PAPA JOHNS INTERNATIONAL INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PAPA JOHNS INTERNATIONAL INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,714	1,783	1,663	1,619	1,813	2,068	2,102	2,136	2,059	2,054
Cost of revenue							1,558	1,558	1,478	1,460
Gross profit							544	577	581	593
General and administrative	158	151	194	223	204	212	215	208	191	244
Operating income	165	151	31.6	24.5	90.3	168	109	147	157	89.1
Interest expense	7.4	11.3	25.7	20.6	17	19.2	26.7
Interest income	0.79	0.61	0.82	1.1	2.13	1.91
Pre-tax income	159	140	6.7	5.05	48.6	115	83.8	104	114	48.4
Income tax	49.7	33.8	2.62	-0.61	14.7	26	14.4	20.9	29.9	16.3
Net income to minority interests						4.94	1.58	0.7	0.71	1.59
Net income	103	102	2.47	4.87	57.9	120	67.8	82.1	83.5	30.5
EBITDA	206	195	78	71.8	140	217	161	211	226	181
EPS, basic	2.76	2.86	0.08	-0.24	1.29	0.12	1.90	2.49	2.55	0.90
EPS, diluted	2.74	2.83	0.08	-0.24	1.28	0.12	1.89	2.48	2.54	0.90
Shares, basic (weighted)	37.3	36.1	32.1	31.6	32.4	35	35.5	32.9	32.7	32.9
Shares, diluted (weighted)	37.6	36.5	32.3	31.6	32.7	35.3	35.7	33.2	32.8	32.9
Dividend per share	0.75	0.85	0.90	0.90	0.90	1.15	1.54	1.76	1.84	1.84

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.6	22.3	33.3	27.9	130	70.6	47.4	40.6	38	34.6
Receivables	59.6	64.6	78.1	70.5	90.1	81.4	103	104	102	103
Inventory	25.1	30.6	27.2	27.5	30.3	35	41.4	36.1	35.2	34.3
Other current assets	9.04	9.49	5.68	43.8	43.2	46.3	44.1	42.3	48.6	48.9
Total current assets	146	170	196	182	306	255	251	231	231	237
Property, plant and equipment	230	234	227	212	201	224	250	283	273	251
Lease right-of-use assets				148	148	176	172	164	184	162
Goodwill	85.5	86.9	84.5	80.3	80.8	80.6	70.6	76.2	75.5	67.6
Other non-current assets	40.1	48.2	63.8	64.6	72.4	88.4	74.2	76.7	87.6	77.3
Total assets	513	556	596	731	873	886	864	875	889	838
Accounts payable	42.7	32	27.1	29.1	37.4	28.1	62.3	74.9	61.8	61.2
Accrued liabilities	76.8	15.4	13	24.6	46.4	48.7	21.9	36.5	33.2	41.4
Deferred revenue			6.02	17.7	19.6	21.7	21.3	20.4	15.5	13.1
Short-term debt		20	20	20	20		0	0	0	5
Total current liabilities	128	133	189	208	289	287	265	305	278	291
Long-term debt	300	447	601	347	328	481	597	757	742	710
Lease liabilities				125	125	161	161	151	174	156
Other non-current liabilities	53.1	60.1	79.3	84.9	111	93.2	68.3	60.2	64.9	62.3
Total liabilities	494	655	894	790	881	1,053	1,134	1,318	1,302	1,270
Total debt	300	467	621	367	348	481	597	757	742	722
Paid-in capital	173	185	193	219	254	445	450	452	452	457
Retained earnings	219	292	242	206	219	183	196	219	242	211
Treasury stock	-390	-597	-752	-747	-742	-806	-922	-1,123	-1,116	-1,107
Other comprehensive income	-5.89	-2.12	-3.14	-10.2	-14.2	-9.97	-10.1	-7.8	-8.46	-6.45
Shareholders' equity	-3.91	-122	-319	-332	-282	-188	-286	-459	-430	-445
Minority interests	13.7	15.8	15.2	15.7	15.2	15.2	15.7	15.5	15.3	11.1
Total equity	9.8	-106	-304	-317	-267	-172	-271	-444	-414	-434
Total liabilities and equity	513	556	596	731	873	886	864	875	889	838
Shares outstanding	36.7	33.9	31.4	31.9	32.5	35.8	34.7	32.5	32.6	32.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	109	107	4.07	5.66	60.6	125	69.3	82.8	84.2	32.1
Depreciation and amortization	41	43.7	46.4	47.3	49.7	48.8	52	64.1	69.4	92.2
Stock-based compensation	10.1	10.4	9.94	15.3	16.3	16.9	18.4	17.9	9.59	15
Deferred income tax	11.6	0.5	1.62	-3.76	-9.27	3.75	2.8	-5.99	-3.04	6.74
Change in receivables	1.56	-7.36	2.16	-6.18	-22.4	4.02	-28.6	-4.92	-0.47	-7.56
Change in inventory	-3.64	-5.49	3.09	-0.33	-2.74	-4.71	-7.5	5.44	0.85	0.02
Change in payables	-0.92	-8.74	-0.4	2.04	8.23	-9.28	1.12	22	-10	-0.62
Cash from operations	150	135	92.5	61.7	186	185	118	193	107	126
Capital expenditures	-55.6	-52.6	-42	-37.7	-35.7	-68.6	-78.4	-76.6	-72.5	-64.7
Acquisitions	-13.4	-0.02			0	-0.7	-1.22	-5.61	-0.13	0
Cash from investing	-46.3	-56.5	-38.8	-32.6	-41.1	-63.5	-62.8	-75.1	-17.3	-21.5
Stock issued	7.06	6.26	2.7	16	30.6	12	4.04	2.25	1.06	0.41
Share buybacks	-122	-210	-158		-2.7	-72.5	-125	-210	-2.08	0
Dividends paid	-27.9	-30.7	-29	-28.6	-29.4	-40.4	-54.8	-58.5	-60.6	-61.1
Cash from financing	-109	-72.1	-48.1	-34.6	-43.5	-181	-76.2	-124	-91.7	-106
Exchange rate effect	-0.4	0.37
Net change in cash	-5.44	6.78	5.37	-5.35	102	-59.6	-23.2	-6.79	-2.63	-1.01
Free cash flow	94.7	82.4	50.4	24	151	116	39.4	116	34.1	61.3
Interest paid	7.1	10.8	23.5	18.1	15.8	13.4	24.4	37.3	41.1	39.9
Income taxes paid	35.1	37.2	14	-6.2	19.3	32.6	11.7	12.5	36.3	16.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $19.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.7%	Gross profit / revenue.
Operating margin	4.3%	Operating income / revenue.
EBITDA margin	9.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.3%	Pre-tax income / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	1.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.8%	Cash from operations / revenue.
Effective tax rate	36.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.4%	Net income / average total assets.
Return on invested capital (ROIC)	21.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-43.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-6.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-19.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-63.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-23.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-12.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-64.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-21.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-6.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-7.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	79.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	15.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-16.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	15.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.83x	Current assets / current liabilities.
Quick ratio	0.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / assets	90.4%	Total debt / total assets.
Liabilities / assets	154.8%	Total liabilities / total assets.
Net debt	$699.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.96x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$48.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$517.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.44x	Revenue / average total assets.
Fixed asset turnover	8.14x	Revenue / average property, plant and equipment.
Inventory turnover	43.1x	Cost of revenue / average inventory.
Days inventory	8 days	365 x average inventory / cost of revenue.
Receivables turnover	20.8x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	18 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	8 days	Days inventory + days sales outstanding - days payables.
FCF conversion	124.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	64.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.83	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$59.38	Revenue / diluted weighted shares.
FCF per share	$1.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.87	Cash from operations / diluted weighted shares.
Book value per share	-$13.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$15.74	Tangible book value / shares outstanding.
Cash per share	$0.87	(Cash + short-term investments) / shares outstanding.
Payout ratio	223.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	179.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$643.6M	Share price x shares outstanding.
Enterprise value	$1.34B	Market cap + total debt - cash - short-term investments.
P/E	23.3x	Market cap / net income. Only when net income is positive.
P/S	0.33x	Market cap / revenue.
P/FCF	18.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.78x	Market cap / cash from operations, when positive.
EV/Sales	0.68x	Enterprise value / revenue.
EV/EBIT	15.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.60x	Enterprise value / EBITDA, when both are positive.
EV/FCF	39.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	9.6%	Dividends paid over the period / market cap.
Shareholder yield	9.6%	(Dividends paid + share buybacks) / market cap.

What was PAPA JOHNS INTERNATIONAL INC's revenue in fiscal 2025?

PAPA JOHNS INTERNATIONAL INC reported revenue of $2.05B for fiscal 2025, 0.3% lower than the year before.

Was PAPA JOHNS INTERNATIONAL INC profitable in fiscal 2025?

Yes. Net income was $30.5M, a net margin of 1.5%.

How much free cash flow did PAPA JOHNS INTERNATIONAL INC generate in fiscal 2025?

Cash from operations of $126.0M minus capital expenditures of $64.7M left free cash flow of $61.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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