1. A premium, faster-growing rival to Subway.

2. The Chipotle of submarine sandwiches, built on a robust franchise system.

3. Like a McDonald's for high-quality subs, known for rapid growth and exceptional franchisee returns.

• Submarine Sandwiches: Hand-crafted, authentic submarine-style sandwiches made with high-quality, hand-sliced ingredients, served fresh or grilled to order.
• Franchising Services: The licensing and support of its restaurant concept, enabling entrepreneurs to operate Jersey Mike’s Subs locations using its established brand, operating platform, and supply chain.

For the public company Jersey Mike’s Subs (symbol: JMKE), its major customers are its franchise owners.

As a franchisor, Jersey Mike’s Subs Inc. (JMKE) primarily sells its franchising model, brand rights, operational support, and supply chain access to these independent business entities. These franchise owners are the operators of the individual Jersey Mike's restaurants across the 50 states and two countries.

While these franchisees are businesses (other companies), they are typically privately owned entities or small corporations rather than large public companies with stock symbols. Therefore, specific names of customer companies and their symbols cannot be provided.

The key risks to Jersey Mike's Subs (JMKE) business include:

1. Dependence on Franchisees: Jersey Mike's operates primarily through a franchised model, with nearly all of its 3,300 stores and over 90% of its robust development pipeline managed by independent franchise owners. The company's success, brand reputation, and financial performance are heavily reliant on the operational execution, financial stability, and adherence to brand standards by its franchisees. Any failure by a significant number of franchisees to maintain product quality, customer service, or financial viability could negatively impact the brand's overall image, customer loyalty, and royalty revenues.

2. Maintaining Supply Chain Integrity and Product Quality at Scale: The company emphasizes its commitment to "high-quality, hand-sliced ingredients" and boasts "best-in-class supply chain efficiencies." As Jersey Mike's continues its rapid expansion, maintaining consistent product quality across a growing number of locations (over 3,300 stores with a pipeline of 1,600 additional stores) and managing its complex supply chain effectively become increasingly challenging. Disruptions in the supply chain, fluctuations in ingredient costs, or an inability to consistently deliver the advertised product quality could erode customer trust and brand loyalty.

3. Intense Competition: Operating in the fast-casual, submarine-style sandwich market, Jersey Mike's faces significant competition. While the company is recognized as one of the largest and fastest-growing limited-service restaurant brands, it competes with numerous other established national and regional sandwich chains, local eateries, and a broad array of fast-casual and quick-service restaurants. This competitive landscape could impact Jersey Mike's ability to attract and retain customers, maintain pricing power, and continue its growth trajectory.

The addressable market for Jersey Mike's Subs' main products and services is the fast-casual restaurant market in the U.S..

The United States fast-casual restaurant market size reached approximately USD 48.50 billion in 2025. It is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.40% between 2026 and 2035, reaching an estimated value of USD 90.19 billion by 2035. Another report indicates the U.S. fast-casual restaurants market size is valued to increase by USD 97.2 billion, at a CAGR of 14% from 2025 to 2030. The "Burgers & Sandwiches" segment constituted the largest share by restaurant type within the global fast-casual dining market in 2025, accounting for 34.2%.

Expected Drivers of Future Revenue Growth for Jersey Mike’s Subs (JMKE)

• New Unit Development and Store Openings: Jersey Mike's Subs anticipates significant revenue growth from the expansion of its physical footprint. The company has a robust development pipeline of over 1,600 new stores as of June 30, 2026. This expansion is largely fueled by existing franchise owners, who are undertaking over 90% of this pipeline, indicating strong confidence in the brand's model and a clear runway for asset-light growth.
• Enhanced Customer Acquisition and Frequency: The company's robust marketing engine, coupled with growing digital capabilities, is designed to accelerate customer acquisition and deepen customer frequency. These initiatives are expected to expand the customer base and encourage repeat visits, thereby increasing overall sales.
• International Market Expansion: With 3,300 stores across all 50 U.S. states and only two international countries, Jersey Mike's Subs has substantial untapped potential for growth in new international markets. Expanding into additional countries represents a significant opportunity to drive future revenue growth.
• Same-Store Sales Growth (SSSG): Jersey Mike's focuses on protecting and enhancing store-level margins through supply chain efficiencies, proprietary technology, and instructional know-how. Efforts to deepen customer frequency and elevate the overall customer experience are aimed at increasing sales at existing locations, contributing to robust same-store sales growth. The high cash-on-cash returns for franchisees also indicate strong existing store performance that encourages continued investment and growth.

Capital Expenditures

• Capital expenditures are primarily directed towards developing best-in-class supply chain efficiencies and proprietary technology.
• Investments are also made in instructional know-how to safeguard and enhance Store-level Margin.