Papa John's International (PZZA) FY2025 results: revenue $2.1 billion, down 0.3% on the year
Papa John's International, Inc. (PZZA) reported revenue of $2.1 billion for fiscal 2025, the year ended 28 December 2025, down 0.3% on the year before. Net income was $31 million, down 63.4%, and diluted earnings per share $0.90. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$2.1 billion
-0.3% on the year
FY2018FY2025
Operating margin
4.3%
7.6% a year earlier
FY2018FY2025
Net income
$31 million
-63.4% on the year
FY2018FY2025
Diluted EPS
$0.90
-64.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 11 new, 1 kept.
Full-year system-wide sales rose 1%: Global system-wide sales reached $4.92 billion, up 1% excluding currency, with higher International comparable sales offsetting lower North America comparable sales.
Fourth-quarter revenue fell 6.1%: Total revenues were $498.2 million, down $32.6 million, mainly from the Domestic Company-owned restaurant segment.
Adjusted EBITDA declined on marketing: Adjusted EBITDA was $201.1 million against $227.3 million, including about $21 million of added marketing spend to support franchisees and brand positioning.
North America comparable sales fell 2%: North America comparable sales declined 2% for the year, with Domestic Company-owned restaurants down 3% and North America franchised restaurants down 2%.
International comparable sales rose 5%: International comparable sales rose 5% for the year and 6% in the fourth quarter, the fifth consecutive quarter of positive International comparable sales.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
126
107
193
+18.2%
Capital expenditure
64.7
72.5
76.6
-10.7%
Free cash flow
61.3
34.1
116
+79.5%
Free cash flow margin
3.0%
1.7%
5.5%
Cash from investing
-21.5
-17.3
-75.1
Cash from financing
-106
-91.7
-124
Depreciation and amortisation
92.2
69.4
64.1
+32.9%
Share-based compensation
15.0
9.6
17.9
+56.2%
Buybacks
0.0
2.1
210
Dividends paid
61.1
60.6
58.5
+1.0%
Dividend per share
$1.84
$1.84
$1.76
0.0%
Diluted shares, weighted
33m
33m
33m
+0.4%
Shares outstanding at period end
33m
33m
32m
+0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
-445
-430
-459
Non-controlling interest
11.1
15.3
15.5
-27.6%
Redeemable equity
1.0
0.9
0.9
+8.5%
Debt
722
742
757
-2.6%
Operating lease liabilities
156
174
151
-9.9%
Finance lease liabilities
30.8
22.9
24.1
+34.6%
Other liabilities
361
364
385
-0.9%
Total liabilities and equity
838
889
875
-5.8%
Fixed assets
251
273
283
-8.0%
Goodwill
67.6
75.5
76.2
-10.4%
Cash and equivalents
34.6
38.0
40.6
-8.9%
Receivables
103
102
104
+1.4%
Inventory
34.3
35.2
36.1
-2.6%
Other assets
347
365
335
-5.1%
Total assets
838
889
875
-5.8%
10-K for the year ended 28 December 2025, filed 26 February 2026: the filing.