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SHAK

Shake Shack Inc.

SHAK

Shake Shack Inc. • NYSE
$87.48 ▼ -1.13% (-1.00)
Market Cap $3.52 B
52w High $144.65
52w Low $72.93
Dividend Yield 0%
P/E 85.76
Volume 619.00K
Outstanding Shares 40.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $367.411M ▲ $157.369M ▲ $12.501M ▼ 3.402% ▼ $0.31 ▼ $49.24M ▼
Q2-2025 $356.466M ▲ $149.413M ▲ $17.148M ▲ 4.811% ▲ $0.43 ▲ $52.329M ▲
Q1-2025 $320.898M ▼ $145.351M ▲ $4.245M ▼ 1.323% ▼ $0.11 ▼ $32.962M ▼
Q4-2024 $328.684M ▲ $144.792M ▼ $8.71M ▲ 2.65% ▲ $0.22 ▲ $39.821M ▲
Q3-2024 $316.924M $163.333M $-10.211M -3.222% $-0.26 $11.767M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $357.757M ▲ $1.827B ▲ $1.292B ▲ $509.015M ▲
Q2-2025 $336.804M ▲ $1.775B ▲ $1.256B ▲ $494.097M ▲
Q1-2025 $312.921M ▼ $1.727B ▲ $1.23B ▲ $473.316M ▲
Q4-2024 $320.714M ▲ $1.697B ▲ $1.203B ▲ $470.018M ▲
Q3-2024 $310.865M $1.675B $1.196B $456.102M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.501M ▼ $62.999M ▼ $-39.259M ▼ $-2.79M ▲ $20.953M ▼ $23.74M ▼
Q2-2025 $18.483M ▲ $64.998M ▲ $-38.086M ▼ $-3.027M ▲ $23.883M ▲ $26.912M ▲
Q1-2025 $4.245M ▼ $31.222M ▼ $-29.352M ▲ $-9.662M ▼ $-7.793M ▼ $1.87M ▼
Q4-2024 $10.221M ▲ $45.083M ▲ $-34.698M ▼ $-537K ▲ $9.849M ▲ $10.385M ▲
Q3-2024 $-11.109M $41.862M $-31.809M $-1.028M $9.027M $7.053M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Initial Territory and Opening Fees
Initial Territory and Opening Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
SalesBased Royalties
SalesBased Royalties
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Shack Sales
Shack Sales
 $320.00M ▲$310.00M ▼$340.00M ▲$350.00M ▲
Franchise
Franchise
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Shake Shack’s income statement shows a clear growth story with some profitability growing pains. Sales have risen strongly every year for the past five years, more than doubling over that period. Gross profits have climbed as well, showing that the core restaurant economics are improving as the brand scales. At the same time, operating profit and net income are still very thin. The company only recently moved from losses into modest profitability, and even then, earnings have been a bit uneven year to year. This suggests that expansion, labor, food costs, and new format investments are still weighing on margins. Overall, it looks like a business transitioning from a pure growth phase toward a more disciplined, profit-focused model, but not fully there yet.

Balance Sheet

Balance Sheet The balance sheet reflects an expanding restaurant footprint and a company investing heavily in its future. Total assets have grown steadily, driven by new locations, technology investments, and brand build-out. Cash on hand has generally improved compared with several years ago, offering some flexibility to support operations and growth. However, debt has also increased meaningfully compared with earlier years, while shareholders’ equity has grown only gradually. This points to a capital structure that is more leveraged than before, which can amplify both upside and downside. The balance sheet appears solid for a growth company, but the rising reliance on debt is an area to watch, especially if sales growth slows or the cost of borrowing stays high.

Cash Flow

Cash Flow Cash flow tells the story of an expanding restaurant chain that is still in a heavy investment phase. Cash generated from day‑to‑day operations has improved each year, showing that the underlying business is becoming more cash-productive as it scales. On the other hand, the company continues to spend heavily on new restaurants, remodels, and technology, which keeps capital spending high. Because of this, free cash flow was negative for several years and has only recently turned modestly positive. In practical terms, Shake Shack is just beginning to fund its growth more from its own cash generation rather than relying as much on external capital, but that balance is still delicate.

Competitive Edge

Competitive Edge Shake Shack occupies a differentiated niche between fast food and traditional sit‑down restaurants, often described as “fine‑casual.” Its brand is centered on premium ingredients, a modern feel, and a strong hospitality culture, which helps it charge higher prices than typical burger chains and attract a loyal, often younger, customer base. The company has built a recognizable global brand with a strong social media presence and high‑traffic, high‑visibility locations. Its growing digital ordering and loyalty channels deepen customer relationships and create switching costs. Still, competition is intense: it competes not only with large global fast‑food players but also with other upscale burger and fast‑casual concepts. The premium price point can be a strength in good times but may be a vulnerability if consumers trade down in a weaker economy.

Innovation and R&D

Innovation and R&D Innovation is a clear strong point. Shake Shack has leaned into digital ordering, a polished mobile app, and data‑driven loyalty features that turn simple transactions into ongoing engagement. A large portion of its sales now flows through digital channels, giving the company valuable insight into customer behavior and preferences. On the culinary side, the company operates dedicated test kitchens and rolls out frequent limited‑time items and collaborations, keeping the menu fresh and social‑media friendly. It also tailors offerings to local tastes in international markets. Operationally, Shake Shack is experimenting with new layouts, drive‑thrus, and back‑of‑house technology to speed service without diluting its premium positioning. All of this suggests an organization that treats both food and technology as core areas of R&D, not afterthoughts.

Summary

Overall, Shake Shack looks like a brand‑driven growth company maturing into its next phase. Revenue and operating cash flow have been rising steadily, indicating strong underlying demand and improving unit economics. Profitability, while much better than in the past, is still slim and somewhat volatile, reflecting the costs of rapid expansion and ongoing investment. The balance sheet shows a bigger, more capital‑intensive business with higher debt, which increases both opportunity and financial risk. The company’s competitive edge rests on a powerful brand, premium positioning, and a robust digital ecosystem—all reinforced by continuous menu and format innovation. The key questions going forward are whether Shake Shack can keep translating brand strength and digital engagement into sustainably higher margins, and whether it can manage its expansion and debt load prudently as it grows into a larger, more systematized restaurant platform.

NEWS

November 25, 2025 · 7:30 AM UTC

Shake Shack Announces Chief Financial Officer Transition

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October 30, 2025 · 7:00 AM UTC

Shake Shack Announces Third Quarter 2025 Financial Results

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October 9, 2025 · 8:00 AM UTC

Shake Shack to Announce Third Quarter 2025 Financial Results on October 30, 2025

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September 30, 2025 · 9:30 AM UTC

CIM Group and Centennial Yards Company Sign Lease with Shake Shack for First Downtown Atlanta Location in Centennial Yards

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September 22, 2025 · 8:00 AM UTC

Shake Shack Appoints Michael Fanuele as Chief Brand Officer

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