Jersey Mike's $12B IPO Filing Reveals $50.5M Pay for Founder's Stepson, $41M Jet Transfer

Sasha Rogelberg Thu, July 9, 2026 at 10:31 AM PDT | 3 min read

Jersey Mike's has filed for an initial public offering, and its disclosures reveal just how much its founder and former CEO Peter Cancro and his family collected in compensation and other perks.

The sandwich chain's Form S-1 prospectus filed last week shows:

• Phillip Sivolobov, Cancro's stepson, received $50.5 million in compensation from the restaurant between 2023 and 2025.
• John Cancro, the founder's brother, received approximately $21 million in compensation over the same period.
• Daniel Powers, Cancro's brother-in-law, amassed more than $31 million from fiscal 2024 to 2025.

According to the filings, the family members were "employed by the Company in various roles." They did not receive any payment from the company in the 13 weeks leading up to March 29, the end of the first quarter of fiscal 2026.

The filings also show that, connected to Blackstone acquiring a majority stake in the company in 2024, a $41 million aircraft was transferred to an entity controlled by Cancro. The company paid Cancro $166,666.66 per month in light of air travel-related business expenses, which amounted to about $2 million in 2025 to cover air transportation.

Cancro also personally controls, through an entity, the master franchise rights for 300 Jersey Mike's locations in the U.K. and Ireland, a hint at the company's plans to expand internationally.

Leadership Transition

Cancro stepped down as CEO in April 2025. Jersey Mike's is now helmed by Charlie Morrison, who previously served as CEO of Wingstop.

Company Performance

Jersey Mike's is among the fastest-growing restaurant chains in the U.S., with nearly 3,300 North America locations, making it the second-largest sandwich chain in the country behind Subway.

Its IPO filing reported:

• A 50% increase in cumulative same-store sales from 2020 through 2025
• Net income of $55 million on $724 million in total revenue last year
• Compared to a net income of $5 million on $653 million in revenue the year before

What Does It Mean for Jersey Mike's to Go Public?

The sandwich chain is valued at approximately $12 billion, meaning its IPO would be among the largest in recent restaurant history. For context, Inspire Brands, the parent company of Dunkin' and Buffalo Wild Wings, is targeting a $20 billion valuation after confidentially filing for an IPO in May.

Jersey Mike's will trade on the New York Stock Exchange under the ticker "JMKE".

The Year of the IPO

This year has marked a wave of IPOs, punctuated with SpaceX's record-crushing IPO last month. With Anthropic and OpenAI similarly planning to go public imminently, there's a sense of confidence and optimism in the markets that has spilled over to other industries.

A 50-Year Journey

Cancro appears to share that optimism. He has been involved in the chain for 50 years, working at a Jersey Shore sub shop in 1971 when he was 14 years old, then buying Mike's Subs four years later, changing the name of the restaurant and franchising it soon after.

After selling the majority of the company to Blackstone for $8 billion, Cancro retained "meaningful equity" in the chain and sits on the company's board.

Jersey Mike's founder Peter Cancro stepped down as the restaurant chain's chief executive in 2025, but is still heavily involved in the company. — Fortune / Lisa Aileen Dragani — Getty Images for Best Buddies International