PAPA JOHNS INTERNATIONAL INC

Listed Company

PZZACIK 0000901491NasdaqLarge AcceleratedRetail-Eating PlacesDelawareFY ends Dec 27

Period

FY 2025

Revenue

$2.05B

Net Income

$30.53M

Total Assets

$837.51M

Equity

$-444.75M

Shares Out

32.81M

Op. Cash Flow

$126.00M

Business

PAPA JOHNS INTERNATIONAL INC operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the Papa Johns trademark. It offers pizza and complementary food and beverage products, supplies such as dough and sauce through quality control centers, marketing and technology services, and franchise development and support. The company organizes its operations into four reportable segments: Domestic Company-owned restaurants, North America franchising, North America commissaries (QC Centers), and International. It serves Domestic, North America and International markets through company-owned and franchised restaurants, QC Centers, digital ordering channels, and national and local marketing programs.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	2,054	2,059	2,136	2,102	2,068
Cost of sales	1,460	1,478	1,558	1,558	—
General and administrative expenses	244	191	208	215	212
Depreciation and amortization	92	69	64	52	—
Advertising funds expense	168	164	158	156	—
Total costs and expenses	1,965	1,903	1,989	1,981	1,900
Operating income	89	157	147	109	168
Net interest expense	−41	−43	−43	−25	−17
Income before income taxes	48	114	104	84	—
Income tax expense	−16	−30	−21	14	26
Net income	32	84	83	69	125
Net income attributable to noncontrolling interests	−2	−711,000	−701,000	−2	−5
Net income attributable to the Company	31	83	82	68	120
Net income attributable to common shareholders	30	83	82	67	4
Basic earnings per common share (in dollars per share)	0.9	2.55	2.49	1.9	0.12
Diluted earnings per common share (in dollars per share)	0.9	2.54	2.48	1.89	0.12
Basic weighted average common shares outstanding (in shares)	33	33	33	35	35
Diluted weighted average common shares outstanding (in shares)	33	33	33	36	35

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents, and restricted cash	37	38	41	47	—
Accounts receivable (less allowance for credit losses of $12,129 in 2025 and $8,468 in 2024)	103	102	104	103	81
Notes receivable, current portion	3	5	5	7	12
Income tax receivable	6	2	3	9	9
Inventories	34	35	36	41	35
Prepaid expenses and other current assets	49	49	42	44	46
Assets held for sale	5	0	—	—	—
Total current assets	237	231	231	251	255
Property and equipment, net	251	273	283	250	224
Finance lease right-of-use assets, net	39	29	32	25	21
Operating lease right-of-use assets	162	184	164	172	176
Notes receivable, less current portion (less allowance for credit losses of $17,777 in 2025 and $15,238 in 2024)	3	9	12	21	36
Goodwill	68	75	76	71	81
Other assets	77	88	77	74	88
Total assets	838	889	875	864	886
Accounts payable	61	62	75	62	28
Income and other taxes payable	9	12	18	9	20
Accrued expenses and other current liabilities	169	156	158	143	190
Current deferred revenue	13	16	20	21	22
Current finance lease liabilities	10	7	9	7	5
Current operating lease liabilities	24	26	24	23	23
Current portion of long-term debt	5	0	—	—	—
Total current liabilities	291	278	305	265	287
Deferred revenue	19	21	20	23	14
Long-term finance lease liabilities	31	23	24	19	17
Long-term operating lease liabilities	156	174	151	161	161
Long-term debt, net	710	742	757	597	481
Other long-term liabilities	62	65	60	68	93
Total liabilities	1,270	1,302	1,318	1,134	1,053
Commitments and contingencies (Note 18)	—	—	—	—	—
Redeemable noncontrolling interests	980,000	903,000	851,000	1	5
Common stock ($0.01 par value per share; issued 49,303 at December 28, 2025 and 49,283 at December 29, 2024)	493,000	493,000	492,000	491,000	490,000
Additional paid-in capital	457	452	452	450	445
Accumulated other comprehensive loss	−6	−8	−8	−10	−10
Retained earnings	211	242	219	196	183
Treasury stock (16,502 shares at December 28, 2025 and 16,637 shares at December 29, 2024, at cost)	−1,107	−1,116	−1,123	−922	−806
Total stockholders deficit	−445	−430	−459	−286	−188
Noncontrolling interests in subsidiaries	11	15	15	16	15
Total Stockholders deficit	−434	−414	−444	−271	−172
Total Liabilities, Redeemable noncontrolling interests and Stockholders deficit	838	889	875	864	886

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for allowance for credit losses on accounts and notes receivable	8	3	5	21	−852,000
Depreciation and amortization	92	69	64	52	—
Refranchising (gain)/loss and impairment loss	−16	18	0	—	—
Deferred income taxes	7	−3	−6	3	4
Stock-based compensation expense	15	10	18	18	17
Loss/(gain) on disposal of property and equipment	3	−42	0	0	—
Other	1	2	146,000	1	581,000
Accounts receivable	−8	−465,000	−5	−29	4
Income tax receivable	−4	345,000	6	586,000	−8
Inventories	17,000	851,000	5	−7	−5
Prepaid expenses and other current assets	816,000	319,000	1	6	3
Other assets and liabilities	−8	−9	−12	−13	−20
Accounts payable	−620,000	−10	22	1	−9
Income and other taxes payable	−3	−6	9	−11	10
Accrued expenses and other current liabilities	7	−2	18	5	16
Deferred revenue	−4	−6	−4	−257,000	182,000
Advertising fund assets and liabilities	2	−3	−13	−10	—
Net cash provided by operating activities	126	107	193	118	185
Purchases of property and equipment	−65	−72	−77	−78	−69
Purchases of property and equipment related to damages from natural disasters	−10	0	0	—	—
Insurance proceeds related to damages from natural disasters	6	0	0	—	—
Notes issued	0	−154,000	−4	−9	−16
Repayments of notes issued	6	4	5	13	19
Acquisitions, net of cash acquired	0	−125,000	−6	−1	−699,000
Proceeds from dispositions and refranchising, net of cash transferred	35	49	3	14	0
Proceeds from investments	5	2	4	—	—
Proceeds from the sale of property and equipment	963,000	0	0	0	0
Other	0	−28,000	−1	−520,000	3
Net cash used in investing activities	−21	−17	−75	−63	−64
Net (repayments) proceeds from revolving credit facilities	−224	−17	159	115	80
Proceeds from term loan	200	0	0	—	—
Debt issuance costs	−3	0	0	—	—
Proceeds from exercise of stock options	414,000	1	2	4	12
Acquisition of Company common stock (including excise tax payment)	0	−2	−210	−125	−72
Dividends paid to common stockholders	−61	−61	−58	−55	−40
Tax payments for equity award issuances	−2	−4	−6	−10	−6
Distributions to noncontrolling interests	−6	−825,000	−1	−1	−6
Principal payments on finance leases	−10	−9	−9	−5	−5
Other	−19,000	153,000	28,000	664,000	935,000
Net cash used in financing activities	−106	−92	−124	−76	−181
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	738,000	−244,000	−642,000	−2	−231,000
Change in cash, cash equivalents, and restricted cash	−1	−3	−7	−23	−60

Filings

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