Peter Cancro Net Worth
Peter Cancro net worth is estimated at $7 billion, making him one of the richest self-made restaurant entrepreneurs in the United States. He earned his fortune as the co-founder and longtime CEO of Jersey Mike’s Subs, one of America’s fastest-growing sandwich chains.
Jersey Mike’s operates more than 3,000 locations across the United States and generates over $3 billion in annual revenue. A private equity investment in late 2024 valued the company at around $8 billion, with Cancro retaining majority ownership and continuing to serve as CEO.
| Peter Cancro Net Worth | $7 Billion |
| Date of Birth | May 15, 1957 |
| Place of Birth | New Jersey |
Early Life
Peter Cancro was born on May 15, 1957, in New Jersey and grew up in Point Pleasant Beach. He attended Point Pleasant High School, graduating in 1975. Cancro has one younger brother, John.
His journey into business began early. At just 14 years old, he took a part-time job at a local sandwich shop called Mike’s Submarines, setting the stage for what would become a multibillion-dollar empire.
Founding Jersey Mike’s Subs
In 1971, while still in high school, Cancro learned that the owners of Mike’s Submarines wanted to sell the shop for $125,000. Encouraged by his mother, he decided to buy it.
After unsuccessfully seeking funding, Cancro approached his high school football coach, Rod Smith, who worked in finance. Smith agreed to loan him the money, allowing Cancro to become a business owner at just 17 years old. The deal officially closed on March 31, 1975. Cancro repaid the loan in full, with interest, over the next decade.
Business Growth
For several years, growth was slow. Cancro opened a handful of new stores, but expansion remained challenging. In 1987, he made a pivotal decision to franchise the business and renamed it Jersey Mike’s, highlighting its New Jersey roots.
The company’s growth accelerated rapidly:
- 1991: 30 locations
- 2014: 750 locations
- 2015: Over 1,000 locations
- Today: About 3,000 locations nationwide
By 2018, Jersey Mike’s surpassed $1 billion in annual sales, and today the brand is the second-largest sub sandwich chain in the U.S., behind Subway.
Private Equity Investment
In late 2024, a private equity firm invested in Jersey Mike’s, valuing the company at approximately $8 billion. Despite the deal, Peter Cancro retained majority ownership and remains actively involved in the company’s leadership.
The valuation came a year after another private equity firm acquired Subway for $9.6 billion, underscoring Jersey Mike’s position as a major force in the fast-casual restaurant industry.
Charity
Philanthropy is a major part of Cancro’s legacy. Each March, Jersey Mike’s hosts its annual “Day of Giving,” donating 100% of sales to local charities.
The event typically raises $5–7 million per year, supporting hundreds of charitable organizations nationwide. In 2022 alone, the campaign raised over $6 million for more than 170 charities.
Personal Life
Peter Cancro was previously married to Linda, with whom he has two children: a son, Robert, and a daughter, Caroline. The couple later divorced. In 2014, Cancro married his current wife, Tatiana Cancro.
Real Estate
Cancro owns an extensive portfolio of luxury real estate:
- New York City: In 2014, he purchased a $15.7 million condominium near Central Park, featuring private elevator access and classic architectural details.
- Florida: He owns multiple luxury condos in Bal Harbour, connected to the St. Regis Hotel, with access to five-star amenities.
- Miami: Most notably, Cancro developed a custom waterfront mansion on Indian Creek Island, known as “Billionaire’s Bunker.” Acquired for about $37 million, the property later entered contract in early 2026 for a reported $150–200 million, potentially setting a Miami real estate record.
Peter Cancro Net Worth
Peter Cancro net worth is estimated to be $7 billion.