Companies · PZZA
Papa John's
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Nov 5, 2026
Papa John's launches 'Unbox Better' transformation as Q3 SSS declines persist and full-year comp guidance cut to -8% in North America
Papa John's Q3 2026 results confirm the brand remains in structural decline, with total consolidated revenue of $455 million down 10.5% year-over-year, driven by negative North America comparable sales, refranchising volume loss, and an intensely promotional competitive environment. Management responded by formally launching 'Unbox Better,' a seven-imperative transformation strategy centered on food quality renovation, co-op marketing restoration, and franchisee economic relief — including a supply chain margin rollback to 4% and a tech fee reduction to 1.5% in 2027. Full-year 2026 guidance assumes no improvement in the consumer or macro environment, with North America comp guidance revised to approximately -8% and adjusted EBITDA guided to approximately $175 million.
Tone: defensiveRevenue
$2.1B
PZZA 10-K · FY 2025
Employees
9,400
Revenue FY2024
$2.1B
Founded
1984
Profile
PZZA 10-K Item 1 · Feb 26, 2026Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants under the 'Papa Johns' trademark across 50 countries and territories. The company generates revenue through Company-owned restaurant sales, franchise royalties, commissary supply sales, and technology and marketing fund services. At fiscal year-end 2025, 6,083 restaurants were in operation, with 475 Company-owned and 5,608 franchised.
Read filing description ↓ Collapse description ↑
Papa John's International, Inc., a Delaware corporation, operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark 'Papa Johns.' Papa Johns began operations in 1984. At December 28, 2025, there were 6,083 Papa Johns restaurants in operation, consisting of 475 Company-owned and 5,608 franchised restaurants operating in 50 countries and territories. The company is committed to delivering on its brand promise 'BETTER INGREDIENTS. BETTER PIZZA.' and believes its business strategy is designed to drive sustainable long-term, profitable growth. Strategic priorities include focusing on core product proposition and innovation, amplifying marketing to drive customer consideration, investing in technology to deliver a seamless and personalized experience, differentiating customer experience across channels, and partnering with a growth-oriented franchisee base. The company has four reportable segments: Domestic Company-owned restaurants, North America franchising, North America commissaries, and International. The North America commissary segment operates 11 full-service regional dough production and distribution centers in the United States and one in Canada. In 2025, the Company completed its International Transformation Plan and launched the Enterprise Transformation Plan in December 2025, designed to reduce non-consumer-facing spending, optimize the restaurant portfolio, and improve unit economics.
Primary products
- pizza delivery
- carryout restaurants
- dine-in restaurants
- franchise and development rights
- dough and pizza sauce (QC Centers)
- food products, paper products, smallwares and cleaning supplies
Business segments
End markets
Geographies
Named competitors
“One of our competitive strengths is our 'BETTER INGREDIENTS. BETTER PIZZA.' brand promise.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined modestly from $2.06 billion in fiscal 2024 to $2.05 billion in fiscal 2025, reflecting softer comparable sales across North America amid a challenging consumer environment.
The rest of PZZA is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.