Filing Flows › Papa Johns International (PZZA) › Q1 2025
Papa Johns International (PZZA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Papa Johns International (PZZA) reported revenue of $518M for the first quarter 2025 (Q1 2025), +0.9% from a year earlier and -2% from the quarter before. Operating margin was 4.6%, net earnings $9.3M (1.8% of revenue).
Papa Johns International, Q1 2025: revenue $518M (+0.9% year over year), operating margin 4.6%, net earnings $9.3M, operating cash flow $31.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $518M | -2% | +0.9% |
| Operating profit | $24.0M | -19% | -29% |
| Net earnings | $9.3M | -38% | -37% |
| Operating cash flow | $31.3M | -38% | +161% |
| Free cash flow | $19.1M | — | — |
What changed
Revenue was $518.3M in Q1 2025, up 1% year over year and down 2% from the previous quarter. Commissary revenues was the largest line at 44% of revenue. Commissary revenues added $11.4M year over year (up 5%), 260% of the total change. Company-owned restaurant sales declined 9%.
Operating profit was $24.0M, a 4.6% margin (down 1.9 points year over year). Operating profit fell $9.8M even though revenue rose $4.4M versus a year earlier, so costs grew faster than sales. Total costs grew 3% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $9.2M, down 37% year over year. The effective tax rate was 32.7%.
Operating cash flow was $31.3M (up 161% year over year), 335% of net earnings. Non-cash charges added back $18.3M of depreciation and amortization and $3.7M of share-based compensation. After purchases of property and equipment ($12.2M), free cash flow as the company reports it was $19.1M.
Questions
What was Papa Johns International's revenue in the first quarter 2025?
Papa Johns International (PZZA) reported revenue of $518M for the first quarter 2025 (Q1 2025), +0.9% from a year earlier and -2% from the quarter before.
Was Papa Johns International profitable in the first quarter 2025?
Operating profit was $24.0M (4.6% of revenue) and net earnings $9.3M.