On the Record · Papa Johns International

Papa Johns International acquisitions, on the record

The businesses Papa Johns International bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

Business	Deal	When	Value
91 Papa Johns restaurants previously operated by the M25 division of Drake Food Service International in the United Kingdom Word for word“As part of this investment, the Company acquired 91 Papa Johns restaurants previously operated by the M25 division of Drake Food Service International in the United Kingdom on June 2, 2023 for total consideration of approximately $ 13.7 million.” 10-K for 2023	acquisition	June 2, 2023	approximately $ 13.7 million
an additional 27 Papa Johns restaurants in the United Kingdom Word for word“The Company acquired an additional 27 Papa Johns restaurants in the United Kingdom in the third quarter of 2023 for total consideration of approximately $ 1.5 million.” 10-K for 2023	acquisition	third quarter of 2023	approximately $ 1.5 million
ten Domestic restaurants Word for word“During the year ended December 31, 2023, we acquired ten Domestic restaurants for a total purchase price of $ 4.1 million, which was classified as cash used in investing activities within the Consolidated Statements of Cash Flows.” 10-K for 2023	acquisition	During the year ended December 31, 2023	$ 4.1 million
Preferred Marketing Solutions Word for word“On October 22, 2023, we sold the operations of Preferred Marketing Solutions, our previously wholly-owned print and promotions company, for upfront consideration of $ 0.6 million as well as a percentage of future revenues to be paid on a quarterly basis over the next ten years .” 10-K for 2023	divestiture	October 22, 2023	$ 0.6 million
51.0 % ownership interest in a 90 -restaurant consolidated joint venture in Texas Word for word“On March 28, 2022, we refranchised our 51.0 % ownership interest in a 90 -restaurant consolidated joint venture in Texas for $ 14.0 million, net of transaction costs.” 10-K for 2023	divestiture	March 28, 2022	$ 14.0 million
118 previously franchised Papa Johns restaurants in the UK market (UK franchisee acquisitions) Word for word“Total consideration was approximately $ 15.2 million, of which $ 13.7 million was pre-existing accounts receivable and notes receivable and is classified as a noncash investing transaction within the Consolidated Statements of Cash Flows for the year ended December 31, 2023.” 10-K for 2024	acquisition	December 31, 2023	approximately $ 15.2 million
Domestic restaurants Word for word“Cash payments, net of cash acquired related to these acquisitions were $ 0.1 million and $ 4.1 million during the years ended December 29, 2024 and December 31, 2023, respectively, which were classified as cash used in investing activities within the Consolidated Statements of Cash Flows.” 10-K for 2024	acquisition	—	$ 0.1 million and $ 4.1 million
15 Domestic Company-owned restaurants Word for word“On September 30, 2024, the Company refranchised 15 Domestic Company-owned restaurants to an existing franchisee for a purchase price of approximately $ 2.6 million.” 10-K for 2024	divestiture	On September 30, 2024	approximately $ 2.6 million
Company-owned restaurants in the UK Word for word“In 2024, we also divested and closed a number of Company-owned restaurants in the UK that were incurring operating losses, in an effort to re-position the market.” 10-K for 2024	divestiture	In 2024	—
85 Domestic Company-owned restaurants owned by Colonel’s Limited, LLC (sold to Pie Investments) Word for word“On November 24, 2025, the Company completed the refranchising of 85 Domestic Company-owned restaurants previously owned and operated by Colonel’s Limited, LLC, a consolidated joint venture, to Pie Investments, an existing third-party franchisee (“Buyer”), for total proceeds of $ 35.7 million.” 10-K for 2025	divestiture	On November 24, 2025	$ 35.7 million
15 Domestic Company-owned restaurants refranchised to an existing franchisee Word for word“On September 30, 2024, the Company refranchised 15 Domestic Company-owned restaurants to an existing franchisee for a purchase price of approximately $ 2.6 million.” 10-K for 2025	divestiture	On September 30, 2024	approximately $ 2.6 million
portfolio of 118 previously franchised Papa Johns restaurants in the UK market Word for word“Total consideration was approximately $ 15.2 million, of which $ 13.7 million was pre-existing accounts receivable and notes receivable and is classified as a noncash investing transaction within the Consolidated Statements of Cash Flows for the year ended December 31, 2023.” 10-K for 2025	acquisition	—	approximately $ 15.2 million

As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year ended	Cash paid for acquisitions (net of cash acquired)	Cash received from selling businesses	Goodwill from acquisitions
2016-12-25	$13.4 million	$16.8 million	$10.2 million
2017-12-31	$21,000	—	—
2018-12-30	—	$7.7 million	—
2019-12-29	—	$13.5 million	—
2020-12-27	$0	—	—
2021-12-26	$699,000	—	—
2022-12-25	$1.2 million	—	$1.2 million
2023-12-31	$5.6 million	—	$5.4 million
2024-12-29	$125,000	—	—
2025-12-28	$0	—	—

Deal filings since 2016

2025-03-27 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2023-03-02 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2022-04-13 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-09-14 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-05-12 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-10-24 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-06-17 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-03-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-03-05 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-02-04 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-10-11 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-07-23 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-08-30 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-06-10 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement

Read from Papa Johns International’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.