You’re standing in line, watching a "Sandwich Artist" slide a footlong into the toaster, and you start thinking. "Man, I eat here twice a week. Everyone I know eats here. Why don't I just buy the stock?" It’s a logical thought. After all, you can buy shares of McDonald’s, Starbucks, or Chipotle. But when you pull up your brokerage app and type in "SUB," you get nothing.
Honestly, the answer is simple but kind of frustrating for retail investors: Is Subway publicly traded? No. It never has been, and as of early 2026, it still isn't.
For nearly sixty years, Subway was the ultimate family business—if you can call a multi-billion dollar empire with nearly 37,000 locations a "family business." It was owned by the families of founders Fred DeLuca and Peter Buck. But things changed massively in 2024 when a private equity giant stepped in with a checkbook and nearly $10 billion.
The Roark Capital Era: Who Owns Subway Now?
In April 2024, after a long and somewhat dramatic bidding war, Roark Capital officially completed its acquisition of Subway. This was a huge deal in the fast-food world. If you haven't heard of Roark, you’ve definitely eaten at their restaurants. They own Inspire Brands, which is the parent company of Arby's, Dunkin', Jimmy John's, and Sonic Drive-In.
Basically, Roark is building a "Mount Rushmore" of fast food.
Because Roark Capital is a private equity firm, Subway remains tucked away in a private portfolio. They don't have to report their earnings to the public every quarter, and they don't have a ticker symbol on the New York Stock Exchange.
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Why the families finally sold
For decades, the DeLuca and Buck families resisted selling. But the landscape changed. Subway started struggling with a bloated store count—at one point they had more locations than McDonald’s, but many were cannibalizing each other's sales. Then there was the 2015 death of Fred DeLuca and the 2021 passing of Peter Buck. By the time 2023 rolled around, the writing was on the wall. The families wanted to cash out, and Roark was willing to pay roughly $9.6 billion to make it happen.
Will Subway Ever Have an IPO?
Everyone wants to know if an Initial Public Offering (IPO) is on the horizon. While there's no official date for 2026, the history of private equity tells us a specific story.
Firms like Roark don’t buy companies to keep them forever. They buy them, fix the "leaks" in the business model, boost the profit margins, and then exit. That exit usually happens in one of two ways:
- Selling it to another giant company.
- Taking it public via an IPO.
There’s been plenty of chatter among analysts about a potential "Mega-IPO" involving Roark’s entire restaurant portfolio. Some industry experts, like those at Restaurant Business Magazine, have speculated that Roark could eventually bundle Subway with Dunkin’ and Arby's into one massive public entity. If that happens, it would be one of the biggest restaurant stocks in history.
What Most People Get Wrong About Subway’s Finances
There’s a common misconception that Subway is "dying" because they’ve closed thousands of stores in the U.S. over the last few years. It’s true that they’ve dropped below 20,000 domestic locations for the first time in two decades. But looking at the store count is the wrong way to measure their health.
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Under CEO John Chidsey—the former Burger King boss who took the reins in 2019—Subway has shifted from "quantity" to "quality."
- Average Unit Volume (AUV): Even with fewer stores, the stores that remain are making more money. In 2024, estimates showed AUV hitting record highs of around $490,000.
- The Slicers: Remember when they installed those $80 million meat slicers? That was a move to kill the "pre-sliced, processed" reputation and compete with Jersey Mike’s.
- Menu Overhauls: The "Subway Series" and the "Sidekicks" (those footlong cookies and pretzels) have actually worked to drive up the average check size.
So, while the footprint is smaller, the business is actually leaner and more profitable than it was five years ago. That’s exactly what a company does when it’s prepping for a potential future sale or IPO.
How to Invest in the "Subway Space" Without Subway Stock
Since you can't buy Subway directly, what do you do if you really believe in the sandwich market? You have to look at the "Subway-adjacent" players.
1. Restaurant Brands International (QSR)
If you want a company that operates similarly to Roark (a portfolio of brands), RBI is the big one. They own Burger King, Popeyes, Firehouse Subs, and Tim Hortons. They are publicly traded and pay a decent dividend.
2. Chipotle Mexican Grill (CMG)
If your investment thesis is based on the "customizable, assembly-line" style of dining, Chipotle is the gold standard. They’ve proven that people will pay a premium for fresh ingredients prepared in front of them—the very thing Subway is trying to get back to.
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3. Potbelly Corporation (PBPB)
This is a smaller, often overlooked sandwich stock. If you think the "sandwich wars" are going to be won by smaller, more niche players, this is one of the few pure-play sandwich stocks actually on the market.
The Reality Check for 2026
Right now, Subway is in the middle of a massive international expansion. They recently signed deals to open 4,000 locations in China over the next two decades. They’re also busy fighting a "loyalty battle," trying to get everyone onto their digital app.
Is Subway publicly traded? Still no. But it is a much more modern, aggressive company than the one your parents used to visit. Roark Capital is currently focused on integrating Subway into their massive supply chain and digital ecosystem. They aren't in a rush to go public while interest rates are still fluctuating and the IPO market is just starting to wake back up.
Actionable Insights for Investors
- Stop looking for a ticker: Don't get fooled by "Subway" lookalike stocks or companies with similar names.
- Watch Roark Capital’s moves: If you see news about Roark filing for an IPO for Inspire Brands, that is your signal. Subway will likely be part of that package or follow shortly after.
- Monitor the 10-K of competitors: Keep an eye on the earnings reports of McDonald’s and QSR. If they mention losing market share to "sandwich competitors," you know Subway’s turnaround is working.
Subway remains the king of the "closely held" giants. For now, the only way to get a "piece" of the company is to buy a franchise or buy a sandwich.