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Papa Johns International cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$9.7M in Q3 2026 · $21.3M over twelve months

Operating cash flow$22.7M
Capital spending−$13.0M
Free cash flow+$9.7M
Cash / net income6.9×
Cash conversion cycle9 days

Analysis

In Q3 2026, Papa Johns International generated $22.7M of operating cash flow and spent $13.0M on capital projects, leaving free cash flow of $9.7M.

Over the twelve months to Sep 27, 2026, operating cash flow was $78.3M; the largest uses were capital spending ($57.0M), dividends ($46.2M), net borrowing (+) / repaid (−) ($27.6M); besides operations, cash came from asset & business sales ($49.7M), other investing ($4.6M); the cash balance fell by $12.2M.

Operating cash flow was $22.7M against net income of $3.3M — 6.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$19.2M, accrued liabilities −$8.1M, prepaid and other assets +$4.0M.

Its cash conversion cycle was 9 days (receivables 19 + inventory 9 − payables 19).

Free cash flow

Papa Johns International: free cash flow by quarterPapa Johns International: free cash flow by quarter$25.2MQ4 2024$19.1MQ1 2025$17.4MQ2 2025$22.7MQ3 2025$2.1MQ4 2025−$6.2MQ1 2026$15.7MQ2 2026$9.7MQ3 2026
Operating cash flow less capital spending.
Papa Johns International: operating cash flow against capital spendingPapa Johns International: operating cash flow against capital spendingOperating cash flowCapital spending$50.7M$25.6MQ4 2024$31.3M$12.2MQ1 2025$35.5M$18.1MQ2 2025$39.3M$16.7MQ3 2025$19.8M$17.7MQ4 2025$7.2M$13.5MQ1 2026$28.6M$12.9MQ2 2026$22.7M$13.0MQ3 2026
Latest (Q3 2026): Operating cash flow $22.7M, Capital spending $13.0M.

Capital allocation, year by year

Papa Johns International: where the cash came from (up) and went (down), by fiscal yearPapa Johns International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $185MFY2021: Net borrowing $135MFY2021: Shares issued $12.0MFY2021: Capital spending −$68.6MFY2021: Acquisitions −$699KFY2021: Buybacks −$72.5MFY2021: Dividends −$40.4M$332MFY2021FY2022: Operating cash flow $118MFY2022: Net borrowing $110MFY2022: Shares issued $4.0MFY2022: Asset sales $13.6MFY2022: Capital spending −$78.4MFY2022: Acquisitions −$1.2MFY2022: Buybacks −$125MFY2022: Dividends −$54.8M$245MFY2022FY2023: Operating cash flow $193MFY2023: Net borrowing $150MFY2023: Shares issued $2.3MFY2023: Asset sales $3.5MFY2023: Capital spending −$76.6MFY2023: Acquisitions −$5.6MFY2023: Buybacks −$210MFY2023: Dividends −$58.5M$349MFY2023FY2024: Operating cash flow $107MFY2024: Net borrowing −$25.8MFY2024: Shares issued $1.1MFY2024: Asset sales $49.0MFY2024: Capital spending −$72.5MFY2024: Acquisitions −$125KFY2024: Buybacks −$2.1MFY2024: Dividends −$60.6M$157MFY2024FY2025: Operating cash flow $126MFY2025: Net borrowing −$235MFY2025: Shares issued $414KFY2025: Asset sales $35.5MFY2025: Capital spending −$64.7MFY2025: Dividends −$61.1M$162MFY2025
Over these 5 years operating cash flow totalled $728M; the largest uses were buybacks ($410M) and capital spending ($361M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$26.8M
Debt$722M
Net debt$695M
Due within a year$5.0M

Papa Johns International funds itself: free cash flow was $21.3M over the last twelve months, and $26.8M of cash and investments stands against $722M of debt ($5.0M due within a year, 5.4× covered by cash).

Papa Johns International: debt maturities by year (FY2025)Papa Johns International: debt maturities by year (FY2025)$5.0MYear 1$12.5MYear 2$18.8MYear 3$414MYear 4$272MYear 5
Principal due in each year as disclosed in the annual report, against $26.8M of cash and investments now.

Where the cash came from and went

Papa Johns International: sources (+) and uses (−) of cash, Q3 2026Papa Johns International: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$22.7MNet borrowing (+) / repaid (−)−$16.7MCapital spending−$13.0MAsset & business sales$11.7MPartners−$4.0MOther financing−$2.5MCash drawn (+) / kept (−)$1.7MOther investing$372KTaxes on employees’ shares−$334KExchange rates−$10K
Papa Johns International: sources (+) and uses (−) of cash, TTM to Q3 2026Papa Johns International: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$78.3MCapital spending−$57.0MAsset & business sales$49.7MDividends−$46.2MNet borrowing (+) / repaid (−)−$27.6MCash drawn (+) / kept (−)$12.2MPartners−$9.4MOther investing$4.6MOther financing−$2.4MTaxes on employees’ shares−$2.1MExchange rates−$119KShares issued$17K

From profit to cash

Papa Johns International: net income to operating cash flow, Q3 2026Papa Johns International: net income to operating cash flow, Q3 2026Net income$3.3MDepreciation & amortization$19.2MStock-based pay$3.8MDeferred taxes−$107KGains on disposals−$39KOther non-cash$434KReceivables−$282KInventory$563KPayables−$1.1MAccrued liabilities−$8.1MPrepaid and other assets$4.0MIncome taxes payable$540KOperating cash flow$22.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026199199
Q2 2026189189
Q1 20261991712
Q4 20251991711
Q3 20251991810
Q2 2025189189
Q1 20251891610
Q4 20241791511

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$22.7M−$13.0M———−$16.7M—$1.7M$9.7M
Q2 2026$28.6M−$12.9M——−$15.5M−$10.7M—$10.5M$15.7M
Q1 2026$7.2M−$13.5M——−$15.3M$16.8M—−$2.1M−$6.2M
Q4 2025$19.8M−$17.7M——−$15.3M−$17.1M$17K$2.0M$2.1M
Q3 2025$39.3M−$16.7M——−$15.3M$333K—−$5.7M$22.7M
Q2 2025$35.5M−$18.1M——−$15.3M−$18.6M$397K$10.7M$17.4M
Q1 2025$31.3M−$12.2M——−$15.2M−$2.4M—−$6.1M$19.1M
Q4 2024$50.7M−$25.6M−$125K−$2.1M−$15.2M$12.6M$34K−$20.4M$25.2M

Papa Johns International: income statement and cash flow

Papa Johns International, Q3 2026: revenue $455M (-10% year over year), operating margin 3.1%. The chart follows the revenue to costs, profit and cash.

Papa Johns International: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.