Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Current assets:
Cash, cash equivalents, and restricted cash	$ 36,950	$ 37,955
Accounts receivable (less allowance for credit losses of $12,129 in 2025 and $8,468 in 2024)	103,068	101,677
Notes receivable, current portion	3,387	4,928
Income tax receivable	6,189	2,214
Inventories	34,336	35,245
Prepaid expenses and other current assets	48,895	48,586
Assets held for sale	4,607	0
Total current assets	237,432	230,605
Property and equipment, net	251,312	273,272
Finance lease right-of-use assets, net	39,039	28,761
Operating lease right-of-use assets	161,606	184,425
Notes receivable, less current portion (less allowance for credit losses of $17,777 in 2025 and $15,238 in 2024)	3,262	8,867
Goodwill	67,576	75,460
Other assets	77,281	87,562
Total assets	837,508	888,952
Current liabilities:
Accounts payable	61,218	61,842
Income and other taxes payable	8,941	11,987
Accrued expenses and other current liabilities	169,015	155,579
Current deferred revenue	13,096	15,519
Current finance lease liabilities	9,999	7,280
Current operating lease liabilities	23,725	25,756
Current portion of long-term debt	4,997	0
Total current liabilities	290,991	277,963
Deferred revenue	19,294	21,287
Long-term finance lease liabilities	30,804	22,885
Long-term operating lease liabilities	156,405	173,557
Long-term debt, net	710,436	741,650
Other long-term liabilities	62,264	64,923
Total liabilities	1,270,194	1,302,265
Commitments and contingencies (Note 18)
Redeemable noncontrolling interests	980	903
Stockholders’ deficit:
Common stock ($0.01 par value per share; issued 49,303 at December 28, 2025 and 49,283 at December 29, 2024)	493	493
Additional paid-in capital	457,112	452,449
Accumulated other comprehensive loss	(6,452)	(8,456)
Retained earnings	210,763	241,717
Treasury stock (16,502 shares at December 28, 2025 and 16,637 shares at December 29, 2024, at cost)	(1,106,666)	(1,115,729)
Total stockholders’ deficit	(444,750)	(429,526)
Noncontrolling interests in subsidiaries	11,084	15,310
Total Stockholders’ deficit	(433,666)	(414,216)
Total Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit	$ 837,508	$ 888,952

PAPA JOHNS INTERNATIONAL INC 10-K