Jersey Mike's files for IPO as sales growth supports market debut

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Jersey Mike's IPO announcement

Highlights

Jersey Mike's filed for an IPO to list under ticker JMKE, reporting 2024 net income of $55 million on revenue of $724 million, up from $5 million and $653 million the prior year.
Annual system sales rose 13% to $4.3 billion, with cumulative same-store sales climbing 50% from 2020 through 2025 and last year's same-store sales up 3%.
Jersey Mike's operates nearly 3,300 locations—2,000 opened in the last decade—with Blackstone's majority stake valuing the company at about $8 billion.

Filing details and growth metrics

As reported by CNBC, Jersey Mike's filed for an initial public offering on Thursday and said it plans to trade on the New York Stock Exchange under the ticker JMKE.

The regulatory filing shows net income reached $55 million on total revenue of $724 million last year, up from $5 million on revenue of $653 million in 2024. Annual system sales, which include both company-owned and franchised restaurants, rose 13% from the previous year to $4.3 billion.

The company also said cumulative same-store sales climbed 50% from 2020 through 2025. Over the last year, same-store sales increased 3%, even as the broader restaurant industry has seen weaker comparable sales over the last two years as consumers cut back on dining out to save money.

Scale, ownership and market backdrop

Jersey Mike's now 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 opened in the last decade, and because nearly all of them are franchised, most of the company's revenue comes from royalties and advertising fees.

The chain said in April that it had confidentially filed for an IPO, despite a sluggish industry backdrop. More than a year earlier, Blackstone bought a majority stake in Jersey Mike's in a deal that reportedly valued the company at about $8 billion, and the company later appointed Charlie Morrison as chief executive after his previous run leading Wingstop through its own public market debut.

Founder Peter Cancro began working at a Jersey Shore sandwich shop in 1971 at age 14 and bought Mike's Subs four years later before renaming and franchising the chain. According to a letter to shareholders included in the filing, Cancro retains meaningful equity in Jersey Mike's and continues to hold a seat on its board after the Blackstone transaction.

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