Jersey Mike's Subs reports Q3 2026 results

Item 2.02 Results of Operations and Financial Condition.

On October 28, 2026, Jersey Mike's Subs Inc. issued a press release announcing its financial results for the fiscal quarter ended September 27, 2026.^{1 1}A copy of the press release is furnished herewith as Exhibit 99.1¹ and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934², as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press release dated October 28, 2026³

104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)³

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Jersey Mike's Subs Inc.

Date: October 28, 2026 By: /s/ Michele Allen⁴

Michele Allen⁴

Chief Financial Officer⁴

Jersey Mike's Reports Third Quarter Financial Results

Company updates full-year 2026 outlook

Announces $100 million share repurchase authorization

Declares $0.35 special dividend to holders of Class A common stock

Tinton Falls, NJ - October 28, 2026 — Jersey Mike's Subs Inc. (NYSE: JMKE) today announced financial results for the fiscal third quarter ended September 27, 2026.

Third Quarter 2026 Highlights:

• Same-store sales increased 3.0%, primarily driven by transaction growth⁵

• Opened 80 new stores, driving net store growth of 8.8% year over year⁵

• Systemwide sales increased 11% year over year to $1.204 billion⁵

• Total revenue increased 10% year over year to $209 million⁶

• Digital sales mix increased to 43% from 42% in the prior year

• Net income for the quarter of $10 million versus $32 million in the prior year⁸

• Adjusted EBITDA for the quarter of $125 million versus $104 million in the prior year¹⁰

• Diluted loss per share of Class A common stock of $0.05 for the period from July 31, 2026 through September 27, 2026

• Adjusted Net Income and Adjusted EPS of $74 million and $0.23, respectively

• Announced a return of capital of up to $200 million, including a share repurchase authorization of up to $100 million of Class A common stock and a special cash dividend of $0.35 per share of Class A common stock¹¹

"We continue to see meaningful traction from our digital marketing initiatives as we work to expand our consumer reach and drive greater frequency over time," said Charlie Morrison, Chief Executive Officer. "Our same-store sales accelerated sequentially in the third quarter, with growth continuing to be driven by transactions for the third consecutive quarter. We remain focused on our long-term strategic goals of driving average unit volumes to $2 million, growing cash-on-cash returns for our franchise owners, and expanding our footprint domestically and around the world."

1

Key Performance Measures

Thirteen Weeks Ended

Average Unit Volume (AUV, in millions) $ 1.386 $ 1.365

Total stores (end of period)⁷

3,456 3,177⁷

Financial Results

Total revenue increased 10% year over year to $209 million. Royalties and other revenue increased 12% to $143 million and advertising revenue increased 8% to $57 million, both driven by net store growth of 8.8% and same-store sales growth of 3.0%, with the latter primarily driven by transactions.

Net income for the quarter was $10 million versus $32 million in the prior year, the decline being driven by a $29 million one-time, non-cash, equity-based compensation charge related to the IPO as well as IPO-related professional expenses, partially offset by a gain on the sale of company-owned stores⁹. Net loss attributable to Jersey Mike's Subs Inc. was $11 million, or $(0.05) per diluted share of Class A common stock for the period from July 31, 2026 through September 27, 2026 following the Reorganization Transactions and IPO.

Adjusted EBITDA increased 20% to $125 million versus $104 million in the prior year. The increase was driven by net store growth and growth in same-store sales, while also benefitting from $9 million in lower expenses related to the prior Area Director program.

Adjusted Net Income was $74 million and Adjusted EPS was $0.23 for the third quarter. Adjusted Net Income and Adjusted EPS, which the Company is presenting for the first time this quarter, assume the exchange of all outstanding Common Units for Class A common stock and reflect income taxes at a blended 25% rate as if Jersey Mike's Subs Inc. owned 100% of Jersey Mike's Holdings for the entire period. Adjusted EPS is not presented for the prior-year period because Jersey Mike's pre-IPO capital structure does not provide a meaningful basis for comparison. See Table 5 for reconciliations to net income and diluted earnings per share, the most directly comparable GAAP measures.

The Company generated $177 million of operating cash flow in the first three fiscal quarters of 2026. Capital expenditures in the same period were $7 million . In connection with the issuance of 13,782,609 shares of Class A Common Stock, Jersey Mike's received net proceeds of approximately $301 million, net of underwriting discounts and commissions, which were used to repay outstanding indebtedness. As of September 27, 2026, total debt was $1.8 billion and cash, cash equivalents and restricted cash were $325 million.¹²

2

Development

As of September 27, 2026, there were 3,456 Jersey Mike's stores systemwide, including 3,415 stores in the United States, of which 3,393 were franchised and 22 were company-owned.

Domestic

Franchised International

Franchised Company- owned

Total

System

Net transfers (a)

Net transfers (a)

Net transfers (a)

(a) Represents store transfers between franchise owners and the Company

Share Repurchase Authorization and Special Dividend

On October 26, 2026, the Company's Board of Directors appro