Jersey Mike's Files for IPO, Reports 50% Same-Store Sales Growth Since 2020

Sandwich chain Jersey Mike's filed for an initial public offering on Thursday, reporting that its same-store sales cumulatively climbed 50% from 2020 through 2025.

Jersey Mike's plans to trade on the New York Stock Exchange under the ticker "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 the regulatory filing.

Last year, Jersey Mike's annual system sales, which includes both company-owned and franchised locations, reached $4.3 billion, up 13% 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. Broadly, the restaurant industry has seen same-store sales weaken over the last two years as consumers dine out less often to save money.

Jersey Mike's filing comes as many companies feel more optimistic about going public, especially following the blockbuster SpaceX IPO.

While the number of IPOs that have been priced so far this year lags behind the year-ago period, the number of companies that have filed to go public is up, according to Renaissance Capital. Artificial intelligence giants OpenAI and Anthropic are among the hopefuls that have submitted 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 U.S. behind Subway. About 2,000 of those restaurants were opened in the last decade. Nearly all of Jersey Mike's restaurants are franchised, so the bulk of its revenue comes from royalties and advertising fees.

Despite a sluggish industry backdrop, the company announced in April that it had confidentially filed for an initial public offering. More than a year earlier, Blackstone bought 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 latest chief executive. Morrison previously led Wingstop 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 Jersey Shore sandwich shop at age 14 in 1971. Four years later, he pulled together enough money to buy Mike's Subs. Cancro later changed the name and began franchising the chain.

Following the deal with Blackstone, he has 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] experience with leading franchisors aligns with the values and long-term mindset that have shaped Jersey Mike's and will help continue our expansion in the United States and abroad," Cancro wrote. "I remained involved in the Company now and in the future."