief Executive Officer
Dave & Buster   s Entertainment, Inc.


shareholder letter icon 5/6/2026 Letter Continued (Full PDF)
 

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