Pizza Pizza Royalty Corp. narrowly beat quarterly earnings estimates, but sales weakened and management lowered its outlook for restaurant growth.
Pizza Pizza Royalty Corp. (TSX: PZA) reported results after the market close on November 2 for the quarter ended September 30, 2026. Its earnings per share (EPS) came in at C$0.232, just above the C$0.23 estimate—a 0.9% beat. But supplemental reports show that same-store sales and royalty-pool sales fell year over year. Management also lowered its restaurant-development outlook for 2026. For Canadian investors, the results come after the company cut its monthly dividend earlier this year.
Recent earnings trend
Pizza Pizza Royalty Corp.
PZA.TO
PZA.TO
Pizza Pizza Royalty Corp.
WealthAwesomeMarket cap
$357.99M
P/E
12.2x
Div. yield
8.66%
Div. / share
$0.91
52W high
$16.00
52W low
$10.04
1W change
+4.12%
Beta
0.62
Analyst Price Targets
Based on analyst covering PZA · as of Sep 17, 2026
Wall Street analysts forecast PZA stock price to rise 8.0% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$12.00
+8.0% Upside
Current Price
C$11.11
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on PZA's historical volatility
30-Day Vol
24.6%
Annualized
90-Day Vol
20.6%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$9.29
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$10.47 | C$9.62 – C$11.39 |
| 60 trading days | C$9.86 | C$8.75 – C$11.12 |
| 90 trading days | C$9.29 | C$8.02 – C$10.76 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-02 | 0.2320 | 0.2300 | +0.9% |
| 2026-06-30 | 2026-08-05 | 0.2300 | 0.2300 | +0.0% |
| 2026-03-31 | 2026-05-01 | 0.2200 | 0.2300 | -4.3% |
| 2025-12-31 | 2026-03-25 | 0.2450 | 0.2400 | +2.1% |
| 2025-09-30 | 2025-11-04 | 0.2400 | 0.2400 | +0.0% |
| 2025-06-30 | 2025-08-07 | 0.2400 | 0.2400 | +0.0% |
Investor takeaway: PZA’s EPS beat was small, while weaker sales and a lower development outlook point to pressure on its royalty base. The indicated dividend yield of 8.66% may appeal to income-focused investors, but consider it alongside the May dividend cut and the company’s operating trends. See the PZA stock page for more company data.
C$0.232 EPS, against a C$0.23 estimate
PZA beat the estimate by C$0.002 per share, or 0.9%. Across the four comparable quarters shown, it beat estimates twice, matched once and missed once. The recent-earnings trend table and chart provide a quarter-by-quarter comparison.
Bull case
PZA posted a small earnings beat, and its last close of C$11.11 was above its 50-day moving average of C$10.99. The average analyst target in the supplied data is C$12.00, about 8% above the closing price. The fundamentals snapshot also shows a 76.55% profit margin, though that figure alone doesn’t explain the quarter’s operating results.
Bear case
The beat was only C$0.002 per share. Supplemental results show same-store sales fell 2.3% and royalty-pool sales declined 0.9% year over year. Management lowered its 2026 restaurant-development outlook to 1%–2% growth, from 2%–3%. The stock also remained below its 200-day moving average of C$13.60. In May, the company cut its monthly dividend from C$0.0775 to C$0.0675 per share.
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