Consumer Discretionary · NYSE: JMKE
Jersey Mike's: how the business works
Jersey Mike's franchises sub shops and earned $696 million of revenue from Jan 16 to Dec 28, 2025.
By Hardik Bhandare · Checked against filings:
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Jersey Mike's Subs Inc. · Tinton Falls, New Jersey · Founded 1956
Last updated
- Revenue, Jan 16 to Dec 28, 2025 (FY2025 after Blackstone's purchase)
- $696M
- Net income, Jan 16 to Dec 28, 2025
- $59M
- Revenue, Q3 FY2026
- $209M
- Stores, Sep 27, 2026
- 3,456
- Blackstone's votes after the IPO, before the underwriters' option
- 65.2%
The short version
Jersey Mike's in 5 points
1 · What it sells
Jersey Mike's franchises sub sandwich shops and earns fees on their sales and purchases, with 3,456 stores at Sep 27, 2026, and $209 million of revenue in Q3 FY2026.
2 · Who pays it
From Jan 16 to Dec 28, 2025, franchise owners paid 65.1% of revenue in royalties and advertising fees, supplier programs and technology brought in 28.2%, store customers 5.2% and other fees and gift cards 1.6%.
3 · What it keeps from $100
Of every $100 that came in from Jan 16 to Dec 28, 2025, Jersey Mike's kept $8.4 as net income after $14.0 of interest expense, while operating income, before interest and tax, was $21.7 per $100 of revenue.
4 · Where the operating profit comes from
Jersey Mike's reports one segment and no profit by type, but from Jan 16 to Dec 28, 2025, royalties and other revenues were $464 million, while advertising fees of $196 million were $11 million below advertising expenses.
5 · The one thing to watch
At Sep 27, 2026, debt was $1,798 million against $295 million of cash, and Blackstone affiliates reported on Sep 16, 2026 using shares equal to about 54.3% of Class A, fully exchanged, as collateral for about $1.09 billion of loans.
Sources: From Jersey Mike's July 2026 prospectus, Q3 FY2026 10-Q and Sep 22, 2026 8-K · checked
See the full receipt and the management scorecard below
01Where the money goes · Jan 16 to Dec 28, 2025
Where does $100 of Jersey Mike's' money go?
Jersey Mike's · Jan 16 to Dec 28, 2025
Receipt for every $100
| Selling, general and administrative | $30.4 |
|---|---|
| Advertising | $29.4 |
| Interest expense | $14.0 |
| Depreciation and amortization | $13.6 |
| Company-owned store costs | $4.0 |
| Other expense and tax | $0.3 |
| Kept as net income | $8.4 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from 424B4 filed Jul 31, 2026. Of every $100 that came in from Jan 16 to Dec 28, 2025 (revenue plus interest income): each line = line ÷ $705 million × 100. This is the filed period after Blackstone's purchase; the 15 days before it are filed separately.
Each week: one company explained in 5 points, picked by earnings date.
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02The business in one line
What does Jersey Mike's do?
Franchise owners run nearly all 3,456 Jersey Mike's shops and pay it fees on their sales, suppliers pay it on what stores buy, and most of that money goes on overhead, marketing and debt interest.
- Franchise owners paid 65.1% of revenue in royalties and advertising fees from Jan 16 to Dec 28, 2025; supplier programs and technology brought in 28.2%.
- The company owned only 22 of its stores at Sep 27, 2026, and it carried $1,798 million of debt on that date.
03Who pays it
Who pays Jersey Mike's?
Franchise owners: royalties
37%
of revenue
A percentage of each franchised store's sales, usually paid weekly.
Franchise owners: advertising fees
28%
of revenue
A percentage of store sales paid into the brand's marketing fund.
Suppliers and technology
28%
of revenue
System support: suppliers and distributors pay on the volume stores buy, and the line includes technology. The filing gives no split.
Store customers
5%
of revenue
People buying sandwiches at the stores the company runs itself.
Other
2%
of revenue
Franchise and development fees and gift card income.
- Franchise owners: royalties37%
- Franchise owners: advertising fees28%
- Suppliers and technology28%
- Store customers5%
- Other2%
How spread out the customers are
Royalties and advertising fees together were 65.1% of revenue from Jan 16 to Dec 28, 2025. The filings give no revenue share per franchise owner. At Dec 28, 2025 there were more than 630 owners; the largest ran 91 stores, about 3% of the system, and the 10 largest ran 599 stores, 19% of US stores.
04Why it makes money
Why does Jersey Mike's make money?
Jersey Mike's earns on store sales without paying to run most stores
Owners fund and run the shops, so each new store adds royalties, advertising fees and supplier payments. Interest, depreciation and amortization took $27.6 of every $100 that came in from Jan 16 to Dec 28, 2025.
Stores at period end
2,6863,456
FY2023 to Q3 FY2026
- A franchise owner opens a store
- The store sells subs and buys supplies
- Jersey Mike's collects fees on those sales and purchases
- Marketing fees pay for brand advertising
- Owners open more stores
↺ Step 5 feeds back into step 1.
05Business segments · Jan 16 to Dec 28, 2025
Which businesses make up Jersey Mike's?
Royalties
37%Jersey Mike's reports one segment. These are its revenue types: this one is a percentage of franchised store sales.
Revenue $257M
Advertising fees
28%Paid by owners into the marketing fund.
Revenue $196M
System support
28%Supplier programs and technology.
Revenue $196M
Company-owned stores
5%Sales at stores the company runs.
Revenue $36M
Other
2%Franchise and development fees and gift card income.
Revenue $11M
How the mix changed
- Royalties
- Advertising fees
- System support
- Company-owned stores
- Other
Revenue by segment, FY2023 to 39 weeks FY2026.
US$
See the numbers
06The numbers · Consolidated · US$
How has Jersey Mike's done?
Revenue
$696MFY2025
Revenue was $561 million in FY2023 and $653 million in FY2024; FY2025 is filed in two parts because Blackstone's purchase created a new accounting basis, so the FY2025 bar shows the successor period, Jan 16 to Dec 28, 2025 ($696 million), the predecessor period, Jan 1 to 15, 2025, was $28 million, and Q1 FY2025 shows Jan 16 to Mar 30, 2025 only.
US$
See the numbers
Net profit
$59MFY2025
Net income was $21 million in FY2023, $5 million in FY2024 and $59 million in the FY2025 bar, which covers the successor period, Jan 16 to Dec 28, 2025, with a $4 million loss in the predecessor period, Jan 1 to 15, 2025; Q3 FY2026's −$11 million is the part attributable to Jersey Mike's Subs Inc. (total net income was $10 million), and its $0.05 loss per share covers only Jul 31 to Sep 27, 2026, the one period with earnings per share. Of the quarter's $10 million, $23 million went to pre-IPO owners before the reorganization and −$2 million to noncontrolling holders; the −$11 million covers Jul 31 to Sep 27 only. Q1 FY2025's $14 million covers Jan 16 to Mar 30, 2025.
US$
See the numbers
Profit kept per $100 of revenue
$8.5FY2025
Net income per $100 of revenue was $3.7 in FY2023, $0.8 in FY2024 and $8.5 in the FY2025 row, which covers Jan 16 to Dec 28, 2025; these are not like for like: FY2023 and FY2024 carry founder-related discretionary expenses, mainly bonuses and charitable donations, of $112 million and $192 million, and purchase accounting raised depreciation and amortization from about $10 million a year to $96 million.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$215MFY2025
Cash from operations was −$210 million in the FY2025 row, which covers Jan 16 to Dec 28, 2025, because a $411 million transaction bonus, funded by the founder and outside the income statement, ran through it; FY2024 capital spending includes a $41 million aircraft transferred to the founder, and in the 39 weeks to Sep 27, 2026 cash from operations was $177 million against $2 million of purchases of property and equipment.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (last Sunday of December since FY2025; Dec 31 through FY2024; the FY2025 row covers Jan 16 to Dec 28, 2025 only). Net profit is the share belonging to the company's owners.
Learn: Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Jersey Mike's, and did they deliver?
Charles R. Morrison
Chief Executive Officer · since 2025
Previously CEO of Wingstop. Total 2025 pay was $20,621,481, of which stock awards were $18,739,349.
Michele Allen
Chief Financial Officer · since 2025
Previously at Wyndham.
Stacy Peterson
President and Chief Operating Officer · since 2025
Previously Chief Revenue and Technology Officer at Wingstop.
Nigel Travis
Chairman · since 2026
Senior Advisor at Blackstone since July 2022.
Peter Cancro
Founder and director · since 1975
CEO from November 2007 to April 2025.
What they said, and what happened
2 too early to tell · 1 delivered · 1 withdrawn
Said on Sep 9, 2026
FY2026 same-store sales growth of 2.5% to 3.0%, including 3.0% to 4.0% in Q3.
Too early to tellWhat happened
Q3 came in at 3.0%, the low end of the Q3 range. The Oct 28, 2026 release says at least 2.5% for the year.
Said on Sep 9, 2026
FY2026 net unit growth of at least 8%.
Too early to tellWhat happened
Net store growth was 8.8% in Q3 FY2026, and the Oct 28, 2026 release keeps the statement.
Said on Jul 29, 2026
IPO money would go toward repaying debt.
DeliveredWhat happened
Jersey Mike's HoldCo repaid $301 million of Series 2026 notes on Aug 17, 2026.
Said on Jul 29, 2026
"We have no current plans to pay dividends on our Class A common stock."
WithdrawnWhat happened
On Oct 26, 2026 the board declared a $0.35 special dividend, payable Nov 19, 2026.
08What could go wrong
What could go wrong for Jersey Mike's?
- Governance
Blackstone controls the votes
The prospectus says its sponsor's interests may conflict with shareholders'. Blackstone had 65.2% of votes after the IPO, before the underwriters' option. Class A and Class B each carry one vote, and Class B has no economic rights.
Watch Blackstone's percentage in the first proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more or a Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more.
- Debt
Debt and interest cost
Debt was $1,798 million at Sep 27, 2026, and interest expense was $89 million in the 39 weeks to that date. The prospectus lists servicing this debt as a risk.
Watch Interest expense against operating income, and the February 2029 anticipated repayment date.
- Other
Tax payments to pre-IPO owners
The tax receivable agreement liability was $1,369 million at Sep 27, 2026. The prospectus says accelerated payments can exceed the benefits realized, and estimates early termination at about $1,444 million.
Watch The liability's size and first payments in later 10-Qs.
- Execution
Growth depends on new stores
The prospectus says growth depends largely on new store openings, partly outside the company's control. Net store growth was 8.8% in Q3 FY2026, down from 11.9% in FY2023.
Watch Gross openings and net store growth each quarter.
- Demand
Store returns may not hold
The prospectus warns that its stated cash-on-cash returns and store margins may not hold for a new franchised store. Food, supply and labor costs fall on franchise owners first.
Watch Average unit volume and same-store sales.
- Other
Food safety
The prospectus names food safety and food-borne illness as a risk. Stores handle uncooked meats and produce and prepare most menu items in-store.
Watch Any disclosure of a food-safety event in 8-Ks or 10-Qs.
- Governance
Blackstone's shares are used as collateral
Lenders may foreclose on shares and units equal to about 54.3% of Class A, on a fully exchanged basis, if Blackstone affiliates default on about $1.09 billion of margin loans. The prospectus separately lists share sales by pre-IPO owners after the lock-upA period after an IPO when insiders agree not to sell their shares. Learn more as a risk.
Watch 8-Ks on the loans; the lock-up, 180 days from Jul 29, 2026.
- Regulation
Franchise law changes
The prospectus names changes in law on assigning liabilities within a franchise model as a risk.
Watch Any change the company reports in its risk factors.
09Both sides
What do supporters and critics point to?
What supporters point to
- More than 99% of 3,456 stores were franchised at Sep 27, 2026, so owners fund and run most shops.
- Revenue rose 10% in Q3 FY2026 to $209 million, with 80 new stores and same-store sales up 3.0%.
- The prospectus states 20 consecutive years of positive same-store sales through 2025.
- IPO money repaid $301 million of debt on Aug 17, 2026; debt was $2,084 million at Dec 28, 2025 and $1,798 million at Sep 27, 2026.
- The largest franchise owner ran about 3% of stores at Dec 28, 2025.
What critics point to
- Q3 FY2026 total net income fell to $10 million from $32 million a year earlier, and the part attributable to Jersey Mike's Subs Inc. was an $11 million loss.
- Interest expense was $14.0 of every $100 that came in from Jan 16 to Dec 28, 2025.
- A $1,369 million tax receivable liability is owed to certain pre-IPO owners.
- Blackstone holds the majority of votes and has used shares equal to about 54.3% of Class A, fully exchanged, as collateral for loans.
- Advertising expenses were above advertising fees in FY2023, FY2024 and from Jan 16 to Dec 28, 2025.
10What to watch next
What should you watch next at Jersey Mike's?
Next event
Q4 FY2026 results
Date not announced yet.
The first 10-K and proxy statement
FY2026 will be the first full year with a 10-K. A proxy would give the first ownership table since the prospectus.
Same-store sales and store growth
Q3 FY2026 showed 3.0% same-store sales and 8.8% net store growth. The company's Oct 28, 2026 statement for FY2026 is at least 2.5% and at least 8%.
Debt and the tax liability
At Sep 27, 2026, debt was $1,798 million and the tax receivable agreement liability $1,369 million. Later 10-Qs show how each moves.
11Key dates
What are the key dates for Jersey Mike's?
| Event | Date | Source |
|---|---|---|
| Special dividend: record date for Class A holders$0.35 per share, as of the close of business. | Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 27, 2026) | |
| Special dividend: payment date | Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 27, 2026) | |
| Lock-up end for the company, officers, directors, principal stockholders and pre-IPO ownersThe prospectus gives 180 days after Jul 29, 2026, not a calendar date. By count that is Jan 25, 2027. Representatives of the underwriters can consent to earlier sales. | Not yet stated | Final prospectus (Form 424B4) for the initial public offering |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Jersey Mike's
- What does Jersey Mike's do?
- Jersey Mike's Subs Inc. franchises sub sandwich shops under the Jersey Mike's name, with 3,456 stores at Sep 27, 2026. Franchise owners ran 3,434 of them and the company ran 22.
- How does Jersey Mike's make money?
- Jersey Mike's makes money from fees tied to store sales and purchases: of $696 million of revenue from Jan 16 to Dec 28, 2025, royalties were $257 million, advertising fees $196 million and system support $196 million.
- What is Jersey Mike's business model?
- Jersey Mike's uses a franchise model: owners pay to build and run the stores and pay the company a share of sales. The company's October 2026 presentation gives a 6.5% royalty and a 5.0% advertising fee.
- Is Jersey Mike's profitable?
- Jersey Mike's reported net income of $59 million from Jan 16 to Dec 28, 2025, and a $4 million net loss from Jan 1 to 15, 2025. In Q3 FY2026 total net income was $10 million, but the part attributable to Jersey Mike's Subs Inc. was an $11 million loss. Its only earnings per share figure, a $0.05 loss per Class A share, covers Jul 31 to Sep 27, 2026.
- What is Jersey Mike's revenue by segment?
- Jersey Mike's reports one segment and no revenue by geography. By type, from Jan 16 to Dec 28, 2025: royalties 36.9%, advertising fees 28.2%, system support 28.2%, company-owned stores 5.2% and other revenue 1.6%, of $696 million.
- Who owns Jersey Mike's?
- Blackstone controls Jersey Mike's, with 65.2% of votes after the July 2026 IPO before the underwriters' option, per the Jul 29, 2026 prospectus. Abu Dhabi Investment Authority reported 15.3% of Class A at Sep 30, 2026. Founder Peter Cancro had 9.6% of votes.
- How much does Jersey Mike's earn from royalties?
- Jersey Mike's earned $257 million of royalties from Jan 16 to Dec 28, 2025, 36.9% of revenue, and $219 million in the 39 weeks to Sep 27, 2026. Royalties are a percentage of franchised store sales.
- How much does Jersey Mike's earn from advertising fees?
- Jersey Mike's collected $196 million of advertising fees from Jan 16 to Dec 28, 2025, 28.2% of revenue, and spent $207 million on advertising in that period. The fees pay for the brand's marketing fund.
- What is system support revenue at Jersey Mike's?
- System support revenue at Jersey Mike's was $196 million from Jan 16 to Dec 28, 2025, 28.2% of revenue. It comes from supplier programs, paid on the volume stores buy, and from technology; the filing gives no split between them.
- How much does Jersey Mike's earn from its own stores?
- Jersey Mike's company-owned stores had $36 million of sales from Jan 16 to Dec 28, 2025, 5.2% of revenue, against $28 million of store expenses. It owned 22 stores at Sep 27, 2026.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Jersey Mike's sell?
Royalties
Franchise owners pay a percentage of store sales for the right to use the brand: 6.5%, per the company's October 2026 presentation. $257 million from Jan 16 to Dec 28, 2025.
Advertising fees
Owners pay into the brand's marketing fund: 5.0% of sales, per the same presentation. $196 million in that period, recorded as revenue, with the spending recorded as advertising expenses.
System support
Major food and beverage suppliers and distributors pay based on what stores buy, and the line also includes technology. $196 million in that period.
Company-owned stores
The company runs 22 stores itself, as of Sep 27, 2026. Their sales were $36 million from Jan 16 to Dec 28, 2025.
Other revenue
Franchise and development fees and gift card income: $11 million in that period.
Think of it like this
It works like a charge on every sandwich sold: stores pay a share of their sales, whoever owns the shop.
What it does
- Does: Licenses its brand and store system to franchise owners
- Does: Runs a national marketing fund paid for by those owners
- Does: Collects payments from approved suppliers and distributors
- Does: Runs 22 stores itself (Sep 27, 2026)
What it does not do
- Does not: Keep the store sales: systemwide sales are the stores' money, not the company's revenue
- Does not: Own most stores: more than 99% are franchised
- Does not: Report profit by revenue type: it has one reporting segment
14How the money flows
14How the money flows · Jan 16 to Dec 28, 2025
How does money flow through Jersey Mike's?
Money in
- Royalties$257M
- Advertising fees$196M
- System support$196M
- Company-owned store sales$36M
- Other revenue$11M
- Interest income$9M
The company
Jersey Mike's
$705M came in
Money out
- Selling, general and administrative$214M
- Advertising$207M
- Interest expense$99M
- Depreciation and amortization$96M
- Company-owned store costs$28M
- Other expense and tax$2M
- Net income$59M
- Franchise owners pay royalties and advertising fees on store sales: $453 million in this period.
- Suppliers and technology add $196 million of system support; with royalties and other fees, the filed royalties and other revenues line is $464 million. The company's own stores add $36 million.
- The marketing fund spent $207 million, more than the $196 million of advertising fees.
- After $214 million of overhead and $96 million of depreciation and amortization, operating income was $151 million, or $21.7 per $100 of revenue.
- Interest expense took $99 million, leaving $59 million of net income. This is the filed period after Blackstone's purchase, not a full year.
15What it needs to run
15What it needs to run
What does Jersey Mike's need to run?
Franchise owners
More than 630 owners at Dec 28, 2025. About 80 ran 10 or more stores, and more than 330 ran one or two.
Approved suppliers
Core ingredients come from approved providers. The prospectus says these relationships have been more concentrated historically and gives no percentage.
A small staff
293 corporate staff and 529 company-store employees at Dec 28, 2025. Franchise owners employ their own store workers.
16Competitors and what protects it
16Competitors and what protects it
Who does Jersey Mike's compete with?
Subway
The company's October 2026 presentation names Subway as a global player scaling internationally. The prospectus cites Technomic for an unnamed largest peer with over 16,000 international locations in 2025.
Jimmy John's
In the presentation's comparison of brands' social media spending, as of 2024. No sales or store comparison is given.
Firehouse Subs
In the same comparison of social media spending, as of 2024. No sales or store comparison is given.
Chick-fil-A
The prospectus cites the June 2026 ACSI study: Jersey Mike's scored 84 of 100 and Chick-fil-A had led for the prior 11 years.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Size of the franchise network4 of 5
3,456 stores at Sep 27, 2026, and no franchise owner above about 3% of the system at Dec 28, 2025.
- Brand awareness4 of 5
The prospectus states aided awareness of 90% in 2025, up from 64% in 2018. Aided means people recognize the name when prompted.
- Store economics for owners3 of 5
The company states average store sales of $1,364 thousand in FY2025 and cash-on-cash returns of about 42%. The store figures are self-reported by owners and not verified, and the prospectus warns new stores may differ.
Weak spot
Reliance on new stores
The prospectus says growth depends largely on new store openings, partly outside the company's control. Net store growth was 11.9% in FY2023, 8.5% in FY2025 and 8.8% in Q3 FY2026.
17Where growth could come from
17Where growth could come from
Where could Jersey Mike's' growth come from?
In its Oct 28, 2026 release, Jersey Mike's said it expects FY2026 same-store sales growth of at least 2.5% and net unit growth of at least 8%. Its Sep 9, 2026 release said 2.5% to 3.0% for same-store sales. A third statement, on Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales., is under the company's own measures.
New stores
Working80 opened in Q3 FY2026: 69 US, 11 international
Net store growth was 8.8% in Q3 FY2026, above the company's stated at least 8% for FY2026. The prospectus states a pipeline of more than 1,600 US stores at Jun 30, 2026, with more than 1,250 signed.
Status: Working, on track against what the company said.
Sales at existing stores
Mixed3.0% same-store sales, Q3 FY2026
Same-store sales rose 3.0% in Q3 FY2026 and 2.3% over 39 weeks, and revenue rose 10% in the quarter. Same-store sales cover standard stores open at least 425 days.
Status: Mixed, partly on track.
Digital orders and loyalty
Working43% digital, Q3 FY2026
Digital sales were 43% of the mix in Q3 FY2026, up from 42% a year earlier. Loyalty members reached 12.5 million in FY2025, up from 9.8 million in FY2023.
Status: Working, on track against what the company said.
Stores outside the US
Early41 international stores, Sep 27, 2026
Canada has an agreement for 300 stores over 10 years. The UK and Ireland master franchise, to an entity controlled by the founder, has a minimum of 300 stores over 10 years. The company stated a potential of about 15,000 stores worldwide in its prospectus; that is its statement, not a forecast here.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · FY2025 to Q3 FY2026
What do Jersey Mike's' own measures show?
Official (GAAP): Revenue, Jan 16 to Dec 28, 2025
$696M
Company's own measure: Revenue, FY2025 combined
$724M
The company adds the Jan 1 to 15, 2025 predecessor period ($28 million) to the successor period. It says this combined presentation is not in accordance with GAAP; the two periods have different accounting bases.
Official (GAAP): Net income, Jan 16 to Dec 28, 2025
$59M
Company's own measure: Net income, FY2025 combined
$55M
The company adds the predecessor period's $4 million net loss. Same not-GAAP label as above.
Official (GAAP): Revenue, Jan 16 to Mar 30, 2025
$139M
Company's own measure: Revenue, Q1 FY2025 combined
$167M
The company adds the Jan 1 to 15, 2025 predecessor period ($28 million). Same not-GAAP label as above.
Official (GAAP): Net income, Q3 FY2026
$10M
Company's own measure: Adjusted EBITDA, Q3 FY2026
$125M
Leaves out interest ($25 million), tax ($7 million), depreciation and amortization ($26 million), equity pay ($37 million), IPO costs ($17 million) and other items. The Oct 28, 2026 release says the company expects FY2026 growth of at least 20%.
Official (GAAP): Net income, Jan 16 to Dec 28, 2025
$59M
Company's own measure: Adjusted EBITDA, Jan 16 to Dec 28, 2025
$327M
Same definition. The predecessor period, Jan 1 to 15, 2025, was $12 million; the company's combined FY2025 figure is $339 million.
Official (GAAP): Net income, Q3 FY2026
$10M
Company's own measure: Adjusted net income, Q3 FY2026
$74M
Leaves out stock pay, $25 million of amortization and one-time items, and assumes a 25% tax rate.
Official (GAAP): Diluted loss per Class A share, Jul 31 to Sep 27, 2026
−$0.05
Company's own measure: Adjusted EPS, Q3 FY2026
$0.23
Covers the full quarter, unlike the GAAP figure, and assumes all HoldCo units were exchanged (318.4 million shares). It is first presented for Q3 FY2026.
Official (GAAP): Cash from operations, same period
$177M
Company's own measure: Free cash flow after large special items, 39 weeks to Sep 27, 2026
$170M
Subtracts $7 million of property, equipment and software. The page's own measure subtracts only property and equipment ($2 million), giving $175 million.
Official (GAAP): Cash from operations, same period
$177M
Company's own measure: Free cash flow before large special items, 39 weeks to Sep 27, 2026
$258M
Also adds back Area Director buyouts ($55 million), IPO costs ($24 million) and transition costs ($9 million). Area Directors were agents paid to support franchise owners; the company buys out those rights.
Official (GAAP): Debt, carrying value, Sep 27, 2026
$1.8B
Company's own measure: Net debt as the company measures it, Sep 27, 2026
$1.5B
Principal of $1,834 million less $325 million of cash including restricted cash. Divided by $383 million of Adjusted EBITDA over 12 months, the company states 3.9 times; that is not the debt agreement's ratio.
Official (GAAP): Revenue, Q3 FY2026
$209M
Company's own measure: Systemwide sales, Q3 FY2026
$1.2B
Sales at all stores, franchised and company-owned. The company warns these are not its revenue. FY2025 systemwide sales were $4,217 million.
Official (GAAP): Total revenue growth, Q3 FY2026
10.0%
Company's own measure: Same-store sales growth, Q3 FY2026
3.0%
Sales growth at standard stores open at least 425 days, leaving out non-traditional sites such as airports. FY2025 was 3.2%, and the company states 20 consecutive years of positive growth through 2025.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Average unit volume, 364 days to Sep 27, 2026
1,386 $ thousand per store
Sales at comparable stores over 364 days, per operating day, times 364. It leaves out non-traditional stores and was $1,364 thousand for FY2025.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Final prospectus (Form 424B4) for the initial public offering; Investor presentation, October 2026; Q3 fiscal 2026 earnings supplement and 2 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
19Financial strength and debt
19Financial strength · Sep 27, 2026
How much debt does Jersey Mike's have?
- Total debt$1.8B
- Cash and investments$295M
- Net debt (debt minus cash)$1.5B
- Net worth (shareholders' money)$4.9B
- Debt to equity
- 0.37×
- $ of debt for every $1 of shareholders' money
- Debt is whole-business securitization notes, secured by the assets of the issuing subsidiaries: $1,834 million of principal at a weighted rate of 5.14%. The nearest anticipated repayment date is February 2029. Net debt is a Cityfort calculation from Q3 FY2026 10-Q.
- Separately, a tax receivable agreement liability of $1,369 million is owed to certain pre-IPO owners. No payment is due in the next 12 months.
- A $250 million earn-out to the founder is payable at 4,000 stores or a change of control; it is carried at $227 million.
- Trade name, franchise agreements and goodwill were $7,774 million of $8,471 million of total assets, mostly from Blackstone's purchase.
- Equity of $4,870 million includes $1,572 million for noncontrolling holders. Restricted cash of $30 million is not counted in cash above.
20Who owns it
20Who owns it · ownership as of Oct 23, 2026
Who owns Jersey Mike's?
- Officers and directors (as a group), shares
- 9.6%
- Officers and directors (as a group), votes
- 9.6%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 27, 2026); Final prospectus (Form 424B4) for the initial public offering; Form 4: Blackstone funds, sale in the underwriters' option (Aug 24-25, 2026) and 3 more
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does Jersey Mike's do with its profit?
Dividend per share
$0.35FY2026
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Oct 26, 2026
Board authorized repurchases of up to $100 million of Class A stock.
$100M
Money raised · Jul 29, 2026
IPO priced at $23.00: 43,478,261 Class A shares, of which the company sold 13,782,609 and selling stockholders 29,695,652. The company's $301 million, before expenses, went to buy HoldCo units.
$301M
22Governance signals
22Governance signals
What do Jersey Mike's' governance filings show?
- Auditor
- Deloitte & Touche LLP, since 2017
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- On Jan 23, 2026 Jersey Mike's bought 10 franchised stores for $23 million from Robert Cancro, the founder's son. A Peter Cancro entity holds the UK and Ireland master franchise, with no amounts recorded so far. A $41 million aircraft bought on the founder's behalf moved to a Cancro entity at Blackstone's purchase. Blackstone was reimbursed about $2 million under an administrative services agreement in the 39 weeks to Sep 27, 2026.
- Credit rating
- No public credit rating found
Flags to know about
shares as collateral · Sep 16, 2026
Blackstone's shares used as collateral for loans
On Sep 16, 2026 Blackstone affiliates reported margin loans of about $1.09 billion secured by shares and units equal to about 54.3% of Class A on a fully exchanged basis. Lenders may foreclose on default. Jersey Mike's is not a party, but agreed not to hinder lenders' remedies.
other
Controlled company
Under NYSE rules, Jersey Mike's may skip a majority-independent board and fully independent compensation and nominating committees. Blackstone designated three directors.
related party · Sep 27, 2026
Tax payments to pre-IPO owners
A tax receivable agreement pays certain pre-IPO owners 90% of certain tax benefits; the company keeps 10%. The liability was $1,369 million at Sep 27, 2026.
disclosure
No 10-K, proxy statement or call transcript yet
FY2026 will be the first 10-K. No annual meeting has been held, so no proxy exists. Earnings calls are published as audio, not as transcripts.
other
Large 2025 bonus to the former CFO
Former CFO Walter Tombs's total 2025 pay was $45,202,903, of which $40,038,462 was bonus. The prospectus says $411 million of transaction bonuses paid in 2025 were funded by the founder.
23What the market paid
23What the market paid · price as of Oct 30, 2026
What did the market pay for Jersey Mike's on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Jersey Mike's Class A shares closed at $18.29, from Nasdaq's historical price table (the stock trades on the NYSE). Market value = $18.29 × 317.6 million Class A and Class B shares (Oct 23, 2026) = about $5,809.6 million (Cityfort calculation from the Oct 30, 2026 closing price and the Q3 FY2026 10-Q cover). Class B shares do not trade and pair with units exchangeable into Class A, so this counts them at the Class A price. Class A alone: about $4,269.0 million. P/E (price ÷ earnings per share) is not shown because the only filed figure is a $0.05 loss per share for Jul 31 to Sep 27, 2026. The IPO price was $23.00 (Jul 29, 2026), and the first-day close was $21.63 (Jul 30, 2026).
- Share price
- $18.29
- Market value (market cap)
- $5.8B
Source: JMKE historical prices, Oct 26-30, 2026 (Nasdaq's table; the stock trades on the NYSE); JMKE historical prices, Jul 30-Oct 30, 2026 (Nasdaq's table; the stock trades on the NYSE); Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 27, 2026) and 1 more
24How it got here
24How it got here
How did Jersey Mike's get here?
1956
Milestone
The first shop opens
Mike's Subs opens in New Jersey, one of the first submarine sandwich shops in the country, according to the prospectus.
1975
Business-model change
Peter Cancro takes over
Peter Cancro, who worked there from 1971, bought the shop at 17 with help from his youth football coach.
1987
Business-model change
Franchising begins
This is the model that produces most of today's revenue.
2025
Business-model change
Blackstone buys control
The Jan 16, 2025 purchase created a new accounting basis, and depreciation and amortization rose from about $10 million a year to $96 million. Charles Morrison became CEO in April.
2026
Milestone
IPO on the NYSE
Priced at $23.00 on Jul 29, 2026, with first trades on Jul 30. The company sold 13,782,609 of the 43,478,261 shares.
2026
Milestone
First results as a public company
On Oct 28, 2026 the company reported Q3 FY2026 and said the board had approved a $100 million buyback and a $0.35 special dividend.
25Sources and changes
Where every number on this page comes from
Sources (16 documents)
- S1Final prospectus (Form 424B4) for the initial public offering · Jersey Mike's Subs Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
- S2Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 27, 2026) · Jersey Mike's Subs Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2026
- S3Q3 fiscal 2026 earnings release (Form 8-K, Exhibit 99.1) · Jersey Mike's Subs Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2026
- S4Form 10-Q for Q2 fiscal 2026 (quarter ended Jun 28, 2026) · Jersey Mike's Subs Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 9, 2026
- S5Q2 fiscal 2026 earnings release (Form 8-K, Exhibit 99.1) · Jersey Mike's Subs Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 9, 2026
- S6Form 8-K: Blackstone affiliates' margin loans secured by company shares (event Sep 16, 2026) · Jersey Mike's Subs Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 22, 2026
- S8Form 8-A12B: registration of Class A common stock on the NYSE · Jersey Mike's Subs Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
- S11Schedule 13G: Abu Dhabi Investment Authority (event Sep 30, 2026) · Abu Dhabi Investment Authority (SEC EDGAR) · Tier 1: company or exchange filing · Oct 26, 2026
- S12Form 4: Blackstone funds, sale in the underwriters' option (Aug 24-25, 2026) · Submarine Buyer LLC and others (SEC EDGAR) · Tier 1: company or exchange filing · Aug 26, 2026
- S13Form 4: Abu Dhabi Investment Authority, sale in the underwriters' option (Aug 25, 2026) · Abu Dhabi Investment Authority (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
- S15Investor presentation, October 2026 · Jersey Mike's Subs Inc. · Tier 1: company or exchange filing · Oct 28, 2026
- S16Q3 fiscal 2026 earnings supplement · Jersey Mike's Subs Inc. · Tier 1: company or exchange filing · Oct 28, 2026
- S17JMKE historical prices, Oct 26-30, 2026 (Nasdaq's table; the stock trades on the NYSE) · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S18JMKE historical prices, Jul 30-Oct 30, 2026 (Nasdaq's table; the stock trades on the NYSE) · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S19EDGAR filing list, CIK 0002127043 · SEC EDGAR · Tier 1: company or exchange filing · Nov 1, 2026
- S20NYSE certification of listing (Form CERT) · New York Stock Exchange (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version, through Q3 FY2026 (quarter ended Sep 27, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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