On this photograph illustration, a Jersey Mike’s cup is displayed outdoors of Jersey Mike’s restaurant on April 21, 2026 in Los Angeles, California.
Justin Sullivan | Getty Photographs
Sandwich chain Jersey Mike’s filed for an preliminary public providing on Thursday, reporting that its same-store gross sales cumulatively climbed 50% from 2020 by means of 2025.
Jersey Mike’s plans to commerce on the New York Inventory Trade below the ticker “JMKE.”
The corporate reported internet earnings of $55 million on complete income of $724 million final yr, up from internet earnings of $5 million on income of $653 million in 2024, in keeping with the regulatory submitting.
Final yr, Jersey Mike’s annual system gross sales, which incorporates each company-owned and franchised places, reached $4.3 billion, up 13% from the earlier yr.
Its same-store gross sales elevated 3% over the identical interval; the metric tracks gross sales development at eating places open no less than a yr. Broadly, the restaurant trade has seen same-store gross sales weaken during the last two years as shoppers dine out much less typically to save cash.
Jersey Mike’s submitting comes as many firms really feel extra optimistic about going public, particularly following the blockbuster SpaceX IPO.
Whereas the variety of IPOs which were priced to this point this yr lags behind the year-ago interval, the variety of firms which have filed to go public is up, in keeping with Renaissance Capital. Synthetic intelligence giants OpenAI and Anthropic are among the many hopefuls which have submitted confidential filings with the Securities and Trade Fee.
A rising enterprise
At this time, Jersey Mike’s has almost 3,300 places, making it the second-largest hoagie sandwich chain within the U.S. behind Subway. About 2,000 of these eating places had been opened within the final decade. Practically all of Jersey Mike’s eating places are franchised, so the majority of its income comes from royalties and promoting charges.
Regardless of a sluggish trade backdrop, the firm introduced in April that it had confidentially filed for an preliminary public providing. Greater than a yr earlier, Blackstone purchased a majority stake in Jersey Mike’s in a deal that reportedly valued the chain at roughly $8 billion.
After the transaction closed, Jersey Mike’s tapped Charlie Morrison as its newest chief government. Morrison beforehand led Wingstop for greater than a decade, together with through the hen wing chain’s public market debut.
Jersey Mike’s founder Peter Cancro started working at a Jersey Shore sandwich store at age 14 in 1971. 4 years later, he pulled collectively sufficient cash to purchase Mike’s Subs. Cancro later modified the title and commenced franchising the chain.
Following the cope with Blackstone, he has retained “significant fairness” in Jersey Mike’s and holds a seat on its board, in keeping with a letter to fellow shareholders included within the regulatory submitting.
“[Blackstone’s] expertise with main franchisors aligns with the values and long-term mindset which have formed Jersey Mike’s and can assist proceed our enlargement in america and overseas,” Cancro wrote. “I remained concerned within the Firm now and sooner or later.”