In this photo illustration, a Jersey Mike’s mug is displayed outside of Jersey Mike’s restaurant on April 21, 2026 in Los Angeles, California.
Justin Sullivan | Getty Images
Sandwich chain Jersey Mike’s filed for an initial public offering Thursday, reporting that its same-store sales jumped 50% from 2020 to 2025.
Jersey Mike 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, compared to net income of $5 million on revenue of $653 million in 2024, according to the regulatory filing.
Last year, annual sales for the Jersey Mike’s system, which includes both company-owned and franchised locations, reached $4.3 billion, an increase of 13 percent from the previous year.
Its same-store sales increased 3% over the same period; The metric tracks sales growth at restaurants open at least a year. Overall, the restaurant industry has seen same-store sales decline over the past two years as consumers go out less often to save money.
Jersey Mike’s filing comes as many companies are feeling more optimistic about going public, especially after SpaceX’s blockbuster IPO.
Although the number of IPOs priced so far this year lags behind last year, the number of companies filing for IPOs is on the rise, according to Renaissance Capital. Artificial intelligence giants OpenAI and Anthropic are among the hopefuls who have submitted confidential filings with the Securities and Exchange Commission.
A growing company
Today, Jersey Mike’s has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the United States behind Subway. About 2,000 of these restaurants have opened in the past decade. Nearly all of Jersey Mike’s restaurants are franchised, so most of its revenue comes from royalties and advertising fees.
Despite a gloomy industrial context, the company announced in April that it had confidentially filed an application for an IPO. More than a year earlier, Blackstone bought a majority stake in Jersey Mike’s in a deal that would have valued the chain at about $8 billion.
After the transaction closed, Jersey Mike’s named Charlie Morrison its latest general manager. Morrison previously directed Wing stop for more than a decade, including during the chicken wing chain’s public market debut.
Jersey Mike’s founder Peter Cancro began working at a sandwich shop on the Jersey Shore at the age of 14 in 1971. Four years later, he scraped together enough money to buy Mike’s Subs. Cancro later changed the name and began franchising the chain.
Following the deal with Blackstone, he retained “significant equity” in Jersey Mike’s and serves on its board of directors, according to a letter to other shareholders included in the regulatory filing.
“[Blackstone’s] The experience gained with leading franchisors aligns with the values and long-term mindset that have shaped Jersey Mike’s and will help us continue our expansion in the United States and abroad,” Cancro wrote. “I remain involved with the company now and in the future.”