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Papa Johns International Inc (PZZA) stock

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NASDAQ: PZZA Nasdaq Restaurants Next results ~November 5, 2026

D Fundamentals grade

Papa Johns International Inc is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$23

Valuation models combined (2)

Base case. Range ~$22–$24. Weighted average of 2 models (growth cash-flow model, forward price-to-earnings vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Papa Johns International Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds137 adding, 106 cuttingOf 32 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Papa Johns International files

Where Papa Johns International stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.97bn, down 5.6% on a year earlier, a steeper fall than the 2.4% decline a quarter earlier. That puts it 25 of 25 for growth among the restaurants companies we cover. Free-cash-flow margin fell to 1.7% from 2.8% a year earlier. Operating margin narrowed to 4.3% from 6.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 0 of our 4 financial-health checks. Our price-to-earnings vs peers value is $17.01 a share, against a share price of $18.12.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Papa Johns International Inc's trailing-twelve-month revenue fell 5.6% year on year, with a free-cash-flow margin of 1.7%. Where it lags: revenue growth of -5.6% ranks 41 of 44 restaurants companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 40.8% while net income fell 63.4%: a 23pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Papa Johns International Inc's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 5.6% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 0.3 against the S&P 500.
  • Growth easing. The growth rate is 3.2 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -3.2pp ranks 40 of 44 restaurants companies we cover (median +0.3pp).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 88.8% ranks 32 of 36 restaurants companies we cover (median 29.0%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.46 against an average estimate of $0.45: beat by 2.2%
Revenue
$482m, down 8.8% on a year earlier
Share reaction
-17.7% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.15

Papa Johns International's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.4%
  • 1 week+3.7%
  • 1 month-2.7%
  • This year-49.6%
  • 1 year-61.4%
  • 5 years-82.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2B
Operating margin
4.3%
Net margin
1.4%
EPS (TTM, diluted)
$0.83

Growth

Revenue growth
−5.6%
Change in growth rate
−3.2 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$34.2M
FCF margin
1.7%
Stock pay % of revenue
0.8%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement

    Papa Johns Canada launches 16-inch XL pizza

    Papa Johns International Inc said its Canadian division introduced a new 16-inch XL pizza on November 2, 2026. The company offered a one-topping version for $19.99 at participating restaurants until January 3, 2027. Customers could order the item via the app or website.

    Company releaseRead source ↗
  2. Our research
  3. Announcement

    Papa Johns Canada relaunches seasonal Jack-o'-Lantern pizza

    Papa Johns International Inc said its Canadian division has reintroduced the Jack-o'-Lantern Pizza for a limited period. The pumpkin-shaped thin crust item, topped with pepperoni and olives, is priced at $17.99. It is available from October 19 through November 1, 2026, at participating restaurants.

    Company releaseRead source ↗
  4. Results
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Partnership
  10. Announcement
  11. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Papa Johns International Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Our value per share comes from a discounted-cash-flow model of Papa Johns International Inc's free cash flow after stock-based pay ( $38.6M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Papa Johns International Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$24 ~$9.6–$32 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$19–$41 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$23 ~$22–$24 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Papa Johns International Inc with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$44.15$70.22$45.82$33.60$54.54$74.90$114.59$73.82$68.55$36.79$38.27$18.90
Market value$1.8bn$2.6bn$1.7bn$1.1bn$1.7bn$2.5bn$4.0bn$2.6bn$2.3bn$1.2bn$1.3bn$624m
+ Net debt (− = net cash)$235m$285m−$27m$592m$342m$220m$419m$558m$723m$709m$688m$705m
Enterprise value$2.0bn$2.9bn$1.6bn$1.7bn$2.1bn$2.7bn$4.5bn$3.2bn$3.0bn$1.9bn$1.9bn$1.3bn
Multiples
Price / sales 1.1x1.5x0.9x0.7x1.1x1.4x2.0x1.3x1.1x0.6x0.6x0.3x
Price / earnings 23.3x25.7x16.4xn/mn/m42.3x33.7x38.9x27.7x14.5x41.3x22.6x
Price / free cash flow 13.4x27.9x20.3x21.5x71.8x16.3x34.9x66.9x19.5x35.4x20.6x18.2x
EV / EBITDA 11.3x14.2x8.5x21.5x28.8x19.1x20.6x19.8x14.2x8.5x10.7x7.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

53 /100

Moderate moat

How hard Papa Johns International's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.4% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 6.3%; its worst year was -0.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.7% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 1.3% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $459m and EPS of $0.15 (range $0.06 to $0.32) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.16 −19% $1.9bn −8%
Next $1.30 +12% $1.8bn −2%

Next year's EPS estimate has moved −24.7% in 90 days, across 13 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.45 $0.46 +2.2%
Mar 2026 $0.37 $0.32 −13.6%
Dec 2025 $0.33 $0.34 +3.8%
Sept 2025 $0.41 $0.32 −21.4%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Papa Johns International Inc's revenue by -3.1% next year and +0.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-5.4%, weight 68%) and the company's own record (+2.0%, weight 32%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy215%
Hold1077%
Sell18%

Monthly trend

  1. Oct 2026210113
  2. Sep 2026210113
  3. Aug 2026211114
  4. Jul 202649114

Counts of recommendations published by analysts covering Papa Johns International Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
27.5%
of tradable shares
Days to cover
4.46
at average volume
Short interest, 1 month
+10%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
6.7%
of shares
Employees
9,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −61.4%

$48.92 on October 31, 2025 to $18.90

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.0bn −5.6%
Net margin 3.6% 1.4% −61.2%
P/E multiple 21.3x 22.6x +6.2%
Share count 33m 33m −0.5%

Biggest factor: net margin.

Last 3 years −68.9%

$60.72 on November 3, 2023 to $18.90

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.0bn −5.3%
Net margin 3.5% 1.4% −59.5%
P/E multiple 29.1x 22.6x −22.1%
Share count 34m 33m +4.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PZZA+59%−37%−5%−44%−2%−50%
Industry peers (median)+15%−15%+16%+0%−10%+6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PZZA50%25%42%25%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PZZA−27%−48%−34%−48%−41%−54%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 85% from November 4, 2021 to October 27, 2026. Getting back needed a 568% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$18.07 – $46.49
From 52-week high
−59.3%
vs 50-day average
−7.4%
vs 200-day average
−36.4%
Volatility (1 year)
50%
Beta vs S&P 500
0.29

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±6.5%
After a week
5 up, 7 down
typical move ±8.8%
After a month
5 up, 7 down
typical move ±16.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −17.7% +0.5% −17.9% −23.8%
May 7, 2026 −7.8% +0.5% −3.1% −5.0%
February 26, 2026 −7.3% −1.0% −8.3% −6.1%
November 6, 2025 −0.4% −1.0% −1.3% +0.9%
August 7, 2025 +6.9% +0.7% +17.5% +23.8%
May 8, 2025 +14.9% +0.6% +20.3% +53.5%
February 27, 2025 −1.9% −0.1% +0.6% −13.8%
January 13, 2025 +2.5% +0.3% +1.3% +19.1%
November 7, 2024 −5.4% +1.2% −15.6% −12.7%
August 8, 2024 +5.6% +2.8% +10.3% +12.7%
May 9, 2024 −6.7% +0.7% −8.7% −17.1%
February 29, 2024 −0.3% +1.3% −0.2% −3.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Papa Johns International Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Papa Johns International Inc
$2B $2B $2.1B $2.1B $2.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.1B Revenue (TTM), FY23 Q4: $2.1B Revenue (TTM), FY24 Q1: $2.1B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.1B Revenue (TTM), FY25 Q2: $2.1B Revenue (TTM), FY25 Q3: $2.1B Revenue (TTM), FY25 Q4: $2.1B Revenue (TTM), FY26 Q1: $2B Revenue (TTM), FY26 Q2: $2B $2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.1B
FY23 Q4 $2.1B
FY24 Q1 $2.1B
FY24 Q2 $2.1B
FY24 Q3 $2.1B
FY24 Q4 $2.1B
FY25 Q1 $2.1B
FY25 Q2 $2.1B
FY25 Q3 $2.1B
FY25 Q4 $2.1B
FY26 Q1 $2B
FY26 Q2 $2B
Revenue growth, TTM YoY Papa Johns International Inc
-6% -4% -2% 0% 2% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -0.7% Revenue growth, TTM YoY, FY23 Q4: 1.6% Revenue growth, TTM YoY, FY24 Q1: 1.7% Revenue growth, TTM YoY, FY24 Q2: 1.8% Revenue growth, TTM YoY, FY24 Q3: 0.4% Revenue growth, TTM YoY, FY24 Q4: -3.6% Revenue growth, TTM YoY, FY25 Q1: -2.8% Revenue growth, TTM YoY, FY25 Q2: -1.5% Revenue growth, TTM YoY, FY25 Q3: -0.6% Revenue growth, TTM YoY, FY25 Q4: -0.3% Revenue growth, TTM YoY, FY26 Q1: -2.4% Revenue growth, TTM YoY, FY26 Q2: -5.6% -5.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -0.7%
FY23 Q4 1.6%
FY24 Q1 1.7%
FY24 Q2 1.8%
FY24 Q3 0.4%
FY24 Q4 -3.6%
FY25 Q1 -2.8%
FY25 Q2 -1.5%
FY25 Q3 -0.6%
FY25 Q4 -0.3%
FY26 Q1 -2.4%
FY26 Q2 -5.6%
Operating margin (TTM) Papa Johns International Inc
4% 5% 6% 7% 8% 9% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 6.7% Operating margin (TTM), FY23 Q4: 6.9% Operating margin (TTM), FY24 Q1: 6.7% Operating margin (TTM), FY24 Q2: 6.4% Operating margin (TTM), FY24 Q3: 8.1% Operating margin (TTM), FY24 Q4: 7.6% Operating margin (TTM), FY25 Q1: 7.1% Operating margin (TTM), FY25 Q2: 6.9% Operating margin (TTM), FY25 Q3: 4.5% Operating margin (TTM), FY25 Q4: 4.3% Operating margin (TTM), FY26 Q1: 4.3% Operating margin (TTM), FY26 Q2: 4.3% 4.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 6.7%
FY23 Q4 6.9%
FY24 Q1 6.7%
FY24 Q2 6.4%
FY24 Q3 8.1%
FY24 Q4 7.6%
FY25 Q1 7.1%
FY25 Q2 6.9%
FY25 Q3 4.5%
FY25 Q4 4.3%
FY26 Q1 4.3%
FY26 Q2 4.3%
FCF margin (TTM) Papa Johns International Inc
0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 4.2% FCF margin (TTM), FY23 Q4: 5.5% FCF margin (TTM), FY24 Q1: 4.4% FCF margin (TTM), FY24 Q2: 3.3% FCF margin (TTM), FY24 Q3: 2.4% FCF margin (TTM), FY24 Q4: 1.7% FCF margin (TTM), FY25 Q1: 2.6% FCF margin (TTM), FY25 Q2: 2.8% FCF margin (TTM), FY25 Q3: 4.0% FCF margin (TTM), FY25 Q4: 3.0% FCF margin (TTM), FY26 Q1: 1.8% FCF margin (TTM), FY26 Q2: 1.7% 1.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 4.2%
FY23 Q4 5.5%
FY24 Q1 4.4%
FY24 Q2 3.3%
FY24 Q3 2.4%
FY24 Q4 1.7%
FY25 Q1 2.6%
FY25 Q2 2.8%
FY25 Q3 4.0%
FY25 Q4 3.0%
FY26 Q1 1.8%
FY26 Q2 1.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Papa Johns International took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.1B
  2. Selling, general and admin $244M · 11.9%
  3. Other operating costs $1.7B · 83.8%
  4. Operating income $89.1M · 4.3%
  5. Income tax $16.3M · 0.8%
  6. Interest and other $42.4M · 2.1%
  7. Net income $30.5M · 1.5%

Shares of revenue. Source: Papa Johns International's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,079 1,126 1,218 1,343 1,439 1,598 1,637 1,714 1,783 1,663 1,619 1,813 2,068 2,102 2,136 2,059 2,054 1,967
EBITDA 127 119 120 133 142 158 177 206 195 78 72 140 217 161 211 226 181 177
Operating income 95 87 87 100 107 118 136 165 151 32 25 90 168 109 147 157 89 85
Net income 57 52 55 62 70 73 76 103 102 2 5 58 120 68 82 83 31 28
Diluted EPS $1.03 $0.98 $1.08 $1.29 $1.55 $1.75 $1.89 $2.74 $2.83 $0.08 −$0.24 $1.28 $0.12 $1.89 $2.48 $2.54 $0.90 $0.83
Growth (year on year)
Revenue −4.2% +4.4% +8.1% +10.2% +7.2% +11.1% +2.5% +4.7% +4.1% −6.8% −2.6% +12.0% +14.1% +1.6% +1.6% −3.6% −0.3% −5.6%
EBITDA +28.9% −5.9% +0.5% +10.8% +6.8% +11.3% +12.1% +16.4% −5.3% −60.0% −7.9% +94.9% +55.1% −25.8% +31.1% +7.0% −19.8% −17.6%
Operating income +45.4% −8.9% +0.3% +14.7% +6.7% +10.4% +15.9% +20.7% −8.2% −79.1% — — +86.4% −35.2% +35.0% +6.5% −43.1% −40.9%
Net income +56.1% −9.6% +5.4% +12.7% +12.8% +5.4% +3.2% +35.9% −0.5% −97.6% — — +107.2% −43.5% +21.1% +1.7% −63.4% −63.4%
Diluted EPS +58.5% −4.9% +10.2% +19.4% +20.2% +12.9% +8.0% +45.0% +3.3% −97.2% — — −90.6% +>999% +31.2% +2.4% −64.6% −63.6%
Margins
EBITDA margin 11.7% 10.6% 9.8% 9.9% 9.8% 9.9% 10.8% 12.0% 10.9% 4.7% 4.4% 7.7% 10.5% 7.7% 9.9% 11.0% 8.8% 9.0%
Operating margin 8.8% 7.7% 7.1% 7.4% 7.4% 7.4% 8.3% 9.6% 8.5% 1.9% 1.5% 5.0% 8.1% 5.2% 6.9% 7.6% 4.3% 4.3%
Net margin 5.3% 4.6% 4.5% 4.6% 4.8% 4.6% 4.6% 6.0% 5.7% 0.1% 0.3% 3.2% 5.8% 3.2% 3.8% 4.1% 1.5% 1.4%
Free-cash-flow margin 6.5% 5.5% 5.9% 4.6% 3.5% 4.6% 8.0% 5.5% 4.6% 3.0% 1.5% 8.3% 5.6% 1.9% 5.5% 1.7% 3.0% 1.7%
Cash flow
Cash from operations 104 93 101 104 101 123 170 150 135 92 62 186 185 118 193 107 126 95
Capital spending 34 31 29 43 51 49 39 56 53 42 38 36 69 78 77 72 65 61
Free cash flow 70 61 72 62 51 74 131 95 82 50 24 151 116 39 116 34 61 34
Stock-based pay 6 6 7 7 7 9 9 10 10 10 15 16 17 18 18 10 15 15
Free cash flow after stock pay 64 55 65 55 43 65 122 85 72 40 9 134 99 21 99 25 46 19
Balance sheet
Cash 25 48 19 16 14 20 21 16 27 33 28 130 71 47 41 38 35 28
Total debt 99 99 51 88 158 230 256 301 — 625 370 350 490 605 764 747 722 734
Net debt (negative = net cash) 74 51 33 72 144 210 235 285 −27 592 342 220 419 558 723 709 688 705
Diluted shares 56m 53m 51m 48m 44m 42m 40m 38m 37m 32m 32m 33m 35m 36m 33m 33m 33m 33m
Returned to shareholders
Dividends — — — — 11 22 25 28 31 29 41 43 40 55 58 61 61 62
Buybacks 28 47 65 106 119 117 120 122 210 158 — 3 72 125 210 2 0 —
Total returned 28 47 65 106 129 139 145 150 240 187 41 46 113 180 269 63 61 62

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 4 checks passed · June 28, 2026
What it owns · $805m
Short-term assets $234mLonger-term assets $571m
What it owes, and who funded it · $1.2bn
Short-term liabilities $283mLonger-term liabilities $963mShareholders' equity $-453m
  • Short-term assets cover short-term liabilities $234m of assets due within a year against $283m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $234m short-term assets against $963m of longer-dated liabilities.
  • More cash than debt $28m of cash against $727m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $95m of operating cash flow against $727m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Papa Johns International Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$61.5M
Buybacks, last 3 fiscal years
$212M
Diluted share count
+0.5%
year over year
Total shareholder yield
9.9%
dividends 9.9% + buybacks 0.0% of market value
Dividend payout ratio
223%
of net income paid out
Days sales outstanding
18 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated PZZA BROS PLAY CHA WEN SHAK Median
Revenue, last 12 months $2.0bn $1.9bn $2.1bn $1.8bn $2.2bn $1.6bn $1.4bn
Revenue growth, last 12 months −5.6% 29.6% −1.5% 4.2% −1.0% 17.3% 4.6%
Revenue growth, 3-year average −1.8% 30.5% −1.6% — 0.7% 16.1% 5.1%
Revenue growth, latest quarter −8.8% 32.5% −2.4% — 1.7% 17.2% 4.5%
Gross margin — 25.1% 85.4% — 63.0% — 68.6%
Operating margin 4.3% 9.6% 1.7% 10.4% 13.6% 3.6% 4.9%
Operating margin, 3-year average 5.9% 8.8% 7.4% — 15.8% 2.1% 6.9%
Net margin 1.4% 4.9% −4.3% 9.1% 5.7% 2.6% 2.5%
Cash from operations / revenue 4.8% 19.4% 15.5% 12.7% 16.3% 12.3% 11.9%
Free-cash-flow margin 1.7% 5.0% −0.8% 9.5% 12.0% −0.8% 3.4%
Free-cash-flow margin, 3-year average 2.6% 1.8% −5.9% — 11.8% 1.4% 2.8%
Stock pay / revenue 0.8% 1.1% 0.6% 5.6% 0.5% 1.2% 0.8%
Change in share count 0.5% 7.9% −6.7% 63.7% −4.9% −6.7% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth -5.6% 4.7% 41 of 44
Change in growth rate Growth -3.2pp +0.3pp 40 of 44
Operating margin Profitability 4.3% 5.2% 24 of 42
Net margin Profitability 1.4% 2.6% 28 of 44
Free-cash-flow margin Cash generation 1.7% 3.6% 28 of 44
Stock pay as % of revenue Cash generation 0.8% 0.8% 20 of 40
Long-term debt as % of assets Balance sheet 88.8% 29.0% 32 of 36
Change in share count Balance sheet 0.5% 0.3% 26 of 42
Days sales outstanding Balance sheet 18 days 6 days 19 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 28, 2025
Products and services
Line of business Revenue Share YoY
Commissary $930M 45.3% ▲ 3.4%
Company Owned Restaurant Sales $676M 32.9% ▼ 6.8%
Franchisor $191M 9.3% ▲ 2.1%
Advertising $167M 8.1% ▲ 1.5%
Other $90.5M 4.4% ▲ 8.2%

From Papa Johns International Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.4B
Institutions reporting
257
Shares held vs prior quarter
▲ 11.4%
Positions opened / closed
44 / 31

Top buyers and sellers, Q2 2026: 137 institutions bought and 106 sold ; the biggest buyer was Earnest Partners LLC (+988K shares) and the biggest seller Citadel Advisors LLC (−255K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $182M 5.0M 13.2% ▲ 2.9%
Earnest Partners LLC $106M 2.9M 7.7% ▲ 52.0%
Brandes Investment Partners, LP $100M 2.7M 7.3% ▲ 3.7%
Bank Of America Corp $83.2M 2.3M 6.0% ▲ 53.0%
Vanguard Portfolio Management LLC $72.1M 2.0M 5.2% ▲ 2.9%
Sei Investments Co $60.6M 1.6M 4.4% ▲ 52.7%
Irth Capital Management LP $59.9M 1.6M 4.3% 0.0%
Vanguard Capital Management LLC $54M 1.5M 3.9% ▲ 4.6%
State Street Corp $48.1M 1.3M 3.5% ▲ 5.1%
Quinn Opportunity Partners LLC $36.7M 999K 2.7% ▼ 7.0%
Geode Capital Management, LLC $32.5M 884K 2.4% ▲ 5.7%
Segall Bryant & Hamill, LLC $29.3M 797K 2.1% ▼ 2.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Papa Johns International Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Papa Johns International Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Papa Johns International Inc in brief

What does Papa Johns International Inc do?
Papa Johns International Inc is a US-listed company in the restaurants industry. Its financial year ends in December.
What is Papa Johns International Inc's stock ticker?
Papa Johns International Inc trades under the ticker PZZA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Papa Johns International Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Papa Johns International Inc reported revenue of $2B, 5.6% lower than a year earlier, according to its SEC filings.
What is Papa Johns International Inc's free cash flow?
Papa Johns International Inc's free-cash-flow margin is 1.7% of revenue over the trailing twelve months, ranking 28 of the 44 restaurants companies we cover.
Who are Papa Johns International Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Earnest Partners LLC and Brandes Investment Partners, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Papa Johns International Inc's market cap?
On November 2, 2026, Papa Johns International Inc's market capitalisation was about $624M, with a price-to-earnings ratio of 22.6 and net debt of $705M. Market figures come from third-party market data and may be delayed.
Does Papa Johns International Inc pay a dividend?
Yes: Papa Johns International Inc paid $61.5M in dividends over the trailing twelve months, a dividend yield of 9.89% and a payout ratio of 223.1%.
Who are Papa Johns International Inc's competitors?
In our Restaurants peer group, the companies closest to Papa Johns International Inc are Dutch Bros Inc., Dave & Buster's Entertainment, Inc., Chagee Holdings Ltd., Wendy's Co and Shake Shack Inc. The side-by-side comparison below sets their revenue, margins and growth against Papa Johns International Inc's.
When is Papa Johns International Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Papa Johns International Inc announces its own schedule.