Earnings Releases·Nov 5, 2026, 7:00 AM ET

Papa John's — Third Quarter 2026 Earnings Summary

Total revenues for the quarter fell 10.5% year-over-year to $454.8 million, while net income declined to $3.3 million from $4.5 million; Adjusted EBITDA dropped $9.7 million to $38.1 million.
The company revised its 2026 guidance downward across key metrics: global system-wide sales are now projected to decrease 5% (from 2-4%), North America comparable sales to decrease 8% (from 6-8%), and Adjusted EBITDA to approximately $175 million (from $180-190 million).
North America comparable sales decreased 8.3% driven by declines in both company-owned and franchised locations, while International comparable sales fell 1.8% for the quarter.
Management launched the "Unbox Better" transformation plan focused on product improvements and operational actions, though free cash flow for the nine months decreased to $19.2 million from $59.2 million.
Strategic openings remain on track with 47 new restaurants opened in the quarter, and North America gross openings guidance for 2026 remains unchanged at 40 to 50.