Short answer
PAPA JOHNS INTERNATIONAL INC (PZZA) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $2.1B (−0.3% year over year) and net income of $31M.
- Top risk flagged: U.S., UK, EU export controls and sanctions on Russia affecting support for Russian master franchisee and suspending corporate support
FY2025 key financial metrics · XBRL
- Revenue
- $2.1B
- −0.3% YoY
- Net income
- $31M
- −63.4% YoY
- Operating margin
- 4.3%
- −3.3 pp YoY
- EPS (diluted)
- $0.90
- −64.6% YoY
- ROE
- -6.9%
- +12.6 pp YoY
- Operating cash flow
- $126M
- +18.2% YoY
Source: XBRL data from the PAPA JOHNS INTERNATIONAL INC (PZZA) FY2025 10-K on SEC EDGAR. USD.
PAPA JOHNS INTERNATIONAL INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: franchised and company-owned pizza delivery and carryout restaurants in 50 countries
- New emphasis on product innovation beyond traditional pizza to expand addressable market
- Strategic shift to accelerate profitable growth via personalized marketing, technology investments, and enhanced customer experience
- Restaurant count 6,083 with 475 company-owned and 5,608 franchised as of Dec 28, 2025
- Completion of International Transformation Plan in late 2025, launched Enterprise Transformation Plan December 2025
Management Discussion & Analysis
- Total revenues $2.05B, down 0.3% YoY; company-owned sales $675.7M (-6.8%), franchise royalties & fees $191M (+2.1%)
- Operating margin not explicitly stated; depreciation expense increased to $80.8M in 2025 from $59.6M in 2024
- Best performer: International segment with 5.0% comparable sales growth and $4.0M royalties increase; worst: Domestic company-owned sales declined 3.3%
- Capital expenditures $74.4M in 2025; restructuring charges $7.7M recognized with $24-31M expected total; refranchising 85 restaurants in Q4 2025
- Management outlook: focus on cost transformation, supply chain optimization to save $60M over 2 years, multi-year POS system upgrade, and cautious restaurant openings in 2026
Risk Factors
- U.S., UK, EU export controls and sanctions on Russia affecting support for Russian master franchisee and suspending corporate support
- Middle East franchise boycott and disruptions from Gaza conflict, reducing sales and development prospects for regional franchisees
- International franchise risks: currency fluctuations, tariffs, import/export controls impacting profitability and royalties in emerging markets
- Competitive threat from food delivery aggregators raising fees and preferential promotion of rivals, eroding sales and profitability
- Economic downturn risks causing franchisees’ royalty payment delays and shuttering of unprofitable restaurants impacting overall revenue
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