Papa Johns International Inc (NASDAQ: PZZA)

Papa John’s International, Inc. operates and franchises pizza delivery and carryout restaurants and in certain international markets also offers dine in and delivery services under the trademark Papa Johns. As of December 28 2025 the company had 6,083 restaurants in operation across 50 countries and territories consisting of 475 company owned and 5,608 franchised units.

Revenue is generated primarily from retail sales at company owned restaurants from franchise fees and ongoing royalties paid by franchisees from the sale of dough sauce and other supplies through its commissary network and from international operations that mirror these streams. The company’s core menu includes pizza side dishes and beverages.

The company operates through the following segments: Domestic Company owned restaurants, North America franchising, North America commissaries, and International.

• Domestic Company owned restaurants: This segment operates the company’s owned outlets in the United States and generates revenue from the retail sale of pizza side dishes and beverages. As of December 28 2025 there were 462 company owned units with comparable restaurants averaging $1.3 million in annual sales.

• North America franchising: This segment encompasses franchise sales and support activities for units in the United States and Canada and derives revenue from initial franchise fees development royalties and ongoing royalty payments. In 2025 the comparable base included 2,664 franchised restaurants with average annual unit sales of $1.1 million.

• North America commissaries: This segment runs eleven regional quality control centers in the United States and one in Canada that produce and distribute dough pizza sauce food products paper supplies smallwares and cleaning supplies twice weekly to serve both company owned and franchised stores. Franchisees are required to purchase dough and sauce from these centers and may obtain other supplies from them or approved vendors.

• International: This segment covers all restaurant activity outside the United States and Canada and includes thirteen company owned units in the United Kingdom and 2,547 franchised locations worldwide. It also derives revenue from distribution sales franchise fees and royalties and operates a single quality control center in the United Kingdom with additional centers run by franchisees or third parties.

The United States quick service restaurant pizza market is mature highly competitive and fragmented with large national chains regional operators and numerous independent pizzerias competing alongside food delivery aggregators. Papa John’s differentiates itself through its commitment to better ingredients strict quality control via its commissary network ongoing technology investments and a strong franchising model. Internationally the pizza delivery sector is less mature offering a runway for expansion as demand for convenient meals rises.

The company serves individual consumers and families seeking pizza for delivery carryout or dine in occasions. No specific customer names are disclosed in the filing but the base consists broadly of retail diners across its domestic and international markets.