Shake Shack Inc. SHAK
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.14 | 0.26 | 0.51 | -0.54 | -0.12 | -1.14 | 0.63 | 0.54 | -0.01 | 0.54 |
| EPS, diluted | 1.09 | 0.24 | 0.48 | -0.54 | -0.12 | -1.14 | 0.61 | 0.52 | -0.01 | 0.53 |
| Shares, diluted (wtd. avg.) | $41.8M | $44.2M | $43.9M | $39.2M | $39.1M | $37.1M | $32.3M | $29.2M | $25.9M | $23.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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