10-K · February 26, 2026
Papa John’s 2025 10-K shows a large franchised system of 6,083 restaurants (475 Company‑owned, 5,608 franchised) and completion of its International Transformation Plan in late 2025 with an Enterprise Transformation…
Earnings analysis · 10-Q
PZZA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Papa John's reported a stronger-than-expected Q1 2026 performance relative to prior periods, primarily driven by cost structure adjustments and growth in international segments, although overall revenues declined from…
Read full summary
Papa John's reported a stronger-than-expected Q1 2026 performance relative to prior periods, primarily driven by cost structure adjustments and growth in international segments, although overall revenues declined from last year. The company continues to face challenges in North America, with comparable sales declining significantly but maintains its full-year outlook despite headwinds.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.21
- Segment
- Domestic Company-owned
- Segment
- North America Franchising
- Segment
- North America Commissaries
- Segment
- International
What stood out
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Quarterly Revenue Decline
Total revenue for Q1 2026 was $478.6M, down 7.7% from $518.3M in Q1 2025.
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International Segment Growth
International comparable sales increased by 3.6%, contributing to some revenue strength.
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Improved Operating Margins
Operating income for Q1 2026 was $20.8M, leading to a healthier operating margin at 4.3% compared to 4.6% last year.
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Reduction in G&A Expenses
G&A expenses decreased by 14.1% to $56M, enhancing overall profitability.
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Adjusted EBITDA Performance
Adjusted EBITDA was $47.8M for Q1 2026, slightly down from $49.6M in the prior year.
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Free Cash Flow Decline
Free cash flow turned negative at -$6.2M for Q1 2026, significantly down from $19.1M in Q1 2025.
What to watch
-
Comparable Sales Declines
North America comparable sales experienced a decline of 6.4%, indicating ongoing market challenges.
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Negative Impact of Refranchising
The refranchising of 85 restaurants negatively impacted revenues and comparable sales metrics.
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Decreasing Net Income
Net income decreased to $7.3M in Q1 2026 from $9.2M in Q1 2025, reflecting continuing profitability pressures.
Management's outlook
The guidance remains unchanged despite current performance challenges.
Earlier filings 4
10-K · February 27, 2025
Papa John’s 10-K (Dec 29, 2024) shows a system of 6,030 restaurants (552 company-owned, 5,478 franchised) with net unit growth of 124 restaurants in 2024. Management emphasizes driving profitable growth via product…
10-Q · May 9, 2024
Papa John’s 10-Q shows revenue of $513.9M for Q1 2024, down $13.1M (2.5%) versus Q1 2023, with operating income of $33.7M (6.6% of sales) and diluted EPS of $0.44 (down $0.21 vs. prior year). International revenues grew…
10-K · February 29, 2024
Papa John’s 2023 10-K emphasizes a franchised, digitally-led growth strategy: 5,906 restaurants worldwide at December 31, 2023 (648 Company‑owned; 5,258 franchised) and targeted initiatives to drive ticket, transactions…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.