PAPA JOHNS INTERNATIONAL INC

For the period ended Dec 29, 2024. Filed Feb 27, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 27, 2025

PZZA$20.75+5.2%Stored close · as of Nov 9, 2026

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Contents

Item 2. Properties

As of December 29, 2024, there were 6,030 Papa Johns restaurants worldwide. The following tables provide the locations of our restaurants. We define “North America” as the United States and Canada and “Domestic” as the contiguous United States.

North America Restaurants:

	Company (a)	Franchised	Total
Alabama	3	90	93
Alaska	—	10	10
Arizona	—	66	66
Arkansas	—	28	28
California	—	170	170
Colorado	—	49	49
Connecticut	—	5	5
Delaware	—	15	15
District of Columbia	—	10	10
Florida	45	264	309
Georgia	97	108	205
Hawaii	—	18	18
Idaho	—	13	13
Illinois	8	78	86
Indiana	48	91	139
Iowa	—	25	25
Kansas	17	21	38
Kentucky	39	71	110
Louisiana	—	59	59
Maine	—	4	4
Maryland	59	41	100
Massachusetts	—	8	8
Michigan	—	31	31
Minnesota	—	38	38
Mississippi	—	33	33
Missouri	44	28	72
Montana	—	9	9
Nebraska	—	14	14
Nevada	—	24	24
New Hampshire	—	3	3
New Jersey	—	58	58
New Mexico	—	17	17
New York	—	92	92
North Carolina	105	82	187
North Dakota	—	10	10
Ohio	—	170	170
Oklahoma	—	37	37
Oregon	—	15	15
Pennsylvania	—	93	93
Rhode Island	—	3	3
South Carolina	9	75	84
South Dakota	—	11	11
Tennessee	39	79	118
Texas	—	313	313
Utah	—	32	32
Virginia	26	121	147
Washington	—	49	49
West Virginia	—	24	24
Wisconsin	—	36	36
Wyoming	—	11	11
Total U.S. Papa John’s Restaurants	539	2,752	3,291
Canada	—	223	223
Total North America Papa John’s Restaurants	539	2,975	3,514

(a) Company-owned Papa John’s restaurants include restaurants owned by majority-owned subsidiaries. There were 98 such restaurants at December 29, 2024 (59 in Maryland, 26 in Virginia, and 13 in Georgia).

International Restaurants:

	Company	Franchised	Total
Azerbaijan	—	18	18
Bahrain	—	22	22
Bolivia	—	5	5
Bulgaria	—	2	2
Cambodia	—	7	7
Chile	—	158	158
China	—	320	320
Colombia	—	61	61
Costa Rica	—	63	63
Cyprus	—	12	12
Dominican Republic	—	23	23
Ecuador	—	31	31
Egypt	—	73	73
El Salvador	—	43	43
Germany	—	14	14
Guam	—	2	2
Guatemala	—	40	40
Guyana	—	1	1
Honduras	—	16	16
Ireland	—	91	91
Israel	—	38	38
Jordan	—	5	5
Kazakhstan	—	16	16
Kenya	—	7	7
Kuwait	—	41	41
Kyrgyzstan	—	3	3
Mexico	—	47	47
Morocco	—	9	9
Netherlands	—	16	16
Nicaragua	—	4	4
Oman	—	29	29
Pakistan	—	29	29
Panama	—	35	35
Peru	—	70	70
Philippines	—	7	7
Poland	—	13	13
Portugal	—	5	5
Puerto Rico	—	26	26
Qatar	—	54	54
Saudi Arabia	—	42	42
South Korea	—	266	266
Spain	—	95	95
Trinidad	—	9	9
Tunisia	—	13	13
Turkey	—	54	54
United Arab Emirates	—	92	92
United Kingdom	13	444	457
Uzbekistan	—	16	16
Venezuela	—	16	16
Total International Papa John’s Restaurants	13	2,503	2,516

Most Papa John’s Company-owned restaurants are located in leased space. The initial term of most Domestic restaurant leases is five years with most leases providing for one or more options to renew for at least one additional term. Generally, the leases are triple net leases, which require us to pay all or a portion of the cost of insurance, taxes and utilities. As a result of assigning our interest in obligations under property leases as a condition of the refranchising of certain restaurants, we are also contingently liable for payment of approximately 81 Domestic leases.

Our restaurant support center in Atlanta, Georgia, is located in a leased space. 11 of our 12 North America QC Centers are located in leased spaces, with the remaining QC Center located in a building we own. Our restaurant support center located in Louisville, Kentucky is in a building owned by us. We also maintain a Company-owned office and a full-service QC Center outside of London, UK, where our International operations are managed.

At December 29, 2024, we leased and subleased approximately 350 Papa John’s restaurant sites to franchisees in the UK. The initial lease terms on the franchised sites in the UK are generally 15 years, many of which have an early break-lease provision. The Company has the option to negotiate an extension toward the end of the lease term at the landlord’s discretion. The initial lease terms of the franchisee subleases are generally five to ten years. See “Note 3. Leases” of “Notes to Consolidated Financial Statements” for additional information.

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