SG&A·Benchmarking Benchmark PZZA SG&A Headcount

TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 35 US-GAAP Restaurants peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 35 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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Papa John's International, Inc. SG&A versus peers

Papa John's International, Inc. (PZZA) runs normalized SG&A at 11.9% of revenue, against a median of 10.5% across 34 Restaurants peers, and 12 of the 34 run heavier.

Figures as filed through , published by SG&A Benchmarking. This is the briefing above in text.

Papa John's International, Inc. reports revenue of $2,054 million. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 8.2% of revenue (27 of 35 companies disclose it); Stock-based comp 0.7% of revenue (30 of 35 companies disclose it).

Closing the gap to the peer median is worth about $28 million a year (136 bps of revenue); to the lean quartile, $110 million (538 bps).

Over 10 years (FY2016 to FY2025), Papa John's International, Inc.'s total shareholder return was -45% against +143% for the peer composite; SG&A contributed -97.6 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/PZZA.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.