Jersey Mike’s Files for IPO Valued at $12 Billion After Revenue and Profit Rose

Jersey Mike’s filed a Form S-1 prospectus last week for an initial public offering. The filing values the company at approximately $12 billion and lists the ticker JMKE for trading on the New York Stock Exchange. The prospectus showed that founder Peter Cancro’s stepson Phillip Sivolobov received $50.5 million in compensation between 2023 and 2025.

Cancro’s brother John Cancro received about $21 million over the same period, while brother-in-law Daniel Powers received more than $31 million from fiscal 2024 to 2025. The three family members were employed by the company in various roles but received no payments in the 13 weeks ended March 29, the close of the first quarter of fiscal 2026.

In connection with Blackstone’s $8 billion acquisition of a majority stake in 2024, a $41 million aircraft was transferred to an entity controlled by Cancro.

The company paid Cancro $166,666.66 per month for air travel-related business expenses, totaling about $2 million in 2025. Cancro personally controls through an entity the master franchise rights for 300 locations in the U.K. and Ireland.

Cancro stepped down as CEO in April 2025. Charlie Morrison, previously CEO of Wingstop, now leads the company. Cancro retained meaningful equity and serves on the board. Jersey Mike’s operates nearly 3,300 locations in North America and ranks as the second-largest sandwich chain in the United States behind Subway.

The filing reported a 50 percent increase in cumulative same-store sales from 2020 through 2025. Net income reached $55 million on $724 million in revenue in the most recent fiscal year, compared with $5 million on $653 million the prior year. Cancro began working at a Jersey Shore sub shop in 1971 at age 14 and bought the original Mike’s Subs four years later.