Jersey Mike's Subs Inc. (JMKE) financials
NYSE · Consumer Cyclical · Restaurants · 899 employees · CEO Charles Robert Morrison
- Price
- $19.84 -3.97%
- Market cap
- $4.63B
- Enterprise value
- $6.13B
- Last report
- Q3 '26 filed 2026-10-28
- Next report
- 2027-01-27 EPS est. $0.15
Valuation & key figures
- Market cap
- $4.63B EV $6.13B
- Revenue
- $808M Trailing 12 months
- Revenue growth
- +10% FY2026 consensus
- Profit margin
- -3.0% Net income / revenue, TTM
- P/E
- -3,542.9× Forward 31.0× (FY2026)
- P/S
- 5.7× Price / sales, TTM
- EV / EBITDA
- 44.1× TTM
- Free cash flow
- $165M Trailing 12 months
- Net income
- -$24M Trailing 12 months
- Revenue estimate
- $796M FY2026 consensus
- Earnings
- 2027-01-27 Revenue est. $192M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-28): revenue in line, EPS beat by 34.8%Revenue $209M vs $208M expected (+0.3%); EPS $0.21 vs $0.16 (+34.8%).
- Capex 1.1% of revenue$9M invested in the last 4 quarters (– on a year earlier). Free cash flow $165M.
- Returned $79M to shareholders = 47.9% of free cash flowBuybacks $0 (a year earlier –), dividends $79M, stock-based pay $44M (TTM).
- Net debt $1.5BCash + short-term investments $295M, debt incl. leases $1.8B.
Last quarter: Q3 '26
Quarter ended 2026-09-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $209M | – | – |
| Gross margin | 96.7% | – | – |
| Operating income | $43M | – | – |
| Operating margin | 20.6% | – | – |
| Net income | -$11M | – | – |
| Diluted EPS | -$0.05 | – | – |
| Operating cash flow | $72M | – | – |
| Capex | $3M | – | – |
| Free cash flow | $69M | – | – |
| R&D | $0 | – | – |
| Stock-based compensation | $37M | – | – |
Reported vs consensus
2026-10-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $209M | $208M | +0.3% |
| EPS (as estimated) | $0.21 | $0.16 | +34.8% |
From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Royalty | $76M | – | 51.0% | – | – | |
| Advertising | $57M | – | 38.3% | – | – | |
| Franchisor Owned Outlet | $9M | – | 6.0% | – | – | |
| Product and Service, Other | $7M | – | 4.7% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $174M
- Capex
- -$9M
- Buybacks
- $0
- Dividends
- -$79M
- Acquisitions
- $4M
- Net debt issued
- -$298M
- Stock-based compensation
- $44M
- Free cash flow
- $165M
- Returned to shareholders / FCF
- 47.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -3,542.9× | – | – |
| EV / EBITDA | 44.1× | 37.7× | 37.7× – 37.7× |
| EV / Sales | 7.6× | 9.6× | 9.6× – 9.6× |
| Price / FCF | 28.1× | – | – |
| Price / Book | 1.3× | 0.9× | 0.9× – 0.9× |
| FCF yield | 3.6% | -4.4% | -4.4% – -4.4% |
| Return on invested capital | 0.2% | 0.9% | 0.9% – 0.9% |
| Return on equity | -0.5% | -0.4% | -0.4% – -0.4% |
Analysts
Consensus target $25.00 (+26.0%)
range $25.00 – $25.00 · rating Buy
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $796M | +9.9% | $0.64 | +681.8% | 31.0× | 6 |
| FY2027 | $867M | +8.9% | $0.77 | +20.3% | 25.8× | 7 |
| FY2028 | $970M | +12.0% | $0.70 | -8.7% | 28.2× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 86 figures Jersey Mike's Subs Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $28M | $29M | -3.4% | – | – | – | |
| Accounts Payable, Current | $23M | – | – | – | – | – |
| Accounts Receivable, after Allowance for Credit Loss, Current | $33M | – | – | – | – | – |
| Accrued Liabilities, Current | $111M | – | – | – | – | – |
| Additional Paid in Capital | $3.31B | – | – | – | – | – |
| Advertising Expense | $46M | $45M | +2.2% | – | – | – |
| Amortization of Intangible Assets | $26M | $25M | +4.0% | – | – | – |
| Assets | $8.47B | – | – | – | – | – |
| Assets, Current | $376M | – | – | – | – | – |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $2M | $0 | – | – | – | – |
| Cash | $12026-06-28 | – | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $295M | – | – | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $325M | $256M | +27.0% | – | – | – |
| Contract with Customer, Liability | $39M | $29M | +34.5% | – | – | – |
| Contract with Customer, Liability, Current | $14M | $14M | 0.0% | – | – | – |
| Contract with Customer, Liability, Noncurrent | $25M | $15M | +66.7% | – | – | – |
| Debt Instrument, Interest Rate, Effective Percentage | 5.1% | – | – | – | – | – |
| Debt Issuance Costs, Net | $15M | – | – | – | – | – |
| Deferred Income Tax Assets, Net | $278M | – | – | – | – | – |
| Deferred Tax Assets, Net | $284M2026-07-31 | – | – | – | – | – |
| Depreciation, Depletion and Amortization | $26M | $25M | +4.0% | – | – | – |
| Earnings Per Share, Basic | -$0.05 | – | – | – | – | – |
| Earnings Per Share, Diluted | -$0.05 | – | – | – | – | – |
| Effective Income Tax Rate Reconciliation, Percent | 41.0% | – | – | – | – | – |
| Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $25M | – | – | – | – | – |
| Finite-Lived Intangible Asset, Expected Amortization, Year Four | $91M | – | – | – | – | – |
| Finite-Lived Intangible Asset, Expected Amortization, Year One | $102M | – | – | – | – | – |
| Finite-Lived Intangible Asset, Expected Amortization, Year Three | $102M | – | – | – | – | – |
| Finite-Lived Intangible Asset, Expected Amortization, Year Two | $102M | – | – | – | – | – |
| Finite-Lived Intangible Assets, Accumulated Amortization | $170M | – | – | – | – | – |
| Finite-Lived Intangible Assets, Gross | $1.83B | – | – | – | – | – |
| Finite-Lived Intangible Assets, Net | $1.66B | – | – | – | – | – |
| Gain (Loss) on Extinguishment of Debt | -$6M | $0 | – | – | – | – |
| General and Administrative Expense | $87M | $54M | +61.1% | – | – | – |
| Goodwill | $407M | – | – | – | – | – |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $17M | $32M | -46.9% | – | – | – |
| Income Tax Expense (Benefit) | $7M | $0 | – | – | – | – |
| Indefinite-lived Intangible Assets (Excluding Goodwill) | $5.71B | – | – | – | – | – |
| Intangible Assets, Gross (Excluding Goodwill) | $7.54B | – | – | – | – | – |
| Intangible Assets, Net (Excluding Goodwill) | $7.37B | – | – | – | – | – |
| Interest Payable, Current | $11M | – | – | – | – | – |
| Investment Income, Interest | $3M | $3M | 0.0% | – | – | – |
| Legal Fees | $1M | – | – | – | – | – |
| Liabilities | $3.6B | – | – | – | – | – |
| Liabilities and Equity | $8.47B | – | – | – | – | – |
| Liabilities, Current | $134M | – | – | – | – | – |
| Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | $5.84B2026-06-28 | – | – | – | – | – |
| Long-term Debt | $1.83B | – | – | – | – | – |
| Long-term Debt, Current Maturities | $0 | – | – | – | – | – |
| Long-term Debt, Excluding Current Maturities | $1.8B | – | – | – | – | – |
| Long-Term Debt, Maturity, Remainder of Fiscal Year | $0 | – | – | – | – | – |
| Long-Term Debt, Maturity, Year Four | $0 | – | – | – | – | – |
| Long-Term Debt, Maturity, Year One | $0 | – | – | – | – | – |
| Long-Term Debt, Maturity, Year Three | $244M | – | – | – | – | – |
| Long-Term Debt, Maturity, Year Two | $0 | – | – | – | – | – |
| Members' Equity | $5.84B2026-06-28 | $6.26B | -6.6% | – | – | – |
| Members' Equity Attributable to Noncontrolling Interest | $02025-12-28 | – | – | – | – | – |
| Net Income (Loss) Attributable to Noncontrolling Interest | -$2M | – | – | – | – | – |
| Net Income (Loss) Attributable to Parent | $37M2026-06-28 | $59M | -37.3% | – | – | – |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $10M | – | – | – | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-27, 10-Q 2026-06-28
Data as of 2026-11-05