Papa John's International, Inc. (PZZA)

Papa John’s revenue fell 8.8% to roughly $482.4 million in the second fiscal quarter of 2026, results reported August 6, 2026, with adjusted EPS of $0.46 topping the $0.45 estimate (+3%) while revenue of $482.4 million came in line with the $481.2 million consensus (+0.2%). The mix across operating areas was led by Commissary sales of roughly $230.8 million (down 1.6% year over year), while the larger swing came from Company-owned restaurant sales, which dropped 20.6% to about $142.2 million; Franchise royalties and fees were about $46.6 million (down 3.6%). Profitability included gross profit of about $143.4 million, with gross margin at ~29.7%, and operating income of roughly $23.2 million, translating to an operating margin near 4.8%. Net income declined 10.5% year over year to about $8.5 million, down from roughly $9.5 million a year ago. The company generated operating cash flow of about $28.6 million and paid roughly $15.5 million in dividends during the quarter. Next-period consensus calls for EPS of $0.14 on revenue of $459.1 million.