Papa John's International (PZZA) financial statements
Papa John's International reported revenue of $2.1B in fiscal 2025, up 2.0% a year over 9 years.
Net income was $31M and the operating margin 4.3%, against 9.6% in 2016.
Free cash flow was $61M, and the company returned $61M in dividends.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Papa John's International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.8B | $1.7B | $1.6B | $1.8B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B |
| Cost of revenue | — | — | — | — | — | — | $1.6B | $1.6B | $1.5B | $1.5B |
| Gross profit | — | — | — | — | — | — | $544M | $577M | $581M | $593M |
| Selling, general and admin | $229M | $223M | $254M | $278M | $261M | $274M | $271M | $262M | $191M | $244M |
| Operating income | $165M | $151M | $32M | $25M | $90M | $168M | $109M | $147M | $157M | $89M |
| Interest expense | $7M | $11M | $26M | $21M | $17M | $19M | $27M | — | — | — |
| Pre-tax income | $159M | $140M | $7M | $5M | $49M | $115M | $84M | $104M | $114M | $48M |
| Income tax | $50M | $34M | $3M | -$611,000 | $15M | $26M | $14M | $21M | $30M | $16M |
| Net income | $103M | $102M | $2M | $5M | $58M | $120M | $68M | $82M | $83M | $31M |
| EPS (diluted) | $2.74 | $2.83 | $0.08 | -$0.24 | $1.28 | $0.12 | $1.89 | $2.48 | $2.54 | $0.90 |
| Diluted shares | 38M | 37M | 32M | 32M | 33M | 35M | 36M | 33M | 33M | 33M |
| Gross margin | — | — | — | — | — | — | 25.9% | 27.0% | 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% | 5.7% | 0.1% | 0.3% | 3.2% | 5.8% | 3.2% | 3.8% | 4.1% | 1.5% |
Balance sheet
Fiscal years, from Papa John's International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $22M | $33M | $28M | $130M | $71M | $47M | $41M | $38M | $35M |
| Receivables | $60M | $65M | $78M | $70M | $90M | $81M | $103M | $104M | $102M | $103M |
| Inventory | $25M | $31M | $27M | $28M | $30M | $35M | $41M | $36M | $35M | $34M |
| Total current assets | $146M | $170M | $196M | $182M | $306M | $255M | $251M | $231M | $231M | $237M |
| Property, plant and equipment | $230M | $234M | $227M | $212M | $201M | $224M | $250M | $283M | $273M | $251M |
| Goodwill | $86M | $87M | $85M | $80M | $81M | $81M | $71M | $76M | $75M | $68M |
| Total assets | $513M | $556M | $596M | $731M | $873M | $886M | $864M | $875M | $889M | $838M |
| Total current liabilities | $128M | $133M | $189M | $208M | $289M | $287M | $265M | $305M | $278M | $291M |
| Long-term debt | $300M | $447M | $601M | $347M | $328M | $481M | $597M | $757M | $742M | $710M |
| Total liabilities | $494M | $655M | $894M | $790M | $881M | $1.1B | $1.1B | $1.3B | $1.3B | $1.3B |
| Shareholders' equity | -$4M | -$122M | -$319M | -$332M | -$282M | -$188M | -$286M | -$459M | -$430M | -$445M |
| Net debt | $284M | $444M | $588M | $339M | $218M | $410M | $550M | $717M | $704M | $681M |
Cash flow
Fiscal years, from Papa John's International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $150M | $135M | $92M | $62M | $186M | $185M | $118M | $193M | $107M | $126M |
| Capital spending | $56M | $53M | $42M | $38M | $36M | $69M | $78M | $77M | $72M | $65M |
| Free cash flow | $95M | $82M | $50M | $24M | $151M | $116M | $39M | $116M | $34M | $61M |
| Stock-based compensation | $10M | $10M | $10M | $15M | $16M | $17M | $18M | $18M | $10M | $15M |
| Dividends paid | $28M | $31M | $29M | $29M | $29M | $40M | $55M | $58M | $61M | $61M |
| Share buybacks (net) | -$122M | -$210M | -$158M | — | -$3M | -$72M | -$125M | -$210M | -$2M | $0 |
| Free cash flow margin | 5.5% | 4.6% | 3.0% | 1.5% | 8.3% | 5.6% | 1.9% | 5.5% | 1.7% | 3.0% |
| Dividends per share | $0.74 | $0.84 | $0.90 | $0.90 | $0.90 | $1.14 | $1.53 | $1.76 | $1.85 | $1.86 |
Questions
What was Papa John's International's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Papa John's International generate?
$61M in fiscal 2025 (operating cash flow minus capital spending).
From Papa John's International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.