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How Papa Johns International (PZZA) makes money
Papa Johns International (PZZA) made $455M of revenue in the third quarter 2026 (Q3 2026), -10% from a year earlier. Commissary revenues brought in $222M (49%); Company-owned restaurant sales brought in $131M (29%); Franchise royalties and fees brought in $43.1M (9%). Of every dollar of revenue, 3¢ was left as operating profit, 1¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Commissary revenues | $222M | 48.9% | -4% | -3% |
| Company-owned restaurant sales | $131M | 28.9% | -8% | -22% |
| Franchise royalties and fees | $43.1M | 9.5% | -7% | -8% |
| Advertising funds revenue | $36.7M | 8.1% | -11% | -12% |
| Other revenues | $21.3M | 4.7% | -0.6% | -0.5% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $455M | 100.0% |
| Operating profit | $14.2M | 3.1% |
| Income tax | $1.6M | 0.3% |
| Net earnings | $3.3M | 0.7% |
| Operating cash flow | $22.7M | 5.0% |
| Free cash flow | $9.7M | 2.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $455M | -10% |
| Q2 2026 | $482M | -9% |
| Q1 2026 | $479M | -8% |
| Q4 2025 | $498M | -6% |
| Q3 2025 | $508M | +0.3% |
| Q2 2025 | $529M | +4% |
| Q1 2025 | $518M | +0.9% |
From Papa Johns International's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Papa Johns International make money?
Papa Johns International (PZZA) made $455M of revenue in the third quarter 2026 (Q3 2026), -10% from a year earlier. Commissary revenues brought in $222M (49%); Company-owned restaurant sales brought in $131M (29%); Franchise royalties and fees brought in $43.1M (9%). Of every dollar of revenue, 3¢ was left as operating profit, 1¢ was left as net earnings.
What is Papa Johns International's biggest business?
Commissary revenues: $222M in the third quarter 2026, 49% of revenue, -3% from a year earlier.
What is Papa Johns International's profit margin?
Net earnings were $3.3M, 0.7% of revenue, in the third quarter 2026; the operating margin was 3.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.