Jersey Mike's, the second-largest hoagie sandwich chain in the U.S., has announced its intention to go public on the New York Stock Exchange under the ticker 'JMKE.' The company reported a remarkable 50% increase in same-store sales from 2020 to 2025, alongside a net income of $55 million on total revenue of $724 million for the last fiscal year.
This marks a substantial rise from a net income of $5 million on revenue of $653 million in 2024. Jersey Mike's annual system sales reached $4.3 billion, reflecting a 13% increase from the previous year, despite a broader trend of declining same-store sales in the restaurant sector as consumers cut back on dining out.
The filing comes at a time when optimism is returning to the IPO market, following high-profile listings like SpaceX. Jersey Mike's has nearly 3,300 locations, with a majority being franchised, which generates most of its revenue through royalties and advertising fees.
The company was recently valued at approximately $8 billion after Blackstone acquired a majority stake, and it has appointed Charlie Morrison, a former Wingstop CEO, as its new chief executive. Founder Peter Cancro remains actively involved in the company and retains significant equity, emphasizing a commitment to continued expansion both domestically and internationally