Detailed financial statements for Papa John's International, Inc. (PZZA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Papa John's International, Inc. is a global pizza chain that manages and grants franchises for its Papa John's branded delivery and take-out restaurants across the United States and internationally. The company's operations are divided into four primary segments: company-owned restaurants within the U.S., commissary services for North America, North American franchising, and its international ventures.
Analysis Summary
Papa John's International, Inc. reported revenue of $2.05B in the most recent fiscal year, growing at a 5-year CAGR of 2.5%. Net income reached $30.5M, with a -12.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 23.2%, operating margin 4.1%, net margin 1.4%. Free cash flow grew at -16.5% CAGR over 5 years.
At the current price of $19.54, PZZA trades at a P/E of 24.59 and an ROE of -6.17%. Market capitalisation stands at $643M.
Balance sheet quality for PZZA: current ratio of 0.8, net debt of $1.06B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $61.3M represents 201% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.71B | $1.78B | $1.57B | $1.62B | $1.81B | $2.07B | $2.10B | $2.14B | $2.06B | $2.05B |
| Cost of Revenue | $1.35B | $1.43B | $1.22B | $1.33B | $1.47B | $1.64B | $1.71B | $1.72B | $1.48B | $1.46B |
| Gross Profit | $359.1M | $354.5M | $353.6M | $290.5M | $344.2M | $429.3M | $388.4M | $419.3M | $581.0M | $593.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $163.8M | $158.2M | $192.6M | $223.5M | $198.3M | $212.3M | $215.3M | $201.7M | $190.5M | $244.3M |
| Operating Expenses | $204.8M | $201.9M | $323.0M | $266.0M | $253.9M | $261.1M | $279.4M | $272.2M | $424.3M | $504.2M |
| Operating Income | $164.5M | $151.0M | $30.4M | $24.5M | $90.3M | $168.2M | $109.0M | $147.1M | $156.7M | $89.1M |
| EBITDA | $195.3M | $196.4M | $77.1M | $72.9M | $142.1M | $219.0M | $161.1M | $211.2M | $226.1M | $181.4M |
| Interest Expense | $6.6M | $11.3M | $25.7M | $20.6M | $17.0M | $19.2M | $25.3M | $43.5M | $42.6M | $40.8M |
| Pre-tax Income | $158.8M | $140.3M | $5.9M | $5.0M | $75.4M | $150.9M | $83.8M | $103.7M | $114.1M | $48.4M |
| Income Tax | $49.7M | $33.8M | $2.6M | -$611,000 | $14.7M | $26.0M | $14.4M | $20.9M | $29.9M | $16.3M |
| Net Income | $103.4M | $103.7M | $1.6M | $4.9M | $57.9M | $120.0M | $67.8M | $82.1M | $83.5M | $30.5M |
| EPS | $2.76 | $2.86 | $0.05 | $0.15 | $1.79 | $3.43 | $1.90 | $2.49 | $2.55 | $0.90 |
| EPS (Diluted) | $2.74 | $2.83 | $0.05 | $0.15 | $1.77 | $3.40 | $1.89 | $2.48 | $2.54 | $0.90 |
| Shares Outstanding (Diluted) | $37.6M | $36.5M | $32.3M | $31.6M | $32.7M | $35.3M | $35.7M | $33.2M | $32.8M | $32.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $508.2M | $498.2M | $478.6M | $482.4M |
| Gross Profit | $97.6M | $77.0M | $137.7M | $143.4M |
| Operating Income | $16.2M | $17.4M | $24.1M | $23.2M |
| EBITDA | $41.1M | $115.9M | $38.5M | $43.3M |
| Net Income | $4.7M | $7.1M | $7.3M | $8.5M |
| EPS | $0.14 | $0.21 | $0.21 | $0.25 |
| EPS (Diluted) | $0.13 | $0.21 | $0.21 | $0.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.6M | $22.3M | $19.5M | $27.9M | $130.2M | $70.6M | $47.4M | $40.6M | $38.0M | $37.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $65.5M | $72.9M | $99.8M | $82.3M | $102.7M | $103.1M | $118.2M | $112.0M | $108.8M | $112.6M |
| Inventory | $25.1M | $30.6M | $27.2M | $27.5M | $30.3M | $35.0M | $41.4M | $36.1M | $35.2M | $34.3M |
| Total Current Assets | $145.6M | $170.0M | $171.7M | $181.5M | $306.4M | $255.0M | $251.0M | $231.0M | $230.6M | $237.4M |
| Property, Plant & Equipment | $230.5M | $234.3M | $226.9M | $369.4M | $365.8M | $421.0M | $447.2M | $478.7M | $486.5M | $452.0M |
| Goodwill | $85.5M | $86.9M | $84.5M | $80.3M | $80.8M | $80.6M | $70.6M | $76.2M | $75.5M | $67.6M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $512.6M | $555.6M | $570.9M | $730.7M | $872.8M | $885.7M | $864.2M | $875.0M | $889.0M | $926.9M |
| Accounts Payable | $42.7M | $32.0M | $27.1M | $29.1M | $37.4M | $28.1M | $62.3M | $74.9M | $61.8M | $61.2M |
| Short-term Debt | 0 | $20.0M | $20.0M | $20.0M | $20.0M | 0 | 0 | 0 | 0 | $38.7M |
| Total Current Liabilities | $128.0M | $132.9M | $164.6M | $207.9M | $288.9M | $287.4M | $265.2M | $304.6M | $278.0M | $291.0M |
| Long-term Debt | $299.8M | $446.6M | $601.1M | $347.3M | $328.3M | $480.7M | $597.1M | $757.4M | $741.6M | $866.8M |
| Total Liabilities | $502.8M | $661.5M | $873.1M | $1.05B | $1.13B | $1.05B | $1.13B | $1.32B | $1.30B | $1.36B |
| Retained Earnings | $219.3M | $292.3M | $244.1M | $205.7M | $219.2M | $183.2M | $195.9M | $219.0M | $241.7M | $210.8M |
| Total Equity | $9.8M | -$106.0M | -$302.1M | -$332.3M | -$282.2M | -$187.7M | -$286.4M | -$459.1M | -$429.5M | -$444.8M |
| Total Debt | $299.8M | $466.6M | $621.1M | $525.2M | $513.6M | $685.5M | $807.3M | $965.7M | $971.1M | $1.09B |
| Net Debt | $284.3M | $444.2M | $601.7M | $497.3M | $383.4M | $614.9M | $759.9M | $925.1M | $933.2M | $1.06B |
| Working Capital | $17.5M | $37.1M | $7.1M | -$26.4M | $17.5M | -$32.4M | -$14.1M | -$73.6M | -$47.4M | -$53.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $39.0M | $37.0M | $39.0M | $28.5M |
| Total Assets | $884.1M | $926.9M | $831.9M | $805.0M |
| Total Liabilities | $1.31B | $1.36B | $1.27B | $1.25B |
| Total Equity | -$439.3M | -$444.8M | -$449.1M | -$453.1M |
| Total Debt | $950.2M | $1.09B | $952.6M | $935.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $109.1M | $106.5M | $3.2M | $5.7M | $60.6M | $125.0M | $69.3M | $82.1M | $84.2M | $32.1M |
| Depreciation & Amortization | $41.0M | $43.7M | $46.4M | $47.3M | $49.7M | $48.8M | $52.0M | $64.1M | $69.4M | $92.2M |
| Stock-based Compensation | $10.1M | $10.4M | $9.9M | $15.3M | $16.3M | $16.9M | $18.4M | $17.9M | $9.6M | $15.0M |
| Change in Working Capital | -$21.3M | -$31.2M | $779,000 | -$10.2M | $71.6M | -$9.5M | -$58.4M | $28.8M | -$34.4M | -$16.9M |
| Operating Cash Flow | $144.1M | $135.0M | $72.8M | $61.7M | $186.4M | $184.7M | $117.8M | $193.1M | $106.6M | $126.0M |
| Capital Expenditure | -$55.6M | -$52.6M | -$42.0M | -$37.7M | -$35.7M | -$68.6M | -$78.4M | -$76.6M | -$72.5M | -$64.7M |
| Acquisitions | $3.5M | -$21,000 | $7.7M | $13.5M | $5.4M | -$699,000 | $12.4M | -$5.6M | -$125,000 | 0 |
| Stock Repurchased | -$122.4M | -$209.6M | -$158.0M | 0 | -$2.7M | -$261.1M | -$125.0M | -$210.3M | -$2.1M | 0 |
| Dividends Paid | -$27.9M | -$30.7M | -$29.0M | -$38.6M | -$43.0M | -$46.8M | -$54.8M | -$58.5M | -$60.6M | -$61.1M |
| Free Cash Flow | $88.5M | $82.4M | $30.8M | $24.0M | $150.8M | $116.1M | $39.4M | $116.4M | $34.1M | $61.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $39.3M | $19.8M | $7.2M | $28.6M |
| Capital Expenditure | -$20.5M | -$13.9M | -$13.5M | -$12.8M |
| Free Cash Flow | $18.9M | $5.9M | -$6.3M | $15.8M |
| Dividends Paid | -$15.3M | -$15.3M | -$15.3M | -$15.5M |
| Stock-based Compensation | 0 | $7.5M | 0 | $3.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.1% | -11.8% | +2.9% | +12.0% | +14.1% | +1.6% | +1.6% | -3.6% | -0.3% | |
| Net Income Growth (YoY) | +0.3% | -98.4% | +195.6% | +1,090.5% | +107.2% | -43.5% | +21.1% | +1.7% | -63.4% | |
| EPS Growth (YoY) | +3.6% | -98.2% | +192.4% | +1,093.3% | +91.6% | -44.6% | +31.1% | +2.4% | -64.7% | |
| Shares Change (YoY) | -2.9% | -11.6% | -2.1% | +3.4% | +8.0% | +1.1% | -7.2% | -1.0% | +0.4% | |
| FCF Growth (YoY) | -6.9% | -62.7% | -21.9% | +527.3% | -23.0% | -66.1% | +195.4% | -70.7% | +79.5% | |
| Gross Margin | 21.0% | 19.9% | 22.5% | 17.9% | 19.0% | 20.8% | 18.5% | 19.6% | 28.2% | 28.9% |
| Operating Margin | 9.6% | 8.5% | 1.9% | 1.5% | 5.0% | 8.1% | 5.2% | 6.9% | 7.6% | 4.3% |
| EBITDA Margin | 11.4% | 11.0% | 4.9% | 4.5% | 7.8% | 10.6% | 7.7% | 9.9% | 11.0% | 8.8% |
| Net Margin | 6.0% | 5.8% | 0.1% | 0.3% | 3.2% | 5.8% | 3.2% | 3.8% | 4.1% | 1.5% |
| FCF Margin | 5.2% | 4.6% | 2.0% | 1.5% | 8.3% | 5.6% | 1.9% | 5.5% | 1.7% | 3.0% |
| Effective Tax Rate | 31.3% | 24.1% | 44.9% | -12.1% | 19.6% | 17.2% | 17.2% | 20.1% | 26.2% | 33.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.35 | $2.26 | $0.95 | $0.76 | $4.61 | $3.29 | $1.10 | $3.51 | $1.04 | $1.86 |
| Dividends Per Share | $0.74 | $0.84 | $0.90 | $1.22 | $1.31 | $1.32 | $1.53 | $1.76 | $1.85 | $1.86 |
| Shares Outstanding (Basic) | $37.3M | $36.1M | $32.1M | $31.6M | $32.4M | $35.0M | $35.5M | $32.9M | $32.7M | $32.9M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -6.17% |
| Return on Invested Capital | 9.04% |
| Return on Assets | 3.42% |
| Gross Margin | 23.16% |
| Operating Margin | 4.11% |
| Net Margin | 1.40% |
Financial Health
| Debt / Equity | -2.06 |
| Current Ratio | 0.83 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 3.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 31.01 | 19.62 | 776.02 | 421.00 | 47.40 | 38.91 | 43.32 | 30.61 | 15.72 | 43.69 |
| P/B | 325.28 | -19.11 | -4.23 | -6.01 | -9.75 | -24.90 | -10.20 | -5.47 | -3.05 | -2.90 |
| P/S | 1.86 | 1.14 | 0.81 | 1.23 | 1.52 | 2.26 | 1.39 | 1.18 | 0.64 | 0.63 |
| Gross Margin | 21.0% | 19.9% | 22.5% | 17.9% | 19.0% | 20.8% | 18.5% | 19.6% | 28.2% | 28.9% |
| Operating Margin | 9.6% | 8.5% | 1.9% | 1.5% | 5.0% | 8.1% | 5.2% | 6.9% | 7.6% | 4.3% |
| Net Margin | 6.0% | 5.8% | 0.1% | 0.3% | 3.2% | 5.8% | 3.2% | 3.8% | 4.1% | 1.5% |
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Explore sector: Consumer Cyclical · Restaurants
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