<PAGE>   1
================================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549


                               ------------------

                                   FORM 10-Q

 X        QUARTERLY REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES
- ---       EXCHANGE ACT FOR THE QUARTER ENDED NOVEMBER 3, 1996.

          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
- ---       ACT OF 1934 FOR THE TRANSACTION PERIOD FROM _______ TO _______.



                        COMMISSION FILE NUMBER: 0-25858



                              -------------------



                             DAVE & BUSTER'S, INC.
             (Exact Name of Registrant as Specified in Its Charter)


              MISSOURI                                   43-1532756
      (State of Incorporation)                       (I.R.S. Employer 
                                                     Identification No.)

            2751 ELECTRONIC LANE
                DALLAS, TEXAS                              75220
   (Address of Principal Executive Offices)              (Zip Code)


              Registrant's telephone number, including area code:
                                 (214) 357-9588


   Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

   The number of shares of the Registrant's common stock, $.01 par value,
outstanding as of December 12, 1996 was 7,268,056 shares.



<PAGE>   2


PART I.  FINANCIAL INFORMATION


ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS


                             DAVE & BUSTER'S, INC.
                       CONSOLIDATED STATEMENTS OF INCOME
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                13 Weeks Ended              39 Weeks Ended     
                                                --------------              --------------     
                                           November 3,  October 29,    November 3,  October 29,
                                               1996        1995           1996        1995     
                                               ----        ----           ----        ----     
<S>                                         <C>         <C>            <C>         <C>                        
Food and beverage revenues                  $ 11,086    $  6,261       $ 33,635    $ 19,202    
Amusement and other revenues                   9,010       5,459         27,823      16,640    
                                            --------    --------       --------    --------    
           Total revenues                     20,096      11,720         61,458      35,842    
                                            --------    --------       --------    --------    
                                                                                               
Cost of revenues                               4,187       2,395         12,678       7,343    
Operating payroll and benefits                 5,668       3,564         17,761      10,666    
Other restaurant operating expenses            4,523       2,735         13,999       8,116    
General and administrative expenses            1,216       1,135          3,888       2,902    
Depreciation and amortization expense          1,381         847          3,992       2,375    
Preopening cost amortization                     767          --          1,983          --    
Earn-out and special compensation                 --          --             --       1,607    
                                            --------    --------       --------    --------    
           Total costs and expenses           17,742      10,676         54,301      33,009    
                                            --------    --------       --------    --------    
                                                                                               
Operating income                               2,354       1,044          7,157       2,833    
Interest (income) expense, net                   (11)         61            (52)         98    
                                            --------    --------       --------    --------    
                                                                                               
Income before provision for income taxes       2,365         983          7,209       2,735    
Provision for income taxes                       946         414          2,953       1,155    
                                            --------    --------       --------    --------    
                                                                                               
Net income                                  $  1,419    $    569       $  4,256    $  1,580    
                                            ========    ========       ========    ========    
                                                                                               
Earnings per common share                   $   0.20    $   0.10       $   0.59    $   0.30    
                                            ========    ========       ========    ========    
                                                                                                           
Weighted average number of  common 
  shares outstanding                           7,268       5,514          7,268       5,303    
</TABLE>



See accompanying notes to consolidated financial statements.



<PAGE>   3
                                       
                             DAVE & BUSTER'S, INC.
                          CONSOLIDATED BALANCE SHEETS
              (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)



<TABLE>
<CAPTION>
                                    ASSETS
                                                                                                 
                                                               November 3,               
                                                                  1996      February 4,
                                                               (unaudited)     1996     
                                                               -----------  ----------- 
<S>                                                             <C>           <C>
Current assets:                                                                  
    Cash and cash equivalents                                   $   115       $ 4,325 
    Inventories                                                   3,512         2,621 
    Prepaid expenses                                                632           360 
    Preopening costs                                              1,643         1,946 
    Other current assets                                            236           831 
                                                                -------       ------- 
           Total current assets                                   6,138        10,083 
Property and equipment, net                                      73,561        56,384 
Intangible assets:                                                                    
    Goodwill, net of accumulated amortization of $646 and $361    9,015         9,300 
    Other                                                           113           170 
Other assets                                                        234           264 
                                                                -------       ------- 
         Total Assets                                           $89,061       $76,201 
                                                                =======       ======= 
                                                                
                                                                
                     LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                
Current liabilities:                                            
    Accounts payable                                            $ 2,482       $ 2,456
    Accrued liabilities                                           1,432         1,354
    Deferred income taxes                                           598           639
                                                                -------       -------
           Total current liabilities                              4,512         4,449
Deferred income taxes                                             1,742         1,368
Other liabilities                                                   625           876
Long-term debt                                                    8,900           500
Commitments and contingencies                                                        
Stockholders' equity:                                                                
    Preferred stock, 10,000,000 authorized; none issued              --            --
    Common stock, $0.01 par value, 50,000,000 authorized;                            
        7,268,056 and 7,267,056 shares issued and outstanding 
        as of November 3, 1996 and February 4, 1996,               
        respectively                                                 73            73
   Paid in capital                                               66,999        66,981
    Retained earnings                                             6,210         1,954
                                                                -------       -------
           Total stockholders' equity                            73,282        69,008
                                                                -------       -------
                                                                $89,061       $76,201
                                                                =======       =======
</TABLE>



See accompanying notes to consolidated financial statements.



<PAGE>   4

                             DAVE & BUSTER'S, INC.
                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                 (IN THOUSANDS)
                                  (UNAUDITED)



<TABLE>
<CAPTION>
                                Common Stock                                 
                              ---------------    Paid in   Retained          
                              Shares   Amount    Capital   Earnings    Total 
                              ------   ------    -------   --------    ----- 
<S>                           <C>        <C>    <C>         <C>       <C>    
Balance, February 4, 1996     7,267      $73    $66,981     $1,954    $69,008
                                                                             
Issuance of common stock          1       --         18         --         18
                                                                             
Net income                       --       --         --      4,256      4,256
                              -----      ---    -------     ------      -----
                                                                             
Balance, November 3, 1996     7,268      $73    $66,999     $6,210    $73,282
                              =====      ===    =======     ======    =======
</TABLE>



See accompanying notes to consolidated financial statements.



<PAGE>   5



                             DAVE & BUSTER'S, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                  (UNAUDITED)




<TABLE>
<CAPTION>
                                                            39 Weeks Ended
                                                            --------------
                                                      November 3,    October 29,
                                                         1996           1995
                                                         ----           ----
<S>                                                     <C>           <C>
Cash flows from operating activities                                 
    Net income                                          $ 4,256       $ 1,580
    Adjustments to reconcile net income to net cash                  
      provided by operating activities                               
       Depreciation and amortization                      5,975         2,375
       Provision for deferred income taxes                  333           232
       Changes in assets and liabilities                             
         Inventories                                       (891)        (303)
         Prepaid expenses                                  (272)        (203)
         Preopening costs                                (1,680)        (974)
         Other assets                                       625           152
         Accounts payable                                    27         1,142
         Accrued liabilities                               (452)          276
         Other liabilities                                  279           439
                                                        -------       -------
Net cash provided by operating activities                 8,200         4,716
Cash flows from investing activities                                 
    Capital expenditures                                (20,828)      (11,265)
Cash flows from financing activities                                 
    Net transactions with Edison Brothers                    --       (11,584)
    Proceeds from issuance of common stock                   18        24,916
    Borrowings under long-term debt                       9,700        16,000
    Repayments of long-term debt                         (1,300)      (15,500)
                                                        -------       -------
Net cash provided by financing activities                 8,418        13,832
                                                        -------       -------
Cash provided (used)                                     (4,210)        7,283
Beginning cash and cash equivalents                       4,325         1,233
                                                        -------       -------
                                                                     
Ending cash and cash equivalents                        $   115       $ 8,516
                                                        =======       =======
</TABLE>





See accompanying notes to consolidated financial statements.



<PAGE>   6


                             DAVE & BUSTER'S, INC.


                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


                                NOVEMBER 3, 1996


                                  (UNAUDITED)


NOTE 1:       RESULTS OF OPERATIONS

     The results of operations for the interim periods reported are not
necessarily indicative of results to be expected for the year. The information
furnished herein reflects all adjustments (consisting only of normal recurring
adjustments) which are, in the opinion of management, necessary to present a
fair statement of the results for the interim periods.

NOTE 2:       BASIS OF PRESENTATION

     The consolidated financial statements include the accounts of Dave &
Buster's, Inc. (the "Company") and all wholly-owned subsidiaries. The primary
business of the Company is the ownership and operation of
restaurant/entertainment complexes (a "Complex") under the name "Dave &
Buster's".

NOTE 3:       EARNINGS PER COMMON SHARE

     Earnings per common share are computed by dividing net income by the
weighted average number of shares of common stock and dilutive options
outstanding during the period. For the periods ended October 29, 1995 the
weighted average number of shares outstanding is based on the assumption that
5,197,000 shares of common stock were outstanding prior to the completion in
of a public offering of common stock for 2,070,000 shares. Primary and fully
diluted earnings per share are not materially different for the interim periods
presented.

NOTE 4:       CONTINGENCIES

     The Company is subject to certain legal proceedings and claims that arise
in the ordinary course of its business. In the opinion of management, based on
discussions with and advice of legal counsel, the amount of ultimate liability
with respect to these actions will not materially affect the consolidated
results of operations or financial condition of the Company.




<PAGE>   7

I
TEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
RESULTS OF OPERATIONS.

Results of Operations - 13 Weeks Ended November 3, 1996 Compared to 13 Weeks
Ended October 29, 1995

     Total revenues for the 13 weeks ended November 3, 1996 increased by 71.2%
over the 13 weeks ended October 29, 1995. The increase in revenues was
attributable to the Chicago locations which the Company opened in the fourth
quarter of fiscal year 1995 and the Hollywood, Florida location which opened in
the first quarter of fiscal year 1996. Eight stores were operating for the 13
weeks ended November 3, 1996 as compared to five for the 13 weeks ended October
29, 1995.

     Cost of revenues, as a percentage of revenues, increased to 20.8% from
20.4% in the prior comparable period. The increase in cost of revenues was a
result of a shift in revenue mix toward more food and beverage revenues.
Operating payroll and benefits decreased to 28.2% from 30.4% in the prior
comparable period. Operating payroll and benefits was lower due to decreased
variable labor costs. Other operating expenses decreased to 22.5% compared to
23.3% in the prior comparable period. Other operating expenses were lower as a
percentage of revenue in 1996 due to improved costs controls.

     General and administrative costs, as a percentage of revenues, decreased
to 6.1% compared to 9.7% for the comparable prior period. The percentage
decrease is attributable to the leverage from increased revenues, lower
operating costs and gain on sale of equipment.

     Depreciation and amortization and preopening costs amortization, as a
percentage of revenues, increased to 10.7% from 7.2% due to opening two
locations in the Chicago market in the fourth quarter of 1995 and one location
in Hollywood, Florida in the first quarter of 1996.

Results of Operations - 39 Weeks Ended November 3, 1996 Compared to 39 Weeks
Ended October 29, 1995

     Total revenues for the 39 weeks ended November 3, 1996 increased by 71.5%
over the 39 weeks ended October 29, 1995. The increase in revenues was
primarily attributable to the Chicago locations which the Company opened in the
fourth quarter of fiscal year 1995 and the Hollywood, Florida location which
opened in the first quarter of fiscal year 1996.

     Cost of revenues, as a percentage of revenues, increased to 20.6% from
20.5% in the prior comparable period. Operating payroll and benefits decreased
to 28.9% from 29.8% in the prior comparable period due to decreased variable
labor costs. Other operating expenses increased to 22.8% compared to 22.6% in
the prior comparable period. Other operating expenses were lower in 1995 due to
a one time credit for rent related charges.

     General and administrative costs increased $986,000 over the prior
comparable period as a result of increased administrative payroll and related
costs for new personnel and additional costs resulting from the Company
operating as a public company. As a percentage of revenues, general and
administrative expenses decreased to 6.3% compared to 8.1% for the comparable
prior period. The percentage decrease is attributable to the leverage from
increased revenues.

     Depreciation and amortization and preopening costs amortization, as a
percentage of revenues, increased to 9.7% from 6.6% due to opening two new
locations in the Chicago market in the fourth quarter of 1995 and one location
in Hollywood, Florida in the first quarter of 1996.



<PAGE>   8
Liquidity and Capital Resources

     Prior to June 29, 1995, the Company financed its capital expenditures and
operations through cash flows from operations and advances from Edison
Brothers. Subsequent to June 29, 1995, the Company has financed its capital
expenditures and operations through cash flows from operations, draws under a
line of credit agreement and a common stock offering.

     Cash flows from operations increased to $8.2 million in the first 39 weeks
of fiscal 1996 from $4.7 million in the first 39 weeks of fiscal 1995. This
increase was due to the opening of one new store in Hollywood, Florida in the 
first fiscal quarter of 1996 and two new locations in the Chicago market in the
fourth quarter of 1995.

     The Company has a secured revolving line of credit which permits 
borrowing up to a maximum of $23,500,000.  At the prime interest rate (8.25% at
November 3, 1996).  The line of credit is secured by various assets including
land, buildings and personal property.  At November 3, 1996, $14,500,000 was
available.  The line matures in September 1998.  The line of credit has certain
covenants which include financial covenants requiring debt to equity, tangible
net worth, and current debt maturity levels.

     In 1995, the Company completed a public offering of common stock for the
sale of 2,070,000 shares at $15.00 per share for net proceeds of approximately
$28,653,000, after deducting related offering costs.

       The Company's plan is to open two new stores in fiscal 1996. One store
opened in South Florida, in the Hollywood/Fort Lauderdale market on April 25,
1996. The other store in the White Flint Mall, North Bethesda, Maryland market
will open later in fiscal 1996. In fiscal 1997, the Company's goal is to open
three new stores. The Company estimates that its capital expenditures will be
approximately $24.0 million and $31.0 million for 1996 and 1997, respectively.
The Company intends to finance this development with cash flow from operations
and the unused portion of the revolving line of credit described above.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act 
of 1995

     Certain statements in this Form 10-Q constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors with may cause the actual results, performance
or achievements of Dave & Buster's, Inc. to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the following:
general economic and business conditions; competition; development and
operating costs; adverse publicity; consumer trial and frequency; availability,
locations and terms of sites for complex development; quality of management;
business abilities and judgment of personnel; availability of qualified
personnel; food, labor and employee benefit costs; changes in, or the failure
to comply with, government regulations; and other risks indicated in this
filing.





<PAGE>   9



P
ART II.  OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

        (a)  Exhibits
              27 Financial Data Schedule

        (b)  Reports on Form 8-K
               No reports on Form 8-K were filed during the 13 weeks ended
               November 3, 1996.





<PAGE>   10



                                   SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                               DAVE & BUSTER'S, INC.


Dated:  December 16, 1996                      by  /s/ David O. Corriveau
        -----------------                         -----------------------------
                                                   David O. Corriveau
                                                   Co-Chairman of the Board, Co-
                                                   Chief Executive Officer and
                                                   President


Dated:  December 16, 1996                      by: /s/ Charles Michel
        -----------------                          ----------------------------
                                                   Charles Michel
                                                   Vice President,
                                                   Chief Financial Officer and
                                                   Treasurer




<PAGE>   11


                                 EXHIBIT INDEX


Exhibit
  No.          Description
- -------        -----------
   27          Financial Data Schedule







<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          FEB-02-1997
<PERIOD-END>                               NOV-03-1996
<CASH>                                             115
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                      3,512
<CURRENT-ASSETS>                                 6,138
<PP&E>                                          87,052
<DEPRECIATION>                                  13,491
<TOTAL-ASSETS>                                  89,061
<CURRENT-LIABILITIES>                            4,512
<BONDS>                                          8,900
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            73
<OTHER-SE>                                      73,209
<TOTAL-LIABILITY-AND-EQUITY>                    89,067
<SALES>                                         61,458
<TOTAL-REVENUES>                                61,458
<CGS>                                           12,678
<TOTAL-COSTS>                                   54,301
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                  7,209
<INCOME-TAX>                                     2,953
<INCOME-CONTINUING>                              4,256
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     4,256
<EPS-PRIMARY>                                      .59
<EPS-DILUTED>                                      .59
        

</TABLE>