Recent Updates — JMKE
Jersey Mike’s Subs Inc. reported third-quarter fiscal 2026 total revenue of $209 million, a 10% increase year over year, driven by an 8.8% net store growth to 3,456 locations and a 3.0% rise in same-store sales. The company posted adjusted EBITDA of $125 million and adjusted EPS of $0.23, though GAAP net income declined to $10 million due to a $29 million one-time equity-based compensation charge related to its recent IPO. Additionally, the board approved a special cash dividend of $0.35 per share payable on November 19, 2026, and authorized up to $100 million in share repurchases. Jersey Mike’s operates as a leading fast-casual restaurant franchisor specializing in subs.
On September 16, 2026, majority owners affiliated with Blackstone Inc. entered into margin loan agreements with Morgan Stanley Senior Funding, Inc., securing aggregate borrowings of approximately $1.09 billion. To secure these obligations, the Borrowers pledged 127,631,450 shares of Class A common stock, 44,990,370 shares of Class B common stock, and 44,990,370 common units of Jersey Mike’s HoldCo, LLC. This collateral represents approximately 54.3% of the issued and outstanding Class A Common Stock on a fully converted basis. The Company is not a party to the Loan Documents but agreed in letter agreements not to hinder lenders from exercising remedies upon default. Jersey Mike's Subs Inc. operates in the quick-service restaurant industry, specializing in submarine sandwiches.
Jersey Mike’s Subs Inc. reported second quarter fiscal 2026 financial results for the period ended June 28, 2026. Total revenue increased 10% year-over-year to $208 million, driven by an 11% rise in royalties and other revenue to $138 million and a 6% increase in advertising revenue to $57 million. Net income declined to $37 million from $59 million in the prior year period, while Adjusted EBITDA rose 7% to $114 million. The company opened 83 new stores, bringing the total systemwide count to 3,378 and achieving net unit growth of 8.1%. Same-store sales grew 2.3%, primarily due to transaction volume increases. Jersey Mike’s provided full-year 2026 guidance projecting same-store sales growth of 2.5-3.0% and Adjusted EBITDA growth of at least 20%. The company operates in the fast-casual restaurant industry, specializing in franchised sub sandwich locations.
Jersey Mike's Subs Inc. completed its initial public offering on July 31, 2026, selling 43,478,261 shares of Class A common stock at $21.85 per share. The company utilized approximately $301 million in net proceeds to purchase newly issued Common Units from Jersey Mike’s HoldCo, LLC, which were subsequently used to repay a portion of the outstanding Series 2026-1 Notes totaling roughly $301 million. Concurrently, Matthew Bromberg was appointed to the Board of Directors with an annual cash retainer of $125,000 and an initial award of $125,000 in restricted stock units. The company also adopted its 2026 Omnibus Incentive Plan and 2026 Employee Stock Purchase Plan. Jersey Mike's Subs Inc. operates in the quick-service restaurant industry, specializing in submarine sandwiches.