Shake Shack Inc. SHAK

Consumer discretionary SIC 5810 - Retail-Eating & Drinking Places NAICS Accommodation and Food Services › Food Services and Drinking Places derived NYSE

Shake Shack Inc. was formed on September 23, 2014 as a Delaware corporation for the purpose of facilitating an initial public offering and other related transactions in order to carry on the business of SSE Holdings, LLC and its subsidiaries ("SSE Holdings"). Shake Shack Inc. is the sole managing member of SSE Holdings and, as sole managing member, it operates and controls all of the business and affairs of SSE Holdings. As a result, Shake Shack Inc. consolidates the financial results of SSE Holdings and reports a non-controlling interest representing the economic interest in SSE Holdings held by the other members of SSE Holdings. Shake Shack Inc. Class A common stock trades on the New York Stock Exchange under the symbol "SHAK." Unless the context otherwise requires, "we," "us," "our," "Shake Shack," the "Company" and other similar references refer to Shake Shack Inc. and, unless otherwise stated, all of its subsidiaries, including SSE Holdings.

Last close 65.16 2026-10-23
Market cap $2.63B estimated share count
52-week range 51.60 - 107.46

Valuation FY2025 figures against the last close

P/S1.8x
P/E59.8x
P/FCF46.5x
EV/EBITDA14.9x
Dividend yield—
Diluted EPS1.09

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Other countries
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1.4B (97.4%) 97% United States Other countries, FY2025: 38.2M (2.6%) FY2024 United States, FY2024: 1.2B (97.3%) 97% Other countries, FY2024: 33.3M (2.7%) FY2023 United States, FY2023: 1.1B (97.2%) 97% Other countries, FY2023: 30.8M (2.8%)
Region FY2025FY2024FY2023
United States $1.41B $1.22B $1.06B
Other countries $38.2M $33.3M $30.8M

As the company reported it, from the “GEOGRAPHIC INFORMATION (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.45B$1.25B$1.09B$900.5M$739.9M$522.9M$594.5M$459.3M$358.8M$268.5M
SG&A $176.2M$149.0M$129.5M$120.0M$87.2M$64.2M$65.6M$52.7M$39.0M$30.6M
Total operating expenses $1.38B$1.25B$1.08B$927.4M$755.7M$566.7M$568.8M$427.6M$325.0M$240.7M
Operating income $62.5M$3.0M$5.9M-$26.9M-$15.9M-$43.9M$25.7M$31.7M$33.8M$27.8M
Interest expense $2.2M$2.0M$1.7M$1.5M$1.6M$815.0K$434.0K$2.4M$1.6M$374.0K
Pre-tax income $72.6M$14.2M$17.0M-$24.3M-$17.3M-$45.5M$27.5M$30.8M$160.3M$28.5M
Income tax $22.9M$3.4M$4.0M$1.2M$11.3M$57.0K$3.4M$8.9M$151.4M$6.3M
Net income $49.7M$10.8M$21.0M-$26.0M-$10.1M-$42.2M$19.8M$15.2M-$320.0K$12.4M
EPS, basic 1.140.260.51-0.54-0.12-1.140.630.54-0.010.54
EPS, diluted 1.090.240.48-0.54-0.12-1.140.610.52-0.010.53
Shares, diluted (wtd. avg.) 41.8M44.2M43.9M39.2M39.1M37.1M32.3M29.2M25.9M23.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $360.1M$320.7M$224.7M$230.5M$302.4M$146.9M$37.1M$24.8M$21.5M$11.6M
Short-term investments —$0$68.6M$79.6M$79.7M$36.9M$36.5M$62.1M——
Receivables $33.0M$19.7M$16.8M$11.9M$11.8M$9.5M$10.0M$10.5M——
Inventory $7.2M$6.0M$5.4M$4.0M$3.8M$2.9M$2.2M$1.7M——
Total current assets $430.3M$368.2M$334.4M$387.6M$386.6M$203.2M$87.7M$101.1M——
Property, plant and equipment $625.9M$551.6M$531.0M$411.0M$399.0M$336.5M$314.9M$261.9M——
Total assets $1.90B$1.70B$1.61B$1.49B$1.47B$1.15B$968.3M$610.5M——
Accounts payable $24.7M$23.6M$22.3M$16.4M$13.4M$23.5M$14.3M$12.5M——
Total current liabilities $244.9M$187.3M$164.1M$133.9M$126.0M$109.7M$99.4M$59.9M——
Long-term debt $247.7M$246.7M$245.6M$244.1M$243.8M$0————
Total liabilities $1.34B$1.20B$1.14B$1.05B$1.02B$710.9M$646.3M$337.1M——
Retained earnings $72.7M$27.0M$16.8M$6.4M$17.7M$12.2M$54.4M$30.4M——
Total equity $525.3M$470.0M$469.4M$436.8M$449.8M$444.6M$322.0M$273.5M$224.5M$201.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $222.4M$171.2M$132.1M$76.7M$58.4M$37.4M$89.9M$85.4M$70.9M$54.3M
Depreciation and amortisation $106.6M$102.5M$91.2M$72.8M$59.0M$48.8M$40.4M$29.0M$21.7M$14.5M
Stock-based compensation $19.5M$15.9M$14.9M$13.3M$8.7M$5.6M$7.5M$6.1M$5.6M$5.4M
Capital expenditure $165.8M$135.5M$146.2M$142.6M$101.5M$69.0M$106.5M$87.5M$61.5M$54.4M
Investing cash flow -$165.8M-$66.1M-$132.3M-$143.4M-$144.9M-$69.4M-$80.7M-$86.6M-$61.9M-$114.8M
Financing cash flow -$17.1M-$9.0M-$5.7M-$5.2M$242.0M$141.8M$3.2M$4.5M$965.0K$1.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-051572.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 268.5M Net income, FY2016: 12.4M Revenue, FY2017: 358.8M Net income, FY2017: -320K Revenue, FY2018: 459.3M Net income, FY2018: 15.2M Revenue, FY2019: 594.5M Net income, FY2019: 19.8M Revenue, FY2020: 522.9M Net income, FY2020: -42.2M Revenue, FY2021: 739.9M Net income, FY2021: -10.1M Revenue, FY2022: 900.5M Net income, FY2022: -26M Revenue, FY2023: 1.1B Net income, FY2023: 21M Revenue, FY2024: 1.3B Net income, FY2024: 10.8M Revenue, FY2025: 1.4B Net income, FY2025: 49.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $268.5M $358.8M $459.3M $594.5M $522.9M $739.9M $900.5M $1.09B $1.25B $1.45B
Gross profit — — — — — — — — — —
Net income $12.4M -$320.0K $15.2M $19.8M -$42.2M -$10.1M -$26.0M $21.0M $10.8M $49.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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