Jersey Mike's Subs JMKE

Jersey Mike's Subs Inc. is a high-growth franchisor of fast casual, submarine-style sandwich restaurants specializing in authentic, hand-crafted, craveable subs. The company operates a franchise model focused on premium ingredients and made-to-order preparation, with nearly all stores franchised across the United States and internationally. Its core business centers on delivering a differentiated sub sandwich experience through its signature "Mike's Way" preparation and commitment to quality.

Jersey Mike's generates revenue primarily through royalties and advertising fees paid by franchise owners based on gross receipts from store sales. The company also earns income from initial franchise fees, development fees, and sales from its limited number of company-owned stores used for research and development. Revenue is driven by the sale of its menu items, which include cold and hot subs, wraps, low-carb bowls, sides, drinks, and desserts, served to a broad customer base seeking made-to-order, high-quality sandwiches.

The company operates through the following segments:

• Franchise Operations: This segment involves granting franchise rights to independent operators who develop and operate Jersey Mike's stores under the company's brand standards and operating system. It includes the collection of royalties, advertising fund contributions, initial franchise fees, and area development fees. The segment is supported by the company's proprietary technology platform, supply chain management, training programs, and marketing engine that drives brand awareness and customer loyalty across the system. Key trademarks associated with this segment include JERSEY MIKE'S SUBS, A SUB ABOVE, MIKE'S WAY, and SHORE POINTS.
• Company-Owned Stores: This segment consists of a limited number of stores operated directly by Jersey Mike's for research and development, training, testing of new menu items, equipment, technology, and operational prototypes. These stores are used to refine products and processes before rollout to the franchise system. As of June 30, 2026, the company operated 36 company-owned stores, representing approximately 1% of total units. The segment helps maintain product quality and innovation while supporting franchisee success through validated operational and menu improvements.

Jersey Mike's holds a strong position in the limited-service restaurant industry, particularly within the fast casual and premium sandwich segments, where it competes with national and regional chains as well as independent operators. The company differentiates itself through its commitment to fresh, sliced-to-order ingredients, its proprietary "Mike's Way" preparation, and a robust franchising model that delivers consistent unit economics and high franchisee returns. Its competitive advantages include a powerful marketing engine, high brand awareness exceeding 90% aided awareness, a loyal customer base driven by the MyMike's loyalty program with over 12.5 million active members, and a proven track record of 20 consecutive years of positive same-store sales growth.

The company serves a broad customer base that includes individuals and groups across age groups, regions, and income levels, with a tendency toward middle- and higher-income households seeking high-quality, customizable sandwich options. Customers visit for lunch, dinner, and off-premise occasions, including catering and digital orders, and are attracted by the brand's focus on freshness, authenticity, and community engagement through its Month of Giving initiative, which has raised over $166 million since 2011. Jersey Mike's customers are known for their loyalty and frequency of visitation, supported by the brand's strong food quality, menu variety, and value perception.