Papa Johns Reports Mixed Q4 Results as Delivery Slumps and Carryout Gains Traction

The pizza chain sees a 4% drop in U.S. sales but beats earnings expectations, with growth in international markets and carryout orders.

Papa Johns' fourth-quarter U.S. comparable sales fell 4% year-over-year, while international sales grew by 2%, exceeding expectations.
The company reported $530.77 million in revenue, beating analyst estimates, but operating income dropped by over 30% compared to the previous year.
CEO Todd Penegor highlighted a shift in consumer behavior, with more customers choosing carryout over delivery due to cost concerns and tipping culture.
Papa Johns plans to focus on value-driven strategies, including competitive offers, menu updates, and enhancing its loyalty program to attract customers.
The company expects flat to 2% growth in U.S. sales for 2025 and aims to open 85–115 new domestic locations and 180–200 international locations this year.