Papa John's International, Inc. (PZZA) Balance Sheet
PZZA balance sheet, 2025
December 31, 2025 · U.S. dollars$926.9M assets = $1.36B liabilities + −$432.7M equity
Liabilities exceed assets: shareholders’ equity is negative (−$432.7M).
Both columns are drawn to the same scale: what PZZA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PZZA financial health
Descriptive bands, not a rating. Fiscal 2025.
PZZA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $512.6M2016 | $926.9M2025 | +6.8%/yr | |
| Total liabilities | $502.8M2016 | $1.36B2025 | +11.7%/yr | |
| Shareholders’ equity | $9.8M2016 | −$444.8M2025 | — | |
| Cash & short-term investments | $15.6M2016 | $37.0M2025 | +10.1%/yr | |
| Total debt | $373.9M2016 | $1.09B2025 | +12.7%/yr | |
| Net cash (debt) | −$358.4M2016 | −$1.06B2025 | −$697.4M | |
| Working capital | $17.5M2016 | −$53.6M2025 | −$71.1M | |
| Book value per share | $0.262016 | −$13.502025 | — | |
| Current ratio | 1.142016 | 0.822025 | −0.32 | |
| Shares outstanding | 37.6M2016 | 32.9M2025 | −1.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PZZA assets
PZZA liabilities and equity
PZZA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PZZA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $37.0M | $38.0M | $40.6M | $47.4M | $70.6M | $130.2M | $27.9M | $19.5M | $22.3M | $15.6M |
| Cash & equivalents | $37.0M | $38.0M | $40.6M | $47.4M | $70.6M | $130.2M | $27.9M | $19.5M | $22.3M | $15.6M |
| Short-term investments | — | — | $107,000 | $986,000 | — | — | — | — | $0 | $0 |
| Receivables | $112.6M | $108.8M | $112.0M | $118.2M | $103.1M | $102.7M | $82.3M | $99.8M | $72.9M | $65.5M |
| Inventory | $34.3M | $35.2M | $36.1M | $41.4M | $35.0M | $30.3M | $27.5M | $27.2M | $30.6M | $25.1M |
| Other current assets | $53.5M | $48.6M | $42.3M | $44.1M | $46.3M | $43.2M | $43.8M | $25.3M | $44.1M | $39.4M |
| Total current assets | $237.4M | $230.6M | $231.0M | $251.0M | $255.0M | $306.4M | $181.5M | $171.7M | $170.0M | $145.6M |
| Property, plant & equipment (net) | $452.0M | $486.5M | $478.7M | $447.2M | $421.0M | $365.8M | $369.4M | $226.9M | $234.3M | $230.5M |
| Goodwill & intangible assets | $67.6M | $75.5M | $76.2M | $70.6M | $80.6M | $80.8M | $80.3M | $84.5M | $175.6M | $173.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $35.5M | $36.5M | $33.0M | $23.3M | $15.6M | $10.1M |
| Other non-current assets | $170.0M | $96.4M | $89.1M | $95.4M | $93.5M | $83.2M | $66.5M | $64.6M | $0 | $0 |
| Total assets | $926.9M | $889.0M | $875.0M | $864.2M | $885.7M | $872.8M | $730.7M | $570.9M | $555.6M | $512.6M |
| Liabilities | ||||||||||
| Accounts payable | $61.2M | $61.8M | $74.9M | $62.3M | $28.1M | $37.4M | $29.1M | $27.1M | $32.0M | $42.7M |
| Short-term debt | $38.7M | $33.0M | $33.1M | $30.3M | $27.5M | $47.1M | $45.0M | $20.0M | $20.0M | $74.1M |
| Deferred revenue | $45.5M | $15.5M | $20.4M | $21.3M | $21.7M | $19.6M | $17.7M | $2.4M | $4.3M | $3.3M |
| Total current liabilities | $291.0M | $278.0M | $304.6M | $265.2M | $287.4M | $288.9M | $207.9M | $164.6M | $132.9M | $128.0M |
| Long-term debt | $710.4M | $741.6M | $757.4M | $597.1M | $480.7M | $328.3M | $347.3M | $601.1M | $446.6M | $299.8M |
| Lease obligations | $220.9M | $229.5M | $208.3M | $210.2M | $204.8M | $165.3M | $157.9M | — | — | — |
| Other long-term liabilities | $358.2M | $282.7M | $255.8M | $271.4M | $284.5M | $516.1M | $492.1M | $107.3M | $82.1M | $74.9M |
| Total liabilities | $1.36B | $1.30B | $1.32B | $1.13B | $1.05B | $1.13B | $1.05B | $873.1M | $661.5M | $502.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $493,000 | $493,000 | $492,000 | $491,000 | $490,000 | $453,000 | $447,000 | $443,000 | $185.2M | $173.0M |
| Retained earnings (deficit) | $210.8M | $241.7M | $219.0M | $195.9M | $183.2M | $219.2M | $205.7M | $244.1M | $292.3M | $219.3M |
| Treasury stock | — | — | — | — | −$806.5M | −$741.7M | −$747.3M | −$751.7M | −$597.1M | −$390.3M |
| Accumulated other comprehensive income | −$6.5M | −$8.5M | −$7.8M | −$10.1M | −$10.0M | −$14.2M | −$10.2M | −$3.1M | −$2.1M | −$5.9M |
| Minority interest | $12.1M | $16.2M | $16.3M | $15.7M | $15.2M | $15.2M | $15.7M | $15.2M | $15.8M | $13.7M |
| Total shareholders' equity | −$444.8M | −$429.5M | −$459.1M | −$286.4M | −$187.7M | −$282.2M | −$332.3M | −$302.1M | −$106.0M | $9.8M |
| Key figures | ||||||||||
| Total debt | $1.09B | $971.1M | $965.7M | $807.3M | $685.5M | $513.6M | $525.2M | $621.1M | $466.6M | $373.9M |
| Net cash (debt) | −$1.06B | −$933.2M | −$925.1M | −$759.9M | −$614.9M | −$383.4M | −$497.3M | −$601.7M | −$444.2M | −$358.4M |
| Working capital | −$53.6M | −$47.4M | −$73.6M | −$14.1M | −$32.4M | $17.5M | −$26.4M | $7.1M | $37.1M | $17.5M |
| Tangible book value | −$512.3M | −$505.0M | −$535.3M | −$357.0M | −$268.3M | −$363.0M | −$412.7M | −$386.6M | −$281.5M | −$163.7M |
| Book value per share | −$13.50 | −$13.09 | −$13.85 | −$8.02 | −$5.31 | −$8.62 | −$10.51 | −$9.35 | −$2.90 | $0.26 |
| Shares outstanding | 32.9M | 32.8M | 33.2M | 35.7M | 35.3M | 32.7M | 31.6M | 32.3M | 36.5M | 37.6M |
| Current ratio | 0.82 | 0.83 | 0.76 | 0.95 | 0.89 | 1.06 | 0.87 | 1.04 | 1.28 | 1.14 |
| Quick ratio | 0.51 | 0.53 | 0.50 | 0.62 | 0.60 | 0.81 | 0.53 | 0.72 | 0.72 | 0.63 |
| Debt / equity | — | — | — | — | — | — | — | — | — | 38.15 |
| Equity / assets | −48.0% | −48.3% | −52.5% | −33.1% | −21.2% | −32.3% | −45.5% | −52.9% | −19.1% | 1.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $28.5M | $39.0M | $37.0M | $39.0M | $33.3M | $44.0M | $38.0M | $17.6M | $24.3M | $27.8M | $40.6M | $37.5M |
| Cash & equivalents | $28.5M | $39.0M | $37.0M | $39.0M | $33.3M | $44.0M | $38.0M | $17.6M | $24.3M | $27.8M | $40.6M | $37.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $364,000 | $367,000 | $107,000 | $726,000 |
| Receivables | $97.7M | $106.9M | $112.6M | $111.9M | $111.3M | $107.7M | $108.8M | $109.9M | $100.8M | $102.2M | $112.0M | $116.0M |
| Inventory | $32.5M | $36.2M | $34.3M | $35.8M | $37.5M | $37.2M | $35.2M | $36.5M | $37.7M | $38.1M | $36.1M | $37.7M |
| Other current assets | $75.6M | $58.3M | $53.5M | $84.2M | $56.7M | $53.2M | $48.6M | $51.9M | $63.0M | $57.9M | $42.3M | $55.4M |
| Total current assets | $234.4M | $240.4M | $237.4M | $270.8M | $238.8M | $242.1M | $230.6M | $215.9M | $225.7M | $225.9M | $231.0M | $246.6M |
| Property, plant & equipment (net) | $430.4M | $449.9M | $452.0M | $459.6M | $488.0M | $491.9M | $486.5M | $483.2M | $448.8M | $457.9M | $478.7M | $468.9M |
| Goodwill & intangible assets | $64.8M | $67.2M | $67.6M | $67.5M | $76.9M | $75.9M | $75.5M | $76.5M | $75.5M | $76.0M | $76.2M | $76.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $75.5M | $74.4M | $170.0M | $86.2M | $86.8M | $88.1M | $96.4M | $85.3M | $88.3M | $87.3M | $89.1M | $86.1M |
| Total assets | $805.0M | $831.9M | $926.9M | $884.1M | $890.4M | $898.1M | $889.0M | $860.9M | $838.4M | $847.2M | $875.0M | $877.6M |
| Liabilities | ||||||||||||
| Accounts payable | $67.9M | $67.4M | $61.2M | $70.4M | $74.6M | $68.9M | $61.8M | $62.8M | $63.7M | $61.0M | $74.9M | $68.0M |
| Short-term debt | $45.2M | $41.8M | $38.7M | $37.9M | $37.1M | $36.3M | $33.0M | $38.6M | $35.1M | $35.0M | $33.1M | $50.2M |
| Deferred revenue | $8.9M | $10.8M | $45.5M | $12.6M | $13.4M | $13.7M | $15.5M | $19.6M | $19.9M | $20.7M | $20.4M | $19.6M |
| Total current liabilities | $282.8M | $284.7M | $291.0M | $310.8M | $292.7M | $282.9M | $278.0M | $270.5M | $275.2M | $282.6M | $304.6M | $301.3M |
| Long-term debt | $715.2M | $727.3M | $710.4M | $727.1M | $726.3M | $741.9M | $741.6M | $721.4M | $758.9M | $761.3M | $757.4M | $769.2M |
| Lease obligations | $208.0M | $217.4M | $220.9M | $220.5M | $240.4M | $242.3M | $229.5M | $233.0M | $199.6M | $200.7M | $208.3M | $215.3M |
| Other long-term liabilities | $248.2M | $257.3M | $358.2M | $269.6M | $287.3M | $289.2M | $282.7M | $283.7M | $249.5M | $248.7M | $255.8M | $266.0M |
| Total liabilities | $1.25B | $1.27B | $1.36B | $1.31B | $1.31B | $1.31B | $1.30B | $1.28B | $1.28B | $1.29B | $1.32B | $1.34B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $493,000 | $493,000 | $493,000 | $493,000 | $493,000 | $493,000 | $493,000 | $493,000 | $493,000 | $493,000 | $492,000 | $492,000 |
| Retained earnings (deficit) | $195.3M | $202.6M | $210.8M | $219.0M | $229.9M | $235.8M | $241.7M | $242.3M | $215.8M | $218.6M | $219.0M | $208.1M |
| Accumulated other comprehensive income | −$5.7M | −$6.0M | −$6.5M | −$6.7M | −$6.0M | −$7.5M | −$8.5M | −$6.6M | −$7.4M | −$7.6M | −$7.8M | −$7.9M |
| Minority interest | $11.8M | $11.7M | $12.1M | $15.9M | $16.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$453.1M | −$449.1M | −$444.8M | −$439.3M | −$432.0M | −$431.9M | −$429.5M | −$430.9M | −$461.7M | −$461.9M | −$459.1M | −$475.2M |
| Key figures | ||||||||||||
| Total debt | $935.5M | $952.6M | $1.09B | $950.2M | $966.7M | $984.3M | $971.1M | $960.0M | $960.9M | $963.8M | $965.7M | $999.3M |
| Net cash (debt) | −$907.0M | −$913.6M | −$1.06B | −$911.2M | −$933.4M | −$940.2M | −$933.2M | −$942.5M | −$936.6M | −$936.1M | −$925.1M | −$961.8M |
| Working capital | −$48.5M | −$44.3M | −$53.6M | −$40.0M | −$53.9M | −$40.8M | −$47.4M | −$54.7M | −$49.5M | −$56.7M | −$73.6M | −$54.8M |
| Tangible book value | −$517.9M | −$516.4M | −$512.3M | −$506.8M | −$508.9M | −$507.9M | −$505.0M | −$507.4M | −$537.2M | −$537.8M | −$535.3M | −$551.2M |
| Book value per share | −$13.68 | −$13.59 | −$13.50 | −$13.29 | −$13.10 | −$13.12 | −$13.03 | −$13.09 | −$14.05 | −$14.03 | −$13.98 | −$14.49 |
| Shares outstanding | 33.1M | 33.0M | 32.9M | 33.0M | 33.0M | 32.9M | 33.0M | 32.9M | 32.9M | 32.9M | 32.8M | 32.8M |
| Current ratio | 0.83 | 0.84 | 0.82 | 0.87 | 0.82 | 0.86 | 0.83 | 0.80 | 0.82 | 0.80 | 0.76 | 0.82 |
| Quick ratio | 0.45 | 0.51 | 0.51 | 0.49 | 0.49 | 0.54 | 0.53 | 0.47 | 0.45 | 0.46 | 0.50 | 0.51 |
| Equity / assets | −56.3% | −54.0% | −48.0% | −49.7% | −48.5% | −48.1% | −48.3% | −50.1% | −55.1% | −54.5% | −52.5% | −54.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
PZZA financial position
At the end of fiscal 2025 (December 31, 2025), Papa John's International had total assets of $926.9 million (up 4.3% from a year earlier), total liabilities of $1.4 billion and shareholders' equity of -$444.8 million. It held $37.0 million in cash and short-term investments against $1.1 billion of debt, net debt of $1.1 billion. Its current ratio was 0.82. In the latest quarter (ended June 30, 2026) total assets were $805.0 million and equity -$453.1 million.
Related: PZZA income statement, PZZA cash flow statement, PZZA key metrics. See the PZZA stock overview for the latest quote and news.
PZZA balance sheet FAQ
What are Papa John's International's total assets?
Papa John's International reported total assets of $926.9 million at the end of fiscal 2025 (December 31, 2025), compared with $889.0 million a year earlier.
How much debt does Papa John's International have?
Papa John's International had $1.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Papa John's International have?
Papa John's International held $37.0 million in cash and short-term investments at the end of fiscal 2025; with $1.1 billion of debt that is net debt of $1.1 billion.
What is Papa John's International's book value?
Papa John's International's shareholders' equity (book value) was -$444.8 million at the end of fiscal 2025, or −$13.50 per share.
What is Papa John's International's current ratio?
Papa John's International had current assets of $237.4 million and current liabilities of $291.0 million, a current ratio of 0.82 (current liabilities exceed current assets).
How much goodwill does Papa John's International have?
Papa John's International carried $67.6 million of goodwill and intangible assets, 7.3% of total assets, at the end of fiscal 2025.