Papa John’s Earnings: Solid Performance Demonstrates Progress on Long-Term Transformation

Narrow-moat Papa John’s delivered fiscal 2025 first-quarter revenue ahead of our expectations, reporting $518 million versus our $513 million estimate, while $0.27 in GAAP EPS met our forecast expectations. We posit the firm’s marks, coupled with reaffirmed fiscal 2025 guidance, are offering investors increased conviction in Papa John’s turnaround story, particularly amid a tough macro backdrop, with shares up 15% on the print. Taken together, we don’t plan a material change to our $66 fair value estimate and still see meaningful upside for investors willing to stomach Papa John’s multiyear transformation.