Papa Johns (PZZA) reported second-quarter 2026 total revenue of $482.4 million, down from $529.2 million a year earlier. Net income was $8.7 million, compared with $9.7 million in the prior-year quarter, and diluted earnings per common share were $0.24.
The company said global system-wide restaurant sales decreased 4.8%, excluding foreign currency impact, while global comparable sales fell 5.7%. Papa Johns also suspended its quarterly dividend beginning with the third quarter of 2026 and updated its fiscal 2026 outlook.
- North America comparable sales decreased 8.3%, including an 8.9% decline at Domestic Company-owned restaurants and an 8.2% decline at North America franchised restaurants.
- International comparable sales increased 1.5% from the prior-year second quarter.
- The company opened 50 restaurants system-wide and ended the quarter with 5,978 restaurants in 51 countries and territories.
- Fiscal 2026 guidance now calls for global system-wide restaurant sales down 2% to 4% and North America comparable sales down 6% to 8%.
- Adjusted EBITDA guidance was reduced to $180 million to $190 million from the prior range of $200 million to $210 million.
$PZZA Hedge Fund Activity
We have seen 127 institutional investors add shares of $PZZA stock to their portfolio, and 125 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BRANDES INVESTMENT PARTNERS, LP added 2,261,395 shares (+608.9%) to their portfolio in Q1 2026, for an estimated $73,291,811
- DEPRINCE RACE & ZOLLO INC removed 1,657,994 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $53,735,585
- WOODLINE PARTNERS LP removed 785,498 shares (-74.3%) from their portfolio in Q1 2026, for an estimated $25,457,990
- QUINN OPPORTUNITY PARTNERS LLC added 742,966 shares (+224.0%) to their portfolio in Q1 2026, for an estimated $24,079,528
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP removed 621,216 shares (-88.6%) from their portfolio in Q1 2026, for an estimated $20,133,610
- GREENHOUSE FUNDS LLLP added 546,016 shares (+inf%) to their portfolio in Q1 2026, for an estimated $17,696,378
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 366,791 shares (+239.6%) to their portfolio in Q1 2026, for an estimated $11,887,696
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.
