Jersey Mike’s files for IPO after sales gains
The sandwich chain plans to list on the NYSE as JMKE after reporting higher revenue, profit and system sales in 2025.
By Hana Yoshida · Markets Reporter
3 min read
Jersey Mike’s has filed for an initial public offering, giving investors a closer look at one of the faster-growing U.S. sandwich chains. The filing matters because it brings another large restaurant franchisor toward the public markets after a period of uneven consumer spending across the industry.
The company plans to list on the New York Stock Exchange under the ticker symbol JMKE, according to its securities filing. Jersey Mike’s said same-store sales rose 3% in 2025 and increased by a cumulative 50% from 2020 through 2025.
Same-store sales measure results at restaurants open for at least a year. CNBC reported that the broader restaurant industry has seen that metric soften over the past two years as consumers cut back on dining out to save money.
Financial results and restaurant base
Jersey Mike’s reported $55 million in net income on $724 million in total revenue for 2025, according to the filing. That compared with $5 million in net income on $653 million in revenue in 2024.
The chain’s systemwide sales, which include both franchised and company-run restaurants, reached $4.3 billion last year, the filing said. That was up 13% from the prior year.
Jersey Mike’s has nearly 3,300 restaurants, making it the second-largest U.S. hoagie sandwich chain after Subway, according to CNBC. About 2,000 of those locations opened during the past decade.
Nearly all of the company’s restaurants are franchised, according to the filing. That structure means Jersey Mike’s gets much of its revenue from royalty payments and advertising fees rather than from operating stores directly.
Blackstone deal preceded filing
The IPO filing follows Jersey Mike’s April announcement that it had confidentially submitted paperwork to go public. More than a year earlier, Blackstone bought a majority stake in the company in a transaction CNBC reported valued the chain at about $8 billion.
After the Blackstone transaction closed, Jersey Mike’s named Charlie Morrison as chief executive, CNBC reported. Morrison previously ran Wingstop for more than a decade, including when that restaurant company entered the public market.
Founder Peter Cancro started working at a Jersey Shore sandwich shop in 1971 when he was 14, according to the filing. Four years later, he raised enough money to buy Mike’s Subs, later renamed the business Jersey Mike’s and began franchising it.
Cancro kept a significant equity stake after the Blackstone deal and remains on the company’s board, according to a shareholder letter included in the filing. In that letter, he said Blackstone’s experience with franchised businesses would support Jersey Mike’s expansion in the United States and overseas.
The filing arrives as more companies are testing the IPO market. Renaissance Capital said the number of priced IPOs this year is below the year-earlier period, while the number of companies filing to go public has increased.
This story draws on original reporting from CNBC.