Papa John's International (PZZA) Financials

$32.72 +0.02 (+0.06%)

Closing price 05/14/2026 04:00 PM Eastern

Extended Trading

$34.98 +2.26 (+6.91%)

As of 07:28 AM Eastern

Annual Income Statements for Papa John's International

This table shows Papa John's International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	75	103	103	2.47	-7.63	42	4.07	67	82	83	30
Consolidated Net Income / (Loss)	82	109	107	4.07	5.66	61	125	69	83	84	32
Net Income / (Loss) Continuing Operations	82	109	107	4.07	5.66	61	125	69	83	84	32
Total Pre-Tax Income	119	159	140	6.70	5.05	75	151	84	104	114	48
Total Operating Income	136	165	151	32	25	90	168	109	147	157	89
Total Gross Profit	1,637	353	347	272	291	344	429	544	577	581	593
Total Revenue	1,637	1,714	1,783	1,663	1,619	1,813	2,068	2,102	2,136	2,059	2,054
Operating Revenue	1,637	1,714	1,783	1,663	1,619	1,813	2,068	2,102	2,136	2,059	2,054
Total Cost of Revenue	0.00	1,360	1,436	1,391	1,329	1,469	1,639	1,558	1,558	1,478	1,460
Operating Cost of Revenue	-	1,360	1,436	1,391	1,329	1,469	1,639	1,558	1,558	1,478	1,460
Total Operating Expenses	1,501	189	196	240	266	254	261	435	430	424	504
Selling, General & Admin Expense	164	158	151	194	223	204	212	215	208	191	244
Marketing Expense	-	-	-	-	-	-	-	156	158	164	168
Depreciation Expense	40	41	44	46	47	50	49	52	64	69	92
Total Other Income / (Expense), net	-17	-5.71	-11	-25	-19	-15	-17	-25	-43	-43	-41
Interest & Investment Income	0.79	-6.61	0.61	0.82	1.10	-15	-17	-25	-43	-43	-41
Income Tax Expense	37	50	34	2.62	-0.61	15	26	14	21	30	16
Net Income / (Loss) Attributable to Noncontrolling Interest	6.61	6.13	3.24	1.60	0.79	4.82	4.94	1.58	0.70	0.71	1.59
Basic Earnings per Share	$1.91	$2.76	$2.86	$0.08	($0.24)	$1.29	$0.12	$1.90	$2.49	$2.55	$0.90
Weighted Average Basic Shares Outstanding	39.46M	37.25M	36.08M	32.08M	31.63M	32.42M	35.01M	35.50M	32.93M	32.72M	32.85M
Diluted Earnings per Share	$1.89	$2.74	$2.83	$0.08	($0.24)	$1.28	$0.12	$1.89	$2.48	$2.54	$0.90
Weighted Average Diluted Shares Outstanding	40M	37.61M	36.52M	32.30M	31.63M	32.72M	35.34M	35.72M	33.16M	32.82M	32.95M
Weighted Average Basic & Diluted Shares Outstanding	37.73M	37.30M	36.10M	31.64M	32.28M	-	36.02M	34.68M	32.77M	32.66M	32.81M
Cash Dividends to Common per Share	$0.63	$0.75	$0.85	$0.90	$0.90	$0.90	$1.15	$1.54	$1.76	$1.84	$1.84

This table shows Papa John's International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
Net Income / (Loss) Attributable to Common Shareholders	16	26	15	12	42	15	9.03	9.27	4.45	6.83	6.96
Consolidated Net Income / (Loss)	16	26	15	13	42	15	9.34	9.67	4.47	8.63	6.94
Net Income / (Loss) Continuing Operations	16	26	15	13	42	15	9.34	9.67	4.47	8.63	6.94
Total Pre-Tax Income	20	31	23	17	55	20	14	14	6.23	14	11
Total Operating Income	32	43	34	28	65	30	24	24	16	25	21
Total Gross Profit	523	-574	146	145	137	-133	152	157	139	145	138
Total Revenue	523	571	514	508	507	531	518	529	508	498	479
Operating Revenue	523	571	514	508	507	531	518	529	508	498	479
Total Cost of Revenue	0.00	1,145	368	363	370	663	366	372	369	353	341
Operating Cost of Revenue	-	-	368	363	370	-	366	372	369	353	341
Total Operating Expenses	491	-616	113	117	71	-162	128	133	123	121	117
Selling, General & Admin Expense	52	54	58	57	13	61	65	70	56	53	56
Marketing Expense	-	-	37	42	41	-	44	44	41	38	43
Depreciation Expense	16	17	18	18	17	17	18	19	25	30	18
Total Other Income / (Expense), net	-11	-12	-11	-11	-11	-9.99	-10	-11	-9.95	-10	-9.68
Interest & Investment Income	-11	-12	-11	-11	-11	-9.99	-10	-11	-9.95	-10	-9.68
Income Tax Expense	4.54	4.33	7.74	4.79	13	4.58	4.54	4.24	1.75	5.73	4.14
Net Income / (Loss) Attributable to Noncontrolling Interest	0.09	0.35	0.28	0.29	-0.02	0.16	0.12	0.14	-0.23	1.56	-0.32
Basic Earnings per Share	$0.49	$0.79	$0.45	$0.37	$1.28	$0.45	$0.28	$0.28	$0.14	$0.20	$0.21
Weighted Average Basic Shares Outstanding	32.56M	32.93M	32.64M	32.73M	32.75M	32.72M	32.78M	32.85M	32.89M	32.85M	32.94M
Diluted Earnings per Share	$0.48	$0.81	$0.44	$0.37	$1.27	$0.46	$0.27	$0.28	$0.13	$0.22	$0.21
Weighted Average Diluted Shares Outstanding	32.80M	33.16M	32.91M	32.85M	32.93M	32.82M	32.92M	32.97M	33.04M	32.95M	33.05M
Weighted Average Basic & Diluted Shares Outstanding	32.76M	32.77M	32.97M	32.63M	32.64M	32.66M	32.74M	32.76M	32.79M	32.81M	32.90M
Cash Dividends to Common per Share	$0.46	-	$0.46	$0.46	$0.46	-	$0.46	$0.46	$0.46	-	$0.46

This table details how cash moves in and out of Papa John's International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	0.88	-5.44	6.78	5.37	-5.35	102	-60	-23	-6.79	-2.63	-1.01
Net Cash From Operating Activities	170	150	135	92	62	186	185	118	193	107	126
Net Cash From Continuing Operating Activities	170	150	135	92	62	186	185	118	193	107	126
Net Income / (Loss) Continuing Operations	82	109	107	4.07	5.66	61	125	69	83	84	32
Consolidated Net Income / (Loss)	82	109	107	4.07	5.66	61	125	69	83	84	32
Depreciation Expense	40	41	44	46	47	50	49	52	64	69	92
Non-Cash Adjustments To Reconcile Net Income	15	3.65	15	23	23	14	17	52	23	-9.58	12
Changes in Operating Assets and Liabilities, net	33	-3.47	-31	19	-14	62	-5.74	-56	23	-37	-10
Net Cash From Investing Activities	-39	-46	-56	-39	-33	-41	-64	-63	-75	-17	-21
Net Cash From Continuing Investing Activities	-39	-46	-56	-39	-33	-41	-64	-63	-75	-17	-21
Purchase of Property, Plant & Equipment	-39	-56	-53	-42	-38	-36	-69	-78	-77	-72	-65
Acquisitions	-0.92	-13	-0.02	-	0.00	0.00	-0.70	-1.22	-5.61	-0.13	0.00
Sale of Property, Plant & Equipment	5.18	8.57	4.19	-	-	-	0.00	14	0.00	0.00	0.96
Divestitures	0.00	17	0.00	7.71	13	0.00	0.00	-	3.46	49	35
Sale and/or Maturity of Investments	-	-	-	5.81	5.62	11	19	13	9.06	6.43	11
Other Investing Activities, net	-4.24	-2.78	-8.07	-10	-14	-17	-13	-9.82	-5.41	-0.18	-3.44
Net Cash From Financing Activities	-130	-109	-72	-48	-35	-43	-181	-76	-124	-92	-106
Net Cash From Continuing Financing Activities	-130	-109	-72	-48	-35	-43	-181	-76	-124	-92	-106
Repayment of Debt	0.44	0.56	-7.52	-22	-16	-22	-348	0.66	0.03	0.15	-3.24
Repurchase of Common Equity	-120	-122	-210	-158	0.00	-2.70	-72	-125	-210	-2.08	0.00
Payment of Dividends	-31	-34	-36	-33	-39	-45	-53	-56	-60	-61	-67
Issuance of Debt	26	45	174	164	-240	0.00	480	115	159	-17	-24
Other Financing Activities, net	-5.77	1.04	3.83	1.18	15	27	1.56	-11	-13	-11	-12
Other Net Changes in Cash	-	-0.40	0.37	-0.19	0.05	-	-0.23	-2.01	-0.64	-0.24	0.74

This table details how cash moves in and out of Papa John's International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
Net Change in Cash & Equivalents	-6.28	3.10	-13	-3.46	-6.76	20	6.06	-11	5.67	-2.02	2.09
Net Cash From Operating Activities	33	66	12	30	14	51	31	36	39	20	7.22
Net Cash From Continuing Operating Activities	33	66	12	30	14	51	31	36	39	20	7.22
Net Income / (Loss) Continuing Operations	16	26	15	13	42	15	9.34	9.67	4.47	8.63	6.94
Consolidated Net Income / (Loss)	16	26	15	13	42	15	9.34	9.67	4.47	8.63	6.94
Depreciation Expense	16	17	18	18	17	17	18	19	25	30	18
Non-Cash Adjustments To Reconcile Net Income	2.10	13	8.78	13	-37	5.57	5.44	9.93	8.10	-18	6.25
Changes in Operating Assets and Liabilities, net	-1.25	9.68	-29	-13	-8.55	13	-1.79	-2.92	1.86	-1.03	-24
Net Cash From Investing Activities	-22	-17	-10	-14	31	-25	-7.08	-12	-18	16	-5.16
Net Cash From Continuing Investing Activities	-22	-17	-10	-14	31	-25	-7.08	-12	-18	16	-5.16
Purchase of Property, Plant & Equipment	-16	-26	-13	-16	-18	-26	-12	-18	-17	-18	-13
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	3.53
Sale and/or Maturity of Investments	2.54	-1.10	3.16	0.91	1.35	1.00	5.72	3.56	1.17	0.74	3.98
Other Investing Activities, net	-2.72	5.91	-0.26	0.01	0.19	-0.13	-0.57	2.21	-3.53	-1.55	0.78
Net Cash From Financing Activities	-18	-45	-15	-20	-52	-5.09	-19	-34	-15	-38	0.18
Net Cash From Continuing Financing Activities	-18	-45	-15	-20	-52	-5.09	-19	-34	-15	-38	0.18
Repayment of Debt	0.05	-0.12	0.18	0.18	-0.08	-0.13	-2.70	-0.57	-210	210	0.13
Payment of Dividends	-15	-15	-15	-15	-15	-15	-16	-15	-15	-21	-15
Issuance of Debt	-0.74	-27	5.30	-2.28	-35	14	3.16	-16	213	-224	19
Other Financing Activities, net	-1.34	-2.55	-4.79	-2.41	-2.07	-1.83	-3.51	-2.20	-3.14	-2.82	-3.93
Other Net Changes in Cash	-0.04	-0.62	-	-	-	-	0.37	-	0.01	0.09	-0.16

This table presents Papa John's International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Total Assets	494	513	556	596	731	873	886	864	875	889	838
Total Current Assets	153	146	170	196	182	306	255	251	231	231	237
Cash & Equivalents	21	16	22	33	28	130	71	47	41	38	37
Note & Lease Receivable	7.82	3.42	4.33	5.50	7.79	11	12	6.85	5.20	4.93	3.39
Accounts Receivable	63	60	65	78	70	90	81	103	104	102	103
Inventories, net	22	25	31	27	28	30	35	41	36	35	34
Prepaid Expenses	20	24	29	36	44	43	46	44	42	49	49
Current Deferred & Refundable Income Taxes	0.27	2.37	3.90	16	4.02	1.27	9.39	8.78	2.58	2.21	6.19
Other Current Nonoperating Assets	9.30	6.26	6.13	-	-	-	-	-	-	0.00	4.61
Plant, Property, & Equipment, net	214	230	234	227	212	201	224	250	283	273	251
Total Noncurrent Assets	127	137	151	173	337	365	407	363	361	385	349
Noncurrent Note & Lease Receivables	11	10	16	23	42	53	56	46	44	38	42
Goodwill	80	86	87	85	80	81	81	71	76	75	68
Other Noncurrent Operating Assets	34	40	48	64	213	220	265	247	241	272	239
Total Liabilities & Shareholders' Equity	494	513	556	596	731	873	886	864	875	889	838
Total Liabilities	443	494	655	894	790	881	1,053	1,134	1,318	1,302	1,270
Total Current Liabilities	133	128	133	189	208	289	287	265	305	278	291
Short-Term Debt	-	0.00	20	20	20	20	-	-	-	0.00	5.00
Accounts Payable	43	43	32	27	29	37	28	62	75	62	61
Accrued Expenses	81	77	70	129	109	175	190	143	158	156	169
Current Deferred Revenue	-	-	0.00	6.02	18	20	22	21	20	16	13
Current Deferred & Payable Income Tax Liabilities	8.53	8.54	11	6.59	7.60	10	20	8.77	18	12	8.94
Other Current Liabilities	-	-	-	0.00	25	27	28	30	33	33	34
Total Noncurrent Liabilities	311	366	522	706	583	592	765	869	1,013	1,024	979
Long-Term Debt	255	300	447	601	347	328	481	597	757	742	710
Noncurrent Deferred Revenue	3.19	3.31	2.65	17	15	14	14	23	20	21	19
Other Noncurrent Operating Liabilities	48	53	60	79	218	250	270	248	235	261	249
Redeemable Noncontrolling Interest	8.36	8.46	6.74	5.46	257	258	5.50	1.22	0.85	0.90	0.98
Total Equity & Noncontrolling Interests	42	9.80	-106	-304	-317	-267	-172	-271	-444	-414	-434
Total Preferred & Common Equity	29	-3.91	-122	-319	-332	-282	-188	-286	-459	-430	-445
Total Common Equity	29	-3.91	-122	-319	-332	-282	-188	-286	-459	-430	-445
Common Stock	159	173	185	193	219	255	446	450	453	453	458
Retained Earnings	144	219	292	242	206	219	183	196	219	242	211
Treasury Stock	-272	-390	-597	-752	-747	-742	-806	-922	-1,123	-1,116	-1,107
Accumulated Other Comprehensive Income / (Loss)	-1.84	-5.89	-2.12	-3.14	-10	-14	-9.97	-10	-7.80	-8.46	-6.45
Noncontrolling Interest	13	14	16	15	16	15	15	16	15	15	11

This table presents Papa John's International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/25/2022	3/26/2023	6/25/2023	9/24/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026
Total Assets	830	865	874	878	847	838	861	898	890	884	832
Total Current Assets	240	247	242	247	226	226	216	242	239	271	240
Cash & Equivalents	37	47	44	37	28	24	18	44	33	39	39
Note & Lease Receivable	7.56	7.21	4.85	5.17	5.80	4.58	5.73	4.98	4.76	3.82	2.33
Accounts Receivable	96	100	94	110	95	93	102	100	104	104	101
Inventories, net	42	37	38	38	38	38	36	37	37	36	36
Prepaid Expenses	47	50	56	52	58	59	52	53	57	53	58
Current Deferred & Refundable Income Taxes	11	5.96	2.10	1.16	1.91	2.77	2.41	2.80	2.65	3.69	3.88
Other Current Nonoperating Assets	-	-	3.43	3.43	-	4.21	-	-	-	31	0.00
Plant, Property, & Equipment, net	231	253	264	268	273	266	267	272	269	262	252
Total Noncurrent Assets	359	365	367	363	348	347	379	384	382	351	339
Noncurrent Note & Lease Receivables	40	49	50	49	42	39	33	49	43	40	42
Goodwill	69	71	77	76	76	76	76	76	77	67	67
Other Noncurrent Operating Assets	245	244	240	237	230	233	269	259	262	244	230
Total Liabilities & Shareholders' Equity	830	865	874	878	847	838	861	898	890	884	832
Total Liabilities	1,087	1,339	1,338	1,337	1,293	1,284	1,276	1,314	1,306	1,308	1,269
Total Current Liabilities	264	273	297	301	283	275	271	283	293	311	285
Short-Term Debt	-	8.20	16	15	1.80	2.38	5.65	-	-	2.50	7.85
Accounts Payable	44	69	55	68	61	64	63	69	75	70	67
Accrued Expenses	153	135	163	154	143	150	139	149	162	164	156
Current Deferred Revenue	20	21	20	20	21	20	20	14	13	13	11
Current Deferred & Payable Income Tax Liabilities	18	8.18	8.15	9.74	22	6.81	10	15	5.90	9.63	8.99
Other Current Liabilities	28	32	35	35	33	33	33	36	37	35	34
Total Noncurrent Liabilities	823	1,066	1,041	1,035	1,010	1,008	1,005	1,031	1,014	997	985
Long-Term Debt	549	797	769	769	761	759	721	742	726	727	727
Noncurrent Deferred Revenue	23	22	22	21	19	19	19	20	20	19	18
Other Noncurrent Operating Liabilities	251	246	251	245	230	231	265	269	268	251	239
Redeemable Noncontrolling Interest	1.21	1.26	1.02	0.91	0.94	0.98	0.94	0.87	0.89	0.93	0.99
Total Equity & Noncontrolling Interests	-259	-475	-465	-460	-446	-446	-416	-417	-417	-424	-438
Total Preferred & Common Equity	-274	-491	-481	-475	-462	-462	-431	-432	-432	-439	-449
Total Common Equity	-274	-491	-481	-475	-462	-462	-431	-432	-432	-439	-449
Common Stock	445	444	446	448	445	447	450	450	453	456	454
Retained Earnings	187	204	207	208	219	216	242	236	230	219	203
Treasury Stock	-893	-1,130	-1,128	-1,124	-1,118	-1,117	-1,116	-1,110	-1,109	-1,107	-1,100
Accumulated Other Comprehensive Income / (Loss)	-14	-8.77	-7.29	-7.92	-7.55	-7.36	-6.58	-7.54	-5.97	-6.73	-5.95
Noncontrolling Interest	16	16	16	15	15	16	15	15	15	15	11

This table displays calculated financial ratios and metrics derived from Papa John's International's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	32,789,416.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	32,789,416.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.90
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.45%	4.66%	4.07%	-6.76%	-2.62%	11.98%	14.07%	1.63%	1.60%	-3.57%	-0.27%
EBITDA Growth	4.28%	25.60%	-5.68%	-59.96%	-7.88%	94.88%	55.09%	-25.80%	31.15%	7.04%	-19.78%
EBIT Growth	5.44%	33.37%	-8.71%	-79.11%	-22.24%	267.85%	86.41%	-35.19%	34.96%	6.50%	-43.11%
NOPAT Growth	17.22%	20.53%	1.43%	-83.26%	43.33%	163.91%	91.86%	-35.19%	30.19%	-1.62%	-48.81%
Net Income Growth	5.49%	33.10%	-2.35%	-96.18%	38.89%	971.49%	106.15%	-44.50%	19.39%	1.69%	-61.85%
EPS Growth	8.00%	44.97%	3.28%	-97.17%	-400.00%	633.33%	-90.63%	1,475.00%	31.22%	2.42%	-64.57%
Operating Cash Flow Growth	39.00%	-11.85%	-10.17%	-31.50%	-33.21%	201.93%	-0.95%	-36.21%	63.87%	-44.77%	18.16%
Free Cash Flow Firm Growth	162.31%	-32.21%	-21.86%	-4.56%	-45.89%	283.70%	-25.98%	-49.66%	132.63%	-19.72%	9.14%
Invested Capital Growth	-13.28%	7.57%	14.38%	-14.62%	-3.35%	-25.07%	16.05%	15.25%	-2.20%	5.95%	-16.94%
Revenue Q/Q Growth	8.85%	1.35%	1.59%	-4.04%	1.25%	2.97%	2.94%	-0.13%	2.16%	-1.93%	-1.56%
EBITDA Q/Q Growth	-3.66%	6.73%	-6.72%	-35.95%	12.23%	16.59%	9.14%	0.06%	4.76%	-5.61%	4.78%
EBIT Q/Q Growth	-4.24%	7.88%	-8.93%	-58.20%	41.49%	28.16%	12.33%	-1.74%	4.50%	-7.68%	-5.32%
NOPAT Q/Q Growth	4.47%	7.29%	-1.81%	-70.32%	126.60%	23.03%	11.27%	-0.58%	6.13%	-10.77%	-12.44%
Net Income Q/Q Growth	5.03%	7.91%	-4.74%	-91.20%	196.04%	32.74%	10.89%	-2.55%	3.39%	-12.00%	-16.46%
EPS Q/Q Growth	270.59%	7.03%	-2.08%	-93.65%	45.45%	58.02%	130.77%	-6.90%	5.98%	-12.11%	-21.05%
Operating Cash Flow Q/Q Growth	8.20%	-12.73%	-6.08%	-26.09%	65.01%	3.41%	-12.69%	74.26%	14.78%	-12.60%	-19.71%
Free Cash Flow Firm Q/Q Growth	0.30%	-6.94%	-16.53%	-26.79%	54.29%	5.49%	-24.26%	239.74%	52.04%	-16.47%	-1.54%
Invested Capital Q/Q Growth	0.30%	5.47%	8.84%	2.55%	3.51%	8.07%	35.40%	10.02%	-3.53%	-1.49%	-4.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	20.62%	19.47%	16.34%	17.94%	18.98%	20.76%	25.90%	27.03%	28.21%	28.89%
EBITDA Margin	10.04%	12.05%	10.92%	4.69%	4.44%	7.72%	10.49%	7.66%	9.89%	10.98%	8.83%
Operating Margin	8.32%	9.60%	8.47%	1.90%	1.52%	4.98%	8.13%	5.19%	6.89%	7.61%	4.34%
EBIT Margin	7.57%	9.65%	8.47%	1.90%	1.52%	4.98%	8.13%	5.19%	6.89%	7.61%	4.34%
Profit (Net Income) Margin	5.01%	6.37%	5.97%	0.24%	0.35%	3.34%	6.04%	3.30%	3.88%	4.09%	1.56%
Tax Burden Percent	68.79%	68.69%	75.90%	60.82%	112.11%	80.43%	82.78%	82.79%	79.87%	73.78%	66.39%
Interest Burden Percent	96.06%	96.00%	92.93%	21.22%	20.57%	83.50%	89.72%	76.83%	70.46%	72.83%	54.27%
Effective Tax Rate	31.21%	31.31%	24.10%	39.18%	-12.11%	19.57%	17.22%	17.21%	20.13%	26.22%	33.61%
Return on Invested Capital (ROIC)	31.62%	39.54%	36.10%	6.11%	9.67%	29.68%	61.53%	34.49%	42.40%	40.96%	22.27%
ROIC Less NNEP Spread (ROIC-NNEP)	26.20%	37.98%	33.83%	3.16%	4.96%	25.38%	56.97%	30.13%	36.92%	36.54%	18.34%
Return on Net Nonoperating Assets (RNNOA)	72.23%	277.45%	-299.27%	-8.16%	-12.83%	-207.17%	-203.91%	-66.27%	-65.65%	-60.63%	-29.86%
Return on Equity (ROE)	103.86%	316.99%	-263.17%	-2.05%	-3.16%	-177.49%	-142.38%	-31.78%	-23.25%	-19.67%	-7.59%
Cash Return on Invested Capital (CROIC)	45.85%	32.24%	22.68%	21.88%	13.07%	58.35%	46.67%	20.32%	44.63%	35.18%	40.78%
Operating Return on Assets (OROA)	24.84%	32.87%	28.28%	5.48%	3.70%	11.26%	19.13%	12.46%	16.92%	17.77%	10.33%
Return on Assets (ROA)	16.42%	21.67%	19.95%	0.71%	0.85%	7.56%	14.21%	7.93%	9.52%	9.55%	3.72%
Return on Common Equity (ROCE)	75.94%	116.38%	-408.39%	-2.27%	-5.74%	-1,596.82%	-381.13%	-34.52%	-24.34%	-20.42%	-7.85%
Return on Equity Simple (ROE_SIMPLE)	280.88%	-2,789.36%	-87.52%	-1.28%	-1.70%	-21.48%	-66.58%	-24.21%	-18.04%	-19.60%	0.00%
Net Operating Profit after Tax (NOPAT)	94	113	115	19	28	73	139	90	118	116	59
NOPAT Margin	5.73%	6.60%	6.43%	1.15%	1.70%	4.00%	6.73%	4.29%	5.50%	5.61%	2.88%
Net Nonoperating Expense Percent (NNEP)	5.43%	1.56%	2.26%	2.95%	4.71%	4.30%	4.56%	4.36%	5.48%	4.42%	3.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	27.65%	37.45%	35.31%	21.00%
Cost of Revenue to Revenue	0.00%	79.38%	80.53%	83.66%	82.06%	81.02%	79.24%	74.10%	72.97%	71.79%	71.11%
SG&A Expenses to Revenue	9.99%	9.23%	8.46%	11.64%	13.80%	11.26%	10.26%	10.24%	9.74%	9.25%	11.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	91.68%	11.02%	11.00%	14.45%	16.43%	14.01%	12.62%	20.71%	20.14%	20.60%	24.55%
Earnings before Interest and Taxes (EBIT)	124	165	151	32	25	90	168	109	147	157	89
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	164	206	195	78	72	140	217	161	211	226	181
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	63.68	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.13	1.63	0.97	0.69	1.16	1.47	2.17	1.32	1.12	0.62	0.62
Price to Earnings (P/E)	24.64	27.14	16.77	462.14	0.00	63.80	1,103.77	41.07	29.02	15.29	43.00
Dividend Yield	1.32%	0.99%	1.72%	2.48%	1.53%	1.11%	0.93%	2.50%	2.42%	4.71%	4.74%
Earnings Yield	4.06%	3.68%	5.96%	0.22%	0.00%	1.57%	0.09%	2.43%	3.45%	6.54%	2.33%
Enterprise Value to Invested Capital (EV/IC)	7.68	10.47	6.49	6.06	8.91	15.06	20.26	11.89	11.37	6.87	8.14
Enterprise Value to Revenue (EV/Rev)	1.29	1.81	1.23	1.05	1.54	1.74	2.38	1.59	1.46	0.97	0.96
Enterprise Value to EBITDA (EV/EBITDA)	12.86	15.02	11.30	22.47	34.70	22.54	22.70	20.70	14.75	8.82	10.82
Enterprise Value to EBIT (EV/EBIT)	17.04	18.75	14.56	55.52	101.56	34.95	29.28	30.57	21.17	12.72	22.01
Enterprise Value to NOPAT (EV/NOPAT)	22.54	27.44	19.18	91.29	90.59	43.46	35.37	36.93	26.51	17.25	33.15
Enterprise Value to Operating Cash Flow (EV/OCF)	12.40	20.64	16.29	18.95	40.35	16.92	26.68	28.30	16.14	18.70	15.57
Enterprise Value to Free Cash Flow (EV/FCFF)	15.55	33.65	30.54	25.49	66.99	22.11	46.64	62.69	25.19	20.08	18.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.05	16.42	-4.70	-2.08	-6.15	-40.67	-2.88	-2.22	-1.71	-1.79	-1.65
Long-Term Debt to Equity	5.05	16.42	-4.50	-2.01	-5.81	-38.33	-2.88	-2.22	-1.71	-1.79	-1.64
Financial Leverage	2.76	7.31	-8.85	-2.58	-2.59	-8.16	-3.58	-2.20	-1.78	-1.66	-1.63
Leverage Ratio	6.33	14.62	-13.19	-2.89	-3.70	-23.48	-10.02	-4.01	-2.44	-2.06	-2.04
Compound Leverage Factor	6.08	14.04	-12.26	-0.61	-0.76	-19.60	-8.99	-3.08	-1.72	-1.50	-1.11
Debt to Total Capital	83.46%	94.26%	127.01%	192.55%	119.42%	102.52%	153.21%	182.24%	240.71%	225.88%	253.03%
Short-Term Debt to Total Capital	0.00%	0.00%	5.44%	6.20%	6.50%	5.89%	0.00%	0.00%	0.00%	0.00%	1.77%
Long-Term Debt to Total Capital	83.46%	94.26%	121.56%	186.35%	112.92%	96.63%	153.21%	182.24%	240.71%	225.88%	251.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.00%	6.97%	6.12%	6.41%	88.63%	80.54%	6.60%	5.17%	5.19%	4.94%	4.27%
Common Equity to Total Capital	9.55%	-1.23%	-33.13%	-98.96%	-108.05%	-83.06%	-59.81%	-87.42%	-145.90%	-130.82%	-157.30%
Debt to EBITDA	1.55	1.45	2.40	7.97	5.11	2.49	2.21	3.71	3.59	3.28	3.94
Net Debt to EBITDA	1.42	1.38	2.28	7.54	4.73	1.56	1.89	3.41	3.39	3.11	3.74
Long-Term Debt to EBITDA	1.55	1.45	2.29	7.71	4.84	2.35	2.21	3.71	3.59	3.28	3.92
Debt to NOPAT	2.72	2.65	4.07	32.37	13.35	4.80	3.45	6.61	6.45	6.42	12.09
Net Debt to NOPAT	2.50	2.52	3.88	30.63	12.34	3.00	2.94	6.09	6.10	6.09	11.46
Long-Term Debt to NOPAT	2.72	2.65	3.90	31.33	12.63	4.52	3.45	6.61	6.45	6.42	12.00
Altman Z-Score	7.11	8.44	6.51	4.32	4.10	4.61	5.77	4.61	4.33	3.80	3.68
Noncontrolling Interest Sharing Ratio	26.88%	63.29%	-55.18%	-10.86%	-81.85%	-799.68%	-167.68%	-8.63%	-4.67%	-3.80%	-3.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.14	1.28	1.04	0.87	1.06	0.89	0.95	0.76	0.83	0.82
Quick Ratio	0.69	0.61	0.69	0.62	0.51	0.80	0.57	0.59	0.49	0.52	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	136	92	72	69	37	143	106	53	124	99	108
Operating Cash Flow to CapEx	504.49%	319.80%	278.83%	219.98%	163.74%	522.94%	269.37%	181.79%	263.87%	454.37%	197.70%
Free Cash Flow to Firm to Interest Expense	23.95	0.00	6.38	2.68	1.81	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	30.03	0.00	11.96	3.60	3.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	24.08	0.00	7.67	1.96	1.17	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.28	3.40	3.34	2.89	2.44	2.26	2.35	2.40	2.46	2.34	2.38
Accounts Receivable Turnover	27.43	27.86	28.69	23.30	21.80	22.58	24.12	22.86	20.66	20.00	20.06
Inventory Turnover	0.00	58.26	51.52	48.12	48.55	50.84	50.24	40.80	40.21	41.43	41.98
Fixed Asset Turnover	7.55	7.71	7.67	7.21	7.38	8.79	9.74	8.88	8.02	7.41	7.83
Accounts Payable Turnover	0.00	31.56	38.45	47.07	47.25	44.17	50.08	34.46	22.71	21.62	23.74
Days Sales Outstanding (DSO)	13.30	13.10	12.72	15.67	16.75	16.16	15.13	15.97	17.67	18.25	18.19
Days Inventory Outstanding (DIO)	0.00	6.27	7.08	7.59	7.52	7.18	7.26	8.95	9.08	8.81	8.69
Days Payable Outstanding (DPO)	0.00	11.56	9.49	7.76	7.73	8.26	7.29	10.59	16.07	16.89	15.38
Cash Conversion Cycle (CCC)	13.30	7.80	10.32	15.50	16.54	15.08	15.11	14.32	10.67	10.17	11.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	275	296	339	289	280	210	243	280	274	290	241
Invested Capital Turnover	5.52	6.00	5.62	5.29	5.69	7.41	9.14	8.03	7.71	7.30	7.73
Increase / (Decrease) in Invested Capital	-42	21	43	-50	-9.69	-70	34	37	-6.18	16	-49
Enterprise Value (EV)	2,114	3,101	2,199	1,752	2,492	3,155	4,926	3,333	3,115	1,994	1,962
Market Capitalization	1,858	2,795	1,732	1,143	1,880	2,663	4,496	2,767	2,382	1,274	1,272
Book Value per Share	$0.75	($0.11)	($3.47)	($10.12)	($10.40)	($8.56)	($5.16)	($8.11)	($14.02)	($13.16)	($13.56)
Tangible Book Value per Share	($1.29)	($2.42)	($5.95)	($12.80)	($12.92)	($11.02)	($7.38)	($10.11)	($16.34)	($15.47)	($15.62)
Total Capital	306	318	367	323	308	340	314	328	315	328	283
Total Debt	255	300	467	621	367	348	481	597	757	742	715
Total Long-Term Debt	255	300	447	601	347	328	481	597	757	742	710
Net Debt	234	284	444	588	339	218	410	550	717	704	678
Capital Expenditures (CapEx)	34	47	48	42	38	36	69	65	73	23	64
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.35	1.98	35	-5.87	-34	-93	-103	-61	-114	-85	-86
Debt-free Net Working Capital (DFNWC)	20	18	57	27	-6.40	38	-32	-14	-74	-47	-49
Net Working Capital (NWC)	20	18	37	7.38	-26	18	-32	-14	-74	-47	-54
Net Nonoperating Expense (NNE)	12	3.93	8.10	15	22	12	14	21	35	31	27
Net Nonoperating Obligations (NNO)	225	278	438	588	339	218	410	550	717	704	674
Total Depreciation and Amortization (D&A)	40	41	44	46	47	50	49	52	64	69	92
Debt-free, Cash-free Net Working Capital to Revenue	-0.08%	0.12%	1.95%	-0.35%	-2.12%	-5.11%	-4.98%	-2.93%	-5.35%	-4.14%	-4.16%
Debt-free Net Working Capital to Revenue	1.20%	1.02%	3.20%	1.65%	-0.40%	2.07%	-1.57%	-0.67%	-3.45%	-2.30%	-2.36%
Net Working Capital to Revenue	1.20%	1.02%	2.08%	0.44%	-1.63%	0.97%	-1.57%	-0.67%	-3.45%	-2.30%	-2.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.91	$2.76	$2.86	$0.00	($0.24)	$0.00	$0.00	$1.90	$2.49	$2.55	$0.90
Adjusted Weighted Average Basic Shares Outstanding	39.46M	37.25M	36.08M	0.00	31.63M	0.00	0.00	35.50M	32.93M	32.72M	32.85M
Adjusted Diluted Earnings per Share	$1.89	$2.74	$2.83	$0.00	($0.24)	$0.00	$0.00	$1.89	$2.48	$2.54	$0.90
Adjusted Weighted Average Diluted Shares Outstanding	40M	37.61M	36.52M	0.00	31.63M	0.00	0.00	35.72M	33.16M	32.82M	32.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.73M	36.76M	33.54M	0.00	32.28M	0.00	0.00	34.68M	32.77M	32.66M	32.81M
Normalized Net Operating Profit after Tax (NOPAT)	94	106	116	19	17	73	139	100	118	116	59
Normalized NOPAT Margin	5.73%	6.19%	6.50%	1.15%	1.06%	4.00%	6.73%	4.77%	5.50%	5.61%	2.88%
Pre Tax Income Margin	7.28%	9.27%	7.87%	0.40%	0.31%	4.16%	7.30%	3.99%	4.85%	5.54%	2.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	21.85	0.00	13.38	1.23	1.19	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	16.52	0.00	10.16	0.75	1.34	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	15.90	0.00	9.09	-0.41	-0.64	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	10.57	0.00	5.87	-0.89	-0.50	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.30%	30.71%	33.95%	816.45%	697.22%	74.95%	42.17%	80.72%	72.19%	72.91%	208.23%
Augmented Payout Ratio	184.46%	142.90%	230.70%	4,696.86%	697.22%	79.41%	100.19%	260.97%	326.23%	75.38%	208.23%

This table displays calculated financial ratios and metrics derived from Papa John's International's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	32,789,416.00	32,810,752.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	32,789,416.00	32,810,752.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.21	0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.41%	8.57%	-2.49%	-1.29%	-3.06%	-7.10%	0.85%	4.19%	0.27%	-6.14%	-7.66%
EBITDA Growth	47.18%	19.09%	-2.14%	-9.45%	70.88%	-22.44%	-17.68%	-5.48%	-50.19%	17.84%	-9.03%
EBIT Growth	63.75%	17.49%	-10.79%	-19.15%	104.69%	-30.62%	-28.93%	-13.24%	-75.21%	-16.97%	-13.38%
NOPAT Growth	78.29%	23.13%	-25.05%	-22.59%	101.23%	-38.20%	-27.36%	-16.58%	-76.73%	-34.81%	-19.35%
Net Income Growth	88.46%	11.44%	-33.85%	-29.81%	161.98%	-43.43%	-37.35%	-22.85%	-89.30%	-42.31%	-25.74%
EPS Growth	108.70%	20.90%	-32.31%	-31.48%	164.58%	-43.21%	-38.64%	-24.32%	-89.76%	-52.17%	-22.22%
Operating Cash Flow Growth	7.21%	60.27%	-70.61%	-43.40%	-58.05%	-23.25%	161.42%	18.48%	182.54%	-60.97%	-76.95%
Free Cash Flow Firm Growth	92.55%	679.31%	201.28%	3.06%	960.29%	-85.28%	40.23%	395.11%	37.85%	915.62%	51.10%
Invested Capital Growth	11.53%	-2.20%	1.78%	5.45%	3.76%	5.95%	-2.72%	-3.63%	-14.41%	-16.94%	-8.25%
Revenue Q/Q Growth	1.61%	9.28%	-10.05%	-1.17%	-0.21%	4.73%	-2.35%	2.09%	-3.97%	-1.96%	-3.93%
EBITDA Q/Q Growth	-4.60%	23.97%	-14.12%	-10.84%	80.03%	-43.74%	-8.84%	2.37%	-5.14%	33.11%	-29.63%
EBIT Q/Q Growth	-8.72%	33.57%	-20.79%	-16.29%	131.10%	-54.73%	-18.85%	2.19%	-33.97%	51.64%	-15.35%
NOPAT Q/Q Growth	-5.95%	47.45%	-39.32%	-8.01%	144.51%	-54.72%	-28.67%	5.63%	-31.79%	26.84%	-11.76%
Net Income Q/Q Growth	-10.68%	65.78%	-43.60%	-15.94%	233.34%	-64.20%	-37.54%	3.51%	-53.75%	92.94%	-19.61%
EPS Q/Q Growth	-11.11%	68.75%	-45.68%	-15.91%	243.24%	-63.78%	-41.30%	3.70%	-53.57%	69.23%	-4.55%
Operating Cash Flow Q/Q Growth	-37.29%	99.15%	-81.87%	150.02%	-53.53%	264.39%	-38.25%	13.31%	10.82%	-49.66%	-63.53%
Free Cash Flow Firm Q/Q Growth	-184.73%	1,037.37%	-59.96%	-67.59%	607.21%	-83.96%	281.43%	14.42%	96.90%	18.18%	-43.25%
Invested Capital Q/Q Growth	4.18%	-3.53%	5.76%	-0.80%	2.51%	-1.49%	-2.89%	-1.72%	-8.96%	-4.40%	7.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	-100.38%	28.46%	20.39%	18.95%	-24.97%	29.29%	29.75%	27.36%	29.11%	28.77%
EBITDA Margin	9.23%	10.47%	10.00%	9.02%	16.28%	8.74%	8.16%	8.18%	8.09%	10.98%	8.04%
Operating Margin	6.10%	7.45%	6.56%	5.56%	12.87%	5.56%	4.62%	4.63%	3.18%	4.92%	4.34%
EBIT Margin	6.10%	7.45%	6.56%	5.56%	12.87%	5.56%	4.62%	4.63%	3.18%	4.92%	4.34%
Profit (Net Income) Margin	3.05%	4.63%	2.90%	2.47%	8.25%	2.82%	1.80%	1.83%	0.88%	1.73%	1.45%
Tax Burden Percent	77.85%	85.93%	65.83%	72.34%	76.53%	76.55%	67.28%	69.55%	71.84%	60.10%	62.65%
Interest Burden Percent	64.30%	72.29%	67.19%	61.40%	83.71%	66.17%	57.94%	56.78%	38.50%	58.56%	53.35%
Effective Tax Rate	22.15%	14.07%	34.17%	27.66%	23.47%	23.45%	32.72%	30.45%	28.16%	39.90%	37.35%
Return on Invested Capital (ROIC)	36.82%	49.34%	31.91%	30.37%	71.47%	31.08%	22.45%	23.77%	17.44%	22.86%	20.24%
ROIC Less NNEP Spread (ROIC-NNEP)	35.41%	47.74%	30.93%	29.29%	70.35%	30.00%	21.51%	22.74%	16.41%	21.97%	19.37%
Return on Net Nonoperating Assets (RNNOA)	-62.05%	-84.89%	-50.26%	-47.34%	-116.96%	-49.78%	-35.79%	-37.65%	-27.12%	-35.78%	-31.65%
Return on Equity (ROE)	-25.22%	-35.55%	-18.36%	-16.97%	-45.49%	-18.71%	-13.33%	-13.88%	-9.68%	-12.92%	-11.40%
Cash Return on Invested Capital (CROIC)	30.20%	44.63%	36.60%	31.96%	41.07%	35.18%	41.11%	41.40%	40.24%	40.78%	29.34%
Operating Return on Assets (OROA)	14.93%	18.30%	16.27%	13.74%	31.09%	12.99%	10.94%	11.16%	7.61%	11.71%	10.10%
Return on Assets (ROA)	7.47%	11.37%	7.20%	6.10%	19.92%	6.58%	4.26%	4.41%	2.11%	4.12%	3.38%
Return on Common Equity (ROCE)	-26.39%	-37.21%	-19.02%	-17.59%	-47.18%	-19.42%	-13.83%	-14.40%	-10.05%	-13.35%	-11.77%
Return on Equity Simple (ROE_SIMPLE)	-16.85%	0.00%	-16.28%	-15.13%	-22.20%	0.00%	-18.20%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	25	37	22	20	50	23	16	17	12	15	13
NOPAT Margin	4.75%	6.40%	4.32%	4.02%	9.85%	4.26%	3.11%	3.22%	2.29%	2.96%	2.72%
Net Nonoperating Expense Percent (NNEP)	1.41%	1.60%	0.97%	1.07%	1.12%	1.08%	0.95%	1.03%	1.03%	0.89%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	-	11.66%	7.01%	-	-	6.90%	4.96%	5.50%	3.81%	5.23%	4.38%
Cost of Revenue to Revenue	0.00%	200.38%	71.54%	79.62%	81.05%	124.97%	70.71%	70.25%	72.64%	70.89%	71.23%
SG&A Expenses to Revenue	9.98%	9.39%	11.26%	11.36%	2.67%	11.45%	12.57%	13.25%	11.11%	10.54%	11.70%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	93.90%	-107.83%	21.90%	14.83%	6.08%	-30.53%	24.67%	25.13%	24.18%	24.19%	24.44%
Earnings before Interest and Taxes (EBIT)	32	43	34	28	65	30	24	24	16	25	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	48	60	51	46	82	46	42	43	41	55	38
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.09	1.12	0.99	0.72	0.82	0.62	0.63	0.76	0.74	0.62	0.52
Price to Earnings (P/E)	28.60	29.02	28.18	22.28	18.22	15.29	16.74	21.33	41.19	43.00	37.89
Dividend Yield	3.08%	2.42%	2.82%	3.96%	3.48%	4.71%	4.62%	3.78%	3.91%	4.74%	5.79%
Earnings Yield	3.50%	3.45%	3.55%	4.49%	5.49%	6.54%	5.97%	4.69%	2.43%	2.33%	2.64%
Enterprise Value to Invested Capital (EV/IC)	10.68	11.37	9.82	7.95	8.32	6.87	7.15	8.31	8.90	8.14	6.76
Enterprise Value to Revenue (EV/Rev)	1.45	1.46	1.34	1.08	1.17	0.97	0.98	1.10	1.08	0.96	0.87
Enterprise Value to EBITDA (EV/EBITDA)	15.05	14.75	13.55	11.14	10.24	8.82	9.29	10.74	12.98	10.82	9.85
Enterprise Value to EBIT (EV/EBIT)	21.55	21.17	19.90	16.77	14.45	12.72	13.71	16.08	23.86	22.01	20.36
Enterprise Value to NOPAT (EV/NOPAT)	27.41	26.51	25.83	21.91	18.93	17.25	18.38	21.64	33.23	33.15	31.23
Enterprise Value to Operating Cash Flow (EV/OCF)	18.04	16.14	17.33	16.19	20.11	18.70	16.00	17.51	14.31	15.57	17.17
Enterprise Value to Free Cash Flow (EV/FCFF)	37.30	25.19	27.07	25.55	20.63	20.08	17.14	19.70	20.41	18.10	22.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.71	-1.71	-1.71	-1.71	-1.75	-1.79	-1.78	-1.75	-1.72	-1.65	-1.68
Long-Term Debt to Equity	-1.68	-1.71	-1.71	-1.70	-1.74	-1.79	-1.78	-1.75	-1.72	-1.64	-1.66
Financial Leverage	-1.75	-1.78	-1.62	-1.62	-1.66	-1.66	-1.66	-1.66	-1.65	-1.63	-1.63
Leverage Ratio	-2.38	-2.44	-1.86	-1.88	-1.99	-2.06	-2.03	-2.01	-2.08	-2.04	-2.03
Compound Leverage Factor	-1.53	-1.77	-1.25	-1.16	-1.67	-1.36	-1.17	-1.14	-0.80	-1.20	-1.08
Debt to Total Capital	241.22%	240.71%	240.25%	240.84%	232.77%	225.88%	227.59%	233.97%	238.30%	253.03%	246.92%
Short-Term Debt to Total Capital	4.55%	0.00%	0.57%	0.75%	1.81%	0.00%	0.00%	0.00%	0.82%	1.77%	2.64%
Long-Term Debt to Total Capital	236.67%	240.71%	239.68%	240.09%	230.96%	225.88%	227.59%	233.97%	237.48%	251.26%	244.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.99%	5.19%	5.16%	5.22%	5.20%	4.94%	4.91%	5.20%	5.18%	4.27%	3.92%
Common Equity to Total Capital	-146.21%	-145.90%	-145.40%	-146.06%	-137.98%	-130.82%	-132.50%	-139.17%	-143.48%	-157.30%	-150.84%
Debt to EBITDA	3.89	3.59	3.63	3.71	3.04	3.28	3.42	3.39	4.21	3.94	4.14
Net Debt to EBITDA	3.70	3.39	3.50	3.59	2.96	3.11	3.22	3.23	3.99	3.74	3.92
Long-Term Debt to EBITDA	3.81	3.59	3.62	3.70	3.01	3.28	3.42	3.39	4.20	3.92	4.10
Debt to NOPAT	7.08	6.45	6.92	7.29	5.61	6.42	6.77	6.82	10.80	12.09	13.12
Net Debt to NOPAT	6.74	6.10	6.67	7.06	5.48	6.09	6.36	6.51	10.22	11.46	12.42
Long-Term Debt to NOPAT	6.95	6.45	6.91	7.27	5.57	6.42	6.77	6.82	10.76	12.00	12.98
Altman Z-Score	3.78	3.94	3.89	3.64	3.82	3.33	3.29	3.45	3.42	3.43	3.27
Noncontrolling Interest Sharing Ratio	-4.61%	-4.67%	-3.64%	-3.64%	-3.71%	-3.80%	-3.76%	-3.79%	-3.83%	-3.34%	-3.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.82	0.76	0.80	0.82	0.80	0.83	0.86	0.82	0.87	0.82	0.84
Quick Ratio	0.51	0.49	0.45	0.44	0.46	0.52	0.53	0.49	0.47	0.49	0.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4.56	43	17	5.55	39	6.29	24	27	54	64	36
Operating Cash Flow to CapEx	205.63%	257.12%	91.80%	186.18%	78.35%	198.60%	256.20%	196.45%	235.67%	111.95%	72.81%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.45	2.46	2.48	2.47	2.42	2.34	2.37	2.41	2.39	2.38	2.33
Accounts Receivable Turnover	20.34	20.66	21.83	22.54	19.86	20.00	21.23	21.13	20.24	20.06	20.08
Inventory Turnover	20.99	40.21	51.24	45.36	57.06	41.43	39.25	39.56	41.11	41.98	39.10
Fixed Asset Turnover	8.38	8.02	8.06	7.98	7.86	7.41	7.57	7.80	7.89	7.83	7.68
Accounts Payable Turnover	14.97	22.71	29.72	28.63	32.34	21.62	22.74	21.49	22.30	23.74	21.05
Days Sales Outstanding (DSO)	17.94	17.67	16.72	16.19	18.38	18.25	17.19	17.27	18.04	18.19	18.17
Days Inventory Outstanding (DIO)	17.39	9.08	7.12	8.05	6.40	8.81	9.30	9.23	8.88	8.69	9.34
Days Payable Outstanding (DPO)	24.37	16.07	12.28	12.75	11.28	16.89	16.05	16.99	16.37	15.38	17.34
Cash Conversion Cycle (CCC)	10.96	10.67	11.56	11.49	13.49	10.17	10.44	9.52	10.55	11.51	10.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	284	274	290	288	295	290	282	277	252	241	259
Invested Capital Turnover	7.76	7.71	7.39	7.55	7.26	7.30	7.22	7.38	7.63	7.73	7.45
Increase / (Decrease) in Invested Capital	29	-6.18	5.08	15	11	16	-7.89	-10	-42	-49	-23
Enterprise Value (EV)	3,035	3,115	2,847	2,287	2,453	1,994	2,015	2,303	2,246	1,962	1,750
Market Capitalization	2,272	2,382	2,095	1,534	1,727	1,274	1,301	1,594	1,540	1,272	1,042
Book Value per Share	($14.52)	($14.02)	($14.10)	($14.00)	($13.21)	($13.16)	($13.22)	($13.20)	($13.41)	($13.56)	($13.69)
Tangible Book Value per Share	($16.84)	($16.34)	($16.41)	($16.29)	($15.55)	($15.47)	($15.55)	($15.54)	($15.47)	($15.62)	($15.74)
Total Capital	325	315	318	316	312	328	326	310	306	283	298
Total Debt	784	757	763	761	727	742	742	726	730	715	735
Total Long-Term Debt	769	757	761	759	721	742	742	726	727	710	727
Net Debt	747	717	735	737	709	704	698	693	691	678	696
Capital Expenditures (CapEx)	16	26	13	16	18	26	12	18	17	18	9.92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-77	-114	-83	-71	-67	-85	-85	-87	-76	-86	-75
Debt-free Net Working Capital (DFNWC)	-40	-74	-55	-47	-49	-47	-41	-54	-37	-49	-36
Net Working Capital (NWC)	-55	-74	-57	-49	-55	-47	-41	-54	-40	-54	-44
Net Nonoperating Expense (NNE)	8.86	10	7.28	7.88	8.13	7.65	6.78	7.36	7.14	6.11	6.07
Net Nonoperating Obligations (NNO)	743	717	735	733	709	704	698	693	676	674	696
Total Depreciation and Amortization (D&A)	16	17	18	18	17	17	18	19	25	30	18
Debt-free, Cash-free Net Working Capital to Revenue	-3.71%	-5.35%	-3.90%	-3.37%	-3.17%	-4.14%	-4.11%	-4.18%	-3.66%	-4.16%	-3.75%
Debt-free Net Working Capital to Revenue	-1.91%	-3.45%	-2.59%	-2.23%	-2.33%	-2.30%	-1.98%	-2.59%	-1.80%	-2.36%	-1.81%
Net Working Capital to Revenue	-2.62%	-3.45%	-2.67%	-2.34%	-2.60%	-2.30%	-1.98%	-2.59%	-1.92%	-2.61%	-2.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.49	$0.79	$0.45	$0.37	$1.28	$0.45	$0.28	$0.28	$0.14	$0.20	$0.21
Adjusted Weighted Average Basic Shares Outstanding	32.56M	32.93M	32.64M	32.73M	32.75M	32.72M	32.78M	32.85M	32.89M	32.85M	32.94M
Adjusted Diluted Earnings per Share	$0.48	$0.81	$0.44	$0.37	$1.27	$0.46	$0.27	$0.28	$0.13	$0.22	$0.21
Adjusted Weighted Average Diluted Shares Outstanding	32.80M	33.16M	32.91M	32.85M	32.93M	32.82M	32.92M	32.97M	33.04M	32.95M	33.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	32.76M	32.77M	32.97M	32.63M	32.64M	32.66M	32.74M	32.76M	32.79M	32.81M	32.90M
Normalized Net Operating Profit after Tax (NOPAT)	25	37	22	20	50	23	16	17	12	15	13
Normalized NOPAT Margin	4.75%	6.40%	4.32%	4.02%	9.85%	4.26%	3.11%	3.22%	2.29%	2.96%	2.72%
Pre Tax Income Margin	3.92%	5.39%	4.41%	3.41%	10.77%	3.68%	2.68%	2.63%	1.23%	2.88%	2.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	73.96%	72.19%	80.41%	88.17%	64.26%	72.91%	78.34%	81.31%	160.17%	208.23%	224.68%
Augmented Payout Ratio	374.08%	326.23%	80.41%	88.17%	64.26%	75.38%	78.34%	81.31%	160.17%	208.23%	224.68%

Financials Breakdown Chart

Key Financial Trends

Papa John’s International (PZZA) has shown mixed quarterly results over the last four years, with flat-to-slightly-elevated revenue in some periods, a rebound in gross profit in late 2025, and notable fluctuations in cash flow and leverage. Below are the key trends based on the provided quarterly statements for 2022–2025, with a focus on the most recent four quarters (Q1–Q4 2025) and comparable prior periods.

Gross profit improvement in Q4 2025: Gross profit reached $145.0 million on revenue of $498.2 million, yielding a gross margin of about 29%. This is a rebound from Q4 2024, when gross profit was negative due to higher cost of revenue relative to revenue.
Consistent positive operating cash flow candidates in 2025: Net cash from continuing operating activities was positive in all 2025 quarters—Q1 about $31.3 million, Q2 about $35.5 million, Q3 about $39.3 million, and Q4 about $19.8 million—indicating ongoing cash generation from core operations.
Solid investing activity in Q4 2025: Net cash from continuing investing activities was positive ($16.1 million), aided by divestitures of $33.7 million, partially offset by purchases of property, plant & equipment and other investing outlays. This suggests some asset optimization activity supporting cash flow.
Debt level remains largely consistent across 2024–2025: Long-term debt sits in a roughly flat range around $726–$727 million in 2025, indicating limited near-term refinancing pressure and a relatively stable leverage base.
Shareholder returns signaling: Cash dividends per share stood at about $0.46 (per quarter in applicable periods), with diluted and basic earnings per share generally positive in several quarters, suggesting ongoing per-share returns to equity holders despite quarterly fluctuations.
Revenue volatility and mix: Across 2022–2025, revenue has fluctuated within a broad range (roughly $510–$570 million historically, with 2025 showing softer quarterly prints compared with 2023 peak levels). This indicates ongoing top-line volatility rather than a clear, consistent upward trend.
Balance-sheet accounting characteristics: The reported equity line shows sizable treasury stock and occasionally negative total equity, which is largely an accounting artifact of share repurchases and the way the company reports equity. This is not a cash-loss signal by itself, but it does warrant watching for capital-structure changes.
Financing activity and leverage: In 2025, there were notable financing moves (including a large debt issuance in Q4 2025 and subsequent net financing outflows), resulting in negative net cash from financing activities for that quarter. This reflects strategic funding activity rather than an immediate liquidity issue.
Q4 2025 net income declined vs Q4 2024: Net income from continuing operations for Q4 2025 was $8.63 million, down from $14.96 million in Q4 2024, indicating a miss in quarterly profitability despite gross-margin improvement. This points to ongoing earnings volatility that may concern investors evaluating quarterly cadence.

05/15/26 05:21 AM ETAI Generated. May Contain Errors.

Papa John's International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Papa John's International's fiscal year ends in December. Their fiscal year 2025 ended on December 28, 2025.

Papa John's International's net income appears to be on a downward trend, with a most recent value of $32.12 million in 2025, falling from $81.96 million in 2015. The previous period was $84.20 million in 2024. See where experts think Papa John's International is headed by visiting Papa John's International's forecast page.

Papa John's International's total operating income in 2025 was $89.15 million, based on the following breakdown:

Total Gross Profit: $593.32 million
Total Operating Expenses: $504.17 million

Over the last 10 years, Papa John's International's total revenue changed from $1.64 billion in 2015 to $2.05 billion in 2025, a change of 25.4%.

Papa John's International's total liabilities were at $1.27 billion at the end of 2025, a 2.5% decrease from 2024, and a 186.4% increase since 2015.

In the past 10 years, Papa John's International's cash and equivalents has ranged from $15.56 million in 2016 to $130.20 million in 2020, and is currently $36.95 million as of their latest financial filing in 2025.

Over the last 10 years, Papa John's International's book value per share changed from 0.75 in 2015 to -13.56 in 2025, a change of -1,913.3%.

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Financial statements for NASDAQ:PZZA last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Papa John's International (PZZA) Financials

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Papa John's International (PZZA) Financials

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