The sandwich chain reported net income of $55 million on revenue of $724 million in 2025, up sharply from the year before
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Jersey Mike's Subs Inc. publicly filed a registration statement with the Securities and Exchange Commission on Thursday for an initial public offering of its Class A common stock, with plans to list on the New York Stock Exchange under the ticker symbol "JMKE."
The company did not disclose the number of shares to be offered or the price range for the proposed offering. Morgan Stanley $MS, Jefferies, and J.P. Morgan are serving as global coordinators and joint bookrunning managers, the company said.
According to its SEC filing, the chain posted $724 million in total revenue and $55 million in net income for 2025, compared with $653 million in revenue and just $5 million in net income the prior year. Systemwide sales across company-owned and franchised restaurants totaled $4.3 billion in 2025, reflecting 13% growth over the prior year. Same-store sales grew 3% over the same period, and rose 2.3% in the 13 weeks ended June 28, down from 3.6% in the comparable period a year earlier, according to The Wall Street Journal.
With a footprint of more than 3,300 restaurants across the U.S. and Canada, Jersey Mike's ranks as the nation's second-largest hoagie chain behind Subway, according to CNBC. The company's franchise-heavy model means royalties and advertising fees account for the majority of its revenue.
Private equity firm Blackstone acquired a majority stake in Jersey Mike's for roughly $8 billion, according to Bloomberg. Once the IPO closes, Blackstone-affiliated entities are set to control the preponderance of voting power over board member elections. Jersey Mike's is seeking a valuation of at least $12 billion and the IPO is expected to raise more than $1 billion, Bloomberg reported.
At 17, founder Peter Cancro took over the original Mike's Subs in Point Pleasant, New Jersey, according to Reuters, eventually building it into a franchise system that began expanding in 1987. Charlie Morrison, who previously held the top job at Wingstop, stepped in as CEO after Cancro moved into the chairman role in April. Cancro has retained equity in the company and holds a board seat.
"We are building a brand with global, long-term endurance," Morrison said in the filing, according to the Wall Street Journal.
Jersey Mike's had signaled its public market ambitions in April when it disclosed a confidential IPO filing. The offering arrives during a banner stretch for new listings: Bloomberg data show U.S. IPO and share-sale volume through June 26 hit $251 billion, a record for any opening half of a year.
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