PAPA JOHNS INTERNATIONAL INC PZZA
Papa John's International, Inc., a Delaware corporation (referred to as the "Company," "Papa John's," "Papa Johns" or in the first person notations of "we," "us" and "our"), operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark "Papa Johns." Papa Johns began operations in 1984. At December 28, 2025, there were 6,083 Papa Johns restaurants in operation, consisting of 475 Company-owned and 5,608 franchised restaurants operating in 50 countries and territories. In discussions of our business, "Domestic" is defined as within the contiguous United States, "North America" includes Domestic and Canada, and "International" includes the rest of the world other than North America.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B | $2.06B | $2.14B | $2.10B | $2.07B | $1.81B | $1.62B | $1.66B | $1.78B | $1.71B |
| SG&A | $244.3M | $190.5M | $208.1M | $215.3M | $212.3M | $204.2M | $223.5M | $193.5M | $150.9M | $158.1M |
| Total operating expenses | $1.96B | $1.90B | $1.99B | $1.98B | $1.90B | $1.72B | $1.60B | $1.63B | $1.63B | $1.56B |
| Operating income | $89.1M | $156.7M | $147.1M | $109.0M | $168.2M | $90.3M | $24.5M | $31.6M | $151.0M | $164.5M |
| Interest expense | — | — | — | $26.7M | $19.2M | $17.0M | $20.6M | $25.7M | $11.3M | $7.4M |
| Pre-tax income | $48.4M | $114.1M | $103.7M | $83.8M | $146.0M | $72.7M | $5.0M | $6.7M | $140.3M | $158.8M |
| Income tax | $16.3M | $29.9M | $20.9M | $14.4M | $26.0M | $14.7M | $611.0K | $2.6M | $33.8M | $49.7M |
| Net income | $30.5M | $83.5M | $82.1M | $67.8M | $120.0M | $57.9M | $4.9M | $2.5M | $102.3M | $102.8M |
| EPS, basic | 0.90 | 2.55 | 2.49 | 1.90 | 0.12 | 1.29 | -0.24 | 0.08 | 2.86 | 2.76 |
| EPS, diluted | 0.90 | 2.54 | 2.48 | 1.89 | 0.12 | 1.28 | -0.24 | 0.08 | 2.83 | 2.74 |
| Shares, diluted (wtd. avg.) | $32.9M | $32.8M | $33.2M | $35.7M | $35.3M | $32.7M | $31.6M | $32.3M | $36.5M | $37.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $34.6M | $38.0M | $40.6M | $47.4M | $70.6M | $130.2M | $27.9M | $33.3M | $27.9M | $15.6M |
| Receivables | $103.1M | $101.7M | $104.2M | $102.5M | $81.4M | $90.1M | $70.5M | $78.1M | $64.6M | $59.6M |
| Inventory | $34.3M | $35.2M | $36.1M | $41.4M | $35.0M | $30.3M | $27.5M | $27.2M | $30.6M | $25.1M |
| Total current assets | $237.4M | $230.6M | $231.0M | $251.0M | $255.0M | $306.4M | $181.5M | $196.3M | $170.0M | $145.6M |
| Property, plant and equipment | $251.3M | $273.3M | $282.8M | $249.8M | $223.9M | $200.9M | $211.7M | $226.9M | $234.3M | $230.5M |
| Goodwill | $67.6M | $75.5M | $76.2M | $70.6M | $80.6M | $80.8M | $80.3M | $84.5M | $86.9M | $85.5M |
| Total assets | $837.5M | $889.0M | $875.0M | $864.2M | $885.7M | $872.8M | $730.7M | $595.9M | $555.6M | $512.6M |
| Accounts payable | $61.2M | $61.8M | $74.9M | $62.3M | $28.1M | $37.4M | $29.1M | $27.1M | $32.0M | $42.7M |
| Short-term debt | $5.0M | $0 | — | — | — | $20.0M | $20.0M | $20.0M | $20.0M | — |
| Total current liabilities | $291.0M | $278.0M | $304.6M | $265.2M | $287.4M | $288.9M | $207.9M | $188.9M | $132.9M | $128.0M |
| Long-term debt | $710.4M | $741.6M | $757.4M | $597.1M | $480.7M | $328.3M | $347.3M | $601.1M | $446.6M | $299.8M |
| Total liabilities | $1.27B | $1.30B | $1.32B | $1.13B | $1.05B | $881.3M | $790.5M | $894.4M | $654.8M | $494.3M |
| Retained earnings | $210.8M | $241.7M | $219.0M | $195.9M | $183.2M | $219.2M | $205.7M | $242.2M | $292.3M | $219.3M |
| Total equity | -$444.8M | -$429.5M | -$443.6M | -$270.7M | -$172.5M | -$266.9M | -$316.7M | -$304.0M | -$106.0M | $9.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $126.0M | $106.6M | $193.1M | $117.8M | $184.7M | $186.4M | $61.7M | $92.5M | $135.0M | $150.3M |
| Depreciation and amortisation | $92.2M | $69.4M | $64.1M | $52.0M | $48.8M | $49.7M | $47.3M | $46.4M | $43.7M | $41.0M |
| Stock-based compensation | $15.0M | $9.6M | $17.9M | $18.4M | $16.9M | $16.3M | $15.3M | $9.9M | $10.4M | $10.1M |
| Capital expenditure | $64.7M | $72.5M | $76.6M | $78.4M | $68.6M | $35.7M | $37.7M | $42.0M | $52.6M | $55.6M |
| Investing cash flow | -$21.5M | -$17.3M | -$75.1M | -$62.8M | -$63.5M | -$41.1M | -$32.6M | -$38.8M | -$56.5M | -$46.3M |
| Financing cash flow | -$106.3M | -$91.7M | -$124.1M | -$76.2M | -$180.5M | -$43.5M | -$34.6M | -$48.1M | -$72.1M | -$109.0M |
| Dividends paid | $61.1M | $60.6M | $58.5M | $54.8M | $40.4M | $29.4M | $28.6M | $29.0M | $30.7M | $27.9M |
| Buybacks | $0 | $2.1M | $210.3M | $125.0M | $72.5M | $2.7M | — | $158.0M | $209.6M | $122.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-011965.
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