Jersey Mike’s files for an IPO

Sandwich chain Jersey Mike’s filed for an IPO on Thursday, reporting that its same-store sales cumulatively rose 50% from 2020 through 2025.

Jersey Mike’s plans to trade on the New York Stock Exchange under the symbol “JMKE.”

The company 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 a regulatory filing.

Last year, Jersey Mike’s system’s annual sales, which include company-owned and franchised locations, were $4.3 billion, up 13% from the previous year.

Same-store sales rose 3% during the same period. The metric tracks sales growth at restaurants open for at least a year. Overall, the restaurant industry has seen same-store sales weaken over the past two years as consumers eat out less to save money.

The Jersey Mike filing comes at a time when many companies are feeling more optimistic about going public, especially after SpaceX’s highly successful IPO.

While the number of IPOs priced so far this year lags behind the same period last year, the number of companies filing to go public has risen, according to Renaissance Capital. Artificial intelligence giants OpenAI and Anthropic are among the aspiring companies that have filed confidential filings with the Securities and Exchange Commission.

Today, Jersey Mike’s has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the United States after Subway. About 2,000 of these restaurants have opened in the past decade. Almost all Jersey Mike’s restaurants are franchises, so the bulk of their revenue comes from royalties and advertising fees.

Despite the industry slowdown, the company announced in April that it had secretly filed for an initial public offering. More than a year ago, Blackstone bought a majority stake in Jersey Mike’s in a deal that reportedly valued the chain at about $8 billion.

Following the completion of the deal, Jersey Mike’s appointed Charlie Morrison as its newest CEO. Morrison previously drove Wingstop For more than a decade, including during the chicken wing chain’s debut in the mass market.

Peter Cancro, founder of Jersey Mike’s, started working at a Jersey Shore sandwich shop when he was 14 years old in 1971. Four years later, he made enough money to buy Mike’s Subs. Cancro later changed the name and began franchising the chain.

After the deal with Blackstone, he 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.

“[Blackstone’s] “The experience with major franchisees aligns with the values ​​and long-term mindset that has shaped Jersey Mike’s and will help us continue our expansion in the U.S. and abroad,” Cancro wrote. “I remain involved in the company now and into the future.”