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Papa Johns Intl Inc Financials

PZZA
Source SEC Filings (10-K/10-Q) Updated Mar 29, 2026 Currency USD FYE December

This page shows Papa Johns Intl Inc (PZZA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PZZA FY2025

FY2025 shows a cost-layer problem: better gross margin was overwhelmed by heavier overhead and depreciation.

From FY2023 to FY2025, gross margin improved from 27.0% to 28.9%, yet operating margin fell because SG&A and depreciation consumed the benefit; the squeeze arrived after direct product costs, not inside them. That also explains why cash conversion looked healthier than earnings in FY2025: net income was only $30.5M while operating cash flow reached $126.0M, so non-cash charges softened the hit to cash even as reported profit thinned.

The company has run with a tight liquidity posture for three years: the current ratio stayed below 1.0x from FY2023 through FY2025, and cash ended FY2025 at $34.6M against current liabilities of $291.0M. That means the operating model depends on continuing cash inflow rather than a large short-term balance-sheet cushion.

Capital returns became far less discretionary in FY2025: free cash flow of $61.3M was nearly fully absorbed by dividends of $61.1M. That is a meaningful shift from the prior two years' heavier buyback posture and shows how a weaker profit base narrowed room for optional cash deployment.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 18 / 100
Financial Profile 18/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Papa Johns Intl Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
35

Papa Johns Intl Inc has an operating margin of 4.3%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 35/100, indicating healthy but not exceptional operating efficiency. This is down from 7.6% the prior year.

Growth
30

Papa Johns Intl Inc's revenue declined 0.3% year-over-year, from $2.1B to $2.1B. This contraction results in a growth score of 30/100.

Leverage
0

Papa Johns Intl Inc has elevated debt relative to equity (D/E of -1.60), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity
11

Papa Johns Intl Inc's current ratio of 0.82 is below the typical benchmark, resulting in a score of 11/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
33

Papa Johns Intl Inc has a free cash flow margin of 3.0%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.

Altman Z-Score Safe
3.58

Papa Johns Intl Inc scores 3.58, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Papa Johns Intl Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed
4.13x

For every $1 of reported earnings, Papa Johns Intl Inc generates $4.13 in operating cash flow ($126.0M OCF vs $30.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.1B
YoY-0.3%
5Y CAGR+2.5%
10Y CAGR+2.3%

Papa Johns Intl Inc generated $2.1B in revenue in fiscal year 2025. This represents a decrease of 0.3% from the prior year.

EBITDA
$181.4M
YoY-19.8%
5Y CAGR+5.3%
10Y CAGR+0.3%

Papa Johns Intl Inc's EBITDA was $181.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.8% from the prior year.

Net Income
$30.5M
YoY-63.4%
5Y CAGR-12.0%
10Y CAGR-8.7%

Papa Johns Intl Inc reported $30.5M in net income in fiscal year 2025. This represents a decrease of 63.4% from the prior year.

EPS (Diluted)
$0.90
YoY-64.6%
5Y CAGR-6.8%
10Y CAGR-7.2%

Papa Johns Intl Inc earned $0.90 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 64.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$61.3M
YoY+79.5%
5Y CAGR-16.5%
10Y CAGR-7.3%

Papa Johns Intl Inc generated $61.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 79.5% from the prior year.

Cash & Debt
$34.6M
YoY-8.9%
5Y CAGR-23.3%
10Y CAGR+5.1%

Papa Johns Intl Inc held $34.6M in cash against $710.4M in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.84
YoY+0.0%
5Y CAGR+15.4%
10Y CAGR+11.3%

Papa Johns Intl Inc paid $1.84 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding
33M
YoY+0.6%
5Y CAGR+0.2%
10Y CAGR-1.6%

Papa Johns Intl Inc had 33M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin
28.9%
YoY+0.7pp

Papa Johns Intl Inc's gross margin was 28.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin
4.3%
YoY-3.3pp
5Y CAGR-0.6pp
10Y CAGR-4.0pp

Papa Johns Intl Inc's operating margin was 4.3% in fiscal year 2025, reflecting core business profitability. This is down 3.3 percentage points from the prior year.

Net Margin
1.5%
YoY-2.6pp
5Y CAGR-1.7pp
10Y CAGR-3.1pp

Papa Johns Intl Inc's net profit margin was 1.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.6 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
$0
YoY-100.0%

Papa Johns Intl Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures
$64.7M
YoY-10.7%
5Y CAGR+12.7%
10Y CAGR+5.2%

Papa Johns Intl Inc invested $64.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 10.7% from the prior year.

PZZA Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $478.6M-3.9% $498.2M-2.0% $508.2M-4.0% $529.2M+2.1% $518.3M-2.3% $530.8M+4.7% $506.8M-0.2% $507.9M
Cost of Revenue $340.9M-3.5% $353.1M-4.3% $369.1M-0.7% $371.7M+1.4% $366.5M-3.0% $377.6M+2.0% $370.1M+1.9% $363.0M
Gross Profit $137.7M-5.0% $145.0M+4.3% $139.0M-11.7% $157.4M+3.7% $151.8M-0.9% $153.1M+12.0% $136.7M-5.6% $144.9M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $56.0M+6.6% $52.5M-7.0% $56.5M-19.5% $70.1M+7.6% $65.2M+3.9% $62.7M+386.8% $12.9M-77.4% $57.0M
Operating Income $20.8M-15.3% $24.5M+51.6% $16.2M-34.0% $24.5M+2.2% $24.0M-18.8% $29.5M-54.7% $65.2M+131.1% $28.2M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $4.1M-27.8% $5.7M+226.9% $1.8M-58.6% $4.2M-6.8% $4.5M-0.9% $4.6M-64.2% $12.8M+167.3% $4.8M
Net Income $7.3M+2.6% $7.1M+50.2% $4.7M-50.6% $9.5M+3.4% $9.2M-37.7% $14.8M-64.6% $41.8M+241.5% $12.2M
EPS (Diluted) $0.21 N/A $0.13-53.6% $0.28+3.7% $0.27 N/A $1.27+243.2% $0.37

PZZA Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $831.9M-0.7% $837.5M-5.3% $884.1M-0.7% $890.4M-0.9% $898.1M+1.0% $889.0M+3.3% $860.9M+2.7% $838.4M
Current Assets $240.4M+1.3% $237.4M-12.3% $270.8M+13.4% $238.8M-1.4% $242.1M+5.0% $230.6M+6.8% $215.9M-4.4% $225.7M
Cash & Equivalents $39.0M+12.9% $34.6M-11.2% $39.0M+17.0% $33.3M-24.3% $44.0M+16.0% $38.0M+116.3% $17.6M-27.8% $24.3M
Inventory $36.2M+5.4% $34.3M-4.0% $35.8M-4.6% $37.5M+0.8% $37.2M+5.5% $35.2M-3.4% $36.5M-3.1% $37.7M
Accounts Receivable $100.7M-2.3% $103.1M-1.3% $104.4M+0.5% $103.9M+4.0% $99.9M-1.7% $101.7M-0.1% $101.8M+8.9% $93.5M
Goodwill $67.2M-0.5% $67.6M+0.2% $67.5M-12.3% $76.9M+1.3% $75.9M+0.6% $75.5M-1.3% $76.5M+1.2% $75.5M
Total Liabilities $1.3B-0.1% $1.3B-2.9% $1.3B+0.1% $1.3B-0.6% $1.3B+0.9% $1.3B+2.1% $1.3B-0.6% $1.3B
Current Liabilities $284.7M-2.2% $291.0M-6.4% $310.8M+6.2% $292.7M+3.5% $282.9M+1.8% $278.0M+2.7% $270.5M-1.7% $275.2M
Long-Term Debt $727.3M+2.4% $710.4M-2.3% $727.1M+0.1% $726.3M-2.1% $741.9M0.0% $741.6M+2.8% $721.4M-4.9% $758.9M
Total Equity -$449.1M-1.0% -$444.8M-1.2% -$439.3M-1.7% -$432.0M0.0% -$431.9M-0.6% -$429.5M+0.3% -$430.9M+6.7% -$461.7M
Retained Earnings $202.6M-3.9% $210.8M-3.8% $219.0M-4.7% $229.9M-2.5% $235.8M-2.5% $241.7M-0.2% $242.3M+12.3% $215.8M

PZZA Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $7.2M-63.5% $19.8M-49.7% $39.3M+10.8% $35.5M+13.3% $31.3M-38.3% $50.7M+264.4% $13.9M-53.5% $30.0M
Capital Expenditures $13.5M-24.0% $17.7M+6.0% $16.7M-7.6% $18.1M+47.8% $12.2M-52.1% $25.6M+43.8% $17.8M+10.4% $16.1M
Free Cash Flow -$6.2M-394.4% $2.1M-90.7% $22.7M+29.9% $17.4M-8.8% $19.1M-24.2% $25.2M+754.6% -$3.8M-127.7% $13.9M
Investing Cash Flow -$5.2M-132.0% $16.1M+188.5% -$18.2M-48.1% -$12.3M-73.7% -$7.1M+71.4% -$24.8M-179.2% $31.3M+328.6% -$13.7M
Financing Cash Flow $181K+100.5% -$38.0M-146.2% -$15.5M+54.8% -$34.2M-84.1% -$18.6M-264.9% -$5.1M+90.2% -$52.2M-163.1% -$19.8M
Dividends Paid $15.3M0.0% $15.3M0.0% $15.3M0.0% $15.3M+1.0% $15.2M0.0% $15.2M+0.1% $15.2M+0.2% $15.1M
Share Buybacks N/A N/A N/A N/A N/A $2.1M $0 $0

PZZA Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 28.8%-0.3pp 29.1%+1.8pp 27.4%-2.4pp 29.8%+0.5pp 29.3%+0.4pp 28.8%+1.9pp 27.0%-1.5pp 28.5%
Operating Margin 4.3%-0.6pp 4.9%+1.7pp 3.2%-1.4pp 4.6%+0.0pp 4.6%-0.9pp 5.6%-7.3pp 12.9%+7.3pp 5.6%
Net Margin 1.5%+0.1pp 1.4%+0.5pp 0.9%-0.9pp 1.8%+0.0pp 1.8%-1.0pp 2.8%-5.5pp 8.3%+5.8pp 2.4%
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets 0.9%+0.0pp 0.8%+0.3pp 0.5%-0.5pp 1.1%+0.0pp 1.0%-0.6pp 1.7%-3.2pp 4.9%+3.4pp 1.5%
Current Ratio 0.84+0.0 0.82-0.1 0.87+0.1 0.82-0.0 0.86+0.0 0.83+0.0 0.80-0.0 0.82
Debt-to-Equity -1.62-0.0 -1.60+0.1 -1.66+0.0 -1.68+0.0 -1.720.0 -1.73-0.1 -1.67-0.0 -1.64
FCF Margin -1.3%-1.7pp 0.4%-4.0pp 4.5%+1.2pp 3.3%-0.4pp 3.7%-1.1pp 4.8%+5.5pp -0.8%-3.5pp 2.7%

Note: Shareholder equity is negative (-$444.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.82), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Papa Johns Intl Inc (PZZA) reported $2.1B in total revenue for fiscal year 2025. This represents a -0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Papa Johns Intl Inc (PZZA) revenue declined by 0.3% year-over-year, from $2.1B to $2.1B in fiscal year 2025.

Yes, Papa Johns Intl Inc (PZZA) reported a net income of $30.5M in fiscal year 2025, with a net profit margin of 1.5%.

Papa Johns Intl Inc (PZZA) reported diluted earnings per share of $0.90 for fiscal year 2025. This represents a -64.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Papa Johns Intl Inc (PZZA) had EBITDA of $181.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Papa Johns Intl Inc (PZZA) had $34.6M in cash and equivalents against $710.4M in long-term debt.

Papa Johns Intl Inc (PZZA) had a gross margin of 28.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Papa Johns Intl Inc (PZZA) had an operating margin of 4.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Papa Johns Intl Inc (PZZA) had a net profit margin of 1.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Papa Johns Intl Inc (PZZA) paid $1.84 per share in dividends during fiscal year 2025.

Papa Johns Intl Inc (PZZA) generated $61.3M in free cash flow during fiscal year 2025. This represents a 79.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Papa Johns Intl Inc (PZZA) generated $126.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Papa Johns Intl Inc (PZZA) had $837.5M in total assets as of fiscal year 2025, including both current and long-term assets.

Papa Johns Intl Inc (PZZA) invested $64.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Papa Johns Intl Inc (PZZA) had 33M shares outstanding as of fiscal year 2025.

Papa Johns Intl Inc (PZZA) had a current ratio of 0.82 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Papa Johns Intl Inc (PZZA) had a debt-to-equity ratio of -1.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Papa Johns Intl Inc (PZZA) had a return on assets of 3.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Papa Johns Intl Inc (PZZA) has negative shareholder equity of -$444.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Papa Johns Intl Inc (PZZA) has an Altman Z-Score of 3.58, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Papa Johns Intl Inc (PZZA) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Papa Johns Intl Inc (PZZA) has an earnings quality ratio of 4.13x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Papa Johns Intl Inc (PZZA) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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