In this photo illustration, Jersey Mike’s cups are displayed outside a Jersey Mike’s restaurant on April 21, 2026 in Los Angeles, California.
Justin Sullivan | Getty Images
Sandwich chain Jersey Mike’s filed for an initial public offering on Thursday, reporting same-store sales growth of 50% cumulatively from 2020 to 2025.
Jersey Mike’s will trade on the New York Stock Exchange under the ticker “JMKE.”
The company reported net income of $55 million on total revenue of $724 million last year, up from $5 million in net income on total revenue of $653 million in 2024, according to regulatory filings.
Last year, Jersey Mike’s annual system sales reached $4.3 billion from company-owned and franchised stores, an increase of 13% from the previous year.
Same-store sales increased 3% in the same period. This metric tracks sales growth for restaurants open for at least one year. Across the restaurant industry, same-store sales have declined over the past two years as consumers eat out less frequently to save money.
Jersey Mike’s filing comes as many companies are becoming more optimistic about going public, especially after SpaceX’s blockbuster IPO.
Although the number of IPOs priced so far this year has lagged compared to the same period last year, the number of companies filing to go public has increased, according to Renaissance Capital. Artificial intelligence giants OpenAI and Anthropic are among the hopeful companies that have filed confidential documents with the Securities and Exchange Commission.
growing business
Today, Jersey Mike’s has nearly 3,300 stores, making it the second largest hoagie sandwich chain in the United States after Subway. Approximately 2,000 of these restaurants have opened in the past 10 years. Nearly all of Jersey Mike’s restaurants are franchised, so the majority of its revenue comes from royalties and advertising fees.
Despite the industry downturn, the company announced in April that it had secretly filed for an initial public offering. More than a year ago, Blackstone acquired a majority stake in Jersey Mike’s, reportedly valuing the chain at about $8 billion.
Following the closing of the transaction, Jersey Mike’s named Charlie Morrison as its newest chief executive officer. Mr Morrison previously served as Prime Minister. wingstop For more than 10 years, including when the chicken wing chain made its public market debut.
Jersey Mike’s founder Peter Cancro started working at a Jersey Shore sandwich shop in 1971 at the age of 14. Four years later, he raised enough money to purchase Mike’s Subs. Cancro later changed the name and began franchising the chain.
Following the Blackstone deal, he retains a “significant stake” in Jersey Mike’s and a seat on its board of directors, according to a letter to fellow shareholders included in a regulatory filing.
“[Blackstone’s]experience with major franchisors is consistent with the values and long-term thinking that has shaped Jersey Mike’s and will help us continue our expansion in the U.S. and internationally,” Cancro wrote. “I will continue to be involved with the company now and in the future.”
