New management apparently hasn’t slowed Jersey Mike’s all that much.
The sandwich chain continued to grow average-unit volumes while franchisees continued to build more locations, according to the company’s franchise disclosure document (FDD).
Average-unit volumes at the New Jersey-based chain grew 3.2% in 2025 to $1.37 million, according to the document, a substantial selection of information required of all franchise companies in the U.S.
The company also added 238 locations and finished 2025 with 3,227 U.S. restaurants, according to the document. Franchisees operate all but 26 of those locations. The company has added nearly 1,000 domestic locations since the beginning of 2023.
This is the first FDD Jersey Mike’s has completed since Charlie Morrison took charge of the chain last year.
Jersey Mike’s was sold in late 2024 to the private-equity firm Blackstone for $8 billion. That firm is already reportedly considering an IPO of the company, though it is uncertain whether recent economic uncertainty and market volatility may have changed those plans.
The two events were monumental for the company, which had been owned and run by Peter Cancro for 50 years.
Jersey Mike’s success has largely been based on a model that focuses on strong average-unit volumes and healthy but sustainable unit growth. Those volumes have grown 12% over the past three years, according to data from Restaurant Business sister company Technomic.
A typical Jersey Mike’s generates at least $300,000 more in revenue per year than any of its major sub sandwich competitors Jersey Mike’s, Firehouse Subs or Subway.
Jersey Mike’s did have an unusually high number of franchise sales, or transfers, in 2025. The FDD said that 218 restaurants changed hands last year, far more than the previous two years combined.
The company expects its unit count to accelerate a bit this year, with 260 expected U.S. openings, according to the FDD.
That doesn’t include the company’s international foray. Jersey Mike’s has been adding locations in Canada and now has 15 international locations. Cancro, meanwhile, has inked a deal to oversee the chain’s development in the U.K. and Ireland.
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