Papa John's International, Inc.: financial statements

PZZANASDAQConsumer cyclical · Retail-Eating Places

Price

$19.92

November 13, 2026Market cap $654M

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The full history: 17 fiscal years, from FY2009
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More questions to the chat on its filings
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Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–FY2025 fiscal years

Click a line to see it on the chart.

Revenue

Line	2023	FY2024	FY2025
Revenue	$2.1B	$2.1B	$2.1B
Cost of revenue	$1.6B	$1.5B	$1.5B
Gross profit	$577M	$581M	$593M
Operating income	$147M	$157M	$89M
Net income	$82M	$83M	$31M
Earnings per share	$2.48	$2.54	$0.90
Earnings per share, basic	$2.49	$2.55	$0.90
Margins
Gross margin	27.0%	28.2%	28.9%
Operating margin	6.9%	7.6%	4.3%
Net margin	3.8%	4.1%	1.5%

Financial statements

PZZA's revenue, profits and cash flows from FY2009 to FY2022, 14 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

Segment	2023	FY2024	FY2025	Share FY2025
North America Commissary	$1.1B	$1.0B	$1.1B	52%
Domestic Company Owned Restaurants	$726M	$693M	$663M	33%
International	$182M	$174M	$174M	8.5%
North America Franchising	$149M	$143M	$143M	7.0%

By segment

PZZA's revenue by segment from FY2013 to FY2022, 10 more fiscal years

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From the XBRL of 12 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$18M Due within 2 years$221M Leases33.6% Effective tax rate

When the debt falls due

Dec 28, 2025

Due within 2 years

$18M

Principal of loans and bonds falling due, from the annual report dated December 28, 2025, without leases and interest. The filing

Leases

Dec 28, 2025

Operating leases

$180M

Finance leases

$41M

The liability is the present value of the rent still to pay, at December 28, 2025. It is not counted in the ladder's debt. The filing

Goodwill by segment

Dec 28, 2025

Total goodwill

$68M

Domestic Company Owned Restaurants$48M70%

Goodwill is what the company paid in acquisitions above the value of what it bought, at December 28, 2025. If an acquisition earns less, the goodwill is impaired and earnings fall. The filing

$68MTotal goodwill

From the statutory to the effective tax rate, FY2025

Dec 28, 2025

Statutory rate

21.0%

Effective rate

33.6%

+12.6 pts

The company paid 33.6% in tax on its profit, 12.6 points above the US federal rate (21.0%). Below, the reasons it gives.

Statutory rate

21.0%

State and local taxes

+5.8 pts

Difference the filing does not itemize

+6.8 pts

Effective rate

33.6%

One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing

Claims ahead of shareholders

What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.

$7.1M ahead of the shares1.1% of market value

Besides its $914M of debt, $7.1M of other claims rank ahead of the shares, about 1.1% of the market value.

Ahead of the shares

at Sep 27, 2026: $7.1M

From the balance sheet of September 27, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Where the change in earnings per share came from

Diluted earnings per share went from $2.54 in the fiscal year to Dec 29, 2024 to $0.90 in the year to Dec 28, 2025, a change of -$1.64.

Measured by size, 19.8% of the movement came from outside sales and operating margin: interest and other items, the tax rate, what went to others and the share count.

: -$0.01
: -$1.37
: +$0.04
: -$0.18
: -$0.12
: -$0.01

Earnings per share is split as sales times operating margin, plus interest and other items, after tax, times the part that goes to the common shareholders, divided by the diluted share count. Each source's part is its average effect over every order in which the six can change, so the parts add up exactly to the change. From the annual reports; net income over the diluted count matches the earnings per share the company filed within 2%.

Receivables and inventory against sales

In the quarter to Sep 27, 2026, sales were -10.5% on the same quarter a year earlier, and receivables -10.4%. Inventory was -10.6%, against -11.0% for the cost of sales.

a year earlier 19 days: 19 days
a year earlier 9 days: 9 days

Balances at Sep 27, 2026 and Sep 28, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.

Taxes: deferred and paid

The deferred part was 41.4% of the tax charge in the year to Dec 28, 2025. The rows show the last 3 years.

Cash taxes paid were 176.0% of the current tax charge in the year to Dec 28, 2025.

Deferred share, year to Dec 28, 2025$6.7M of $16M: 41.4%
Deferred share, year to Dec 29, 2024-$3.0M of $30M: -10.2%
Deferred share, year to Dec 31, 2023-$6.0M of $21M: -28.7%
$17M paid, $9.5M current: 176.0%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do Papa John's International's filings show?

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Questions about PZZA's financials

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How much revenue did PZZA have in FY2025?

Papa John's International had revenue of $2.1B and net income of $31M in fiscal FY2025, a net margin of 1.5%.

How much debt does PZZA have?

On December 28, 2025 Papa John's International had total assets of $838M, debt of $715M and shareholders' equity of -$445M.

How much free cash flow does PZZA have?

In fiscal FY2025 Papa John's International had cash from operations of $126M and spent $65M on capital expenditure, leaving $61M of free cash flow.

Where are the figures from?

From Papa John's International, Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.