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Papa John’s International (PZZA) investor relations material
Papa John’s International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 revenues increased 4% to $529 million, with global system-wide sales up 4% to $1.26 billion and North America comparable sales up 1%, international up 4%.
Net income for Q2 was $9.3–$9.7 million, down year-over-year; adjusted EBITDA was $52.6–$53 million, reflecting higher costs and investments.
Strategic focus on product innovation, marketing, technology, customer experience, and franchisee partnership, with digital and loyalty initiatives driving engagement.
Enhanced loyalty program added 2.7 million new accounts since November, boosting order frequency and engagement.
Sale of a 70% stake in a joint venture operating 85 restaurants for ~$25 million expected to close by year-end, with proceeds for strategic initiatives and debt reduction.
Financial highlights
Q2 2025 total revenues: $529.2 million (+4.2% YoY); global system-wide sales: $1.26 billion (+4% YoY).
Net income for Q2: $9.3–$9.7 million; adjusted EBITDA: $52.6–$53 million, both down year-over-year.
Free cash flow for the first six months: $36.5–$37 million, up sharply from prior year.
No share repurchases in Q2; $90.2 million remains authorized under the program.
North America commissary segment adjusted EBITDA margin improved 130 basis points to 7.3% in Q2.
Outlook and guidance
2025 system-wide sales expected to grow 2%–5%; international comparable sales guidance raised to 2%–4%, North America comps flat to up 2%.
Adjusted EBITDA guidance for 2025: $200–$220 million.
CapEx for 2025 projected at $75–$85 million, including $8–$13 million for tornado-related rebuilds.
Additional $25 million in marketing investments planned for 2025.
Q3 North America comps down ~1% so far, but sequential improvement expected with new product launches and value messaging.
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