The persistent North America sales decline and EPS miss reinforce the bearish narrative. Watch for Q2 2026 results to see if value initiatives and marketing partnerships (Toy Story 5) can stabilize traffic. The maintained guidance suggests management expects a H2 recovery, but the trend is deteriorating.
Price Chart
Executive Summary
Papa Johns reported Q1 2026 adjusted EPS of $0.32, a 20% miss vs $0.40 consensus, with total revenue of $478.6M down 7.7% YoY. North America comparable sales fell 6.4% while International grew 3.6%. The company reiterated its FY2026 guidance, but the weak quarter and continued North America weakness signal ongoing demand challenges.
Key Financial Metrics
Key Facts
- Q1 2026 adjusted diluted EPS $0.32 vs consensus $0.40 (miss of -20%)
- Total revenue $478.6M, down 7.7% YoY from $518.3M
- North America comparable sales declined 6.4% (Domestic -5.2%, Franchised -6.7%)
- International comparable sales up 3.6% (6th consecutive positive quarter)
- Global system-wide sales down 3% YoY to $1.20B
- Adjusted EBITDA $47.8M vs $49.6M in prior year quarter
- Free cash flow was -$6.2M, down from +$19.1M a year ago
- Reiterated FY2026 guidance: adjusted EBITDA $200M-$210M, NA comps (2)%-(4)%
Financial Impact
Adjusted EPS miss of $0.08 (-20%) on consensus $0.40; revenue miss of approximately $7M vs consensus of $485.5M
Risk Factors
- Continued weak consumer spending in North America
- Inability to reverse domestic comparable sales declines
- Elevated promotional environment pressuring margins
- Restructuring costs and transformation execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031666 |
| Document: pzza-20260507.htm | 0001628280-26-031666 |
| Document: 0001628280-26-031666-index-headers.html | 0001628280-26-031666 |
| Document: 0001628280-26-031666-index.html | 0001628280-26-031666 |
| Document: 0001628280-26-031666.txt | 0001628280-26-031666 |
| 8-K Data (Synthetic) | 0001628280-26-031666 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | SC 13G | $18.73 | awaiting T+20 | — | $17.84 (−4.73%) |
Aug 6, 2026 11w ago | 8-K | $24.64 $22.55 | ▲ +8.48% | ▲ +9.08% | $17.84 (+27.58%) |
Jun 30, 2026 16w ago | 8-K | $35.94 $30.59 | ▼ −14.89% | ▼ −12.70% | $17.84 (−50.35%) |
Jun 16, 2026 19w ago | Press Release | $32.69 $33.20 | ▲ +1.56% | ▲ +1.36% | $17.84 (−45.41%) |
May 27, 2026 21w ago | Press Release | $33.24 $36.17 | ▲ +8.81% | ▲ +10.72% | $17.84 (−46.31%) |
May 7, 2026 24w ago | 8-K | $32.85 $31.86 | ▲ +3.01% | ▲ +6.15% | $17.84 (+45.68%) |
Feb 26, 2026 34w ago | 8-K | $30.91 $32.64 | ▲ +5.60% | ▲ +12.00% | $17.84 (−42.27%) |
US Market Status
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