Sandwich chain Jersey Mike's files for IPO, reports 50% same-store sales growth in recent years

• Jersey Mike's reported 2025 same-store sales growth of 3% and net income jumped from $5 million in 2024 to $55 million in 2025, with revenue increasing from $653 million to $724 million
• Nearly all of Jersey Mike's 3,300 locations are franchised, with about 2,000 opened in the last decade, generating revenue primarily from royalties and advertising fees
• Blackstone acquired a stake in Jersey Mike's in a deal reportedly valuing the chain at roughly $8 billion, with founder Peter Cancro retaining 'meaningful equity' and a board seat

Jersey Mike's Files for IPO with Strong Growth Metrics

Jersey Mike's has filed for an initial public offering on the New York Stock Exchange under ticker "JMKE," reporting cumulative same-store sales growth of 50% from 2020 through 2025.

Financial Performance:

• 2025 net income: $55 million on $724 million total revenue
• 2024 net income: $5 million on $653 million revenue
• Annual system sales (2025): $4.3 billion, up 13% year-over-year
• Same-store sales growth (2025): 3%

Company Profile:

The chain operates nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway. Approximately 2,000 locations opened in the past decade. The business model relies heavily on franchising, with nearly all restaurants franchised, generating revenue primarily from royalties and advertising fees.

Ownership and Leadership:

Private equity firm Blackstone acquired a stake in Jersey Mike's in a deal reportedly valuing the chain at $8 billion. Following the transaction, former Wingstop CEO Charlie Morrison was appointed chief executive. Founder Peter Cancro, who bought the original Mike's Subs in 1975 at age 18, retains "meaningful equity" and a board seat.

Market Context:

The filing reflects renewed IPO market optimism, with more companies submitting filings compared to last year despite fewer pricings. Jersey Mike's confidentially filed in April 2025. The company has outperformed the broader restaurant industry, which has experienced weakening same-store sales as consumers reduce dining frequency amid economic pressures.