Papa John's International Inc

Latest Results (15.04.2026):

Papa John's International, Inc. — Fourth Quarter 2025 (and full‑year 2025) results: In Q4 2025 the company reported total revenues of $498.2 million (down 6.1% year‑over‑year), global system‑wide restaurant sales of $1.23 billion (down 1%), diluted EPS of $0.21 and adjusted diluted EPS of $0.34. For the full year 2025 Papa John’s reported $4.92 billion in global system‑wide sales (up 1%), total revenues of $2.05 billion (flat), net income of $32.1 million and adjusted EBITDA of $201.1 million; the company also introduced 2026 guidance.

Quarterly financials

Q4 2025 total revenues: $498.2M (‑6% vs. Q4 2024). Q4 net income: $8.6M (down ~$6.3M). Q4 adjusted EBITDA: $51.1M (vs. $57.9M prior year).

Full‑year 2025 results

Full‑year revenues: $2.05B (flat). Global system‑wide restaurant sales: $4.92B (+1%). Net income: $32.1M (vs. $84.2M in 2024). Adjusted EBITDA: $201.1M (vs. $227.3M in 2024).

Earnings per share

Q4 diluted EPS: $0.21; Q4 adjusted diluted EPS: $0.34. Full‑year diluted EPS: $0.90; full‑year adjusted diluted EPS: $1.43 (both materially below 2024 comparatives).

System‑wide sales and comparable trends

Q4 global system‑wide sales $1.23B (‑1%). North America comps weakened (North America comps down ~5% in Q4; full‑year North America comps down ~2%), while International comps were positive (Q4 International comps +6%, full‑year +5%).

Unit growth and refranchising

Q4 system openings: 142 restaurants (41 North America, 101 International). Full‑year openings: 279 (96 NA, 183 Intl). The company refranchised 85 Domestic Company‑owned restaurants in Q4, generating a refranchising gain that partially offset results.

Investments and one‑time items

2025 results were impacted by ~ $21M of incremental marketing investments to support franchisees and brand work, accelerated software depreciation (incremental depreciation of ~$12–18M cited), and other transformation costs that reduced GAAP and adjusted results.

Cost savings and operational actions

Papa John’s expects at least $25M in corporate cost savings (outside marketing) through 2027 with ~ $13M expected in 2026, and at least $60M of supply‑chain savings targeted to drive ~160 basis points of incremental restaurant‑level profitability in North America by FY2028. The company is also optimizing its North American restaurant portfolio following a strategic review.

Cash flow, dividends & liquidity

Free cash flow for 2025: $61.3M (vs. $34.1M in 2024). The company paid quarterly cash dividends ($0.46 per share in Q4) and the Board declared a Q1 2026 dividend of $0.46 per share. Net debt and balance sheet metrics reflect ongoing debt outstanding and a roughly ~33 million diluted share count guidance for 2026.

2026 outlook

Guidance introduced for fiscal 2026: global system‑wide sales flat to down low single‑digits; North America comps down 2%–4%; International comps up 2%–4%; Adjusted EBITDA $200M–$210M; capex $70M–$80M; interest expense $35M–$40M; GAAP tax rate 30%–34%; diluted shares ~33M.