Here are 1-3 brief analogies for Jersey Mike's Subs (JMKE):

• The Chipotle of sandwich shops.
• The Five Guys of sub sandwiches.
• A rapidly growing franchisor like Domino's, but for premium sub sandwiches.

The major products and services of Jersey Mike's Subs (JMKE) are:

• Submarine Sandwiches: Authentic, hand-crafted, craveable subs specializing in high-quality, hand-sliced ingredients served fresh or grilled to order.
• Franchise Opportunities and Support: A comprehensive business model, brand, and operational platform offered to independent owners for operating Jersey Mike's restaurants, including marketing, supply chain, and proprietary technology.

Charles R. Morrison, Chief Executive Officer and Director

Charles R. Morrison has served as Chief Executive Officer and a member of the board since April 2025. Prior to joining Jersey Mike's, he was CEO of Salad and Go from April 2022 to December 2024. Before that, he served as Chairman and CEO of Wingstop Restaurants, Inc. (NASDAQ: WING) from June 2012 until March 2022. Additionally, he was CEO of Rave Restaurant Group, Inc. (NASDAQ: RAVE), a publicly traded pizza chain, from January 2007 until June 2012. Morrison's appointment at Jersey Mike's followed the acquisition of a majority stake in the company by private equity firm Blackstone in November 2024.

Michele Allen, Chief Financial Officer

Michele Allen was appointed Chief Financial Officer, effective December 1, 2025, and oversees the Company's global finance organization, supply chain, and enterprise performance management. She brings over 25 years of financial leadership experience in the hospitality and franchising sectors. Most recently, Allen served as Chief Financial Officer and Head of Strategy at Wyndham Hotels & Resorts.

Stacy Peterson, President and Chief Operating Officer

Stacy Peterson has served as President and Chief Operating Officer since September 2025. Before joining Jersey Mike's, she was the CEO of Jeni's Splendid Ice Creams, LLC from December 2022 to August 2025. Prior to that, Peterson held executive roles at Wingstop, including Executive Vice President, Chief Revenue and Technology Officer, and Executive Vice President, Chief Digital and Technology Officer.

Andrew G. Skehan, President, International and Global Development Officer

Andrew G. Skehan assumed the role of President, International and Global Development Officer in February 2026, having previously served as President, International from November 2025 to February 2026. His prior experience includes serving as President and CEO of Home Franchise Concepts from September 2022 to July 2025, and as President, U.S. & Canada at Krispy Kreme, Inc. (NASDAQ: DNUT) from November 2017 to September 2022. He also held various leadership positions at Popeyes Louisiana Kitchen, Inc., Wendy's, Churchill Downs Incorporated, and PepsiCo Restaurants.

Betsy J. Mercado, Chief People Officer

Betsy J. Mercado has served as Chief People Officer since September 2025. Before joining Jersey Mike's, she was the Chief People Officer at Flynn Group from January 2024 to September 2025, and held leadership positions of increasing responsibility at Flynn Group from March 2014 to January 2024. Previously, she served as Vice President of Human Resources for The Palm Restaurants.

Here are the key risks to Jersey Mike's Subs (JMKE):

1. Dependence on Franchisee Performance and Relationships

   Jersey Mike's operates primarily through a franchised model, with nearly all of its 3,300 stores and over 90% of its development pipeline being undertaken by existing franchise owners. This heavy reliance on franchisees means that the company's success is significantly tied to the performance, adherence to brand standards, and financial health of these independent operators. Risks include potential for disputes, brand reputation damage if franchisees fail to maintain quality or customer service, and limited direct control over daily operations. Ensuring consistent quality and customer experience across a large, growing, and primarily franchised network is crucial for maintaining brand loyalty and avoiding negative financial consequences from inconsistent experiences or food safety incidents.

2. Intense Competition and Shifting Consumer Preferences

   As a fast-casual, submarine-style sandwich restaurant, Jersey Mike's operates in a highly competitive segment of the restaurant industry. The fast-casual market faces pressure from both value grocers and casual dining chains, which can impact traffic. Maintaining market share and growth requires continuous differentiation and adaptation to evolving consumer preferences, which can include demand for healthier options or different dining experiences. The ability to attract and retain customers amidst numerous established and emerging competitors is an ongoing challenge that can affect market share and pricing power.

3. Supply Chain Disruptions and Ingredient Cost Volatility

   Jersey Mike's emphasizes its commitment to "high-quality, hand-sliced ingredients." This focus makes the company susceptible to fluctuations in commodity prices for key inputs like meats, produce, dairy, grains, and oils. Disruptions in the supply chain due to factors such as geopolitical instability, extreme weather events, labor shortages, or transportation bottlenecks can lead to inconsistent ingredient availability, increased costs, and potential impacts on food quality or menu stability. Managing these supply chain complexities and ensuring the continuous availability and consistent quality of ingredients at scale are vital to protect profitability and maintain customer expectations.

The addressable market for Jersey Mike's Subs' main products, submarine-style sandwiches, in the U.S. is approximately $43.01 billion for 2026. This market size is derived from the U.S. Sandwich & Sub Restaurants market, which was valued at $42.0 billion in 2025 and experienced a Compound Annual Growth Rate (CAGR) of 2.4% between 2020 and 2025.

Expected drivers of future revenue growth for Jersey Mike's Subs (JMKE) over the next 2-3 years include:

1. Expansion of Store Footprint: Jersey Mike's has a robust development pipeline of over 1,600 stores as of June 30, 2026, with over 90% of this expansion being undertaken by existing franchise owners. This significant planned unit growth will directly contribute to increased systemwide sales and revenue.
2. Enhanced Customer Acquisition and Frequency: The company's robust marketing engine combined with growing digital capabilities is designed to accelerate customer acquisition and deepen customer frequency. By attracting new customers and encouraging existing customers to visit more often, Jersey Mike's aims to increase its transaction volume and overall revenue.
3. Leveraging Brand Strength and Product Quality: Jersey Mike's has spent 70 years perfecting its authentic sub sandwich and cultivating a deeply loyal, passionately-engaged customer base. The strength of its brand and the quality of its product are expected to continue driving consistent sales, fostering organic growth, and reinforcing customer retention, which in turn supports sustained revenue generation.