Shake Shack Inc Financials
This page shows Shake Shack Inc (SHAK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Operating leverage finally outran expansion spending, turning Shake Shack’s growth into self-funded cash generation without added debt.
Across the recent recovery, operating cash flow rose to$222.4M while long-term debt stayed near$248M , which is why free cash flow could turn positive even as the company kept opening and investing. That matters because capital spending still ran at$165.8M ; the store base is now throwing off enough cash to carry more of its own expansion burden, instead of growth absorbing nearly all internally generated cash.
The clearest change is in fixed-cost absorption: one year earlier, operating income was only
The balance-sheet posture improved at the same time: cash finished at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Shake Shack Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Shake Shack Inc has an operating margin of 4.3%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is up from 0.2% the prior year.
Shake Shack Inc's revenue surged 15.4% year-over-year to $1.4B, reflecting rapid business expansion. This strong growth earns a score of 59/100.
Shake Shack Inc carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
Shake Shack Inc's current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.
Shake Shack Inc has a free cash flow margin of 3.9%, earning a moderate score of 31/100. The company generates positive cash flow after capital investments, but with room for improvement.
Shake Shack Inc generates a 9.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from 2.3% the prior year.
Shake Shack Inc scores 2.21, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($2.6B) relative to total liabilities ($1.3B). This signals moderate financial risk that warrants monitoring.
Shake Shack Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Shake Shack Inc generates $4.47 in operating cash flow ($222.4M OCF vs $49.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Shake Shack Inc earns $29.0 in operating income for every $1 of interest expense ($62.5M vs $2.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Shake Shack Inc generated $1.4B in revenue in fiscal year 2025. This represents an increase of 15.4% from the prior year.
Shake Shack Inc's EBITDA was $169.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 60.3% from the prior year.
Shake Shack Inc reported $49.7M in net income in fiscal year 2025. This represents an increase of 359.4% from the prior year.
Shake Shack Inc earned $1.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 354.2% from the prior year.
Cash & Balance Sheet
Shake Shack Inc generated $56.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 58.5% from the prior year.
Shake Shack Inc held $360.1M in cash against $247.7M in long-term debt as of fiscal year 2025.
Margins & Returns
Shake Shack Inc's operating margin was 4.3% in fiscal year 2025, reflecting core business profitability. This is up 4.1 percentage points from the prior year.
Shake Shack Inc's net profit margin was 3.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.6 percentage points from the prior year.
Shake Shack Inc's ROE was 9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.2 percentage points from the prior year.
Capital Allocation
Shake Shack Inc invested $165.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 22.4% from the prior year.
SHAK Income Statement
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $366.7M-8.4% | $400.5M+9.0% | $367.4M+3.1% | $356.5M+11.1% | $320.9M-2.4% | $328.7M+3.7% | $316.9M+0.1% | $316.5M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $53.6M+6.1% | $50.5M+13.9% | $44.4M+9.1% | $40.7M+0.1% | $40.6M-1.1% | $41.1M+15.2% | $35.7M-1.7% | $36.3M |
| Operating Income | -$2.6M-114.1% | $18.7M+1.1% | $18.5M-17.1% | $22.4M+687.3% | $2.8M-72.2% | $10.2M+156.8% | -$18.0M-266.8% | $10.8M |
| Interest Expense | $548K+0.7% | $544K+7.9% | $504K-8.0% | $548K-2.7% | $563K+10.0% | $512K+2.8% | $498K-5.5% | $527K |
| Income Tax | -$145K-101.7% | $8.5M+14.8% | $7.4M+20.1% | $6.2M+740.3% | $737K-79.6% | $3.6M+193.1% | -$3.9M-222.1% | $3.2M |
| Net Income | -$290K-101.8% | $15.8M+26.5% | $12.5M-27.1% | $17.1M+304.0% | $4.2M-54.5% | $9.3M+191.3% | -$10.2M-205.6% | $9.7M |
| EPS (Diluted) | $-0.01 | N/A | $0.30-26.8% | $0.41+310.0% | $0.10 | N/A | $-0.26-213.0% | $0.23 |
SHAK Balance Sheet
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B+1.1% | $1.9B+3.8% | $1.8B+2.9% | $1.8B+2.8% | $1.7B+1.8% | $1.7B+1.3% | $1.7B+0.8% | $1.7B |
| Current Assets | $393.9M-8.5% | $430.3M+3.8% | $414.8M+6.1% | $390.8M+7.2% | $364.6M-1.0% | $368.2M+4.0% | $354.0M+2.4% | $345.7M |
| Cash & Equivalents | $313.6M-12.9% | $360.1M+0.7% | $357.8M+6.2% | $336.8M+7.6% | $312.9M-2.4% | $320.7M+3.2% | $310.9M+3.0% | $301.8M |
| Inventory | $6.6M-8.0% | $7.2M+13.8% | $6.3M+4.7% | $6.0M+13.5% | $5.3M-11.7% | $6.0M+16.9% | $5.1M-0.9% | $5.2M |
| Accounts Receivable | $29.2M-11.5% | $33.0M+59.9% | $20.6M-2.8% | $21.2M+16.0% | $18.3M-7.1% | $19.7M+17.6% | $16.7M+5.2% | $15.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.4B+1.5% | $1.3B+3.9% | $1.3B+2.9% | $1.3B+2.1% | $1.2B+2.2% | $1.2B+0.6% | $1.2B+1.8% | $1.2B |
| Current Liabilities | $232.6M-5.0% | $244.9M+8.7% | $225.3M+10.4% | $204.1M+7.0% | $190.6M+1.8% | $187.3M+6.5% | $175.8M+4.6% | $168.1M |
| Long-Term Debt | $248.0M+0.1% | $247.7M+0.1% | $247.5M+0.1% | $247.2M+0.1% | $246.9M+0.1% | $246.7M+0.1% | $246.4M+0.1% | $246.2M |
| Total Equity | $525.9M+0.1% | $525.3M+3.2% | $509.0M+3.0% | $494.1M+4.4% | $473.3M+0.7% | $470.0M+3.1% | $456.1M-1.4% | $462.4M |
| Retained Earnings | $72.4M-0.4% | $72.7M+19.4% | $60.9M+25.8% | $48.4M+54.9% | $31.2M+15.7% | $27.0M+47.7% | $18.3M-35.8% | $28.5M |
SHAK Cash Flow Statement
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.5M-86.6% | $63.1M+0.2% | $63.0M-3.1% | $65.0M+108.2% | $31.2M-30.7% | $45.1M+7.7% | $41.9M-21.8% | $53.5M |
| Capital Expenditures | $47.2M-20.2% | $59.2M+50.7% | $39.3M+3.1% | $38.1M+29.8% | $29.4M-15.4% | $34.7M-0.3% | $34.8M+5.7% | $32.9M |
| Free Cash Flow | -$38.7M-1071.5% | $4.0M-83.2% | $23.7M-11.8% | $26.9M+1339.1% | $1.9M-82.0% | $10.4M+47.2% | $7.1M-65.8% | $20.6M |
| Investing Cash Flow | -$47.2M+20.2% | -$59.2M-50.7% | -$39.3M-3.1% | -$38.1M-29.8% | -$29.4M+15.4% | -$34.7M-9.1% | -$31.8M-192.4% | -$10.9M |
| Financing Cash Flow | -$7.8M-379.9% | -$1.6M+42.0% | -$2.8M+7.8% | -$3.0M+68.7% | -$9.7M-1699.3% | -$537K+47.8% | -$1.0M+0.3% | -$1.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SHAK Financial Ratios
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -0.7%-5.4pp | 4.7%-0.4pp | 5.1%-1.2pp | 6.3%+5.4pp | 0.9%-2.2pp | 3.1%+8.8pp | -5.7%-9.1pp | 3.4% |
| Net Margin | -0.1%-4.0pp | 4.0%+0.5pp | 3.4%-1.4pp | 4.8%+3.5pp | 1.3%-1.5pp | 2.8%+6.1pp | -3.2%-6.3pp | 3.0% |
| Return on Equity | -0.1%-3.1pp | 3.0%+0.5pp | 2.5%-1.0pp | 3.5%+2.6pp | 0.9%-1.1pp | 2.0%+4.2pp | -2.2%-4.3pp | 2.1% |
| Return on Assets | -0.0%-0.9pp | 0.8%+0.2pp | 0.7%-0.3pp | 1.0%+0.7pp | 0.3%-0.3pp | 0.5%+1.2pp | -0.6%-1.2pp | 0.6% |
| Current Ratio | 1.69-0.1 | 1.76-0.1 | 1.84-0.1 | 1.920.0 | 1.91-0.1 | 1.97-0.0 | 2.01-0.0 | 2.06 |
| Debt-to-Equity | 0.470.0 | 0.47-0.0 | 0.49-0.0 | 0.50-0.0 | 0.520.0 | 0.52-0.0 | 0.540.0 | 0.53 |
| FCF Margin | -10.5%-11.5pp | 1.0%-5.5pp | 6.5%-1.1pp | 7.5%+7.0pp | 0.6%-2.6pp | 3.2%+0.9pp | 2.2%-4.3pp | 6.5% |
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Frequently Asked Questions
What is Shake Shack Inc's annual revenue?
Shake Shack Inc (SHAK) reported $1.4B in total revenue for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Shake Shack Inc's revenue growing?
Shake Shack Inc (SHAK) revenue grew by 15.4% year-over-year, from $1.3B to $1.4B in fiscal year 2025.
Is Shake Shack Inc profitable?
Yes, Shake Shack Inc (SHAK) reported a net income of $49.7M in fiscal year 2025, with a net profit margin of 3.4%.
What is Shake Shack Inc's EBITDA?
Shake Shack Inc (SHAK) had EBITDA of $169.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Shake Shack Inc have?
As of fiscal year 2025, Shake Shack Inc (SHAK) had $360.1M in cash and equivalents against $247.7M in long-term debt.
What is Shake Shack Inc's operating margin?
Shake Shack Inc (SHAK) had an operating margin of 4.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Shake Shack Inc's net profit margin?
Shake Shack Inc (SHAK) had a net profit margin of 3.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Shake Shack Inc's return on equity (ROE)?
Shake Shack Inc (SHAK) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Shake Shack Inc's free cash flow?
Shake Shack Inc (SHAK) generated $56.5M in free cash flow during fiscal year 2025. This represents a 58.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Shake Shack Inc's operating cash flow?
Shake Shack Inc (SHAK) generated $222.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Shake Shack Inc's total assets?
Shake Shack Inc (SHAK) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Shake Shack Inc's capital expenditures?
Shake Shack Inc (SHAK) invested $165.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Shake Shack Inc's current ratio?
Shake Shack Inc (SHAK) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.
What is Shake Shack Inc's debt-to-equity ratio?
Shake Shack Inc (SHAK) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Shake Shack Inc's return on assets (ROA)?
Shake Shack Inc (SHAK) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Shake Shack Inc's Altman Z-Score?
Shake Shack Inc (SHAK) has an Altman Z-Score of 2.21, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Shake Shack Inc's Piotroski F-Score?
Shake Shack Inc (SHAK) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Shake Shack Inc's earnings high quality?
Shake Shack Inc (SHAK) has an earnings quality ratio of 4.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Shake Shack Inc cover its interest payments?
Shake Shack Inc (SHAK) has an interest coverage ratio of 29.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Shake Shack Inc?
Shake Shack Inc (SHAK) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.