Dive Brief:
- Jersey Mike’s has filed a form S-1 prospectus with the U.S. Securities and Exchange Commission as part of its preparation for an initial public offering on the New York Stock Exchange, according to a Thursday filing.
- The number of shares and Jersey Mike’s proposed price remain undetermined, according to a press release. The brand sold a majority stake to private equity firm Blackstone in late 2024, and said in April that it was considering an IPO.
- The filing touts Jersey Mike’s strong growth and unit economics, claiming an average unit volume of $1.4 million and 50% cumulative same-store sales growth from 2020 to 2025.
Dive Insight:
Jersey Mike’s strong economics make it arguably the most dynamic player in the U.S. sandwich sector.
The roughly 3,300-store sandwich chain saw 3% same-store sales growth last year, more than 250 net openings and its systemwide sales crossed the $4 billion mark. The brand’s revenue grew by 11% in fiscal 2025, hitting $724 million.
By contrast, rival Subway — long the largest brand in America by store count — has suffered from low unit volumes and a declining store base for many years.
Jersey Mike’s also recently overtook Chick-fil-A as the highest-rated QSR brand, according to the American Customer Satisfaction Index. That strong consumer affinity should help the sandwich brand continue its rapid expansion.
The chain possesses “a robust development pipeline of over 1,600 stores as of June 30, 2026. Over 90% of this pipeline is being undertaken by existing franchise owners, highlighting the durability and attractiveness of our model,” according to the S-1.
Charlie Morrison, Jersey Mike’s CEO, said in a statement included in the S-1 that Jersey Mike’s is “still in the early innings of our domestic growth opportunity. We benefit from best-in-class brand awareness, a highly portable model, and strong momentum across both established and newer markets.”
Ultimately, Morrison said, Jersey Mike’s aims to become a global brand while approaching international development with the same discipline that has underpinned its U.S. growth.
Michael Halloran, lead corporate and securities partner at Halloran Farkas + Kittila LLP, described the brand’s potential IPO as “good stuff” in an April email to Restaurant Dive
“Expansion followed by fairly immediate new store profitability leads to a higher multiple. Jersey Mike’s says it has 3,300 locations now and says it has about 300 in development across the U.S. now and expects to open 300 in Canada by 2034 and 400 in the UK and Ireland,” Halloran wrote.
The chain will work to leverage its first-party data to better engage its customers, while streamlining operations for franchisees and growing its digital ordering channel, Morrison said.
Digital orders, according to the S-1, account for about 42% of occasions, and just 23% of transactions are online pickup orders. The chain has a meaningful runway to grow its first-party digital engagement and off-premise orders.
Jersey Mike’s franchise base is split fairly evenly between its 10 largest operators, which comprise 19% of its base, and small franchisees, which account for 24%.
“Approximately 80 franchise owners operate 10 or more stores, while more than 330 franchise owners operate only one or two stores, resulting in a highly diversified ownership base with no meaningful reliance on any single operator,” according to the S-1. This ownership structure should help insulate the brand from the potential failure of any one franchisee.
