Blackstone Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts,special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, healthcare, life sciences, infrastructure, enterprise tech and consumer, as well as consumer technologies. The firm considers investment in Asia and Latin America. It seeks to invest between $0.25 million and $900 million per transaction. It invests in companies with enterprise value between $500 million and $5000 million. It has a three year investment period. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. Blackstone Inc. was founded in 1985 and is headquartered in New York, New York with additional offices across Asia, Europe, North America and Central America.

Анализ фундаментальных метрик Blackstone Inc. показывает, что компания находится в состоянии переоцененности по ключевым мультипликаторам, таким как P/E, P/S и P/B, которые значительно превышают медианные значения по отрасли. Это указывает на потенциальные риски для инвесторов. Однако, показатели рентабельности, такие как ROE и ROA, остаются высокими и демонстрируют положительную динамику, что свидетельствует о высокой эффективности управления. Долговая нагрузка компании также вызывает опасения, так как коэффициент долга к капиталу выше медианы. В то же время, стабильный рост чистой прибыли и выручки, наряду с высокими маржами, говорит о сильных операционных показателях. Дивидендная доходность растет, что может быть привлекательным для инвесторов, ищущих доход. В целом, несмотря на позитивные аспекты, такие как сильные финансовые результаты, высокая оценка по мультипликаторам и долговой нагрузке создают определенные риски, что требует пересмотра целевой цены в сторону снижения.

Blackstone Inc.

Franklin Resources Inc. BEN reported second-quarter fiscal 2026 (ended March 31, 2026) adjusted earnings of 71 cents per share, which surpassed the Zacks Consensus Estimate of 55 cents per share. Also, the bottom line compared favorably with 47 cents reported in the year-ago quarter.
Shares of the company gained nearly 4.1% in the early trading session following the release of better-than-expected results. A full day’s trading session will depict a clearer picture.
BEN’s results benefited from higher revenues. However, a slight decline in assets under management (AUM) and elevated expenses remained headwinds.
Results include certain items. After considering those, net income (GAAP basis) was $268.2 million, up 77.1% year over year.
Franklin’s Revenues & Expenses Increase Y/Y
Total operating revenues increased 8.7% year over year to $2.29 billion in the fiscal second quarter. The rise was due to an increase in all the components except other revenues. Further, the reported figure outpaced the Zacks Consensus Estimate of $2.18 billion.
Investment management fees rose 8.7% year over year to $1.82 billion. Sales and distribution fees increased 8.7% year over year to $396.6 million. Shareholder-servicing fees rose 11.4% on a year-over-year basis to $69 million. Other revenues decreased 9% year over year to $10 million.
Total operating expenses increased marginally year over year to $1.97 billion. The rise was due to an increase in compensation and benefits costs, sales, distribution and marketing costs, and general, administrative and other costs.
Franklin reported an operating margin of 14.1% compared with 6.9% in the year-ago quarter.
Franklin’s AUM Declines
As of March 31, 2026, total AUM was $1.68 trillion, down marginally on a sequential basis.
Franklin’s long-term net inflows were $16.9 billion in the reported quarter compared with $28 billion in the prior quarter.
The average AUM was $1.70 trillion, which increased 1.5% on a sequential basis.
Franklin’s Capital Position
As of March 31, 2026, cash and cash equivalents and investments were $6.2 billion, while total stockholders' equity was $13.1 billion.
Franklin’s Capital Distribution
In the reported quarter, Franklin repurchased 2.3 million shares for $57.1 million.
Major Developments for Franklin
In April 2026, the company announced plans to acquire 250 Digital, a cryptocurrency investment firm spun out of CoinFund, marking a strategic step to expand its footprint in the digital assets space. The acquisition combines Franklin’s global distribution strength with 250 Digital’s crypto-native investment expertise, including the transfer of its investment team and liquid cryptocurrency strategies.
The deal is expected to strengthen BEN’s digital asset management capabilities and position it to better serve institutional clients seeking crypto exposure. Alongside this, the company launched the Franklin Crypto unit, while the use of BENJI tokens for the transaction highlights an innovative blockchain-based approach. The deal is expected to close in the second calendar quarter of 2026, subject to customary conditions.
Our View on Franklin
Franklin’s improved revenues and stable operating performance reflect steady operational progress despite a slight decline in AUM. Its efforts to diversify business through acquisitions and strengthen its distribution platform continue to support long-term growth. However, elevated expenses and pressure on AUM may weigh on near-term performance.
Franklin Resources, Inc. Price, Consensus and EPS Surprise
Currently, Franklin carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
BlackRock’s BLK first-quarter 2026 adjusted earnings of $12.53 per share handily surpassed the Zacks Consensus Estimate of $11.96. The figure reflects a 10.9% rise from the year-ago quarter.
Results benefited from a rise in revenues. AUM balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses were a headwind for BLK.
Blackstone’s BX first-quarter 2026 distributable earnings of $1.36 per share surpassed the Zacks Consensus Estimate of $1.33. The figure soared 25% from the prior-year quarter.
BX’s results benefited from a rise in AUM balance and higher revenues. However, an increase in GAAP expenses was the undermining factor.
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Franklin Stock Gains as Q2 Earnings Beat Estimates, Revenues Rise Y/Y

Key Points
Most investors won't be able to get in ahead of Jersey Mike's planned IPO.
The best alternative is to buy shares of Blackstone, which owns a majority stake in Jersey Mike's.
Wall Street is hungry for Jersey Mike's IPO because other fast-casual IPOs have been quite successful.
Jersey Mike's plans to add a new option to its menu -- but only for investors. The popular restaurant chain confidentially filed for an initial public offering (IPO) on April 20, 2026.
Can you invest in Jersey Mike's before the IPO? Probably not. Pre‑IPO access is usually available only to private‑equity firms, institutional investors, and accredited investors. Here's what you need to know about Jersey Mike's IPO plans.
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What investors need to know about Jersey Mike's IPO
There are more questions than answers about Jersey Mike's IPO, at least for now. The company's regulatory filing didn't disclose any financial details. We don't even have a specific date for when the IPO might be conducted yet. Jersey Mike could even delay or withdraw the IPO if market conditions aren't favorable.
What information is known at this point? Bloomberg reported that sources familiar with Jersey Mike's planned IPO said the company could go public as early as the third quarter of this year.
Bloomberg's sources also revealed that Jersey Mike's is targeting an initial valuation of about $12 billion. If this figure is correct, it reflects a steep price-to-sales multiple of 38.7, based on the restaurant operator's 2025 revenue of $309.8 million. To put that number into perspective, the average price-to-sales ratio for the restaurant industry is only 2.5. Fast-food stocks such as Domino's Pizza (NASDAQ: DPZ) and Restaurant Brands International (NYSE: QSR) trade at price-to-sales multiples of below 4x.
While investors wait for more information, there is one indirect way to invest in Jersey Mike's. Alternative investment management company Blackstone (NYSE: BX) acquired a majority stake in Jersey Mike's in 2024 for around $8 billion. Buying shares of Blackstone, therefore, will give you ownership in Jersey Mike's.
You can even buy Blackstone at a discount right now. The stock plunged in recent months in part due to concerns about the private credit industry and the Trump administration's move to ban institutions from buying single-family homes.
Why Wall Street is hungry
It's understandable why Wall Street could be salivating over Jersey Mike's IPO. The company's CEO, Charlie Morrison, guided Wingstop (NASDAQ: WING) through its 2015 IPO. Wingstop's stock has delivered a nearly 6x return since then, handily beating the S&P 500's (SNPINDEX: ^GSPC) performance.
Other fast-casual restaurant stocks have also been winners for investors. For example, an initial investment of $10,000 in Chipotle Mexican Grill (NYSE: CMG) when it went public in 2006 would be worth more than $380,000 today. If you invested in Cava Group (NYSE: CAVA) at its IPO in 2023, you would have more than doubled your money.
Wall Street also knows that Jersey Mike's has significant growth opportunities. The company currently has 3,326 locations in the U.S. It intends to open nearly 300 new restaurants soon. Jersey Mike's website states that it has more than 4,000 locations "open and under development." In addition, the restaurant chain is targeting international growth, with plans to open 300 locations in Canada through a partnership with Redberry Restaurants.
What investors should watch
The next key step in Jersey Mike's IPO process will be submitting its S-1 filing to the U.S. Securities and Exchange Commission (SEC). The S-1 will address many of the currently open questions, including the anticipated price range for IPO shares. Investors will also be able to see Jersey Mike's financial details that have been unavailable thus far.
It remains to be seen if Jersey Mike's will rank among the hottest IPO stocks of 2026. That could be especially difficult with the IPOs for Anthropic, OpenAI, and SpaceX on the horizon. However, considering the successful IPOs for Cava, Chipotle, and Wingstop, many investors will closely watch Jersey Mike's IPO progress.
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Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Blackstone, Cava Group, Chipotle Mexican Grill, and Domino's Pizza. The Motley Fool recommends Restaurant Brands International and Wingstop and recommends the following options: short June 2026 $36 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Can You Invest in Jersey Mike's Pre-IPO?

Ameriprise Financial’s AMP first-quarter 2026 adjusted operating earnings were a record $11.26 per share, which handily surpassed the Zacks Consensus Estimate of $10.20. The bottom line reflected a rise of 19% from the year-ago quarter.
Results benefited from higher revenues and improvements in the assets under management (AUM) and assets under administration (AUA) balances. However, an increase in expenses was a headwind.
After considering significant items, net income (GAAP basis) was $915 million or $9.68 per share, up from $583 million or $5.83 per share in the prior-year quarter.
AMP’s Adjusted Revenues Improve, Expenses Rise
Adjusted operating total net revenues in the reported quarter were $4.77 billion, increasing 11% year over year. The top line beat the Zacks Consensus Estimate of $4.67 billion. Total GAAP net revenues were $4.81 billion, up 11% year over year.
Adjusted operating expenses totaled $3.44 billion, rising 9% year over year.
As of March 31, 2026, total AUM and AUA were $1.67 trillion, up 12% year over year.
Update on Ameriprise’s Share Repurchases
The company repurchased 1.6 million shares for $784 million in the reported quarter.
Our Take on AMP
Ameriprise is well-positioned for impressive top-line growth on the back of its robust AUM balance and business-restructuring initiatives. However, elevated expenses (mainly due to technology upgrades) will likely continue to hurt the bottom line.
Ameriprise Financial, Inc. Price, Consensus and EPS Surprise
AMP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of AMP’s Peers
BlackRock’s BLK first-quarter 2026 adjusted earnings of $12.53 per share handily surpassed the Zacks Consensus Estimate of $11.96. The figure reflects a 10.9% rise from the year-ago quarter.
BLK’s results benefited from a rise in revenues. The AUM balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses created a headwind.
Blackstone’s BX first-quarter 2026 distributable earnings of $1.36 per share surpassed the Zacks Consensus Estimate of $1.33. The figure jumped 25% from the prior-year quarter.
BX’s results benefited from a rise in AUM balance and higher revenues. However, an increase in GAAP expenses was the undermining factor.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Ameriprise Q1 Earnings Beat Estimates as Revenues & AUM Grow Y/Y

Blackstone’s BX first-quarter 2026 distributable earnings of $1.36 per share surpassed the Zacks Consensus Estimate of $1.33. The figure soared 25% from the prior-year quarter.
Results benefited from a rise in assets under management (AUM) balance and higher revenues. However, an increase in GAAP expenses was the undermining factor.
Net income attributable to Blackstone was $649.7 million, rising 5.7% from the year-ago quarter.
BX’s Segment Revenues Up, GAAP Expenses Rise
Total segment revenues for the reported quarter were $3.43 billion, jumping 24% year over year. The top line beat the Zacks Consensus Estimate of $3.32 billion. On a GAAP basis, revenues were $3.62 billion, which grew 10%.
Total expenses (GAAP basis) were $2.26 billion, up 19.4% year over year.
As of March 31, 2026, Blackstone had $11.4 billion in total cash, cash equivalents and corporate treasury investments, and $21.3 billion in cash and net investments. The company has a $4.3-billion credit revolver.
Blackstone’s AUM Balance Rises
Fee-earning AUM grew 9% year over year to $937.6 billion as of March 31, 2026.
The total AUM amounted to $1.3 trillion, up 12%. The rise in total AUM was primarily driven by $68.5 billion in inflows in the reported quarter.
As of March 31, 2026, the undrawn capital available for investment was $213.3 billion.
BX’s Share Repurchase Update
During the reported quarter, Blackstone repurchased 0.2 million shares.
Our Take on Blackstone
Blackstone is well-positioned for top-line growth, supported by a continuous rise in AUM. The company is expected to keep gaining from its fundraising ability. However, elevated expenses, private credit-related concerns and a challenging operating backdrop are likely to hurt the bottom line in the near term.
Blackstone Inc. Price, Consensus and EPS Surprise
Currently, Blackstone carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance & Expectations of Blackstone’s Peers
BlackRock’s BLK first-quarter 2026 adjusted earnings of $12.53 per share handily surpassed the Zacks Consensus Estimate of $11.96. The figure reflects a 10.9% rise from the year-ago quarter.
Results benefited from a rise in revenues. AUM balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses was a headwind for BLK.
Invesco IVZ is scheduled to report first-quarter 2026 results on April 28.
Over the past 30 days, the Zacks Consensus Estimate for Invesco’s quarterly earnings has been revised north to 59 cents. The estimated figure indicates 34.1% jump from the prior-year quarter.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

BX's Q1 Earnings Top as AUM Hits Record High Despite Tough Environment

The following companies are expected to report earnings prior to market open on 04/23/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
American Express Company (AXP)is reporting for the quarter ending March 31, 2026. The financial services company's consensus earnings per share forecast from the 8 analysts that follow the stock is $4.03. This value represents a 10.71% increase compared to the same quarter last year. AXP missed the consensus earnings per share in the 4th calendar quarter of 2025 by -0.28%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for AXP is 18.81 vs. an industry ratio of 14.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Thermo Fisher Scientific Inc (TMO)is reporting for the quarter ending March 31, 2026. The medical instruments company's consensus earnings per share forecast from the 8 analysts that follow the stock is $5.20. This value represents a 0.97% increase compared to the same quarter last year. In the past year TMO has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 2.18%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TMO is 21.25 vs. an industry ratio of -0.80, implying that they will have a higher earnings growth than their competitors in the same industry.
NextEra Energy, Inc. (NEE)is reporting for the quarter ending March 31, 2026. The electric power utilities company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.98. This value represents a 1.01% decrease compared to the same quarter last year. In the past year NEE has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 1.89%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for NEE is 22.59 vs. an industry ratio of 17.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Union Pacific Corporation (UNP)is reporting for the quarter ending March 31, 2026. The transportation (rail) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.85. This value represents a 5.56% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for UNP is 20.23 vs. an industry ratio of 16.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Honeywell International Inc. (HON)is reporting for the quarter ending March 31, 2026. The diversified operations company's consensus earnings per share forecast from the 4 analysts that follow the stock is $2.31. This value represents a 7.97% decrease compared to the same quarter last year. In the past year HON has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 2.37%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for HON is 21.16 vs. an industry ratio of 32.90.
Lockheed Martin Corporation (LMT)is reporting for the quarter ending March 31, 2026. The aerospace and defense company's consensus earnings per share forecast from the 7 analysts that follow the stock is $6.67. This value represents a 8.38% decrease compared to the same quarter last year. In the past year LMT has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 19.07%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for LMT is 19.08 vs. an industry ratio of -62.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Sanofi (SNY)is reporting for the quarter ending March 31, 2026. The large cap pharmaceutical company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.06. This value represents a 12.77% increase compared to the same quarter last year. SNY missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -6.25%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SNY is 9.48 vs. an industry ratio of 15.20.
Comcast Corporation (CMCSA)is reporting for the quarter ending March 31, 2026. The cable tv company's consensus earnings per share forecast from the 8 analysts that follow the stock is $0.73. This value represents a 33.03% decrease compared to the same quarter last year. In the past year CMCSA has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 12%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CMCSA is 8.40 vs. an industry ratio of 7.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Freeport-McMoran, Inc. (FCX)is reporting for the quarter ending March 31, 2026. The mining company's consensus earnings per share forecast from the 8 analysts that follow the stock is $0.47. This value represents a 95.83% increase compared to the same quarter last year. In the past year FCX has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2026 Price to Earnings ratio for FCX is 26.60 vs. an industry ratio of 12.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Blackstone Inc. (BX)is reporting for the quarter ending March 31, 2026. The financial services company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.33. This value represents a 22.02% increase compared to the same quarter last year. In the past year BX has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 15.13%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BX is 20.86 vs. an industry ratio of 14.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Nasdaq, Inc. (NDAQ)is reporting for the quarter ending March 31, 2026. The securities exchange company's consensus earnings per share forecast from the 11 analysts that follow the stock is $0.93. This value represents a 17.72% increase compared to the same quarter last year. In the past year NDAQ has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 5.49%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for NDAQ is 22.87 vs. an industry ratio of 21.80, implying that they will have a higher earnings growth than their competitors in the same industry.
CBRE Group, Inc. (CBRE)is reporting for the quarter ending March 31, 2026. The real estate company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.13. This value represents a 31.40% increase compared to the same quarter last year. In the past year CBRE has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 2.63%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CBRE is 20.17 vs. an industry ratio of 24.50.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for April 23, 2026 : AXP, TMO, NEE, UNP, HON, LMT, SNY, CMCSA, FCX, BX, NDAQ, CBRE

Key Points
Blackstone, which bought a majority of Jersey Mike's last year, has been pointing at an IPO.
CEO Charlie Morrison brought big profits to shareholders when he took Wingstop public.
There may soon be a new entry in the list of restaurant stocks. Sandwich chain Jersey Mike's disclosed this week that it confidentially filed for an initial public offering, the first step toward going public.
The company, which traces its roots to a modest sandwich shop on the Jersey Shore, is a significant player in a crowded field of submarine sandwich restaurants, which includes Subway, Jimmy John's, Firehouse Subs, and Potbelly. Jersey Mike's has more than 3,000 locations, making it the second-largest submarine sandwich chain in the U.S. behind Subway.
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A confidential IPO means that the company's S-1 and related documentation were filed with the Securities and Exchange Commission, but haven't been made public yet. That gives Jersey Mike's an opportunity to discuss the filing privately with regulators before it goes public, and make changes as needed before the shares are listed for public trading. And it also allows Jersey Mike's to back out of the deal should market conditions deteriorate.
However, Jersey Mike's has clearly been working toward this moment for a while. Blackstone purchased a majority of the company last year in a deal valuing Jersey Mike's at about $8 billion. And Blackstone brought in former Wingstop CEO Charlie Morrison to run the company. Morrison was with Wingstop when that restaurant chain went public in 2015. Wingstop's performance over the last decade has been phenomenal, with a 700% return that soundly beats both the S&P 500 and major fast-food chains like McDonald's and Wendy's.
Can Morrison bring that same magic to a Jersey Mike's IPO? That's the question that investors need to solve.
A look at Jersey Mike's before its IPO
Jersey Mike's has been a solid business with a great backstory. Founder Peter Cancro started working at a Point Pleasant, New Jersey, sandwich shop called Mike's Subs as a teenager in the 1970s. He bought the restaurant in 1975, when he was just 17, and eventually changed the name and sold franchises.
The chain reported revenue of $309.8 million in 2025, up 10.6% from a year ago. But net income was $183.6 million, down 23.1% from 2024. By way of comparison, Firehouse Subs, a segment of Restaurant Brands International (NYSE: QSR), reported sales growth of 8.6% to $232 million in 2025, but comparable sales growth was only 1.1% because the company increased its restaurant count from 1,345 to 1,449. Operating income rose from $48 million to $56 million.
As Jersey Mike's goes public and more financial records are released, investors should be looking closely at comparable sales -- it's easy to increase revenues when you are rapidly opening stores. True profits from restaurant stocks come from the company's ability to increase same-store sales, because the higher costs of opening new locations don't offset those gains.
Is Jersey Mike's a good investment?
Restaurant and fast food stocks can be very challenging. Customers are more aware than ever of spiraling food costs, which forces restaurants to heavily discount and create new promotions to attract customers. And when the economy is a little shaky, amid fears of inflation and global conflict that roil the market, customers are more hesitant to spend on discretionary items like dining out. In the last year, the S&P 500 restaurant sector has been flat, while the broader index is up more than 38%.
So, an investment in Jersey Mike's IPO falls more on a bet on its CEO. Can Morrison, who led Wingstop to greater heights and a successful IPO a decade ago, find that magic again in a crowded sandwich field?
The S-1 filing, when it comes out, will have some of those answers. But even after Jersey Mike's completes its IPO, I'm holding off on this company until I see a consistent strategy for increasing same-store sales and generating profits, in addition to rising revenue.
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Patrick Sanders has no position in any of the stocks mentioned. The Motley Fool recommends Restaurant Brands International and Wingstop and recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Sandwich Chain Jersey Mike's Just Quietly Filed for an IPO. Here's What Investors Need to Know.

Key Points
Jersey Mike's is the second-largest sandwich chain in the U.S. and has over 3,200 locations overall.
Fast-casual stocks can trade in a wide range of valuations.
Blackstone acquired Jersey Mike's in 2024.
Jersey Mike's, the second-largest hoagie chain in the U.S., has confidentially filed for an initial public offering, the company said in a press release issued earlier today.
The company has over 3,200 locations.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
In November 2024, the large private equity firm Blackstone acquired Jersey Mike's in a deal that reportedly valued the company at $8 billion in enterprise value, which includes debt. Bloomberg recently reported that the Jersey Mike's IPO could look to raise $1 billion at a $12 billion valuation.
At the time of the Blackstone deal, Reuters reported the deal included an earn-out provision under which the full acquisition price would be paid after Jersey Mike's opens its 4,000th location.
Other fast-casual stocks, such as Chipotle and Cava, have delivered strong returns for shareholders. Is Jersey Mike's the next big fast-casual food stock?
Fast-casual companies can be solid stocks
The fast-casual space can be interesting. These kinds of stocks, especially industry leaders, can grow much faster and achieve much better margins than food and beverage stocks in consumer staples and defensive categories.
They can also leverage artificial intelligence to improve their operations, such as making and delivering food faster to serve more customers. But they can also be cyclical, facing pressure if consumer spending slows and higher costs in a higher-inflation environment marked by labor shortages and wage pressures.
According to CNBC, Jersey Mike's reported nearly $310 billion in revenue in 2025, a 10.6% increase from the prior year. However, net income fell from nearly $239 million in 2024 to nearly $184 million in 2025.
Jersey Mike's also reportedly raised $760 million of debt by selling bonds earlier this year. The debt includes a provision that allows the sandwich shop to repay about half of the debt early with proceeds from the IPO.
The company grew locations by 8% in 2025, according to The Wall Street Journal, citing research from the market research firm Technomic Research. A story from Entrepreneur quotes CEO Charlie Morrison, who took the helm of Jersey Mike's last year, as saying he thinks the brand could eventually double its U.S. locations and has a big expansion opportunity abroad as well.
Ultimately, competitors in the quick-service and fast-casual spaces can trade in a wide range of valuations.
The good news for prospective Jersey Mike's investors is that the company is growing sales and locations nicely, and appears to have a strong growth opportunity ahead. However, investors will likely want to ensure the debt is manageable and that the 2025 profit decline was due to non-recurring pressures.
The stock could certainly have promise, but investors ultimately need more financial details before deciding whether buying it in the IPO or later is worth it.
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*Stock Advisor returns as of April 20, 2026.
Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Blackstone, Cava Group, Chipotle Mexican Grill, and MTY Food Group. The Motley Fool recommends Restaurant Brands International and Wingstop and recommends the following options: short June 2026 $36 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Popular Sub Shop Jersey Mike's Is Planning an IPO. Is This the Next Big Fast Casual Food Stock?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Core High Dividend ETF (Symbol: HDV) where we have detected an approximate $271.0 million dollar outflow -- that's a 3.6% decrease week over week (from 76,250,000 to 73,500,000). Among the largest underlying components of HDV, in trading today Philip Morris International Inc (Symbol: PM) is up about 0.7%, Gilead Sciences Inc (Symbol: GILD) is off about 0.5%, and Truist Financial Corp (Symbol: TFC) is higher by about 2.2%. For a complete list of holdings, visit the HDV Holdings page » The chart below shows the one year price performance of HDV, versus its 200 day moving average:
Looking at the chart above, HDV's low point in its 52 week range is $86.18 per share, with $100.48 as the 52 week high point — that compares with a last trade of $98.49. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

iShares Core High Dividend ETF Experiences Big Outflow

Key Points
Private credit defaults are on the rise, as are private credit fund exits.
Big banks could be left holding the bag if the situation worsens.
Soaring inflation could prompt further defaults, worsening the situation across multiple sectors.
Despite persistent recession fears and consumer pessimism, the stock market has actually done quite well for investors over the last three years. Even if you include the March drop prompted by the war in Iran, the S&P 500 is still up nearly 30% in the past year alone.
But all that could change. Even though stocks have proven resilient to inflation, both inflation and private credit are flashing warning signs right now. Here's how that could spell trouble for your portfolio.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
When private credit goes public
Most corporate lending takes place in the public markets through bank loans or bonds, which can then be sold and traded. But there's another way for a business to access capital: Private credit from an asset manager, hedge fund, or other financial company.
Private loans aren't repackaged or sold, and only a handful of private credit firms are publicly traded. Alternative asset manager Blackstone (NYSE: BX) is a notable example. But many publicly traded banks have set up "private credit" funds to allow their investors to participate in the $2 trillion private credit market.
If a private credit loan doesn't work out, the lender would normally just eat the loss. But if that lender itself borrowed money from a bank, or if the lender was a bank's private credit arm, shareholders might be on the hook. If a lot of private credit loans default at once, those private credit lenders and the banks that funded them could be in big trouble, much in the same way that insurers who underwrote housing loans were put at risk during the financial crisis of 2008. Unfortunately, private credit defaults are on the rise.
Fears of a domino effect are already hitting financial institutions. Both Morgan Stanley (NYSE: MS) and BlackRock (NYSE: BLK) limited investor withdrawals from their respective private credit funds last month. JPMorgan Chase (NYSE: JPM) has begun restricting its private credit fund lending to "loans associated with software companies" as a precautionary measure. Blackstone's stock has already been hit hard in 2026 (down almost 34%), although it has partially recovered.
Inflation makes it worse
Driven by surging gas prices, U.S. inflation rose from 2.4% to 3.3% in March. The sudden jump in oil and gas prices is likely to hit a number of unrelated industries, including airlines due to more expensive jet fuel, and agricultural products due to pricier fertilizer.
Because the surge in fuel prices was both unexpected and widespread, it likely wasn't factored into private lenders' models, and could cause borrowers to default on their private loans. A surge in such defaults would likely trigger a mass exodus -- or attempted mass exodus -- from affected banks and asset managers that would sink their stock prices. Meanwhile, tighter credit markets would make it harder for businesses affected by inflation to get a financial lifeline.
Our best hope is for a swift, permanent reopening of the Strait of Hormuz, which would hopefully push oil prices (and overall inflation) back down. Otherwise, inflation and private credit problems could easily spread well beyond the financial sector. Investors should be aware of these risks before buying financials or stocks in businesses vulnerable to inflation.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 1,002%* — a market-crushing outperformance compared to 195% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
JPMorgan Chase is an advertising partner of Motley Fool Money. John Bromels has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Blackstone and JPMorgan Chase. The Motley Fool recommends BlackRock. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Inflation and Private Credit Are Flashing Warning Signs at the Same Time. Here Is What That Combination Could Mean for Your Portfolio.

BlackRock’s BLK first-quarter 2026 adjusted earnings of $12.53 per share handily surpassed the Zacks Consensus Estimate of $11.96. The figure reflects a 10.9% rise from the year-ago quarter.
Shares of the company gained 2.5% in the pre-market trading on better-than-expected results. However, a full day’s trading session will depict a clearer picture.
Results benefited from a rise in revenues. The assets under management (AUM) balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses created a headwind.
Net income attributable to BlackRock (on a GAAP basis) was $2.21 billion, up 46.5% from the prior-year quarter.
BLK’s Revenues Improve, Expenses Rise
Quarterly revenues (on a GAAP basis) were $6.70 billion, outpacing the Zacks Consensus Estimate of $6.62 billion. Revenues increased 27% year over year. The rise was driven by an increase in all revenue components.
Total expenses amounted to $3.88 billion, up 8.6% year over year. The increase was due to a rise in all cost components, except for the change in fair value of contingent consideration.
Non-operating income (on a GAAP basis) was $28 million, down 56.9% from the prior-year quarter.
BlackRock’s adjusted operating income was $2.67 billion, increasing 31% from the prior-year quarter.
BlackRock’s AUM Balance Rises
As of March 31, 2026, AUM totaled $13.89 trillion, reflecting a year-over-year rise of 19.9%. The company witnessed long-term net inflows of $136 billion in the reported quarter.
As of March 31, 2026, the average AUM of $14.24 trillion rose 21.8% year over year.
BLK’s Share Repurchases
BlackRock repurchased shares worth $450 million in the reported quarter.
Our View on BlackRock
BLK’s continued efforts to diversify its offerings and improve its revenue mix are expected to continue to support its financials despite the ongoing private credit headwinds. The acquisitions of Global Infrastructure Partners, Preqin ElmTree Funds and HPS Investment Partners are likely to enhance the company’s position as a global asset manager. However, elevated expenses pose a significant challenge for the company.
BlackRock Price, Consensus and EPS Surprise
BlackRock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Dates & Expectations of BLK’s Peers
Blackstone Inc. BX is slated to report first-quarter 2026 results on April 23.
Over the past week, the Zacks Consensus Estimate for BX’s quarterly earnings has been unchanged at $1.35. The figure implies a rise of 23.9% from the prior-year quarter’s reported number.
Invesco IVZ is scheduled to announce first-quarter 2026 numbers on April 28.
Over the past seven days, the Zacks Consensus Estimate for IVZ’s quarterly earnings has been unchanged at 60 cents. The figure implies a rise of 36.4% from the prior-year quarter’s actual.
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The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Blackstone Inc.

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