Papa John's International Inc

papajohns.com

What Do They Do?

Operates and franchises pizza delivery and carryout restaurants, selling pizza and other food to consumers and supplying food and paper products to franchisees.

How Do They Make Money?

Franchisees buy food and supplies from the commissaries and generally pay within 30 days after shipment. Customers pay when pizza is delivered or picked up; franchisees also pay royalties based on restaurant sales, billed monthly.

revenue

Segment	Share	How money arrives
Company-owned restaurant sales Sold outright	33% FY2022: 34%	Sold outright
Franchise royalties and fees Licensed	9.3% FY2022: 8.9%	Licensed
Commissary revenues Sold outright	45% FY2022: 45%	Sold outright
Other revenues	4.4% FY2022: 4.8%
Advertising funds revenue	8.1% FY2022: 7.4%

Who Are Their Customers?

Consumers buy pizza from company-owned and franchised restaurants; franchisees buy food and supplies from Papa Johns’ QC Centers and obtain franchise rights and support from Papa Johns.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.

Operating income, FY2025

4% of revenue

▼ −43% vs FY2024 ($156.7M, 8%)

Net income, FY2025

1% of revenue

▼ −63% vs FY2024 ($83.5M, 4%)

Free cash flow, FY2025

3% of revenue

▲ +80% vs FY2024 ($34.1M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 28, 2026

Revenue: ▼ −9%; vs $529.2M in Q2 FY2025
Net income: ▼ −10%; vs $9.5M in Q2 FY2025

Commissary revenues share of revenue vs 44.3% in Q2 FY2025

Aug 25, 2026 Refranchised 28 Orlando-area restaurants The restaurants were previously company-owned and are now owned and operated by franchisee groups led by Wade Oney.
Jun 30, 2026 CFO resigned and an interim CFO was appointed Ravi Thanawala resigned, and Christopher K. Collins was named interim CFO.

Flat. Revenue was $2.1B in FY2025, about the same as the $2.1B of FY2021.

Company-owned international restaurants The latest report describes company-owned UK restaurants alongside franchised locations, whereas the older report described all International restaurants as franchised.

Revenue over time

Company-owned restaurant sales Franchise royalties and fees Commissary revenues Other revenues Advertising funds revenue Other Sales Commissary Sales Company-owned Restaurants

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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