Jersey Mike’s Subs; Jersey Mike’s vs Tropical Smoothie Cafe: 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 to $35,000 · Extracted Item 5 scalar range, not a universal minimum or maximum; formats, eligibility, discounts and waivers require original-filing review.

Royalty

6% · 6% of Gross Sales, payable weekly for the prior week's Gross Sales via EFT

Marketing contribution

5% (basis not captured; see original filing)

Technology fee

BOH (back of house) system: $145 one-time implementation fee plus $179/month subscription fee

Other fees

Digital Ordering (website/mobile app) $54/month; Loyalty Platform & Owned Digital Marketing $75/month per cafe; Gift Card Transaction fee $0.16 per transaction or $18/month per cafe, whichever is less

Working capital (FDD Item 7)

$1,500 to $52,500 estimated for 3 months of working capital, intended to cover possible initial operating losses, additional insurance, rent/security deposits, payroll, utilities, legal/accounting fees, and government payments; franchisee should also have personal living expenses for 3-6 months.

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 and median annual Net Revenue by revenue decile/quartile grouping (top 10/25/50/75%, bottom 10/25/50/75%, and total) for individual franchised restaurants open at least one full year

Reporting period

Calendar years 2025, 2024, and 2023 (most recent: 2025)

Sample

1,431 franchised Restaurants (2025); 1,268 (2024); 1,151 (2023) — restaurants open at least one full year, excluding non-traditional/seasonal locations

Reported average

$978,298

Reported median

$931,173

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 (year ended December 28, 2025)

Scope

franchised outlets

Starting outlets

1514

Year-end outlets

1650

Net change

+136

Derivation

ending minus starting outlets

Openings

170

Terminations

21

Non-renewals

1

Other closures

12

Reacquisitions

0

Transfers

81

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

231 approvals

Activity window

FY2021-FY2026 YTD; snapshot 2026-06-30

Median SBA loan

$507,000

Median loan window

FY2023-FY2026 YTD through 2026-06-30

Median loan sample

133 loans

Historical charge-off share

2.68%

Cohort

7(a) FY2010-2019 approvals

Numerator / denominator

6 / 224

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.