At a glance
Papa John's International Inc is worth $610.4M, about 21 times its fiscal 2025 earnings. Revenue fell 0.3% to $2.05B in fiscal 2025, with 1.5% kept as profit; over 5 years it has grown 2.5% a year. It pays a 7.44% dividend yield, and returned $685.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −62.9% over the past year with dividends reinvested and −29.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.7% in the 2020 crash (S&P 500: 33.7%) and 47.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Papa John's International runs and franchises pizza delivery and carryout restaurants under the Papa Johns brand. As of December 28, 2025, there were 6,083 restaurants in 50 countries and territories: 3,523 in North America and 2,560 elsewhere. Franchisees, who are independent owners paying to use the brand, ran 5,608 of them. The company owned 475. Most sales come through digital channels.
Most of the company's revenue comes from supplying restaurants, not from serving pizza to diners. Papa Johns runs 11 regional dough and distribution centers in the US, plus one in Canada and one in the UK. They supply dough, sauce, food, paper goods and cleaning supplies, and domestic franchisees must purchase their dough and sauce there. These commissary (central supply) sales were 45.3% of the company's $2.05 billion in revenue for fiscal 2025, which ended December 28, 2025. Sales at company-owned restaurants added 32.9%.
Franchising brings in a smaller share. Most North American franchisees pay a royalty of 5% of sales. The standard international rate is also 5%. Under overseas master-franchise deals, where one partner licenses the brand to other operators, the company generally collects 3%. Royalties and fees were 9.3% of revenue, and franchisee payments into advertising funds were 8.1%. The company reports four segments: Domestic Company-owned restaurants, North America franchising, North America commissaries, and International.
Price history
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PZZA -62.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Commissary revenues | $929.9M | 45.3% |
| Company-owned restaurant sales | $675.7M | 32.9% |
| Franchise royalties and fees | $191.0M | 9.3% |
| Advertising funds revenue | $166.7M | 8.1% |
| Other revenues | $90.5M | 4.4% |
By business segment
| North America commissaries | $1.06B | 51.5% |
| Domestic Company-owned restaurants | $662.5M | 32.3% |
| International | $173.8M | 8.5% |
| North America franchising | $143.5M | 7% |
Latest results
- In Q2 FY2026 (ended Jun 28, 2026), revenue was $482.4M, down 8.8% from a year earlier, and net income was $8.5M (-10.5%).
- For fiscal 2025, revenue was $2.05B (-0.3% year over year; +2.5% a year from FY2020 to FY2025) with a 1.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.5% watch |
|---|---|
| Operating margin | 4.3% weak |
| Free cash flow margin | 3% watch |
| Return on assets (FY2025) | 3.6% watch |
| Net cash (cash minus debt) | $-699.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.81B | $57.9M | $150.8M |
| FY2021 | $2.07B | $120.0M | $116.1M |
| FY2022 | $2.10B | $67.8M | $39.4M |
| FY2023 | $2.14B | $82.1M | $116.4M |
| FY2024 | $2.06B | $83.5M | $34.1M |
| FY2025 | $2.05B | $30.5M | $61.3M |
Valuation snapshot
| Market value | $610.4M |
|---|---|
| P/E ratio | 20.6 |
| Dividend yield | 7.44% |
Rank among 1514 US companies
Market value at each year end
Papa John's International’s market value went from $3.16B at the end of 2016 to $610.4M on Oct 28, 2026, down 81%; since the end of 2025 it is down 52%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $610.4M | -51.6% |
| 2025 | $1.26B | -5.9% |
| 2024 | $1.34B | -46.3% |
| 2023 | $2.50B | -14.1% |
| 2022 | $2.91B | -40.1% |
| 2021 | $4.85B | +73.6% |
| 2020 | $2.80B | +38.6% |
| 2019 | $2.02B | +60.7% |
| 2018 | $1.26B | -36.1% |
| 2017 | $1.97B | -37.7% |
| 2016 | $3.16B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PZZA price data to Oct 28, 2026 | -50.5% | -62.9% | -31.7% | -29.2% | -10.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -50.5% |
| 2025 | -2.0% |
| 2024 | -44.2% |
| 2023 | -5.3% |
| 2022 | -37.0% |
| 2021 | +58.9% |
| 2020 | +36.0% |
| 2019 | +61.6% |
| 2018 | -27.8% |
| 2017 | -33.7% |
| 2016 | +55.0% |
| 2015 | +1.1% |
| 2014 | +24.4% |
| 2013 | +66.4% |
| 2012 | +45.8% |
| 2011 | +36.0% |
| 2010 | +18.6% |
| 2009 | +26.8% |
| 2008 | -18.8% |
| 2007 | -21.8% |
| 2006 | -2.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 21.1% over that stretch · deepest drop along the way 57%, back to its old high 27.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.9% over that stretch · deepest drop along the way 48.7%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 47% over that stretch · deepest drop along the way 47.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Jun 30, 2025 |
| EARNEST PARTNERS LLC | 8.8% | Jun 30, 2026 |
| BRANDES INVESTMENT PARTNERS, LP | 8% | Mar 31, 2026 |
| MANAGED ACCOUNT ADVISORS LLC | 6.6% | Jun 30, 2026 |
| Norbel Investments, S.L. | 5.04% | Oct 19, 2026 |
| Vanguard Capital Management | 5.02% | Mar 31, 2026 |
| MANAGED ACCOUNT ADVISORS, LLC | 4.9% | Dec 31, 2024 |
| River Road Asset Management, LLC | 4.5% | Apr 30, 2025 |
| Vanguard Portfolio Management | 3.49% | Sep 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 2.8% | Jun 30, 2025 |
| Citadel Securities GP LLC | 2.7% | Jan 15, 2025 |
| SIG Brokerage, LP | 1.4% | Dec 31, 2024 |
ETFs with the most weight in PZZA
| WBIY WBI Power Factor High Dividend ETF | 1.65% |
| DEEP Acquirers Small and Micro Deep Value ETF | 0.84% |
| OASC OneAscent Small Cap Core ETF | 0.24% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.23% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.23% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.23% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.19% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.19% |
What could go wrong
- Heavy debt and negative shareholder equity. As of June 28, 2026, debt was about $727 million against $28 million of cash, and liabilities exceeded assets. Variable-rate loans mean rising interest rates raise costs, and lender rules restrict some actions.
- Dependence on the restaurant supply business. Supplying dough, sauce and other goods to restaurants was 45.3% of fiscal 2025 revenue. If domestic franchisees change their purchasing, or a distribution center has a long outage, that business could suffer.
- Turnaround plans may fall short. A new Enterprise Transformation Plan began in December 2025, and the annual report warns that UK turnaround efforts could stall. Reorganizations can raise costs, hurt hiring and retention, and fail to deliver.
- Reliance on franchisees' financial health. Franchisees owned 5,608 of 6,083 restaurants as of December 28, 2025. If they struggle, royalties can arrive late, stores may close, and the company may need to offer royalty relief or loans.
- Price wars and delivery apps. The US pizza market is mature. Larger rivals discount heavily, and Papa Johns has cut some prices in response. Third-party delivery apps also compete for orders and charge fees that can squeeze profits.
- Rising food and labor costs. Higher ingredient prices and wages, including minimum wage increases, raise costs at company and franchised restaurants. Inflation has already weighed on franchisees' ability to open new restaurants and run existing ones profitably.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Papa Johns raised its dividend per share from $0.90 in fiscal 2020 to $1.84 in fiscal 2024. It then kept it at $1.84 in fiscal 2025, which ended its run of increases. In fiscal 2025, dividends were about 200% of earnings and nearly 100% of free cash flow (cash left after running and investing in the business). The yield was 7.44% as of October 28, 2026. It was high mainly because the share price fell 63% over the year to that date. Buybacks totaled $410 million from fiscal 2021 to 2025, with none in fiscal 2025.
The shares have fallen hard in market downturns. They dropped 57% in the 2008 financial crisis and took about 28 months after the low to recover. They fell 49% in the 2020 COVID crash and recovered within about a month. In the 2022 stock market slump they fell 48%, and they had not recovered as of October 28, 2026. A single stock like Papa Johns carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Papa John's make money?
Mostly by supplying restaurants and by running its own. In fiscal 2025, which ended December 28, 2025, sales of dough, sauce and other supplies from its commissaries (regional dough-making and distribution centers) made up 45.3% of $2.05 billion in revenue. Company-owned restaurant sales were 32.9%, franchise royalties and fees were 9.3%, and franchisee contributions to advertising funds were 8.1%. Most North American franchisees pay a royalty of 5% of sales.
Does Papa John's raise its dividend every year?
No. Dividends per share rose each year from $0.90 in fiscal 2020 to $1.84 in fiscal 2024, then stayed at $1.84 in fiscal 2025. That year the company paid $61.1 million in dividends. That was 99.7% of free cash flow (cash left after running and investing in the business) and about 200% of net income of $30.5 million. In other words, earnings did not cover the dividend in fiscal 2025.
How much has Papa John's stock fallen?
Sharply. As of October 28, 2026, the share price was down 50.5% since the start of 2026, 62.9% over one year and 82% over five years. In the three years to that date, its deepest drop from a high was 74.2%. Results have weakened as well. Fiscal 2025 net income fell 63.4% to $30.5 million on nearly flat revenue, and revenue for the quarter ended June 28, 2026 was 8.8% lower than a year earlier.
How many Papa John's restaurants are franchised?
Most of them. As of December 28, 2025, franchisees ran 5,608 of the 6,083 Papa Johns restaurants, and the company owned 475. There were 3,523 restaurants in North America and 2,560 in other countries. During 2025 the company moved 85 of its company-owned US restaurants to franchisees, a step called refranchising. After openings and closings, the system grew by a net 53 restaurants.
How much debt does Papa John's have?
About $727 million as of June 28, 2026, against roughly $28 million of cash and investments. Shareholder equity was minus $453 million, which means liabilities were larger than assets. Some of the debt carries variable interest rates, so rising rates raise interest costs. The loan agreements also include covenants, which are rules that limit certain company actions. The annual report lists this level of debt as a risk to the business.