Among American hoagie chains, Jersey Mike's ranks second behind Subway. Now the company has filed to sell shares to the public for the first time.
Jersey Mike's submitted filings to trade shares publicly with the symbol "JMKE" on the NYSE. The filing shows net income of $55 million in 2025, up from $5 million in 2024. Total system sales - company-owned and franchised locations combined - reached $4.3 billion in 2025, up 13% from the previous year.
The chain now operates nearly 3,300 locations. Roughly 2,000 of its outlets have been established over the past ten years.
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The company's decision to go public arrives amid a broader wave of optimism in the IPO market, boosted by the high-profile SpaceX offering. Jersey Mike's had already confidentially filed for an IPO in April. More than a year earlier, Blackstone had acquired a majority interest.
The chain plans to keep expanding in the United States and internationally, according to founder Peter Cancro. At 14, in 1971, Cancro started working at a sandwich shop on the Jersey Shore; just four years afterward, he purchased the business, then called Mike's Subs.
After the Blackstone deal, Cancro still holds "meaningful equity" and a seat on its board. In a letter to shareholders, Peter Cancro wrote, "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. I remained involved in the Company now and in the future."
Charlie Morrison is the latest chief executive. He was tapped after Blackstone's acquisition. Before joining Jersey Mike's, Morrison spent over ten years as CEO of Wingstop, overseeing its transition to a publicly traded company.
Jersey Mike's rapid expansion over the past decade has outpaced many rivals in the quick-service sandwich segment. By emphasizing freshly sliced meats and localized promotional efforts, the chain has cultivated a devoted following, while bigger rivals like Subway faced store reductions. The IPO proceeds are expected to fund further domestic and international growth, with potential new markets in Europe and Asia.
Jersey Mike's growth is rooted in its founder's story. The public offering, backed by Blackstone's majority stake, aims to carry that legacy forward by expanding internationally and strengthening the brand.
The company traces its origins to a single store in Point Pleasant, New Jersey, which Cancro bought as a teenager in 1975. Over the decades, he transformed it into a franchise powerhouse, rebranding as Jersey Mike's and building a reputation for hand-sliced, grilled subs served with a community-first approach. That grassroots foundation now underpins a chain with nearly 3,300 locations and ambitions to go global.
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