Prior to the IPO, the Company’s capital structure consisted of membership interests of Jersey Mike’s Holdings, and all net income (loss) for periods prior to July 29, 2026 was allocable to the members of Jersey Mike’s Holdings. As a result of the Reorganization Transactions and the IPO, the Company’s capital structure before and after the IPO is not comparable, and earnings per share for periods prior to the IPO is not meaningful and has not been presented. Earnings (loss) per share of Class A common stock is presented only for the period from July 31, 2026 to September 27, 2026.

The Corporation computes earnings (loss) per share of Class A common stock using the two-class method required for participating securities. Shares of Class B common stock are not participating securities because they have no right to receive dividends or distributions upon liquidation and no earnings or losses are allocable to them; accordingly, basic and diluted earnings per share of Class B common stock have not been presented. Incentive Units are participating securities; however, they are not entitled to distributions (other than tax distributions).

Basic earnings (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to the Corporation for the period following the IPO by the weighted-average number of shares of Class A common stock outstanding during that period. Diluted earnings (loss) per share gives effect to all potentially dilutive shares of Class A common stock, including the exchange of Common Units (together with the cancellation of an equal number of shares of Class B common stock) for Class A common stock, the conversion of vested Incentive Units into Common Units, and outstanding RSUs and ESPP purchase rights, to the extent they are dilutive. The potential exchange of Common Units is evaluated under the if-converted method, which assumes the exchange occurred at the beginning of the period and adds back to the numerator the net income attributable to noncontrolling interests, adjusted for the incremental income tax expense that the Corporation would have incurred on the exchanged interests. Incentive Units, RSUs and ESPP purchase rights are evaluated under the treasury stock method.


(in millions, except per share amounts)	July 31 - September 27, 2026
Numerator — basic:
Net loss subsequent to the Reorganization Transactions	$	(13)
Less: net loss attributable to noncontrolling interests	(2)
Net loss attributable to Jersey Mike’s Subs Inc. — basic	$	(11)

Denominator — basic:
Weighted-average shares of Class A common stock outstanding — basic	233
Basic loss per share of Class A common stock	$	(0.05)

Numerator — diluted:
Net loss attributable to Jersey Mike’s Subs Inc. — basic	$	(11)
Add: Net loss attributable to noncontrolling interests, net of incremental tax	(4)
Net loss attributable to Jersey Mike’s Subs Inc. — diluted	$	(15)

Denominator — diluted:
Weighted-average shares of Class A common stock outstanding — basic	233
Effect of dilutive securities:
Exchange of Common Units	84
Weighted-average shares of Class A common stock outstanding — diluted	318
Diluted loss per share of Class A common stock	$	(0.05)