Sandwich chain Jersey Mike's filed for an initial public offering on Thursday, reporting same-store sales climbed 50% cumulatively from 2020 through 2025. The company plans to trade on the New York Stock Exchange under the ticker JMKE. Jersey Mike's reported net income of $55 million on total revenue of $724 million last year, up from net income of $5 million on revenue of $653 million in 2024, according to the SEC filing. The IPO filing comes as many companies feel more optimistic about going public following recent high-profile market debuts, while the restaurant industry broadly has seen weakened same-store sales over the last two years as consumers dine out less often.
Jersey Mike's Reports $4.3 Billion System Sales with 3,300 Locations
Last year, Jersey Mike's annual system sales, which includes both company-owned and franchised locations, reached $4.3 billion, up 13% from the previous year. Its same-store sales increased 3% over the same period. The metric tracks sales growth at restaurants open at least a year.
Today, Jersey Mike's has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway. About 2,000 of those restaurants were 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.
Blackstone Acquired Majority Stake in Deal Valuing Chain at $8 Billion
More than a year earlier, Blackstone bought a majority stake in Jersey Mike's in a deal that reportedly valued the chain at roughly $8 billion. The company announced in April that it had confidentially filed for an initial public offering.
Jersey Mike's founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971. Four years later, he pulled together enough money to buy Mike's Subs. Cancro later changed the name and began franchising the chain. Following the deal with Blackstone, he has retained "meaningful equity" in Jersey Mike's and holds a seat on its board, according to a letter to fellow shareholders included in the regulatory filing.
Charlie Morrison Appointed CEO After Blackstone Transaction
After the transaction closed, Jersey Mike's tapped Charlie Morrison as its latest chief executive. Morrison previously led Wingstop for more than a decade, including during the chicken wing chain's public market debut.
In his letter to shareholders, Cancro wrote that Blackstone's "experience with leading franchisors aligns with the values and long-term mindset that have shaped Jersey Mike's and will help continue our expansion in the United States and abroad." He added, "I remained involved in the Company now and in the future."
FAQ
What did Jersey Mike's file on Thursday?
Jersey Mike's filed for an initial public offering with the Securities and Exchange Commission on Thursday. The company plans to trade on the New York Stock Exchange under the ticker symbol JMKE.
How much did Jersey Mike's same-store sales grow from 2020 through 2025?
Jersey Mike's reported that its same-store sales climbed 50% cumulatively from 2020 through 2025, according to the SEC filing. Last year specifically, same-store sales increased 3%.
Who owns Jersey Mike's after the Blackstone deal?
Blackstone bought a majority stake in Jersey Mike's in a deal that reportedly valued the chain at roughly $8 billion. Founder Peter Cancro retained "meaningful equity" in the company and holds a seat on its board of directors.
