Franchises · 2026 FDD · Wisconsin DFI filing 640926
Jersey Mike's franchise cost, unit revenue and closures
Opening a Jersey Mike's cost $436,176 to $1,162,228 in the 2026 FDD; the median unit sold $1,305,850 in the franchisor's 2025-01-01 to 2025-12-28 figures; 1.2% of franchised units closed over three years.
Franchisor: A Sub Above, LLC. FDD issued 2026-04-10, amended 2026-08-26. Fiscal year end 2025-12-28. Figures re-found on the cited page 2026-11-03.
What a unit costs to open
Largest line: Leasehold Improvements, $147,495 to $658,581 (Item 7, p. 16).
What a unit pays the franchisor
| Initial franchise fee | $20,000 | Item 5, p. 8 |
|---|---|---|
| Royalty | 6.5% of Gross Receipts, weekly | Item 6, p. 9 |
| Advertising fund | 4% of Gross Receipts (Corporate Advertising and Development Fund) plus National Media Fund; combined cap 6% | Item 6, p. 9 |
What a unit sells
Item 19 is optional and is the franchisor's own representation. It is shown here as filed, with the franchisor's measure, sample and period, and nothing is estimated where it is missing.
| Measure | Unit Volume (gross sales less tax, refunds, discounts, coupons, donations) | |
|---|---|---|
| Sample | 2,606 units: Traditional Franchised Restaurants: franchisee-operated, open more than 360 days in the period, on the designated POS, not non-traditional venues, not affiliate-owned | |
| Period | 2025-01-01 to 2025-12-28 | |
| High / low | $3,228,616 / $512,332 | |
| Excluded | 583 open fewer than 361 days; 8 not on designated POS; 13 non-traditional venues; 17 affiliate-owned or -managed | |
Revenue to investment
Formula: Item 19 median Unit Volume / Item 7 total (midpoint, low, high). A ratio of 1.00 means one year of median unit revenue equals the investment; it says nothing about profit.
How many units open and close
| Franchised units | 2023 | 2024 | 2025 |
|---|---|---|---|
| Start of year | 2,361 | 2,647 | 2,955 |
| Opened | 296 | 319 | 259 |
| Terminated | 0 | 0 | 0 |
| Not renewed | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 6 | 0 |
| Ceased, other reasons | 10 | 5 | 13 |
| End of year | 2,647 | 2,955 | 3,201 |
| Company-owned, end of year | 28 | 34 | 26 |
Item 20, Table 1 p. 52; Table 3 totals p. 58.
Closures are the franchisor's Item 20 counts of units terminated, not renewed, or ceased for other reasons, summed over 2023–2025 and divided by franchised units at the start of 2023. Units the franchisor reacquired are not closures. This is an Item 20 count, not a failure rate.
8 affiliate-owned outlets reclassified as franchised on 2025-01-15 after the Blackstone acquisition (footnote 3).
2025 opened prints as 2592 in extraction: 259 plus footnote marker 2; row sum 2955+259-13=3201 confirms.
Source and method
Every figure above comes from the Jersey Mike's Franchise Disclosure Document issued 2026-04-10 and amended 2026-08-26, as filed with the Wisconsin Department of Financial Institutions (filing 640926, registry record). The PDF is the franchisor's and is not hosted here; the item and page beside each figure is where to check it. Item 7 and Item 20 tables were read cell by cell; Item 19 was read by hand; each Item 20 year was checked to sum (start + opened − exits = end) before it was recorded.
Informational only, not professional, legal or investment advice. Unitnomics computes from the filing and does not advise on, rank, or refer to any franchise. Last reviewed: November 2026.