Shake Shack Inc.
Financial Performance
Shake Shack Revenue & Financials
Revenue
$1.4B (FY2025)
Market Cap
$2.4B
Net Income
$45.7M
Employees
13,873
What is Shake Shack's revenue?
Shake Shack had $1.4B in revenue for fiscal year 2025, up 15.4% from 2024. Net income was $45.7M.
- Latest revenue
- $1.4B (FY2025)
- Year-over-year
- +15.4%
- Growth rate (CAGR)
- 20.6% over 9 years
- Peak revenue
- $1.4B (FY2025)
- Years of data
- 10
- Employees
- 13,873
- What is Shake Shack's operating income?
- Shake Shack reported operating income of $62.5M for fiscal year 2025. sec.gov
- How much profit does Shake Shack make?
- Shake Shack reported net income of $45.7M for fiscal year 2025. sec.gov
- How many employees does Shake Shack have?
- Shake Shack has about 13,873 employees.
Financial Analysis
Shake Shack has turned growth into steadier profit. Revenue climbed from $1.088 billion in FY2023 to $1.445 billion in FY2025, and net income rose from $10.2 million in FY2024 to $45.7 million in FY2025 as restaurant-level margin improved 120 basis points to 22.6% of Shack sales. 2026 has been uneven: Q1 revenue rose 14.3% to $366.7 million with a $0.3 million net loss, while Q2 revenue rose 17.2% to $417.6 million with $16.9 million of net income, slightly below the prior-year $18.5 million.
Revenue Trend Analysis
YoY Change
+15.4%
9-Year CAGR
+20.6%
Peak Year
2025
Trend
Consistent Growth
Shake Shack Inc. has 10 full fiscal year figures on this page, compounding at +20.6% annually over 9 years. The most recent year saw a 15.4% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $1.4B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
Shake Shack Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $222.4M | $165.8M | $1.9B | $1.3B | $525.3M | $56.5M | Form 10-K |
| FY2024ended Dec 25, 2024 | $171.2M | $135.5M | $1.7B | $1.2B | $470M | $35.7M | Form 10-K |
| FY2023ended Dec 27, 2023 | $132.1M | $146.2M | $1.6B | $1.1B | $443.4M | -$14M | Form 10-K |
| FY2022ended Dec 28, 2022 | $76.7M | $142.6M | $1.5B | $1.1B | $412.2M | -$65.8M | Form 10-K |
| FY2021ended Dec 29, 2021 | $58.4M | $101.5M | $1.5B | $1B | $409.5M | -$43.1M | Form 10-K |
| FY2020ended Dec 30, 2020 | $37.4M | $69M | $1.1B | $710.9M | $407.3M | -$31.7M | Form 10-K |
| FY2019ended Dec 25, 2019 | $89.9M | $106.5M | $968.3M | $646.3M | $298.8M | -$16.6M | Form 10-K |
| FY2018ended Dec 26, 2018 | $85.4M | $87.5M | $610.5M | $337.1M | $226.1M | -$2.1M | Form 10-K |
| FY2017ended Dec 27, 2017 | $70.9M | $61.5M | $470.6M | $246.1M | $169.5M | $9.3M | Form 10-K |
| FY2016ended Dec 28, 2016 | $54.3M | $54.4M | $538.2M | $336.8M | $152.2M | -$148,000 | Form 10-K |
Keep researching Shake Shack
Shake Shack Revenue and Financial FAQ
What is Shake Shack's stock symbol and exchange?
Shake Shack Inc. trades on the New York Stock Exchange under the ticker symbol "SHAK".
What is Shake Shack's annual revenue scale?
Shake Shack generated $1.09 billion in total revenue in 2023, surpassing a $1.2 billion to $1.3 billion run rate in 2024, with system-wide sales across all company-operated and licensed units approaching $1.6 billion.
What is Shake Shack's target restaurant-level operating profit margin?
Shake Shack targets restaurant-level operating margins of 20% to 22%, supported by operational labor scheduling efficiencies, supply chain savings on beef procurement, and digital kiosk throughput.
How much Adjusted EBITDA does Shake Shack generate annually?
Shake Shack generates approximately $130 million to $160 million in annual Adjusted EBITDA, growing steadily as new Shacks mature and corporate general and administrative (G&A) expenses achieve operating leverage.
What is Shake Shack's balance sheet debt and cash position?
Shake Shack maintains a strong, conservative balance sheet with approximately $250 million to $300 million in cash, cash equivalents, and marketable securities, with no funded bank term debt outside of convertible senior notes due in 2028.
How do food and paper costs impact Shake Shack's profitability?
Food and paper costs typically account for 28% to 30% of company-operated restaurant revenue, with wholesale beef prices (specifically Angus beef cuts) representing the single largest variable commodity cost on the menu.
What are same-store sales ("comps") and how do they trend for Shake Shack?
Same-store sales track sales at Shacks open for at least 24 months. Shake Shack has delivered consistent positive same-store sales growth driven by modest menu pricing adjustments, culinary LTO innovation, and digital ordering convenience.
How much revenue is contributed by international and domestic licensing fees?
Licensing fees contribute over $40 million to $50 million in pure, near-100% gross margin revenue annually, which flows directly to operating income without requiring restaurant-level labor or food expenses.
How many new Shacks does Shake Shack open each year?
Shake Shack opens approximately 70 to 80 new system-wide Shacks annually, split roughly between 40-45 domestic company-operated units and 30-35 licensed international and travel hub locations.
How does digital kiosk adoption impact unit labor economics?
In-store digital kiosks have reduced cashier labor requirements, allowing Shacks to redeploy crew members into food preparation and expediting, which speeds up table delivery and improves guest throughput during peak rush hours.
Does Shake Shack pay a dividend or repurchase shares?
Shake Shack does not pay a cash dividend, allocating operating cash flow toward high-return capital expenditures for new restaurant construction, drive-thru formats, and digital innovation.
What is the long-term unit expansion target for Shake Shack?
Management envisions scaling Shake Shack from its current 500+ locations to more than 1,000 domestic locations over the long term, capitalizing on suburban drive-thru formats and licensed travel hubs.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Shake Shack Revenue & Financials." CorpDigest, https://corpdigest.com/company/shake-shack/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Shake Shack reported $1.4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/shake-shack/financials" target="_blank" rel="noopener">CorpDigest — Shake Shack financials</a></div>Related Financial Audits
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