Jersey Mike’s Files for IPO Valued at About $12 Billion

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 New York Stock Exchange ticker JMKE. The chain reported net income of $55 million on $724 million in revenue in its most recent fiscal year, up from $5 million on $653 million the prior year.

Cumulative same-store sales rose 50 percent from 2020 through 2025. Jersey Mike’s operates nearly 3,300 locations in North America and ranks as the second-largest U.S. sandwich chain after Subway. The prospectus shows Phillip Sivolobov received $50.5 million in compensation between 2023 and 2025.

John Cancro received about $21 million over the same period, and Daniel Powers received more than $31 million from fiscal 2024 to 2025. The three family members held various roles at the company and 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 Peter Cancro.

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

Peter Cancro stepped down as CEO in April 2025. Charlie Morrison, previously CEO of Wingstop, now leads the company. Cancro retained meaningful equity and remains on the board after the Blackstone transaction.

Cancro has been involved with the chain for 50 years. He began working at a Jersey Shore sub shop in 1971 at age 14, bought Mike’s Subs four years later, renamed it, and began franchising.