What is Papa John's International's operating income?

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

Papa John's International (PZZA) Financials

$23.37 -1.10 (-4.51%)

As of 10:41 AM Eastern

Compare

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/28/2026
Net Income / (Loss) Attributable to Common Shareholders	26	15	12	42	15	9.03	9.27	4.45	6.83	6.96	8.10
Consolidated Net Income / (Loss)	26	15	13	42	15	9.34	9.67	4.47	8.63	6.94	8.70
Net Income / (Loss) Continuing Operations	26	15	13	42	15	9.34	9.67	4.47	8.63	6.94	8.70
Total Pre-Tax Income	31	23	17	55	20	14	14	6.23	14	11	14
Total Operating Income	43	34	28	65	30	24	24	16	25	21	23
Total Gross Profit	-574	146	145	137	-133	152	157	139	145	138	143
Total Revenue	571	514	508	507	531	518	529	508	498	479	482
Operating Revenue	571	514	508	507	531	518	529	508	498	479	482
Total Cost of Revenue	1,145	368	363	370	663	366	372	369	353	341	339
Operating Cost of Revenue	-	368	363	370	-	366	372	369	353	341	339
Total Operating Expenses	-616	113	117	71	-162	128	133	123	121	117	120
Selling, General & Admin Expense	54	58	57	13	61	65	70	56	53	56	59
Marketing Expense	-	37	42	41	-	44	44	41	38	43	42
Depreciation Expense	17	18	18	17	17	18	19	25	30	18	19
Total Other Income / (Expense), net	-12	-11	-11	-11	-9.99	-10	-11	-9.95	-10	-9.68	-9.52
Interest & Investment Income	-12	-11	-11	-11	-9.99	-10	-11	-9.95	-10	-9.68	-9.52
Income Tax Expense	4.33	7.74	4.79	13	4.58	4.54	4.24	1.75	5.73	4.14	4.97
Net Income / (Loss) Attributable to Noncontrolling Interest	0.35	0.28	0.29	-0.02	0.16	0.12	0.14	-0.23	1.56	-0.32	0.17
Basic Earnings per Share	$0.79	$0.45	$0.37	$1.28	$0.45	$0.28	$0.28	$0.14	$0.20	$0.21	$0.25
Weighted Average Basic Shares Outstanding	32.93M	32.64M	32.73M	32.75M	32.72M	32.78M	32.85M	32.89M	32.85M	32.94M	33.02M
Diluted Earnings per Share	$0.81	$0.44	$0.37	$1.27	$0.46	$0.27	$0.28	$0.13	$0.22	$0.21	$0.24
Weighted Average Diluted Shares Outstanding	33.16M	32.91M	32.85M	32.93M	32.82M	32.92M	32.97M	33.04M	32.95M	33.05M	33.13M
Weighted Average Basic & Diluted Shares Outstanding	32.77M	32.97M	32.63M	32.64M	32.66M	32.74M	32.76M	32.79M	32.81M	32.90M	32.92M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/28/2026
Net Change in Cash & Equivalents	3.10	-13	-3.46	-6.76	20	6.06	-11	5.67	-2.02	2.09	-11
Net Cash From Operating Activities	66	12	30	14	51	31	36	39	20	7.22	29
Net Cash From Continuing Operating Activities	66	12	30	14	51	31	36	39	20	7.22	29
Net Income / (Loss) Continuing Operations	26	15	13	42	15	9.34	9.67	4.47	8.63	6.94	8.70
Consolidated Net Income / (Loss)	26	15	13	42	15	9.34	9.67	4.47	8.63	6.94	8.70
Depreciation Expense	17	18	18	17	17	18	19	25	30	18	19
Non-Cash Adjustments To Reconcile Net Income	13	8.78	13	-37	5.57	5.44	9.93	8.10	-18	6.25	6.06
Changes in Operating Assets and Liabilities, net	9.68	-29	-13	-8.55	13	-1.79	-2.92	1.86	-1.03	-24	-5.40
Net Cash From Investing Activities	-17	-10	-14	31	-25	-7.08	-12	-18	16	-5.16	-13
Net Cash From Continuing Investing Activities	-17	-10	-14	31	-25	-7.08	-12	-18	16	-5.16	-13
Purchase of Property, Plant & Equipment	-26	-13	-16	-18	-26	-12	-18	-17	-18	-13	-13
Sale and/or Maturity of Investments	-1.10	3.16	0.91	1.35	1.00	5.72	3.56	1.17	0.74	3.98	0.51
Other Investing Activities, net	5.91	-0.26	0.01	0.19	-0.13	-0.57	2.21	-3.53	-1.55	0.78	-1.15
Net Cash From Financing Activities	-45	-15	-20	-52	-5.09	-19	-34	-15	-38	0.18	-26
Net Cash From Continuing Financing Activities	-45	-15	-20	-52	-5.09	-19	-34	-15	-38	0.18	-26
Repayment of Debt	-0.12	0.18	0.18	-0.08	-0.13	-2.70	-0.57	-210	210	0.13	0.11
Payment of Dividends	-15	-15	-15	-15	-15	-16	-15	-15	-21	-15	-16
Issuance of Debt	-27	5.30	-2.28	-35	14	3.16	-16	213	-224	19	-8.12
Other Financing Activities, net	-2.55	-4.79	-2.41	-2.07	-1.83	-3.51	-2.20	-3.14	-2.82	-3.93	-2.77
Other Net Changes in Cash	-0.62	-	-	-	-	0.37	-	0.01	0.09	-0.16	-0.04

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
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/28/2026
Total Assets	865	874	878	847	838	861	898	890	884	832	805
Total Current Assets	247	242	247	226	226	216	242	239	271	240	234
Cash & Equivalents	47	44	37	28	24	18	44	33	39	39	28
Note & Lease Receivable	7.21	4.85	5.17	5.80	4.58	5.73	4.98	4.76	3.82	2.33	1.63
Accounts Receivable	100	94	110	95	93	102	100	104	104	101	95
Inventories, net	37	38	38	38	38	36	37	37	36	36	33
Prepaid Expenses	50	56	52	58	59	52	53	57	53	58	65
Current Deferred & Refundable Income Taxes	5.96	2.10	1.16	1.91	2.77	2.41	2.80	2.65	3.69	3.88	1.57
Other Current Nonoperating Assets	-	3.43	3.43	-	4.21	-	-	-	31	0.00	11
Plant, Property, & Equipment, net	253	264	268	273	266	267	272	269	262	252	242
Total Noncurrent Assets	365	367	363	348	347	379	384	382	351	339	329
Noncurrent Note & Lease Receivables	49	50	49	42	39	33	49	43	40	42	40
Goodwill	71	77	76	76	76	76	76	77	67	67	65
Other Noncurrent Operating Assets	244	240	237	230	233	269	259	262	244	230	224
Total Liabilities & Shareholders' Equity	865	874	878	847	838	861	898	890	884	832	805
Total Liabilities	1,339	1,338	1,337	1,293	1,284	1,276	1,314	1,306	1,308	1,269	1,246
Total Current Liabilities	273	297	301	283	275	271	283	293	311	285	283
Short-Term Debt	8.20	16	15	1.80	2.38	5.65	-	-	2.50	7.85	12
Accounts Payable	69	55	68	61	64	63	69	75	70	67	68
Accrued Expenses	135	163	154	143	150	139	149	162	164	156	149
Current Deferred Revenue	21	20	20	21	20	20	14	13	13	11	8.93
Current Deferred & Payable Income Tax Liabilities	8.18	8.15	9.74	22	6.81	10	15	5.90	9.63	8.99	8.81
Other Current Liabilities	32	35	35	33	33	33	36	37	35	34	33
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	16	-	2.61
Total Noncurrent Liabilities	1,066	1,041	1,035	1,010	1,008	1,005	1,031	1,014	997	985	963
Long-Term Debt	797	769	769	761	759	721	742	726	727	727	715
Noncurrent Deferred Revenue	22	22	21	19	19	19	20	20	19	18	17
Other Noncurrent Operating Liabilities	246	251	245	230	231	265	269	268	251	239	231
Redeemable Noncontrolling Interest	1.26	1.02	0.91	0.94	0.98	0.94	0.87	0.89	0.93	0.99	1.06
Total Equity & Noncontrolling Interests	-475	-465	-460	-446	-446	-416	-417	-417	-424	-438	-442
Total Preferred & Common Equity	-491	-481	-475	-462	-462	-431	-432	-432	-439	-449	-453
Total Common Equity	-491	-481	-475	-462	-462	-431	-432	-432	-439	-449	-453
Common Stock	444	446	448	445	447	450	450	453	456	454	456
Retained Earnings	204	207	208	219	216	242	236	230	219	203	195
Treasury Stock	-1,130	-1,128	-1,124	-1,118	-1,117	-1,116	-1,110	-1,109	-1,107	-1,100	-1,099
Accumulated Other Comprehensive Income / (Loss)	-8.77	-7.29	-7.92	-7.55	-7.36	-6.58	-7.54	-5.97	-6.73	-5.95	-5.72
Noncontrolling Interest	16	16	15	15	16	15	15	15	15	11	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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	32,789,416.00	32,810,752.00	32,902,014.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	32,789,416.00	32,810,752.00	32,902,014.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.21	0.21	0.25
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.57%	-2.49%	-1.29%	-3.06%	-7.10%	0.85%	4.19%	0.27%	-6.14%	-7.66%	-8.84%
EBITDA Growth	19.09%	-2.14%	-9.45%	70.88%	-22.44%	-17.68%	-5.48%	-50.19%	17.84%	-9.03%	-2.02%
EBIT Growth	17.49%	-10.79%	-19.15%	104.69%	-30.62%	-28.93%	-13.24%	-75.21%	-16.97%	-13.38%	-5.32%
NOPAT Growth	23.13%	-25.05%	-22.59%	101.23%	-38.20%	-27.36%	-16.58%	-76.73%	-34.81%	-19.35%	-13.36%
Net Income Growth	11.44%	-33.85%	-29.81%	161.98%	-43.43%	-37.35%	-22.85%	-89.30%	-42.31%	-25.74%	-10.04%
EPS Growth	20.90%	-32.31%	-31.48%	164.58%	-43.21%	-38.64%	-24.32%	-89.76%	-52.17%	-22.22%	-14.29%
Operating Cash Flow Growth	60.27%	-70.61%	-43.40%	-58.05%	-23.25%	161.42%	18.48%	182.54%	-60.97%	-76.95%	-19.44%
Free Cash Flow Firm Growth	679.31%	201.28%	3.06%	960.29%	-85.28%	40.23%	395.11%	37.85%	915.62%	51.10%	52.81%
Invested Capital Growth	-2.20%	1.78%	5.45%	3.76%	5.95%	-2.72%	-3.63%	-14.41%	-16.94%	-8.25%	-9.82%
Revenue Q/Q Growth	9.28%	-10.05%	-1.17%	-0.21%	4.73%	-2.35%	2.09%	-3.97%	-1.96%	-3.93%	0.79%
EBITDA Q/Q Growth	23.97%	-14.12%	-10.84%	80.03%	-43.74%	-8.84%	2.37%	-5.14%	33.11%	-29.63%	10.26%
EBIT Q/Q Growth	33.57%	-20.79%	-16.29%	131.10%	-54.73%	-18.85%	2.19%	-33.97%	51.64%	-15.35%	11.70%
NOPAT Q/Q Growth	47.45%	-39.32%	-8.01%	144.51%	-54.72%	-28.67%	5.63%	-31.79%	26.84%	-11.76%	13.47%
Net Income Q/Q Growth	65.78%	-43.60%	-15.94%	233.34%	-64.20%	-37.54%	3.51%	-53.75%	92.94%	-19.61%	25.40%
EPS Q/Q Growth	68.75%	-45.68%	-15.91%	243.24%	-63.78%	-41.30%	3.70%	-53.57%	69.23%	-4.55%	14.29%
Operating Cash Flow Q/Q Growth	99.15%	-81.87%	150.02%	-53.53%	264.39%	-38.25%	13.31%	10.82%	-49.66%	-63.53%	295.96%
Free Cash Flow Firm Q/Q Growth	1,037.37%	-59.96%	-67.59%	607.21%	-83.96%	281.43%	14.42%	96.90%	18.18%	-43.25%	15.71%
Invested Capital Q/Q Growth	-3.53%	5.76%	-0.80%	2.51%	-1.49%	-2.89%	-1.72%	-8.96%	-4.40%	7.26%	-3.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-100.38%	28.46%	20.39%	18.95%	-24.97%	29.29%	29.75%	27.36%	29.11%	28.77%	29.72%
EBITDA Margin	10.47%	10.00%	9.02%	16.28%	8.74%	8.16%	8.18%	8.09%	10.98%	8.04%	8.80%
Operating Margin	7.45%	6.56%	5.56%	12.87%	5.56%	4.62%	4.63%	3.18%	4.92%	4.34%	4.81%
EBIT Margin	7.45%	6.56%	5.56%	12.87%	5.56%	4.62%	4.63%	3.18%	4.92%	4.34%	4.81%
Profit (Net Income) Margin	4.63%	2.90%	2.47%	8.25%	2.82%	1.80%	1.83%	0.88%	1.73%	1.45%	1.80%
Tax Burden Percent	85.93%	65.83%	72.34%	76.53%	76.55%	67.28%	69.55%	71.84%	60.10%	62.65%	63.64%
Interest Burden Percent	72.29%	67.19%	61.40%	83.71%	66.17%	57.94%	56.78%	38.50%	58.56%	53.35%	58.96%
Effective Tax Rate	14.07%	34.17%	27.66%	23.47%	23.45%	32.72%	30.45%	28.16%	39.90%	37.35%	36.36%
Return on Invested Capital (ROIC)	49.34%	31.91%	30.37%	71.47%	31.08%	22.45%	23.77%	17.44%	22.86%	20.24%	22.84%
ROIC Less NNEP Spread (ROIC-NNEP)	47.74%	30.93%	29.29%	70.35%	30.00%	21.51%	22.74%	16.41%	21.97%	19.37%	21.96%
Return on Net Nonoperating Assets (RNNOA)	-84.89%	-50.26%	-47.34%	-116.96%	-49.78%	-35.79%	-37.65%	-27.12%	-35.78%	-31.65%	-35.47%
Return on Equity (ROE)	-35.55%	-18.36%	-16.97%	-45.49%	-18.71%	-13.33%	-13.88%	-9.68%	-12.92%	-11.40%	-12.63%
Cash Return on Invested Capital (CROIC)	44.63%	36.60%	31.96%	41.07%	35.18%	41.11%	41.40%	40.24%	40.78%	29.34%	30.70%
Operating Return on Assets (OROA)	18.30%	16.27%	13.74%	31.09%	12.99%	10.94%	11.16%	7.61%	11.71%	10.10%	11.15%
Return on Assets (ROA)	11.37%	7.20%	6.10%	19.92%	6.58%	4.26%	4.41%	2.11%	4.12%	3.38%	4.19%
Return on Common Equity (ROCE)	-37.21%	-19.02%	-17.59%	-47.18%	-19.42%	-13.83%	-14.40%	-10.05%	-13.35%	-11.77%	-13.04%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-16.28%	-15.13%	-22.20%	0.00%	-18.20%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	37	22	20	50	23	16	17	12	15	13	15
NOPAT Margin	6.40%	4.32%	4.02%	9.85%	4.26%	3.11%	3.22%	2.29%	2.96%	2.72%	3.06%
Net Nonoperating Expense Percent (NNEP)	1.60%	0.97%	1.07%	1.12%	1.08%	0.95%	1.03%	1.03%	0.89%	0.87%	0.88%
Return On Investment Capital (ROIC_SIMPLE)	11.66%	7.01%	-	-	6.90%	4.96%	5.50%	3.81%	5.23%	4.38%	5.17%
Cost of Revenue to Revenue	200.38%	71.54%	79.62%	81.05%	124.97%	70.71%	70.25%	72.64%	70.89%	71.23%	70.28%
SG&A Expenses to Revenue	9.39%	11.26%	11.36%	2.67%	11.45%	12.57%	13.25%	11.11%	10.54%	11.70%	12.22%
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	-107.83%	21.90%	14.83%	6.08%	-30.53%	24.67%	25.13%	24.18%	24.19%	24.44%	24.91%
Earnings before Interest and Taxes (EBIT)	43	34	28	65	30	24	24	16	25	21	23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	60	51	46	82	46	42	43	41	55	38	42
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)	1.12	0.99	0.72	0.82	0.62	0.63	0.76	0.74	0.62	0.52	0.62
Price to Earnings (P/E)	29.02	28.18	22.28	18.22	15.29	16.74	21.33	41.19	43.00	37.89	45.96
Dividend Yield	2.42%	2.82%	3.96%	3.48%	4.71%	4.62%	3.78%	3.91%	4.74%	5.79%	5.00%
Earnings Yield	3.45%	3.55%	4.49%	5.49%	6.54%	5.97%	4.69%	2.43%	2.33%	2.64%	2.18%
Enterprise Value to Invested Capital (EV/IC)	11.37	9.82	7.95	8.32	6.87	7.15	8.31	8.90	8.14	6.76	7.69
Enterprise Value to Revenue (EV/Rev)	1.46	1.34	1.08	1.17	0.97	0.98	1.10	1.08	0.96	0.87	0.98
Enterprise Value to EBITDA (EV/EBITDA)	14.75	13.55	11.14	10.24	8.82	9.29	10.74	12.98	10.82	9.85	10.87
Enterprise Value to EBIT (EV/EBIT)	21.17	19.90	16.77	14.45	12.72	13.71	16.08	23.86	22.01	20.36	22.70
Enterprise Value to NOPAT (EV/NOPAT)	26.51	25.83	21.91	18.93	17.25	18.38	21.64	33.23	33.15	31.23	35.80
Enterprise Value to Operating Cash Flow (EV/OCF)	16.14	17.33	16.19	20.11	18.70	16.00	17.51	14.31	15.57	17.17	20.23
Enterprise Value to Free Cash Flow (EV/FCFF)	25.19	27.07	25.55	20.63	20.08	17.14	19.70	20.41	18.10	22.06	23.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.71	-1.71	-1.71	-1.75	-1.79	-1.78	-1.75	-1.72	-1.65	-1.68	-1.65
Long-Term Debt to Equity	-1.71	-1.71	-1.70	-1.74	-1.79	-1.78	-1.75	-1.72	-1.64	-1.66	-1.62
Financial Leverage	-1.78	-1.62	-1.62	-1.66	-1.66	-1.66	-1.66	-1.65	-1.63	-1.63	-1.61
Leverage Ratio	-2.44	-1.86	-1.88	-1.99	-2.06	-2.03	-2.01	-2.08	-2.04	-2.03	-1.98
Compound Leverage Factor	-1.77	-1.25	-1.16	-1.67	-1.36	-1.17	-1.14	-0.80	-1.20	-1.08	-1.17
Debt to Total Capital	240.71%	240.25%	240.84%	232.77%	225.88%	227.59%	233.97%	238.30%	253.03%	246.92%	254.12%
Short-Term Debt to Total Capital	0.00%	0.57%	0.75%	1.81%	0.00%	0.00%	0.00%	0.82%	1.77%	2.64%	4.29%
Long-Term Debt to Total Capital	240.71%	239.68%	240.09%	230.96%	225.88%	227.59%	233.97%	237.48%	251.26%	244.29%	249.84%
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	5.19%	5.16%	5.22%	5.20%	4.94%	4.91%	5.20%	5.18%	4.27%	3.92%	4.14%
Common Equity to Total Capital	-145.90%	-145.40%	-146.06%	-137.98%	-130.82%	-132.50%	-139.17%	-143.48%	-157.30%	-150.84%	-158.26%
Debt to EBITDA	3.59	3.63	3.71	3.04	3.28	3.42	3.39	4.21	3.94	4.14	4.12
Net Debt to EBITDA	3.39	3.50	3.59	2.96	3.11	3.22	3.23	3.99	3.74	3.92	3.96
Long-Term Debt to EBITDA	3.59	3.62	3.70	3.01	3.28	3.42	3.39	4.20	3.92	4.10	4.05
Debt to NOPAT	6.45	6.92	7.29	5.61	6.42	6.77	6.82	10.80	12.09	13.12	13.56
Net Debt to NOPAT	6.10	6.67	7.06	5.48	6.09	6.36	6.51	10.22	11.46	12.42	13.03
Long-Term Debt to NOPAT	6.45	6.91	7.27	5.57	6.42	6.77	6.82	10.76	12.00	12.98	13.33
Altman Z-Score	3.94	3.89	3.64	3.82	3.33	3.29	3.45	3.42	3.43	3.27	3.39
Noncontrolling Interest Sharing Ratio	-4.67%	-3.64%	-3.64%	-3.71%	-3.80%	-3.76%	-3.79%	-3.83%	-3.34%	-3.24%	-3.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.76	0.80	0.82	0.80	0.83	0.86	0.82	0.87	0.82	0.84	0.83
Quick Ratio	0.49	0.45	0.44	0.46	0.52	0.53	0.49	0.47	0.49	0.50	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	43	17	5.55	39	6.29	24	27	54	64	36	42
Operating Cash Flow to CapEx	257.12%	91.80%	186.18%	78.35%	198.60%	256.20%	196.45%	235.67%	111.95%	72.81%	221.65%
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	2.46	2.48	2.47	2.42	2.34	2.37	2.41	2.39	2.38	2.33	2.32
Accounts Receivable Turnover	20.66	21.83	22.54	19.86	20.00	21.23	21.13	20.24	20.06	20.08	19.83
Inventory Turnover	40.21	51.24	45.36	57.06	41.43	39.25	39.56	41.11	41.98	39.10	40.05
Fixed Asset Turnover	8.02	8.06	7.98	7.86	7.41	7.57	7.80	7.89	7.83	7.68	7.70
Accounts Payable Turnover	22.71	29.72	28.63	32.34	21.62	22.74	21.49	22.30	23.74	21.05	19.68
Days Sales Outstanding (DSO)	17.67	16.72	16.19	18.38	18.25	17.19	17.27	18.04	18.19	18.17	18.41
Days Inventory Outstanding (DIO)	9.08	7.12	8.05	6.40	8.81	9.30	9.23	8.88	8.69	9.34	9.11
Days Payable Outstanding (DPO)	16.07	12.28	12.75	11.28	16.89	16.05	16.99	16.37	15.38	17.34	18.55
Cash Conversion Cycle (CCC)	10.67	11.56	11.49	13.49	10.17	10.44	9.52	10.55	11.51	10.17	8.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	274	290	288	295	290	282	277	252	241	259	250
Invested Capital Turnover	7.71	7.39	7.55	7.26	7.30	7.22	7.38	7.63	7.73	7.45	7.47
Increase / (Decrease) in Invested Capital	-6.18	5.08	15	11	16	-7.89	-10	-42	-49	-23	-27
Enterprise Value (EV)	3,115	2,847	2,287	2,453	1,994	2,015	2,303	2,246	1,962	1,750	1,921
Market Capitalization	2,382	2,095	1,534	1,727	1,274	1,301	1,594	1,540	1,272	1,042	1,210
Book Value per Share	($14.02)	($14.10)	($14.00)	($13.21)	($13.16)	($13.22)	($13.20)	($13.41)	($13.56)	($13.69)	($13.77)
Tangible Book Value per Share	($16.34)	($16.41)	($16.29)	($15.55)	($15.47)	($15.55)	($15.54)	($15.47)	($15.62)	($15.74)	($15.74)
Total Capital	315	318	316	312	328	326	310	306	283	298	286
Total Debt	757	763	761	727	742	742	726	730	715	735	727
Total Long-Term Debt	757	761	759	721	742	742	726	727	710	727	715
Net Debt	717	735	737	709	704	698	693	691	678	696	699
Capital Expenditures (CapEx)	26	13	16	18	26	12	18	17	18	9.92	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-114	-83	-71	-67	-85	-85	-87	-76	-86	-75	-65
Debt-free Net Working Capital (DFNWC)	-74	-55	-47	-49	-47	-41	-54	-37	-49	-36	-36
Net Working Capital (NWC)	-74	-57	-49	-55	-47	-41	-54	-40	-54	-44	-48
Net Nonoperating Expense (NNE)	10	7.28	7.88	8.13	7.65	6.78	7.36	7.14	6.11	6.07	6.06
Net Nonoperating Obligations (NNO)	717	735	733	709	704	698	693	676	674	696	691
Total Depreciation and Amortization (D&A)	17	18	18	17	17	18	19	25	30	18	19
Debt-free, Cash-free Net Working Capital to Revenue	-5.35%	-3.90%	-3.37%	-3.17%	-4.14%	-4.11%	-4.18%	-3.66%	-4.16%	-3.75%	-3.29%
Debt-free Net Working Capital to Revenue	-3.45%	-2.59%	-2.23%	-2.33%	-2.30%	-1.98%	-2.59%	-1.80%	-2.36%	-1.81%	-1.84%
Net Working Capital to Revenue	-3.45%	-2.67%	-2.34%	-2.60%	-2.30%	-1.98%	-2.59%	-1.92%	-2.61%	-2.20%	-2.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.79	$0.45	$0.37	$1.28	$0.45	$0.28	$0.28	$0.14	$0.20	$0.21	$0.25
Adjusted Weighted Average Basic Shares Outstanding	32.93M	32.64M	32.73M	32.75M	32.72M	32.78M	32.85M	32.89M	32.85M	32.94M	33.02M
Adjusted Diluted Earnings per Share	$0.81	$0.44	$0.37	$1.27	$0.46	$0.27	$0.28	$0.13	$0.22	$0.21	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	33.16M	32.91M	32.85M	32.93M	32.82M	32.92M	32.97M	33.04M	32.95M	33.05M	33.13M
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	32.77M	32.97M	32.63M	32.64M	32.66M	32.74M	32.76M	32.79M	32.81M	32.90M	32.92M
Normalized Net Operating Profit after Tax (NOPAT)	37	22	20	50	23	16	17	12	15	13	15
Normalized NOPAT Margin	6.40%	4.32%	4.02%	9.85%	4.26%	3.11%	3.22%	2.29%	2.96%	2.72%	3.06%
Pre Tax Income Margin	5.39%	4.41%	3.41%	10.77%	3.68%	2.68%	2.63%	1.23%	2.88%	2.31%	2.83%
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	72.19%	80.41%	88.17%	64.26%	72.91%	78.34%	81.31%	160.17%	208.23%	224.68%	233.05%
Augmented Payout Ratio	326.23%	80.41%	88.17%	64.26%	75.38%	78.34%	81.31%	160.17%	208.23%	224.68%	233.05%

Financials Breakdown Chart

Key Financial Trends

Papa John’s International (NASDAQ: PZZA) showed a mixed but generally improving near-term picture in Q1 2026, with solid operating cash flow and earnings growth versus the prior quarter, but continued pressure from a leveraged balance sheet and negative common equity.

For Q1 2026, revenue came in at $478.6 million, down from $498.2 million in Q4 2025 and $518.3 million in Q1 2025. Even with the softer top line, Papa John’s produced $20.8 million of operating income, up from $24.5 million in Q4 2025 but well above $4.5 million in Q3 2025. Net income attributable to common shareholders was $7.0 million, or $0.21 per share, versus $0.20 in the prior quarter and $0.14 in Q3 2025.

Cash flow remained positive. Operating cash flow was $7.2 million in Q1 2026, but that was down sharply from $19.8 million in Q4 2025 and $31.3 million in Q1 2025. The quarter also included $13.5 million of capital spending, $15.4 million in dividends, and $19.4 million of debt issuance, leaving cash and equivalents at $39.0 million at quarter-end.

The balance sheet remains the biggest concern. Total debt was still very high at roughly $735.2 million combined short- and long-term debt, while total liabilities stood at $1.27 billion. Papa John’s reported negative common equity of $449.1 million, which reflects a highly leveraged capital structure and the impact of treasury stock and other liabilities. Current liabilities also exceeded current assets, suggesting a tight liquidity profile.

Looking at the longer trend, Papa John’s has improved from the weaker operating environment seen in late 2024 and mid-2025, when quarterly operating income and margins were under pressure. The latest quarter still does not suggest a broad acceleration in sales, but it does show the company continuing to generate earnings and cash despite the balance sheet burden.

Operating income improved to $20.8 million in Q1 2026, showing continued profitability despite lower revenue.
Net income attributable to common shareholders rose to $7.0 million, or $0.21 per share.
The company generated $7.2 million of operating cash flow in the quarter.
Papa John’s ended the quarter with $39.0 million in cash and equivalents.
Depreciation and other non-cash items continue to support cash generation relative to accounting earnings.
Revenue was $478.6 million, down sequentially and below the year-ago period.
Gross margin remained pressured, with cost of revenue taking up a large share of sales.
Capital spending was moderate at $13.5 million in Q1 2026.
The company continued paying dividends, with $15.4 million paid in the quarter.
Common equity remained deeply negative at $(449.1) million, highlighting balance sheet strain.
Total liabilities were very high at $1.27 billion, leaving the company highly leveraged.
Operating cash flow fell sharply from the prior quarter and the year-ago quarter.
Interest and other non-operating expenses continued to weigh on pre-tax earnings.

Bottom line: Papa John’s is still profitable and cash-generative, but the company’s financial flexibility is constrained by heavy debt and negative equity. Investors will likely want to watch for sustained revenue stabilization and stronger operating cash flow before concluding that the turnaround is fully durable.

08/10/26 08:42 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. Check out Papa John's International's forecast to explore projected trends and price targets.

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%.

Related Companies

Financial statements for NASDAQ:PZZA last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Papa John's International (PZZA) Financials

Financials Breakdown Chart

Key Financial Trends

Papa John's International Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Papa John's International (PZZA) Financials

Annual Income Statements for Papa John's International

Quarterly Income Statements for Papa John's International

Annual Cash Flow Statements for Papa John's International

Quarterly Cash Flow Statements for Papa John's International

Annual Balance Sheets for Papa John's International

Quarterly Balance Sheets for Papa John's International

Annual Metrics And Ratios for Papa John's International

Quarterly Metrics And Ratios for Papa John's International

Financials Breakdown Chart

Key Financial Trends

Papa John's International Financials - Frequently Asked Questions

When does Papa John's International's financial year end?

How has Papa John's International's net income changed over the last 10 years?

What is Papa John's International's operating income?

How has Papa John's International's revenue changed over the last 10 years?

How much debt does Papa John's International have?

How much cash does Papa John's International have?

How has Papa John's International's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools