PAPA JOHNS INTERNATIONAL INC

For the period ended Dec 28, 2025. Filed Feb 26, 2026.

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.

FY2025 · Filed Feb 26, 2026

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

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Contents

Item 2. Properties

As of December 28, 2025, there were 6,083 Papa Johns restaurants worldwide. The following tables provide the locations of our restaurants. “Domestic” is defined as within the contiguous United States, and “North America” includes Domestic and Canada.

North America Restaurants:

	Company (a)	Franchised	Total
Alabama	3	81	84
Alaska	—	9	9
Arizona	—	64	64
Arkansas	—	27	27
California	—	168	168
Colorado	—	50	50
Connecticut	—	6	6
Delaware	—	15	15
District of Columbia	—	9	9
Florida	46	271	317
Georgia	97	107	204
Hawaii	—	16	16
Idaho	—	13	13
Illinois	8	80	88
Indiana	50	91	141
Iowa	—	25	25
Kansas	16	21	37
Kentucky	42	69	111
Louisiana	—	54	54
Maine	—	4	4
Maryland	—	99	99
Massachusetts	—	10	10
Michigan	—	34	34
Minnesota	—	40	40
Mississippi	—	34	34
Missouri	44	27	71
Montana	—	9	9
Nebraska	—	14	14
Nevada	—	26	26
New Hampshire	—	3	3
New Jersey	—	60	60
New Mexico	—	15	15
New York	—	95	95
North Carolina	105	84	189
North Dakota	—	10	10
Ohio	—	173	173
Oklahoma	—	38	38
Oregon	—	15	15
Pennsylvania	—	105	105
Rhode Island	—	3	3
South Carolina	10	65	75
South Dakota	—	11	11
Tennessee	41	78	119
Texas	—	300	300
Utah	—	31	31
Virginia	—	149	149
Washington	—	47	47
West Virginia	—	24	24
Wisconsin	—	41	41
Wyoming	—	12	12
Total U.S. Papa Johns restaurants	462	2,832	3,294
Canada	—	229	229
Total North America Papa Johns restaurants	462	3,061	3,523

(a) Company-owned Papa Johns restaurants include restaurants owned by majority-owned subsidiaries. There were 13 such restaurants at December 28, 2025 in Georgia.

International Restaurants:

	Company	Franchised	Total
Azerbaijan	—	19	19
Bahrain	—	22	22
Bolivia	—	5	5
Bulgaria	—	6	6
Chile	—	169	169
China	—	266	266
Colombia	—	65	65
Costa Rica	—	65	65
Cyprus	—	15	15
Dominican Republic	—	25	25
DR Congo	—	4	4
Ecuador	—	30	30
Egypt	—	79	79
El Salvador	—	48	48
Germany	—	22	22
Guam	—	2	2
Guatemala	—	38	38
Guyana	—	4	4
Honduras	—	18	18
India	—	6	6
Ireland	—	92	92
Israel	—	42	42
Jordan	—	6	6
Kazakhstan	—	13	13
Kenya	—	10	10
Kuwait	—	46	46
Mexico	—	46	46
Morocco	—	10	10
Netherlands	—	11	11
Nicaragua	—	4	4
Oman	—	29	29
Pakistan	—	30	30
Panama	—	37	37
Peru	—	78	78
Poland	—	17	17
Portugal	—	7	7
Puerto Rico	—	25	25
Qatar	—	58	58
Saudi Arabia	—	61	61
South Korea	—	278	278
Spain	—	97	97
Trinidad	—	10	10
Tunisia	—	13	13
Turkey	—	54	54
United Arab Emirates	—	92	92
United Kingdom	13	438	451
Uzbekistan	—	21	21
Venezuela	—	14	14
Total International Papa Johns restaurants	13	2,547	2,560

Most Papa Johns 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 80 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, England, where our International operations are managed.

At December 28, 2025, we leased and subleased approximately 330 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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