How did Peter Cancro turn a small sandwich shop into a billion-dollar business?
In this article, Pennbook dives into Peter Cancro net worth, his salary, and the financial story behind Jersey Mike’s.
Peter Cancro Quick Facts
| FACT | DETAIL |
|---|---|
| Real Name | Peter Cancro |
| Popular Name | Peter Cancro |
| Birth Date | May 15, 1957 |
| Age | 67 (as of March 22, 2025) |
| Birthplace | Point Pleasant Beach, New Jersey |
| Nationality | American |
| Ethnicity | N/A |
| Education | Point Pleasant High School (Graduated 1975) |
| Marital Status | Married |
| Spouse | Tatiana Cancro (married in 2014) |
| Children | 4 |
| Dating | N/A |
| Siblings | John Cancro |
| Parents | N/A |
| Height (meters) | N/A |
| Net Worth | $4.9 billion |
| Source of Wealth | Jersey Mike’s Subs |
What is the Net Worth Of Peter Cancro in 2025?
As of 2025, Peter Cancro’s net worth is estimated at $4.9 billion.
This valuation stems largely from his ownership and leadership in Jersey Mike’s Subs—a business he built from a single store to a global franchise powerhouse with over 3,000 locations.
His wealth places him among the most successful entrepreneurs in the fast-casual restaurant industry. While Subway was acquired for $9.6 billion, Jersey Mike’s followed closely, reaching a valuation of $8 billion in a deal involving Blackstone.
This puts him in the financial realm of other highly influential figures in business and franchise development.
Related figures include:
- Rod Smith
- Tatiana Cancro
- Linda Cancro
- John Cancro
Explore more profiles of wealthy public figures who’ve made headlines with their financial moves.
Peter Cancro Wealth, Salary and Financial overview
How did he build his wealth over time?
Peter Cancro began his journey at just 14 years old, working part-time at Mike’s Submarines in Point Pleasant, New Jersey. By 17, with the help of his high school football coach Rod Smith, who also worked in finance, he secured a $125,000 loan to buy the store. That made him both owner and CEO at an age when most teens are finishing high school.
He rebranded the shop to Jersey Mike’s in 1987 and began franchising it. From 30 stores in 1991, the brand surged to 750 by 2014 and now exceeds 3,000 locations worldwide. His long-term vision, strategic reinvestment, and decision to franchise were key to building his financial empire.
What are his main sources of income today?
Cancro’s wealth primarily comes from his ownership in Jersey Mike’s, even after selling a majority stake to Blackstone. He still controls a significant portion of the brand, allowing him to benefit from its consistent growth.
Other income sources include:
- Franchise royalties and fees
- Store-level performance income
- Business equity
- Real estate holdings like his $15.68M New York City condo
As a self-made billionaire, Cancro’s earnings are tied directly to Jersey Mike’s financial success, including over $3.3 billion in annual revenue as of 2023.
How much does he earn as CEO of Jersey Mike’s?
While his exact CEO salary isn’t publicly disclosed, Cancro is not a typical salaried executive. Since Jersey Mike’s is not a publicly traded company, his compensation is more likely derived from ownership dividends and profits, not a fixed paycheck.
His financial role as CEO is tied to brand expansion, strategic partnerships, and maintaining leadership in the competitive fast-casual space.
What financial impact did the sale to Blackstone have on him?
In November 2024, Cancro agreed to sell a majority stake to Blackstone at a valuation of $8 billion (including debt). Despite this, he still retains leadership and a significant ownership position.
This move didn’t just inject capital—it elevated the brand’s market perception and allowed Cancro to secure generational wealth while still holding the reins of the business.
How has Jersey Mike’s financial growth contributed to his fortune?
The transformation of Jersey Mike’s from a local sub shop to a nationwide (and international) franchise brought consistent and scalable income. The company generates over $3.3 billion annually in systemwide sales and continues expanding.
Key milestones in the franchise journey:
- 1991: 30 locations
- 2014: 750+ stores
- 2018: $1 billion in revenue
- 2023: 2,800+ stores
- 2025: Over 3,000 stores and global presence
The franchise model multiplied profits without direct operational overhead on every unit, a major contributor to Cancro’s growing wealth.
What major financial assets and investments does he hold?
Cancro’s notable real estate investment includes a luxury condo in New York City, purchased in 2014 for $15.681 million. Located at the corner of 68th and Madison Avenue, the property commands over $14,000 in monthly HOA fees—highlighting the level of wealth he operates within.
Additional investments are not publicly known, but given his financial status, it’s likely he holds diversified assets beyond Jersey Mike’s, including equity positions and business-related holdings.
How does he use his wealth for charitable giving?
Cancro is known for giving back. Through Jersey Mike’s annual “Day of Giving,” the company donates 100% of sales on the last Wednesday of March to local charities.
In 2022, this campaign raised over $6 million for more than 170 organizations. His commitment to social impact doesn’t stop there.
He also launched the Coach Rod Smith Ownership Program, named after the man who helped him start it all. This initiative supports young entrepreneurs in buying their own Jersey Mike’s franchises—bringing his story full circle.
What is known about his financial background and early investment decisions?
Cancro’s early business story is one of grit and vision. When the original Mike’s Submarines went up for sale, his mother encouraged him to buy it. Unable to secure funding through traditional means, he turned to Rod Smith.
Smith, recognizing the store’s potential, offered him a loan with a 7-year payback plan. It ended up taking 10 years to repay, but Cancro did it—with interest.
That initial loan became the seed of a franchise empire. His success today is rooted in a humble beginning, solid decision-making, and unwavering commitment to long-term value.
Conclusion
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