Jersey Mike’s files for IPO
In this photo illustration, a Jersey Mike’s cup is displayed outside the Jersey Mike’s restaurant on April 21, 2026 in Los Angeles, California.
Justin Sullivan | Getty Images
sandwich chain Jersey Mike applied It reported on Thursday that same-store sales for its initial public offering were up 50% cumulatively from 2020 to 2025.
Jersey Mike plans to trade on the New York Stock Exchange under the ticker symbol “JMKE.”
The company reported net income of $5 million on total revenue of $653 million in 2024, while last year it reported net income of $55 million on total revenue of $724 million, according to regulatory filings.
Last year, Jersey Mike’s annual system sales, which include both company-owned and franchise locations, reached $4.3 billion, up 13% from the previous year.
Same-store sales increased 3% over the same period; The metric tracks sales growth at restaurants that have been open at least a year. The restaurant industry overall has seen same-store sales weaken over the past two years as consumers eat out less to save money.
Jersey Mike’s filing comes at a time when many companies are more optimistic about going public, especially after SpaceX’s blockbuster IPO.
While the number of public offerings priced so far this year has fallen behind last year, the number of companies applying to go public has increased. Renaissance Capital. Artificial intelligence giants OpenAI and Anthropic are among the hopefuls who have filed confidential filings with the Securities and Exchange Commission.
A growing business
Today, Jersey Mike’s has approximately 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. after Subway. Nearly 2,000 of these restaurants have opened in the last decade. Nearly all of Jersey Mike’s restaurants are franchised, so the bulk of its revenue comes from royalties and advertising fees.
Despite a stagnant industry environment, The company announced in April that it had filed confidentially for an initial public offering. More than a year ago, Blackstone acquired a majority stake in Jersey Mike’s in a deal said to value the chain at about $8 billion.
After the transaction was completed, Jersey Mike appointed Charlie Morrison as its final CEO. Morrison has previously led wing stopper for more than a decade, including the chicken wing chain’s debut in the public market.
Jersey Mike’s founder Peter Cancro started working at a sandwich shop on the Jersey Shore in 1971 when he was 14 years old. Four years later, he raised enough money to buy Mike’s Subs. Cancro later changed its name and began franchising the chain.
He retained “meaningful equity” in Jersey Mike’s and had a seat on the board following the deal with Blackstone, according to a letter to other shareholders included in the regulatory filing.
“[Blackstone’s] “Our experience with leading franchisors aligns with the values and long-term mindset that shapes Jersey Mike’s and will help us continue our growth in the United States and abroad,” Cancro wrote. “I remain involved with the company now and into the future.”
