Jersey Mike's Q2: Same-Store Sales Up 2.3%, Net Income Falls 37% on Higher Interest and Transition Costs
JMKE is trading near its 52-week low of $19.86 (5.7% above the low).
Summary
Jersey Mike's reported Q2 2026 results with 2.3% same-store sales growth and 10% revenue growth, but net income fell 37% to $37 million due to higher interest expense and transition costs. Full-year guidance calls for at least 20% Adjusted EBITDA growth.
Key Events · Earnings and Guidance · JMKE
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Q2 Same-Store Sales Up 2.3%
Same-store sales increased 2.3% in Q2 2026, driven by transaction growth, with systemwide sales up 10% to $1.210 billion.
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Net Income Falls 37%
Net income was $37 million versus $59 million in the prior year, impacted by higher interest expense, advertising fund timing, and non-routine transition costs, partially offset by a $14 million gain on sale of corporate-owned stores.
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Adjusted EBITDA Rises 7%
Adjusted EBITDA increased to $114 million from $107 million, including a $10 million net adverse impact from advertising fund timing; excluding that, Adjusted EBITDA increased 18%.
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Full-Year 2026 Guidance
Company expects same-store sales growth of 2.5-3.0%, net unit growth of at least 8%, and Adjusted EBITDA growth of at least 20% for fiscal 2026.
Analysis · JMKE · Trade & Services
The second quarter shows a company still expanding its store base and systemwide sales, but profitability was pressured by higher interest expense and one-time costs tied to the shift from a founder-led to a corporate-led organization. Net income dropped to $37 million from $59 million a year earlier, while Adjusted EBITDA rose 7% to $114 million. Management's full-year outlook calls for Adjusted EBITDA growth of at least 20%, implying a meaningful acceleration in the back half of the year. The company also guided to 3.0-4.0% same-store sales growth in the third quarter, suggesting momentum is continuing. This is the first earnings report since the July IPO, and it provides the first official look at how the business is performing as a public company.
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At the time of this filing, JMKE was trading at $21.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $6.6B. The 52-week trading range was $19.86 to $24.99. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.