Key Highlights

  • Consensus EPS of 0.16 has no reported per-share comparison, because the pre-IPO holding company's 10-Q gives no EPS figure.
  • Consensus revenue of USD 208.46 million compares with second-quarter total revenues of USD 208 million, against USD 189 million.
  • System-wide sales were USD 1.210 billion, up 10%, with same-store sales growth of 2.3% and 83 new store openings.
  • Net income was USD 37 million against USD 59 million, while adjusted EBITDA rose 7% to USD 114 million.

Jersey Mike's (NYSE:JMKE) reports third-quarter results on Wednesday, Oct. 28, before the market opens. Consensus stands at EPS of 0.16 on revenue of USD 208.46 million, and the company has a market capitalization of USD 5.37 billion.

Jersey Mike's franchises and operates sub sandwich restaurants, with 3,378 stores at June 28, 2026, of which 99% are franchised. Its Class A stock began trading on July 30, 2026, so its latest filing is a 10-Q for the quarter before the IPO, filed by the holding company, which reports no per-share data.

Estimates Against the Last Pre-IPO Quarter

The 10-Q gives no EPS, so the estimate of 0.16 has no stated comparison. The revenue estimate of USD 208.46 million sits against second-quarter total revenues of USD 208 million, which compared with USD 189 million. The filing reports figures in whole millions.

Net income was USD 37 million against USD 59 million, a decrease of 37%. Operating income was USD 66 million against USD 81 million, and interest expense was USD 31 million against USD 24 million.

System Sales, Stores and Revenue Mix

System-wide sales of USD 1.210 billion increased 10%. The company opened 83 new stores for net unit growth of 8%, and average unit volumes were USD 1.376 million. Same-store sales grew 2.3%, and digital sales were 43% of system-wide sales.

Royalties and other revenues were USD 138 million against USD 124 million, advertising revenue was USD 57 million against USD 54 million, and company-owned store sales were USD 13 million against USD 11 million.

Expense Lines and the IPO Effect

General and administrative expenses were USD 66 million against USD 34 million, and advertising expenses were USD 54 million against USD 41 million. Depreciation and amortization was USD 25 million in both periods, and total operating expenses were USD 156 million against USD 108 million. A gain on the sale of company-owned stores was USD 14 million.

Adjusted EBITDA rose 7% to USD 114 million. The filing says the IPO registration statement was declared effective on July 29, 2026, and that 43,478,261 Class A shares were sold on July 31, 2026 at USD 21.85 per share net of underwriting discounts.

IPO Proceeds, Debt and Cash

The company used about USD 301 million of net proceeds from 13,782,609 newly issued shares to buy common units, and its holding company used that amount on August 17, 2026 to repay a portion of its Series 2026-1 Notes. Underwriters later bought 2,572,560 additional shares at USD 21.85.

At June 28, 2026, cash and cash equivalents were USD 231 million, long-term debt net of the current portion was USD 2,074 million and total assets were USD 8,163 million. The estimates table lists a market capitalization of USD 5.37 billion.

Figures to Follow in the Release

Revenue against USD 208.46 million and adjusted EBITDA against USD 114 million are the headline comparisons. The first per-share results as a public company are an open item, along with same-store sales and net unit growth.