Filing Flows › Papa Johns International (PZZA) › Q3 2025
Papa Johns International (PZZA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Papa Johns International (PZZA) reported revenue of $508M for the third quarter 2025 (Q3 2025), +0.3% from a year earlier and -4% from the quarter before. Operating margin was 3.2%, net earnings $4.5M (0.9% of revenue).
Papa Johns International, Q3 2025: revenue $508M (+0.3% year over year), operating margin 3.2%, net earnings $4.5M, operating cash flow $39.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $508M | -4% | +0.3% |
| Operating profit | $16.2M | -34% | -75% |
| Net earnings | $4.5M | -54% | -89% |
| Operating cash flow | $39.3M | +11% | +183% |
| Free cash flow | $22.7M | +30% | — |
What changed
Revenue was $508.2M in Q3 2025, roughly flat year over year and down 4% from the previous quarter. Commissary revenues was the largest line at 45% of revenue. Other revenues added $1.9M year over year (up 10%), 141% of the total change. Company-owned restaurant sales declined 2%.
Operating profit was $16.2M, a 3.2% margin (down 9.7 points year over year). Operating profit fell $49.1M even though revenue rose $1.3M versus a year earlier, so costs grew faster than sales. Total costs grew 11% against flat revenue. The fastest-growing cost line was General & admin (+338%). Net earnings were $4.7M, down 89% year over year. The effective tax rate was 28.2%.
Operating cash flow was $39.3M (up 183% year over year), 880% of net income including minority interests. Non-cash charges added back $24.9M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items added $5.3M. Capital expenditures of $16.7M left free cash flow of $22.7M.
Questions
What was Papa Johns International's revenue in the third quarter 2025?
Papa Johns International (PZZA) reported revenue of $508M for the third quarter 2025 (Q3 2025), +0.3% from a year earlier and -4% from the quarter before.
Was Papa Johns International profitable in the third quarter 2025?
Operating profit was $16.2M (3.2% of revenue) and net earnings $4.5M.