Jersey Mike’s
Financial Plan
Liquid capital
The amount you need to secure the necessary loans.
Total investment
Total Investment to launch the business, including initial fees ($20,000)
The Concept
Jersey Mike’s is a U.S. fast-casual submarine sandwich franchise founded in 1975 in Point Pleasant, New Jersey, by Peter Cancro. Cancro began franchising the concept in 1987, and the brand has since grown into one of the largest sandwich chains in the United States. Jersey Mike’s focuses on made-to-order subs, using freshly sliced meats and cheeses, bread baked in the restaurant and its signature “Mike’s Way” preparation.
The company operates a highly franchised, relatively asset-light model. As of December 28, 2025, approximately 99% of Jersey Mike’s stores were operated by franchise owners. The concept works across traditional inline and end-cap locations as well as non-traditional venues such as airports and college campuses. Jersey Mike’s reported 3,256 stores across all 50 states in fiscal 2025 and is targeting substantial additional U.S. and international growth.
Jersey Mike’s also reports strong unit economics. Fiscal 2025 produced approximately $1.4 million in average unit volume (AUV), a 16% store-level margin after royalties and advertising, and an average build cost of approximately $515,000. The company reported 20 consecutive years of positive same-store sales growth.
Frequently Asked Questions
How much does it cost to open a Jersey Mike’s franchise?
Jersey Mike’s is a relatively substantial investment for a sandwich franchise. The latest franchise data indicates an overall investment in the mid-six-figure to low-seven-figure range, depending on the location, construction requirements, real estate and other development costs.
The company’s latest corporate filing reports an average store build cost of approximately $515,000 for fiscal 2025. This figure represents construction/build costs rather than the complete amount a franchisee may need to invest.
How much revenue does a Jersey Mike’s franchise generate?
Jersey Mike’s reported a 2025 average unit volume of approximately $1.4 million. The company also reported a 16% store-level margin after royalties and advertising fees.
The AUV should not be interpreted as franchisee profit. Actual profitability depends on food and labor costs, rent, utilities, insurance, financing, local sales and other operating expenses.
What are Jersey Mike’s royalty and advertising fees?
Jersey Mike’s charges a 6.5% royalty on gross receipts and requires franchisees to contribute 5% of gross receipts to the advertising fund. The combined ongoing percentage is therefore 11.5% of gross receipts.
The company says its reported 16% store-level margin already takes royalties and advertising fees into account, making that metric particularly useful when evaluating the economics of the concept.
How many Jersey Mike’s locations are there?
The company’s fiscal 2025 filing reported 3,256 stores across all 50 states. Approximately 99% were operated by franchise owners, demonstrating how heavily franchised the system is.
The chain has continued to expand in 2026 and was reported as having more than 3,300 U.S. and Canadian locations around its July 2026 IPO.
Is Jersey Mike’s a good franchise for first-time franchisees?
Jersey Mike’s is an established franchise system with a large network, strong brand recognition and extensive operational infrastructure. Its relatively compact store format also provides more flexibility than many full-service or drive-thru restaurant concepts. The company reports an average build cost of about $515,000, which is one reason the concept has been able to expand across a wide range of markets.
However, prospective owners still need substantial capital and the ability to manage a labor-intensive restaurant operation. Franchisees should also be prepared for Jersey Mike’s relatively high combined 6.5% royalty + 5% advertising fee structure.
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Latest News from JERSEY MIKE'S
Jersey Mike’s IPO Prices Tomorrow on NYSE — What to Know About the JMKE Listing
After a ten-day institutional roadshow, franchise brand Jersey Mike's Subs is set to price its initial public offering on the New York Stock Exchange on July 30, 2026. The sandwich franchise model chain is targeting $21 to $25 per share, which would value the 3,300-unit network at up to $7.9…
Jersey Mike’s Launches IPO Roadshow at Up to $7.9 Billion Valuation
Jersey Mike's Subs, the Blackstone-backed sandwich franchise brand with more than 3,300 locations across all 50 states, launched its IPO roadshow on July 20, 2026, targeting up to $1.09 billion in gross proceeds on the New York Stock Exchange. At the midpoint of its pricing range, the offering implies a…
Jersey Mike’s Files for IPO: Blackstone-Backed Chain Submits S-1 to the SEC
With over 2,800 locations and average unit volumes of $1.4 million, Jersey Mike's Subs has taken a decisive step toward the public markets. The Blackstone-backed sandwich chain filed a Form S-1 prospectus with the U.S. Securities and Exchange Commission on July 2, 2026, initiating the formal regulatory process for a…
