Filing Flows › Papa Johns International (PZZA) › Q2 2025
Papa Johns International (PZZA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Papa Johns International (PZZA) reported revenue of $529M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +2% from the quarter before. Operating margin was 4.6%, net earnings $9.7M (1.8% of revenue).
Papa Johns International, Q2 2025: revenue $529M (+4% year over year), operating margin 4.6%, net earnings $9.7M, operating cash flow $35.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $529M | +2% | +4% |
| Operating profit | $24.5M | +2% | -13% |
| Net earnings | $9.7M | +4% | -23% |
| Operating cash flow | $35.5M | +13% | +18% |
| Free cash flow | $17.4M | -9% | +26% |
What changed
Revenue was $529.2M in Q2 2025, up 4% year over year and up 2% from the previous quarter. Commissary revenues was the largest line at 44% of revenue. Commissary revenues added $20.3M year over year (up 9%), 95% of the total change. Company-owned restaurant sales declined 3%.
Operating profit was $24.5M, a 4.6% margin (down 0.9 points year over year). Operating profit fell $3.7M even though revenue rose $21.3M versus a year earlier, so costs grew faster than sales. Total costs grew 5% against revenue growth of 4%. The fastest-growing cost line was General & admin (+23%). Net earnings were $9.5M, down 22% year over year. The effective tax rate was 30.5%.
Operating cash flow was $35.5M (up 18% year over year), 367% of net earnings. Non-cash charges added back $18.8M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $3.2M. Capital expenditures of $18.1M left free cash flow of $17.4M.
Questions
What was Papa Johns International's revenue in the second quarter 2025?
Papa Johns International (PZZA) reported revenue of $529M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +2% from the quarter before.
Was Papa Johns International profitable in the second quarter 2025?
Operating profit was $24.5M (4.6% of revenue) and net earnings $9.7M.