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Papa Johns International (PZZA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Papa Johns International (PZZA) Q3 2026 earnings results →
Q3 2026 Revenue down 10% year over year to $455M · 1¢ of every $1 of revenue kept as net profit · operating margin 3.1%
Papa Johns International made $455M in Q3 2026 (-10% Y/Y): Commissary revenues $222M, Company-owned restaurant sales $131M, Franchise royalties and fees $43.1M. Operating margin 3.1%, net earnings $3.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $454.8M in Q3 2026, down 10% year over year and down 6% from the previous quarter. Commissary revenues was the largest line at 49% of revenue. Company-owned restaurant sales lost $37.1M year over year (down 22%), 70% of the total change.
Operating profit was $14.2M, a 3.1% margin (down 0.1 points year over year). Total costs fell 10% while revenue fell 10%. Net earnings were $3.1M, down 33% year over year. The effective tax rate was 32.2%.
Operating cash flow was $22.7M (down 42% year over year), 691% of net income including minority interests. Non-cash charges added back $19.2M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $3.6M. Capital expenditures of $13.0M left free cash flow of $9.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $455M | -10% | 3.1% | $3.3M | $22.7M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $482M | -9% | 4.8% | $8.7M | $28.6M |
| Q1 2026 | 10-Q | May 7, 2026 | $479M | -8% | 4.3% | $7.3M | $7.2M |
| Q4 2025 | 10-K | Feb 26, 2026 | $498M | -6% | 4.9% | $7.1M | $19.8M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $508M | +0.3% | 3.2% | $4.5M | $39.3M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $529M | +4% | 4.6% | $9.7M | $35.5M |
| Q1 2025 | 10-Q | May 8, 2025 | $518M | +0.9% | 4.6% | $9.3M | $31.3M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Papa Johns International
Papa John’s International, Inc., a Delaware corporation (referred to as the “Company,” “Papa John’s,” “Papa Johns” or in the first person notations of “we,” “us” and “our”), operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark “Papa Johns.” Papa Johns began operations in 1984. At December 28, 2025, there were 6,083 Papa Johns restaurants in operation, consisting of 475 Company-owned and 5,608 franchised restaurants operating in 50 countries and territories. In discussions of our business, “Domestic” is defined as within the contiguous United States, “North America” includes Domestic and Canada, and “International” includes the rest of the world other than North America.
In its own words, from its 10-K, filed Feb 26, 2026.
Papa Johns International against its Retail-Eating Places peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -10% against the peers' median +5%. Operating margin: 3.1% against the peers' median 13.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PZZA Papa Johns International | Q3 2026 | $455M | -10% | 3.1% |
| MCD McDonald's | Q3 2026 | $7.2B | +1% | 50.2% |
| ARMK Aramark | Q3 FY26 | $5.1B | +9% | 4.3% |
| YUMC Yum China Holdings | Q3 2026 | $3.5B | +8% | 13.0% |
| CMG Chipotle Mexican Grill | Q3 2026 | $3.3B | +10% | 13.7% |
| DRI Darden Restaurants | Q1 FY27 | $3.2B | +5% | 10.0% |
| QSR Restaurant Brands International | Q3 2026 | $2.5B | +3% | 27.6% |
| YUM Yum Brands | Q3 2026 | $2.1B | +4% | 112.8% |
| TXRH Texas Roadhouse | Q3 2026 | $1.6B | +10% | 6.5% |
Source: Papa Johns International 10-Q on SEC EDGAR · CIK 901491 · Retail-Eating Places
Guidance and outlook
13F: who owns PZZA and who is buying
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Papa Johns International guidance history: guided vs reported
- Papa Johns International operating margin by quarter
- Papa Johns International net income by quarter
- Papa Johns International free cash flow by quarter
- Papa Johns International capital expenditures by quarter
- Papa Johns International Commissary revenues revenue by quarter
- Papa Johns International Company-owned restaurant sales revenue by quarter
- Papa Johns International Franchise royalties and fees revenue by quarter