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Side-by-side financial comparison of Dave & Buster's Entertainment, Inc. (PLAY) and PAPA JOHNS INTERNATIONAL INC (PZZA). Click either name above to swap in a different company.
PAPA JOHNS INTERNATIONAL INC is the larger business by last-quarter revenue ($498.2M vs $448.2M, roughly 1.1× Dave & Buster's Entertainment, Inc.). PAPA JOHNS INTERNATIONAL INC runs the higher net margin — 1.4% vs -9.4%, a 10.8% gap on every dollar of revenue. On growth, Dave & Buster's Entertainment, Inc. posted the faster year-over-year revenue change (-1.1% vs -6.1%). PAPA JOHNS INTERNATIONAL INC produced more free cash flow last quarter ($2.1M vs $-20.6M). Over the past eight quarters, PAPA JOHNS INTERNATIONAL INC's revenue compounded faster (-1.5% CAGR vs -13.5%).
Dave & Buster's Entertainment, Inc. is an American restaurant and entertainment business headquartered in Dallas. Each Dave & Buster's location has a full-service restaurant, full bar, and a video arcade, the latter of which is known as the "Million Dollar Midway". As of February 2024, the company has 158 locations in the United States, as well as two in Puerto Rico and two in Canada.
Papa John's International, Inc., trading as Papa Johns, is an American pizza restaurant chain. As of 2023, it is the fourth largest pizza delivery restaurant chain in the United States, with headquarters in the Louisville, Kentucky and Atlanta, Georgia metropolitan areas.
PLAY vs PZZA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $448.2M | $498.2M |
| Net Profit | $-42.1M | $7.1M |
| Gross Margin | 85.8% | — |
| Operating Margin | -3.6% | 4.9% |
| Net Margin | -9.4% | 1.4% |
| Revenue YoY | -1.1% | -6.1% |
| Net Profit YoY | -28.7% | -52.2% |
| EPS (diluted) | $-1.22 | $0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $448.2M | $498.2M | ||
| Q3 25 | $557.4M | $508.2M | ||
| Q2 25 | $567.7M | $529.2M | ||
| Q1 25 | $534.5M | $518.3M | ||
| Q4 24 | $453.0M | $530.8M | ||
| Q3 24 | $557.1M | $506.8M | ||
| Q2 24 | $588.1M | $507.9M | ||
| Q1 24 | $599.0M | $513.9M |
| Q4 25 | $-42.1M | $7.1M | ||
| Q3 25 | $11.4M | $4.7M | ||
| Q2 25 | $21.7M | $9.5M | ||
| Q1 25 | $9.3M | $9.2M | ||
| Q4 24 | $-32.7M | $14.8M | ||
| Q3 24 | $40.3M | $41.8M | ||
| Q2 24 | $41.4M | $12.2M | ||
| Q1 24 | $36.1M | $14.6M |
| Q4 25 | 85.8% | — | ||
| Q3 25 | 86.3% | — | ||
| Q2 25 | 85.5% | — | ||
| Q1 25 | 85.5% | — | ||
| Q4 24 | 85.0% | — | ||
| Q3 24 | 85.3% | — | ||
| Q2 24 | 85.2% | — | ||
| Q1 24 | 84.1% | — |
| Q4 25 | -3.6% | 4.9% | ||
| Q3 25 | 9.5% | 3.2% | ||
| Q2 25 | 11.1% | 4.6% | ||
| Q1 25 | 8.3% | 4.6% | ||
| Q4 24 | 1.4% | 5.6% | ||
| Q3 24 | 15.2% | 12.9% | ||
| Q2 24 | 14.5% | 5.6% | ||
| Q1 24 | 14.9% | 6.6% |
| Q4 25 | -9.4% | 1.4% | ||
| Q3 25 | 2.0% | 0.9% | ||
| Q2 25 | 3.8% | 1.8% | ||
| Q1 25 | 1.7% | 1.8% | ||
| Q4 24 | -7.2% | 2.8% | ||
| Q3 24 | 7.2% | 8.2% | ||
| Q2 24 | 7.0% | 2.4% | ||
| Q1 24 | 6.0% | 2.8% |
| Q4 25 | $-1.22 | $0.22 | ||
| Q3 25 | $0.32 | $0.13 | ||
| Q2 25 | $0.62 | $0.28 | ||
| Q1 25 | $0.32 | $0.27 | ||
| Q4 24 | $-0.84 | $0.46 | ||
| Q3 24 | $0.99 | $1.27 | ||
| Q2 24 | $0.99 | $0.37 | ||
| Q1 24 | $0.95 | $0.44 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.6M | $34.6M |
| Total DebtLower is stronger | $1.6B | $722.3M |
| Stockholders' EquityBook value | $130.8M | $-444.8M |
| Total Assets | $4.1B | $837.5M |
| Debt / EquityLower = less leverage | 12.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $34.6M | ||
| Q3 25 | $12.0M | $39.0M | ||
| Q2 25 | $11.9M | $33.3M | ||
| Q1 25 | $6.9M | $44.0M | ||
| Q4 24 | $8.6M | $38.0M | ||
| Q3 24 | $13.1M | $17.6M | ||
| Q2 24 | $32.1M | $24.3M | ||
| Q1 24 | $37.3M | $27.8M |
| Q4 25 | $1.6B | $722.3M | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $130.8M | $-444.8M | ||
| Q3 25 | $166.2M | $-439.3M | ||
| Q2 25 | $146.8M | $-432.0M | ||
| Q1 25 | $145.8M | $-431.9M | ||
| Q4 24 | $226.6M | $-429.5M | ||
| Q3 24 | $284.4M | $-430.9M | ||
| Q2 24 | $292.5M | $-461.7M | ||
| Q1 24 | $251.2M | $-461.9M |
| Q4 25 | $4.1B | $837.5M | ||
| Q3 25 | $4.1B | $884.1M | ||
| Q2 25 | $4.1B | $890.4M | ||
| Q1 25 | $4.0B | $898.1M | ||
| Q4 24 | $3.9B | $889.0M | ||
| Q3 24 | $3.8B | $860.9M | ||
| Q2 24 | $3.8B | $838.4M | ||
| Q1 24 | $3.8B | $847.2M |
| Q4 25 | 12.17× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 10.98× | — | ||
| Q1 25 | 10.45× | — | ||
| Q4 24 | 6.58× | — | ||
| Q3 24 | 4.72× | — | ||
| Q2 24 | 4.58× | — | ||
| Q1 24 | 5.33× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $58.0M | $19.8M |
| Free Cash FlowOCF − Capex | $-20.6M | $2.1M |
| FCF MarginFCF / Revenue | -4.6% | 0.4% |
| Capex IntensityCapex / Revenue | 17.5% | 3.6% |
| Cash ConversionOCF / Net Profit | — | 2.80× |
| TTM Free Cash FlowTrailing 4 quarters | $-195.6M | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $58.0M | $19.8M | ||
| Q3 25 | $34.0M | $39.3M | ||
| Q2 25 | $95.8M | $35.5M | ||
| Q1 25 | $108.9M | $31.3M | ||
| Q4 24 | $-7.2M | $50.7M | ||
| Q3 24 | $101.8M | $13.9M | ||
| Q2 24 | $108.8M | $30.0M | ||
| Q1 24 | $97.2M | $12.0M |
| Q4 25 | $-20.6M | $2.1M | ||
| Q3 25 | $-55.2M | $22.7M | ||
| Q2 25 | $-58.8M | $17.4M | ||
| Q1 25 | $-61.0M | $19.1M | ||
| Q4 24 | $-138.4M | $25.2M | ||
| Q3 24 | $-14.3M | $-3.8M | ||
| Q2 24 | $-4.2M | $13.9M | ||
| Q1 24 | $-25.4M | $-1.1M |
| Q4 25 | -4.6% | 0.4% | ||
| Q3 25 | -9.9% | 4.5% | ||
| Q2 25 | -10.4% | 3.3% | ||
| Q1 25 | -11.4% | 3.7% | ||
| Q4 24 | -30.6% | 4.7% | ||
| Q3 24 | -2.6% | -0.8% | ||
| Q2 24 | -0.7% | 2.7% | ||
| Q1 24 | -4.2% | -0.2% |
| Q4 25 | 17.5% | 3.6% | ||
| Q3 25 | 16.0% | 3.3% | ||
| Q2 25 | 27.2% | 3.4% | ||
| Q1 25 | 31.8% | 2.4% | ||
| Q4 24 | 29.0% | 4.8% | ||
| Q3 24 | 20.8% | 3.5% | ||
| Q2 24 | 19.2% | 3.2% | ||
| Q1 24 | 20.5% | 2.5% |
| Q4 25 | — | 2.80× | ||
| Q3 25 | 2.98× | 8.36× | ||
| Q2 25 | 4.41× | 3.73× | ||
| Q1 25 | 11.71× | 3.40× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | 2.53× | 0.33× | ||
| Q2 24 | 2.63× | 2.45× | ||
| Q1 24 | 2.69× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLAY
| Game Play Credit Usage | $273.1M | 61% |
| Food And Nonalcoholic Beverages | $115.1M | 26% |
| Alcoholic Beverage | $53.7M | 12% |
| Other Entertainment | $6.3M | 1% |
| Gift Card Revenue | $3.5M | 1% |
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
