Papa John's now sees 2026 global system-wide sales down 2% to 4%
Company expects 2026 North America comparable sales down 6% to 8%
Papa John's lowers 2026 adjusted EBITDA forecast to $180 mln-$190 mln
Overview
U.S. pizza chain's Q2 revenue fell 8.8% but slightly beat analyst expectations
Adjusted EPS for Q2 rose yr/yr and beat analyst expectations
Company suspended dividend to fund transformation strategy investments
Result Drivers
North America weakness - Co said lower North America sales were driven by a softer consumer environment, lower order volumes, and a highly promotional QSR marketplace
International momentum - Co said international business delivered seventh consecutive quarter of positive comparable sales and increased restaurant openings
Restaurant refranchising - Co attributed lower domestic company-owned restaurant revenues to refranchising 85 restaurants in Q4 2025
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 10 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the restaurants & bars peer group is "buy."
Wall Street's median 12-month price target for Papa John's International Inc is $37.50, about 26.1% above its August 5 closing price of $29.75
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 23 three months ago
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