Jersey Mike's Confidentially Files for IPO After Blackstone $8B Stake
Sandwich chain taps former Wingstop CEO Charlie Morrison to lead company as it moves toward potential public offering
Quick Look
- Jersey Mike's has confidentially filed for an IPO, the company said Monday, more than a year after Blackstone bought a majority stake reportedly valuing the sandwich chain at $8 billion.
- The chain, with over 3,000 locations nationwide and the second-largest hoagie brand after Subway, reported 2025 revenue of $309.8 billion, up 10.6% year-over-year, though net income fell to $183.6 million from $238.8 million.
- Founder Peter Cancro, who started working at a Jersey Shore shop at age 14 in 1971 and bought Mike's Subs in 1975, was the outright owner until the Blackstone sale.
AI-generated summary
Why It Matters
Jersey Mike's was founded by Peter Cancro, who started at a Jersey Shore sandwich shop at age 14 in 1971 and bought Mike's Subs in 1975. The chain grew to over 3,000 locations, becoming the second-largest hoagie sandwich chain in the U.S. after Subway. Until the Blackstone sale, Cancro was the outright owner.
Jersey Mike's has confidentially filed for an initial public offering, the company said on Monday. The announcement comes more than a year after Blackstone bought a majority stake in the sandwich chain in a deal that reportedly valued Jersey Mike's at roughly $8 billion. After the Blackstone deal closed, Jersey Mike's tapped former Wingstop CEO Charlie Morrison to helm the company. Morrison led the chicken wing chain for a decade, ushering it through its own IPO and a period of historic growth. With more than 3,000 locations nationwide, Jersey Mike's is the second-largest hoagie sandwich chain in the U.S., trailing only Subway. Jersey Mike's reported revenue of $309.8 billion in 2025, up 10.6% from the prior year, according to franchise disclosure documents. The chain also reported net income of $183.6 million in 2025, down from the prior year's net income of $238.8 million. 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. Until the sale to Blackstone, he was the outright owner of Jersey Mike's. The confidential filing is the first step for Jersey Mike's to be publicly traded. If it goes public, it will mark the first restaurant IPO since Black Rock Coffee Bar's offering in September.
What to Watch
AI outlook — possibilities, not facts
Jersey Mike's will proceed with its IPO within 12-18 months
Very likely · Within months
More restaurant brands may pursue IPOs following Jersey Mike's offering
Likely · Within months
Open Questions
- What is the expected valuation range for the IPO?
- When does Jersey Mike's expect to go public?
- What will happen to Peter Cancro's stake post-IPO?
- How will the company address declining net income?
