Jersey Mike’s Subs; Jersey Mike’s vs Subway: franchise research comparison

Investment by format

Format-specific estimates only. Do not combine one format's minimum with another format's maximum.

Franchise fees and ongoing costs

Franchise fee

$8,500 to $20,000 · Extracted Item 5 scalar range, not a universal minimum or maximum; formats, eligibility, discounts and waivers require original-filing review.

Royalty

6.5% · 6.5% of Gross Receipts, payable weekly via wire/ACH

Marketing contribution

5% (basis not captured; see original filing)

Technology fee

$395/month currently for Monthly Software License Fee/POS support (may increase up to $795/month), due 1st of each month

Other fees

Secure Network Fee $39.85/month; Online Ordering Fees ~$0.2921/transaction + 3.74% of sale; Third-Party Delivery Fee $6-$9 (small order) or $29-$41 (large order) per delivery

Working capital (FDD Item 7)

$17,490 - $32,555 estimated to cover the gap between revenues and operating expenses (including employee salaries) for the first three months; excludes debt service, living expenses, or owner salary.

Working capital is drawn from Item 7. The Investment source below locates the investment section, not an independently verified working-capital scalar.

Financial performance: Item 19

Item 19 captured

Yes

Metric / basis

Average, median, high, and low annual Unit Volume (gross sales) of Traditional Franchised Restaurants

Reporting period

Measurement Period: January 1, 2025 to December 28, 2025 (fiscal year 2025)

Sample

2,606 Traditional Franchised Restaurants (out of 3,227 total operating Restaurants as of Dec 28, 2025; 621 excluded for operating <361 days, not using designated POS, being Non-Traditional, or being Company/affiliate-owned)

Reported average

$1,367,578

Reported median

$1,305,850

Owner income is not captured. Gross sales and EBITDA are not owner pay. Results depend on the disclosed metric, sample and period; consult the full filing.

Unit growth: Item 20

Reporting year

2025

Scope

franchised outlets

Starting outlets

2955

Year-end outlets

3201

Net change

+246

Derivation

ending minus starting outlets

Openings

Not captured

Terminations

0

Non-renewals

0

Other closures

13

Reacquisitions

0

Transfers

218

Transfers are not closures. Net change is ending minus starting outlets for the stated scope and year, or complete openings less terminations, non-renewals, other closures and reacquisitions. Missing inputs stay unknown.

SBA loan history

Loan activity

218 approvals

Activity window

FY2021-FY2026 YTD; snapshot 2026-06-30

Median SBA loan

$563,400

Median loan window

FY2023-FY2026 YTD through 2026-06-30

Median loan sample

109 loans

Historical charge-off share

2.04%

Cohort

7(a) FY2010-2019 approvals

Numerator / denominator

5 / 245

Formula

CHGOFF / (PIF + CHGOFF + EXEMPT) × 100

This is a historical loan-level share, not a franchise failure probability or location survival rate. Loan size is not total investment. Other loan statuses are excluded from the seasoned denominator. Activity combines 7(a) and 504 approvals, excluding canceled and not-funded records; this is not a rolling five-year count. FY2024-25 franchise tags are sparse after directory suspension; fewer tagged loans do not establish brand decline. Recent charge-off cohorts are immature.

Median loan amounts are financing context, not startup cost. The median window is separate from the seasoned charge-off cohort.

Investment by format

Format-specific estimates only. Do not combine one format's minimum with another format's maximum.

Franchise fees and ongoing costs

Franchise fee

$1,000 to $15,000 · Extracted Item 5 scalar range, not a universal minimum or maximum; formats, eligibility, discounts and waivers require original-filing review.

Royalty

8% · 8% of total gross sales, payable weekly

Marketing contribution

4.5% (basis not captured; see original filing)

Technology fee

$75/month Restaurant Technology Fee, subject to increases of up to 10% annually

Other fees

POS Hardware-as-a-Service ~$57/month; Sub Club loyalty program fee of 1.9% of gross sales (per transaction); Digital Menu Board Hardware-as-a-Service $155/month

Working capital (FDD Item 7)

Additional Funds line item estimated at $15,000 (low) to $45,000 (high), payable as incurred/as required per Note 8 (detail of Note 8 trimmed from packet).

Working capital is drawn from Item 7. The Investment source below locates the investment section, not an independently verified working-capital scalar.

Financial performance: Item 19

Item 19 captured

No

Metric / basis

none

Reporting period

Not captured

Sample

Not captured

Reported average

Not captured

Reported median

Not captured

Owner income is not captured. Gross sales and EBITDA are not owner pay. Results depend on the disclosed metric, sample and period; consult the full filing.

Unit growth: Item 20

Reporting year

2025

Scope

franchised outlets

Starting outlets

19502

Year-end outlets

18773

Net change

-729

Derivation

ending minus starting outlets

Openings

499

Terminations

4

Non-renewals

46

Other closures

1026

Reacquisitions

148

Transfers

1307

Transfers are not closures. Net change is ending minus starting outlets for the stated scope and year, or complete openings less terminations, non-renewals, other closures and reacquisitions. Missing inputs stay unknown.

SBA loan history

Loan activity

271 approvals

Activity window

FY2021-FY2026 YTD; snapshot 2026-06-30

Median SBA loan

$225,000

Median loan window

FY2023-FY2026 YTD through 2026-06-30

Median loan sample

159 loans

Historical charge-off share

7.04%

Cohort

7(a) FY2010-2019 approvals

Numerator / denominator

92 / 1306

Formula

CHGOFF / (PIF + CHGOFF + EXEMPT) × 100

This is a historical loan-level share, not a franchise failure probability or location survival rate. Loan size is not total investment. Other loan statuses are excluded from the seasoned denominator. Activity combines 7(a) and 504 approvals, excluding canceled and not-funded records; this is not a rolling five-year count. FY2024-25 franchise tags are sparse after directory suspension; fewer tagged loans do not establish brand decline. Recent charge-off cohorts are immature.

Median loan amounts are financing context, not startup cost. The median window is separate from the seasoned charge-off cohort.