The 5 Most Interesting Analyst Questions From Papa John's's Q1 Earnings Call
Is now the time to buy PZZA? Find out in our full research report (it's free).
Revenue: $518.3 million vs analyst estimates of $515.1 million (flat year on year, 0.6% beat)
Adjusted EPS: $0.36 vs analyst estimates of $0.35 (4.1% beat)
Adjusted EBITDA: $45.88 million vs analyst estimates of $50.17 million (8.9% margin, 8.6% miss)
EBITDA guidance for the full year is $210 million at the midpoint, above analyst estimates of $207.2 million
Operating Margin: 4.6%, down from 6.6% in the same quarter last year
Locations: 6,019 at quarter end, up from 5,914 in the same quarter last year
Same-Store Sales fell 1.3% year on year, in line with the same quarter last year
Market Capitalization: $1.59 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Brian Bittner (Oppenheimer) asked about sequential improvements in traffic and the outlook for consumer demand, to which CEO Todd Penegor explained that enhanced value perception and ongoing product innovation were driving transaction gains despite economic uncertainty.
Andrew Strelzik (BMO Capital Markets) inquired about progress on key initiatives, with Penegor emphasizing advances in technology transformation, data-driven loyalty engagement, and a renewed focus on product quality and operational coaching.
Eric Gonzalez (KeyBanc) questioned supply chain cost savings for franchisees. Penegor and CFO Ravi Thanawala responded that optimization efforts are underway, with anticipated margin improvements to be shared systemwide, though most benefits are expected from 2026 onward.
Peter Saleh (BTIG) asked about the impact of quality messaging and the timing of oven calibration efforts. Penegor explained that highlighting unique dough ingredients would be a core marketing theme, and oven adjustments would support both product innovation and consistency later this year.
Brian Mullan (Piper Sandler) sought details on store remodeling plans. Penegor shared that reimaging efforts are in early stages, with pilot programs underway and broader implementation expected to begin in 2026 to support carryout growth and brand revitalization.
In upcoming quarters, the StockStory team will be monitoring (1) the impact of new product launches and menu innovation on transaction growth, (2) the effectiveness of increased marketing investment in driving brand perception and customer traffic, and (3) progress on operational efficiency initiatives, including supply chain optimization and oven recalibration. The pace of international market expansion and franchisee engagement will also remain important indicators of momentum.
Papa John's currently trades at $48.52, up from $33.34 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it's free).
Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth.
While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).
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This first-in-class candidate has demonstrated selective reduction of mutant huntingtin protein (mHTT) while preserving healthy wild-type HTT – an approach believed to protect neuronal function. A Phase 2/3 trial is in planning, with Wave aiming to submit an IND in the second half of 2025. This pipeline, and its potential for success, has caught the attention of Oppenheimer analyst Cheng Li, who writes: 'We think RNA medicine is poised to become an important therapeutic modality for future medicine, leveraging its unique target engagement mechanism compared to other modalities. 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