For over fifty years, the answer to who owns Subway was a simple one. It was the families. You had Fred DeLuca, the guy who started it with a $1,000 loan as a teenager, and Peter Buck, the nuclear physicist who gave him the cash. That was it. For decades, it was the largest private company in the fast-food world, a massive empire built on footlongs and the scent of baking bread that seemed to stay exactly where it started.
But things aren't like that anymore.
If you walk into a Subway today in 2026, you're standing in a shop that is part of a massive corporate portfolio. The "mom and pop" era of the corporate office is dead. In a deal that took way longer than anyone expected—mostly because the government wanted to make sure it didn't create a sandwich monopoly—Subway finally changed hands.
The Big Sale: Who Owns Subway Now?
Basically, Subway is now owned by Roark Capital Group.
They are a private equity firm based in Atlanta, and honestly, they are the undisputed kings of the food court. They didn't just buy a sandwich shop; they completed a collection. Roark is the same group behind Inspire Brands, which means they already own Jimmy John’s, Arby’s, Dunkin’, and Buffalo Wild Wings.
The deal was huge. We’re talking about a price tag of roughly $9.6 billion. It officially closed in the spring of 2024 after the Federal Trade Commission (FTC) spent months poking around to see if Roark owning both Subway and Jimmy John’s would be bad for competition. Apparently, they decided there are enough other sandwich shops in the world to let it slide.
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Why did the families sell?
It’s kinda the end of an era. Fred DeLuca passed away in 2015, and Peter Buck died in 2021. When the founders are gone, the second generation often starts looking for the exit. For years, Subway was struggling. They were closing thousands of stores, the "Eat Fresh" vibe was feeling a bit stale, and they were getting hammered by faster, "cooler" rivals like Jersey Mike’s and Firehouse Subs.
Selling to a private equity giant was the ultimate "reset" button.
The Man in the Big Chair: Subway's Leadership in 2026
While Roark owns the company, they don't run the day-to-day meat-slicing operations. They hire experts for that.
As of July 2025, Jonathan Fitzpatrick took over as the CEO of Subway. This was a pretty big deal in the industry. Fitzpatrick came over from Driven Brands (the people who own Meineke and Maaco), but more importantly, he was a heavy hitter at Burger King for years.
He took over from John Chidsey, who was the first "outsider" CEO brought in back in 2019 to clean house. Chidsey did the dirty work—cutting the menu, fixing the digital app, and introducing the "Subway Series" (those pre-designed sandwiches so you don't have to point at every single olive). Fitzpatrick’s job now is basically to make Subway grow again, especially internationally.
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The Real Owners: The Franchisees
Here is the thing most people get wrong about "ownership." Roark Capital owns the brand, the intellectual property, and the right to collect a massive check every week. But they don't own the store on your street corner.
Almost every single one of the nearly 37,000 Subway locations is owned by an independent franchisee. These are often just regular people or small business groups.
- The Startup Cost: You can usually open a Subway for anywhere between $200,000 and $500,000. That sounds like a lot, but in the world of fast food, it's actually "cheap." Compare that to a McDonald’s, which can cost over $2 million to get off the ground.
- The Catch: Subway has always had a reputation for being tough on its owners. They take 12.5% of gross sales right off the top—8% for royalties and 4.5% for advertising.
- The Independence: Even though a big firm in Atlanta "owns" the brand, the person making your BMT is likely a local business owner who is essentially leasing the right to use the logo.
Is Subway still the largest?
For a long time, Subway had more locations than McDonald's. It was a point of pride. But "most locations" doesn't mean "most money."
Under Roark's ownership, the strategy has shifted. They aren't trying to put a Subway in every single gas station and basement anymore. They’ve been closing underperforming stores and focusing on "non-traditional" spots like airports and hospitals.
Interestingly, while Subway is still massive, they've been surpassed in total global sales by several other brands. The goal for 2026 isn't just being the biggest; it's being the most profitable. This is why you see things like those new deli meat slicers in the stores. It’s an attempt to look more like a "real" deli and less like a fast-food assembly line.
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What This Ownership Change Means for You
You might think corporate handovers don't matter to someone just buying a tuna sub, but they do. Private equity ownership usually leads to a few specific things:
- More Tech: Expect the app to get more aggressive. Roark loves data. They want to know exactly when you want your cookies so they can send you a notification at 2:00 PM.
- Menu Shakeups: They are moving away from the "build your own" model because it's slow. They want you to order a "No. 1" or a "No. 7" to keep the line moving.
- Global Expansion: If you go to Europe or China, you’re going to see a lot more Subways. That’s where the growth is.
Roark Capital has a history of taking "tired" brands and making them shiny again. They did it with Arby’s (remember when Arby’s was the joke of the fast-food world?). Now, Arby’s is doing great. They are trying to pull off that same magic trick with Subway.
Actionable Insights for the Curious
If you’re looking at the Subway story and wondering how it affects your wallet or your local community, keep these things in mind:
- Check the App: Since the Roark takeover, the best deals are strictly digital. If you’re paying full price at the counter, you’re basically donating extra money to a private equity firm.
- Franchise Quality Varies: Because ownership is so decentralized, the quality of a Subway depends almost entirely on the local owner. If one shop in town is gross, try the one three blocks away; it’s likely run by a completely different person.
- Watch the Menu: We are seeing a "premiumization" of the brand. Expect more "Sidekicks" (like the footlong pretzels and churros) and fewer $5 footlongs. Those days are long gone, thanks to both inflation and the new corporate focus on profit margins over volume.
Subway is no longer a family business. It’s a piece of a giant corporate puzzle. Whether that makes the sandwiches better is up for debate, but the business side of the "Eat Fresh" empire has never been more focused.