Dave & Buster's Entertainment, Inc. Q4 FY2026 earnings call

Tarun Lal mentioned back to basics strategy gaining traction. Marketing: reconstructed strategy, simplified calendar, leveraged data, planned culturally relevant promotions. Food & beverage: new menu launched in Oct 2025, F&B same-store sales up ~7% in Q4, Eat & Play Combo opt-in improved. Games: introducing at least 10 new games and attractions in 2026, including culturally relevant IPs. Operations: reinvesting in field ops, training programs, revamping labor model, elevating culture. Remodel program: opened 3 new remodels, 3 under construction, plan to open 4 more in next 9 months.

Dave & Buster's brand had 6 consecutive fiscal months of improving same-store sales excluding 3-day Winter Storm Fern impact, ended February roughly flat. F&B same-store sales positive for last 6 fiscal months through February 2026, grew ~7% in Q4. Special events grew nearly 7%. Remodel locations outperform non-remodeled by ~700 basis points.

Management highly confident in 2026 to increase same-store sales, revenue, adjusted EBITDA, generate over $100 million in free cash flow. Net CapEx no more than $200 million in 2026.

Q: Andy Barish on macro impact, consumer behavior; A: Darin Harper on hard to parse macro vs holiday shifts.

Q: Andrew Strelzik on amusement business, marketing; A: Tarun Lal on product investment, customer insights, media mix.

Q: Dennis Geiger on free cash flow, CapEx; A: Darin Harper on no incremental EBITDA guidance, CapEx variance.

Q: Michael Hickey on 1Q same-store sales, games; A: Tarun Lal on new games, World Cup related games.

Q: Jeffrey Farmer on same-store sales and margins, half-price games; A: Darin Harper on margin impact, consumer response.

Q: Brian Vaccaro on same-store sales cadence, new unit openings, marketing spend; A: Darin Harper on cadence, opening timeline, marketing plans