Jersey Mike's Q3: Revenue Up 10% to $209M, Net Income Down 69% on IPO Costs
JMKE is trading near its 52-week low of $15.96 (9.2% above the low) on elevated volume (2.2× avg).
Summary
Jersey Mike's Q3 revenue rose 10% to $209 million and Adjusted EBITDA climbed 20%, but GAAP net income fell 69% to $10 million on IPO-related equity comp and deal costs. The company also declared a $0.35 special dividend and authorized a $100 million buyback.
Key Events · Earnings and Guidance · JMKE
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Q3 Revenue Grows 10% to $209M
Total revenue rose to $209 million from $190 million, driven by 8.8% net store growth and 3.0% same-store sales growth; Adjusted EBITDA increased 20% to $125 million.
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Net Income Falls 69% on IPO Costs
GAAP net income dropped to $10 million from $32 million, hit by $29 million of cumulative catch-up equity comp, $17 million of IPO-related expenses, a $6 million debt extinguishment loss and $7 million of income tax.
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TRA Liability and Debt on Balance Sheet
The balance sheet now carries a $1,369 million tax receivable agreement liability and $1,834 million of debt principal against $325 million of cash and restricted cash.
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Special Dividend and $100M Buyback
The board declared a $0.35 per share special dividend payable November 19, 2026 to holders of record November 5, 2026, and authorized repurchases of up to $100 million of Class A stock.
Analysis · JMKE · Trade & Services
Revenue grew 10% to $209 million and Adjusted EBITDA rose 20% to $125 million, but GAAP net income fell 69% to $10 million, weighed down by $29 million of one-time IPO equity-comp catch-up and $17 million of IPO-related expenses. The quarter also debuts the new public-company balance sheet: a $1,369 million tax receivable agreement liability and $1,834 million of securitized debt principal against $325 million of cash. Alongside the report, the board authorized a $100 million buyback and declared a $0.35 special dividend payable November 19 to holders of record November 5 — the first capital return as a public company.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 31.1% of the 1661 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, JMKE was trading at $17.43 on NYSE in the Trade & Services sector, with a market capitalization of approximately $5.5B. The 52-week trading range was $15.96 to $24.99. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.