Jersey Mike’s files for IPO

The basics:

• Jersey Mike’s files for IPO with SEC, plans to list on NYSE under JMKE
• Chain surpassed $4.3B in systemwide sales in 2025, with revenue rising to $724M
• Jersey Mike’s has 3,300+ stores, pipeline of 1,600+ additional locations
• Company recently became top-ranked quick-service restaurant in ACSI survey

Jersey Mike’s Subs has filed for an initial public offering with the U.S. Securities and Exchange Commission.

In a July 2 registration statement, the Tinton Falls-based chain said it is moving ahead with an IPO of its Class A common stock. The company plans to list on the New York Stock Exchange under the ticker symbol “JMKE.”

The number of shares and proposed price remain undetermined, according to the banner.

In April, Jersey Mike’s signaled its public market ambitions when the company disclosed a confidential IPO filing. At the time, sources familiar with the matter told Bloomberg the sandwich shop could seek to raise more than $1 billion at a valuation of at least $12 billion.

A spokesperson for the chain did not immediately respond to a request for comment.

Growing up

In its newly filed form S-1 with the SEC, Jersey Mike’s reported average unit volumes of $1.4 million and cumulative same-store sales growth of 50% from 2020 to 2025.

The roughly 3,300-store sandwich chain surpassed $4 billion in systemwide sales in 2025, rising 13% to $4.3 billion. Revenue increased 11% to $724 million, while net income jumped to $55 million from $5 million the prior year, according to the filing.

The move comes more than a year after Jersey Mike’s completed the sale of a majority stake to private equity giant Blackstone for a reported $8 billion.

After finalizing the acquisition, Jersey Mike’s tapped former Wingstop CEO Charlie Morrison to helm the company. The franchise industry veteran’s decade with the chicken chain included ushering it through an IPO as well as leading a period of historic growth.

Chew on this

About 2,000 of Jersey Mike’s 3,300 outposts opened over the past decade, the SEC filing said.

After starting out in 1956 as a small sandwich shop in Point Pleasant, Jersey Mike’s is now considered one of the fastest-growing chains in the country. It holds distinction as the second-largest sandwich chain after Subway.

Because nearly all Jersey Mike’s sites are franchise-owned and operated, the majority of the chain’s revenue is derived from royalties and advertising fees, CNBC noted.

According to its filing with the SEC, Jersey Mike’s has a development pipeline of over 1,600 stores. Existing franchise owners will open more than 90% of those stores, which the chain says highlights “the durability and attractiveness of our model.”

Those soon-to-open locations also include at least 700 international sites.

The banner expects to open 300 outposts across Canada by 2034 through a strategic partnership with operator Redberry Restaurants. Meanwhile, as part of a franchise agreement with a group led by former Jersey Mike’s CEO and current board Chairman Peter Cancro, the chain aims to add 400 stores in the United Kingdom and Ireland.

Jersey Mike’s recently unseated Chick-fil-A as the top quick-service restaurant in the U.S., according to the American Customer Satisfaction Index.

In the ACSI’s annual survey of restaurant and food delivery businesses, Jersey Mike’s 84-point debut ended the competing chicken brand’s 11-year reign by one point. Jersey Mike’s earned praised for its “freshness, food variety and value.”

“Jersey Mike’s ACSI success is consistent with their business performance, including rapid unit growth, strong customer demand, and a model designed around throughput and off-premise convenience from high digital pickup usage. The chain’s menu is fairly narrow, and they have a model conducive to franchisee success,” the study said.