Papa John's International, Inc. (PZZA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.45	$0.46	+2.2%	—	—	—
Q4 26	$0.37	$0.32	-13.5%	—	—	—
Q3 26	$0.33	$0.34	+3.0%	—	—	—
Q2 26	$0.41	$0.32	-22.0%	—	—	—
Q1 26	$0.34	$0.41	+20.6%	—	—	—
Q4 25	$0.35	$0.36	+2.9%	—	—	—
Q3 25	$0.5	$0.63	+26.0%	—	—	—
Q2 25	$0.43	$0.43	0.0%	—	—	—
Q1 25	$0.53	$0.61	+15.1%	—	—	—
Q4 24	$0.56	$0.67	+19.6%	—	—	—
Q3 24	$0.72	$0.91	+26.4%	—	—	—
Q2 24	$0.57	$0.53	-7.0%	—	—	—
Q1 24	$0.6	$0.59	-1.7%	—	—	—
Q4 23	$0.67	$0.68	+1.5%	—	—	—
Q3 23	$0.67	$0.71	+6.0%	—	—	—
Q2 23	$0.61	$0.54	-11.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.9	—	—	$2.1B	—
FY24	—	$2.55	—	—	$2.1B	—
FY23	—	$2.49	—	—	$2.1B	—
FY22	—	$1.9	—	—	$2.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.7B	$1.8B	$1.7B	$1.6B	$1.8B	$2.1B	$2.1B	$2.1B	$2.1B	$2.1B
YoY change	+4.66%	+4.07%	-6.76%	-2.62%	+12%	+14.1%	+1.63%	+1.6%	-3.57%	-0.27%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.7B	1.8B	1.7B	1.6B	1.8B	2.1B	2.1B	2.1B	2.1B	2.1B
Cost of revenue	1.3B	1.4B	1.4B	1.3B	1.5B	1.6B	1.7B	1.7B	1.6B	1.6B
Gross profit	419.7M	347.2M	271.8M	290.5M	344.2M	429.3M	390.5M	421.6M	416.6M	425.7M
Gross margin	24.5%	19.5%	16.3%	17.9%	19%	20.8%	18.6%	19.7%	20.2%	20.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	158.1M	150.9M	193.5M	223.5M	198.3M	212.3M	181.2M	200.5M	204.5M	248.7M
Operating expenses	224.4M	220.2M	277.6M	399.1M	398.6M	212.3M	199.5M	200.5M	204.5M	248.7M
Operating income	154.3M	152.7M	31.8M	19.8M	96.2M	168.2M	157.3M	156.2M	142.7M	84.7M
Operating margin	9%	8.56%	1.91%	1.22%	5.31%	8.13%	7.49%	7.31%	6.93%	4.12%
Non-operating income, net	11.9M	-1.1M	528K	5.8M	-3.9M	-11.2M	-48.3M	-9M	41.3M	4.5M
Pretax income	158.8M	140.3M	6.7M	5M	75.4M	150.9M	83.8M	103.7M	114.1M	48.4M
Income tax	49.7M	33.8M	2.6M	-611K	14.7M	26M	14.4M	20.9M	29.9M	16.3M
Net income	109.1M	106.5M	4.1M	5.7M	60.6M	125M	69.3M	82.8M	84.2M	32.1M
Net margin	6.37%	5.97%	0.24%	0.35%	3.34%	6.04%	3.3%	3.88%	4.09%	1.56%
EBITDA	195.3M	196.4M	78.2M	67.1M	145.9M	217.1M	209.4M	220.2M	184.8M	176.9M
EPS	2.76	2.86	0.05	-0.24	1.29	0.12	1.9	2.49	2.55	0.9
Diluted EPS	2.74	2.83	0.05	-0.24	1.28	0.12	1.89	2.48	2.54	0.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	522.8M	571.3M	513.9M	507.9M	506.8M	530.8M	518.3M	529.2M	508.2M	498.2M	478.6M	482.4M
Cost of revenue	422.4M	455.6M	404.1M	404.4M	410.8M	423.6M	366.5M	371.7M	369.1M	520.8M	340.9M	339M
Gross profit	100.4M	115.8M	109.9M	103.5M	96M	107.2M	151.8M	157.4M	139M	-22.6M	137.7M	143.4M
Gross margin	19.2%	20.3%	21.4%	20.4%	19%	20.2%	29.3%	29.8%	27.4%	-4.54%	28.8%	29.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	50.4M	51.1M	58.5M	57.7M	51M	53M	106.5M	111.7M	97.7M	-68M	95.8M	100.9M
Operating expenses	50.4M	51.1M	58.5M	57.7M	51M	53M	106.5M	111.7M	97.7M	-68M	95.8M	100.9M
Operating income	33.6M	46.5M	33.7M	28.2M	27.8M	37.3M	27M	27M	16.4M	15.2M	24.1M	23.2M
Operating margin	6.43%	8.14%	6.56%	5.56%	5.49%	7.03%	5.21%	5.1%	3.23%	3.06%	5.04%	4.81%
Non-operating income, net	-1.8M	-3.9M	—	—	37.4M	19.5M	-3M	-2.5M	-231K	9.3M	-3.4M	—
Pretax income	20.5M	30.8M	22.7M	17.3M	54.6M	19.5M	13.9M	13.9M	6.2M	14.4M	11.1M	13.7M
Income tax	4.5M	4.3M	7.7M	4.8M	12.8M	4.6M	4.5M	4.2M	1.8M	5.7M	4.1M	5M
Net income	16M	26.4M	14.9M	12.5M	41.8M	15M	9.3M	9.7M	4.5M	8.6M	6.9M	8.7M
Net margin	3.05%	4.63%	2.9%	2.47%	8.25%	2.82%	1.8%	1.83%	0.88%	1.73%	1.45%	1.8%
EBITDA	50M	63.8M	51.4M	45.8M	45.1M	26.9M	45.3M	45.8M	41.3M	45.4M	41.9M	42.4M
EPS	0.49	—	0.45	0.37	1.28	0.45	0.28	0.28	0.14	0.21	0.21	0.25
Diluted EPS	0.48	—	0.44	0.37	1.27	0.44	0.27	0.28	0.13	0.21	0.21	0.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.2B	2B	—	2B	2.8B	4.7B	2.9B	2.5B	1.3B	1.3B	661.4M
Enterprise value	3.5B	2.5B	—	2.5B	3.1B	5.3B	3.7B	3.4B	2.3B	2.2B	1.6B
Shares outstanding	37.3M	36.1M	32.1M	31.6M	32.4M	35M	35.5M	32.9M	32.7M	32.9M	32.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	29.2	19	—	353.1	45.4	37.4	42.1	30.3	16	39.4	24.9
P/S	1.86	1.14	—	1.23	1.52	2.26	1.39	1.18	0.65	0.62	0.33
P/B	325.3	-19.1	—	-6.31	-10.6	-28	-10.8	-5.67	-3.25	-2.92	-1.51
EV/EBITDA	17.8	12.6	—	37.2	21.5	24.4	17.6	15.6	12.3	12.2	7.97
EV/Sales	2.03	1.38	—	1.54	1.73	2.56	1.75	1.61	1.11	1.05	0.79
Earnings yield	3.42%	5.26%	—	0.28%	2.2%	2.67%	2.37%	3.3%	6.27%	2.54%	4.02%
FCF yield	2.97%	4.07%	—	1.2%	5.48%	2.49%	1.35%	4.64%	2.54%	4.08%	8.91%
PEG	—	—	—	—	—	—	—	—	—	—	-2.32

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24.5%	19.5%	16.3%	17.9%	19%	20.8%	18.6%	19.7%	20.2%	20.7%	29.7%
Operating margin	9%	8.56%	1.91%	1.22%	5.31%	8.13%	7.49%	7.31%	6.93%	4.12%	5.74%
Net margin	6.37%	5.97%	0.24%	0.35%	3.34%	6.04%	3.3%	3.88%	4.09%	1.56%	1.4%
ROE	1.1K%	-100.5%	-1.34%	-1.79%	-23.3%	-74.8%	-25.7%	-18.7%	-20.4%	-7.42%	-6.83%
ROA	21.3%	19.2%	0.68%	0.77%	6.95%	14.1%	8.02%	9.46%	9.47%	3.83%	7.73%
ROIC	36%	34.3%	6.82%	11%	63%	31.1%	26.6%	25.9%	20.2%	12%	10.7%
Return on tangible assets	31.9%	27.9%	0.95%	0.99%	8.52%	17.2%	9.59%	11.5%	11.4%	4.57%	4.26%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.14	1.28	1.04	0.87	1.06	0.89	0.95	0.76	0.83	0.82	0.83
Quick ratio	0.94	1.05	0.9	0.74	0.96	0.77	0.79	0.64	0.7	0.7	0.71
Debt / equity	30.6	-4.4	-2.04	-1.66	-1.97	-4.11	-3	-2.18	-2.35	-2.16	-0.02
Debt / assets	0.58	0.84	1.04	0.72	0.59	0.77	0.93	1.1	1.09	1.12	1.16
Net debt / EBITDA	1.46	2.26	7.51	7.41	2.63	2.83	3.63	4.2	5.05	5.1	5.3
Interest coverage	22.5	13.4	1.26	1.25	5.43	9.73	4.32	3.38	3.68	2.19	2.15
Effective tax rate	31.3%	24.1%	39.2%	0%	19.6%	17.2%	17.2%	20.1%	26.2%	33.6%	36.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	46	49.4	51.8	51.2	55.9	59.1	59.2	64.9	62.9	62.5	59.7
EPS (basic)	2.76	2.86	0.05	-0.24	1.29	0.12	1.9	2.49	2.55	0.9	0.9
EPS (diluted)	2.74	2.83	0.05	-0.24	1.28	0.12	1.89	2.48	2.54	0.9	0.8
Book value per share	0.26	-2.94	-9.48	-10	-8.03	-4.77	-7.59	-13.4	-12.6	-13.2	-13.8
FCF per share	2.54	2.28	1.57	0.76	4.65	3.32	1.11	3.54	1.04	1.57	0.74
Cash per share	0.42	0.62	1.04	0.88	4.02	2.02	1.33	1.23	1.16	1.05	0.87
Capex per share	1.49	1.46	1.31	1.19	1.1	1.96	2.21	2.22	2.22	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.24%	2.95%	2.53%	2.33%	1.97%	3.31%	3.73%	3.43%	3.52%	—	—
Capex / operating cash flow	34.7%	37.9%	61%	61.4%	28.2%	43.7%	80.4%	42.9%	47.3%	—	—
Payout ratio	25.6%	28.8%	711.6%	681.8%	71%	37.4%	79%	70.6%	71.9%	190.4%	230%
Dividend yield	0.88%	1.52%	—	1.93%	1.56%	1%	1.87%	2.33%	4.51%	4.84%	9.15%

Yield

9.15%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.46

ex-dividend May 18, 2026

Payout ratio

230%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 18, 2026	$0.46
Feb 9, 2026	$0.46
Nov 17, 2025	$0.46
Aug 18, 2025	$0.46
May 19, 2025	$0.46

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$522.8M	$571.3M	$513.9M	$507.9M	$506.8M	$530.8M	$518.3M	$529.2M	$508.2M	$498.2M	$478.6M	$482.4M
YoY change	+2.41%	+8.57%	-2.49%	-1.29%	-3.06%	-7.1%	+0.85%	+4.19%	+0.27%	-6.14%	-7.66%	-8.84%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	15.6M	22.3M	33.3M	27.9M	130.2M	70.6M	47.4M	40.6M	38M	34.6M
Receivables	59.7M	64.6M	78.1M	70.5M	90.1M	81.4M	102.5M	104.2M	101.7M	103.1M
Inventory	25.1M	30.6M	27.2M	27.5M	30.3M	35M	41.4M	36.1M	35.2M	34.3M
Total current assets	145.6M	170M	196.3M	181.5M	306.4M	255M	251M	231M	230.6M	237.4M
Property, plant & equipment	496.8M	521M	538.2M	701.4M	711.2M	795.3M	854.5M	387.3M	408.9M	372M
Goodwill & intangibles	171.1M	173.8M	169M	160.7M	161.6M	161.3M	141.2M	152.4M	150.9M	135.2M
Total assets	512.6M	555.6M	595.9M	730.7M	872.8M	885.7M	864.2M	875M	889M	837.5M
Accounts payable	42.7M	32M	27.1M	29.1M	37.4M	28.1M	62.3M	74.9M	61.8M	61.2M
Short-term debt	—	20M	20M	45M	47.1M	27.5M	30.3M	33.1M	33M	38.7M
Total current liabilities	128M	132.9M	188.9M	207.9M	288.9M	287.4M	265.2M	304.6M	278M	291M
Long-term debt	299.8M	446.6M	601.1M	480.2M	466.5M	658M	777M	932.6M	938.1M	897.6M
Total liabilities	502.8M	661.5M	899.9M	1B	1.1B	1.1B	1.1B	1.3B	1.3B	1.3B
Shareholders' equity	9.8M	-106M	-304M	-316.7M	-260.5M	-167M	-269.4M	-442.8M	-413.3M	-432.7M
Total debt	299.8M	466.6M	621.1M	525.2M	513.6M	685.5M	807.3M	965.7M	971.1M	936.4M
Net debt	284.3M	444.2M	587.9M	497.3M	383.4M	614.9M	759.9M	925.1M	933.2M	901.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	37.5M	40.6M	27.8M	24.3M	17.6M	38M	44M	33.3M	39M	34.6M	39M	28.5M
Receivables	109.7M	104.2M	94.5M	93.5M	101.8M	101.7M	99.9M	103.9M	104.4M	103.1M	100.7M	94.5M
Inventory	37.7M	36.1M	38.1M	37.7M	36.5M	35.2M	37.2M	37.5M	35.8M	34.3M	36.2M	32.5M
Total current assets	246.6M	231M	225.9M	225.7M	215.9M	230.6M	242.1M	238.8M	270.8M	237.4M	240.4M	234.4M
Property, plant & equipment	468.9M	387.3M	457.9M	448.8M	483.2M	408.9M	491.9M	488M	459.6M	372M	449.9M	430.4M
Goodwill & intangibles	152M	152.4M	151.9M	151.1M	152.9M	150.9M	151.8M	153.8M	134.9M	135.2M	134.5M	129.6M
Total assets	877.6M	875M	847.2M	838.4M	860.9M	889M	898.1M	890.4M	884.1M	837.5M	831.9M	805M
Accounts payable	68M	74.9M	61M	63.7M	62.8M	61.8M	68.9M	74.6M	70.4M	61.2M	67.4M	67.9M
Short-term debt	50.2M	33.1M	35M	35.1M	38.6M	33M	36.3M	37.1M	37.9M	38.7M	41.8M	45.2M
Total current liabilities	301.3M	304.6M	282.6M	275.2M	270.5M	278M	282.9M	292.7M	310.8M	291M	284.7M	282.8M
Long-term debt	949M	932.6M	928.8M	925.8M	921.4M	938.1M	948M	929.6M	912.2M	897.6M	910.8M	890.3M
Total liabilities	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.2B
Shareholders' equity	-459M	-442.8M	-445.5M	-445.2M	-414.7M	-413.3M	-415.9M	-415.9M	-423.5M	-432.7M	-437.4M	-441.2M
Total debt	999.3M	965.7M	963.8M	960.9M	960M	971.1M	984.3M	966.7M	950.2M	936.4M	952.6M	935.5M
Net debt	961.8M	925.1M	936.1M	936.6M	942.5M	933.2M	940.2M	933.4M	911.2M	901.8M	913.6M	907M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	109.1M	106.5M	4.1M	5.7M	60.6M	125M	69.3M	82.8M	84.2M	32.1M
Depreciation & amortization	41M	43.7M	46.4M	47.3M	49.7M	48.8M	52M	64.1M	69.4M	92.2M
Stock-based compensation	10.1M	10.4M	9.9M	15.3M	16.3M	16.9M	18.4M	17.9M	9.6M	15M
Change in working capital	-3.3M	-25.7M	864K	-1.6M	6.7M	-38M	-58.1M	11.5M	-27M	-21.6M
Operating cash flow	160.3M	138.8M	68.9M	61.4M	126.3M	157.1M	97.5M	170.4M	153.2M	126M
Capital expenditure	-55.6M	-52.6M	-42M	-37.7M	-35.7M	-68.6M	-78.4M	-73.2M	-72.5M	—
Investing cash flow	-46.3M	-56.5M	-43.5M	-42.8M	-46.5M	-63.5M	-49.2M	-75.1M	-17.3M	52M
Dividends paid	-27.9M	-30.7M	-29M	-38.6M	-43M	-46.8M	-54.8M	-58.5M	-60.6M	-61.1M
Share repurchases	-122.4M	-209.6M	-158M	0	-2.7M	-261.1M	-125M	-210.3M	-2.1M	0
Financing cash flow	-116.1M	-303.9M	-50.8M	-50.6M	-74.1M	-192.5M	-80.3M	-126.3M	-75.5M	-106.7M
Net change in cash	-2.1M	-221.6M	-25.4M	-32M	5.7M	-99M	-31.9M	-31.1M	60.4M	71.3M
Free cash flow	94.7M	82.4M	50.4M	24M	150.8M	116.1M	39.4M	116.4M	34.1M	51.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	16M	26.4M	14.9M	12.5M	41.8M	15M	9.3M	9.7M	4.5M	8.6M	6.9M	8.7M
Depreciation & amortization	16.4M	17.3M	17.7M	17.6M	17.3M	16.9M	18.3M	18.8M	24.9M	30.2M	17.7M	19.2M
Stock-based compensation	4.7M	4.7M	-370K	2.9M	3.4M	3.7M	3.7M	3.8M	4.6M	2.8M	4.4M	3.1M
Change in working capital	9.1M	-1.5M	-6.1M	3.2M	-1.3M	-7.5M	4.4M	-4.1M	-20.7M	-13.8M	7.3M	-11.6M
Operating cash flow	46.8M	37.2M	27M	53.8M	64.7M	23.1M	36.8M	35.5M	39.3M	19.8M	7.2M	28.6M
Capital expenditure	-16.1M	-22.3M	-13.1M	-16.1M	-17.8M	-25.6M	-12.2M	—	—	—	—	—
Investing cash flow	-21.9M	-17.5M	-10.2M	-12.9M	33.6M	-24.8M	-7.1M	7.1M	2.2M	37.5M	4.8M	508K
Dividends paid	-15.2M	-14.8M	-15.1M	-15.1M	-15.2M	-15.2M	-15.2M	-15.3M	-15.3M	-15.3M	-15.3M	-15.5M
Share repurchases	0	0	0	0	0	-2.1M	—	—	—	—	—	—
Financing cash flow	-18.7M	-36.6M	-15.4M	-17.6M	-17.6M	-19.4M	-18.6M	-34.6M	-15.5M	-38.1M	181K	-26.3M
Net change in cash	6.2M	-16.8M	1.4M	23.2M	80.6M	-21.1M	11.1M	8.1M	26.1M	19.2M	12.2M	2.8M
Free cash flow	17.1M	40.4M	-1.1M	13.9M	-3.8M	25.2M	19.1M	16.1M	18.9M	-2.5M	-6.3M	14.5M

Date	Ratio
Dec 30, 2013	2:1
Jan 17, 2006	2:1
Nov 25, 1996	3:2
Mar 26, 1996	3:2

Papa John's International, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history