NYSE : SHAK
Shake Shack Inc. — Financial statements
Consumer Discretionary · Restaurants · United States
Last price 70.48 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.02B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Shake Shack Inc. (SHAK) reported revenue of 1.55B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.55B | 1.45B | 1.25B | 1.09B | 900.49M | 739.89M |
| Cost of Revenue | 925.48M | 864.04M | 771.76M | 689.14M | 587.45M | 492.60M |
| Gross Profit | 626.82M | 581.27M | 480.85M | 398.39M | 313.04M | 247.29M |
| Selling, General & Admin | 196.85M | 176.23M | 149.05M | 129.54M | 120.01M | 86.97M |
| Other Operating Expenses | 234.28M | 212.68M | 178.38M | 149.45M | 129.65M | 102.03M |
| Operating Expenses | 567.81M | 513.51M | 445.44M | 389.46M | 337.50M | 261.28M |
| Operating Income | 59.01M | 67.76M | 35.41M | 8.93M | -24.47M | -13.99M |
| Interest Expense | -2.15M | -2.16M | -2.04M | -1.72M | -1.52M | -1.58M |
| Interest & Investment Income | 194.00K | 165.00K | 761.00K | 2.88M | 1.03M | 301.00K |
| Other Non Operating Income (Expenses) | 11.59M | 12.10M | 12.49M | 9.81M | 3.25M | 74.00K |
| EBT Excluding Unusual Items | 68.64M | 77.86M | 46.61M | 19.91M | -21.70M | -15.19M |
| Gain (Loss) on Sale of Investments | 81.00K | -158.00K | -282.00K | |||
| Gain (Loss) on Sale of Assets | -1.63M | |||||
| Asset Writedown | -3.60M | -5.25M | -32.37M | -3.01M | -2.42M | |
| Other Unusual Items | -229.00K | |||||
| Pretax Income | 65.04M | 72.61M | 14.24M | 16.98M | -24.29M | -17.34M |
| Income Tax Expense | 21.74M | 22.90M | 3.42M | -4.01M | -1.18M | -11.32M |
| Earnings From Continuing Operations | 43.30M | 49.71M | 10.82M | 20.99M | -23.11M | -6.02M |
| Minority Interest in Earnings | -3.58M | -3.98M | -613.00K | -726.00K | 1.88M | 1.46M |
| Net Income | 39.72M | 45.73M | 10.21M | 20.26M | -21.23M | -4.56M |
| Net Income to Common | 39.72M | 45.73M | 10.21M | 20.26M | -21.23M | -4.56M |
| Shares Outstanding (Basic) | 40.29M | 40.21M | 39.83M | 39.42M | 39.24M | 39.09M |
| Shares Outstanding (Diluted) | 41.86M | 41.85M | 44.20M | 43.90M | 39.24M | 39.09M |
| EPS (Basic) | 0.99 | 1.14 | 0.26 | 0.51 | -0.54 | -0.12 |
| EPS (Diluted) | 0.95 | 1.09 | 0.24 | 0.48 | -0.54 | -0.12 |
| Free Cash Flow | -11.71M | 56.51M | 35.66M | -14.03M | -65.82M | -43.09M |
| Free Cash Flow Per Share | -0.28 | 1.35 | 0.81 | -0.32 | -1.68 | -1.10 |
| Gross Margin | 40.38% | 40.22% | 38.39% | 36.63% | 34.76% | 33.42% |
| Operating Margin | 3.80% | 4.69% | 2.83% | 0.82% | -2.72% | -1.89% |
| Profit Margin | 2.56% | 3.16% | 0.81% | 1.86% | -2.36% | -0.62% |
| Free Cash Flow Margin | -0.76% | 3.91% | 2.85% | -1.29% | -7.31% | -5.82% |
| EBITDA | 172.35M | 174.36M | 137.87M | 100.17M | 48.33M | 45.00M |
| EBITDA Margin | 11.10% | 12.06% | 11.01% | 9.21% | 5.37% | 6.08% |
| D&A For EBITDA | 113.35M | 106.60M | 102.47M | 91.24M | 72.80M | 58.99M |
| EBIT | 59.01M | 67.76M | 35.41M | 8.93M | -24.47M | -13.99M |
| EBIT Margin | 3.80% | 4.69% | 2.83% | 0.82% | -2.72% | -1.89% |
| Effective Tax Rate | 33.43% | 31.54% | 24.04% | |||
| Revenue as Reported | 1.55B | 1.45B | 1.25B | 1.09B | 900.49M | 739.89M |
| Advertising Expenses | 34.14M | 22.17M | 12.44M | 12.38M | 5.68M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 307.96M | 360.12M | 320.71M | 224.65M | 230.52M | 302.41M |
| Short-Term Investments | 68.56M | 80.71M | 80.00M | |||
| Cash & Short-Term Investments | 307.96M | 360.12M | 320.71M | 293.21M | 311.23M | 382.41M |
| Accounts Receivable | 34.66M | 19.84M | 15.82M | 14.01M | 12.22M | 10.65M |
| Other Receivables | 19.09M | 31.05M | 16.63M | 14.97M | 1.66M | 3.01M |
| Receivables | 53.75M | 50.89M | 32.45M | 28.98M | 13.88M | 13.66M |
| Inventory | 7.36M | 7.18M | 6.01M | 5.40M | 4.18M | 3.85M |
| Prepaid Expenses | 24.66M | 11.16M | 8.20M | 5.64M | 14.70M | 9.76M |
| Other Current Assets | 27.00K | 994.00K | 844.00K | 1.19M | ||
| Total Current Assets | 393.76M | 430.35M | 368.22M | 334.43M | 343.99M | 409.68M |
| Property, Plant & Equipment | 1.22B | 1.13B | 976.21M | 929.29M | 834.52M | 736.66M |
| Other Intangible Assets | 2.04M | 2.04M | 1.90M | 1.84M | 1.46M | |
| Long-Term Deferred Tax Assets | 319.98M | 322.38M | 341.59M | 326.21M | 317.63M | 298.67M |
| Long-Term Deferred Charges | 14.00K | 2.40M | 4.07M | 5.61M | 6.27M | 6.43M |
| Other Long-Term Assets | 11.54M | 5.94M | 4.85M | 8.41M | 7.71M | 4.67M |
| Total Assets | 1.95B | 1.90B | 1.70B | 1.61B | 1.51B | 1.46B |
| Accounts Payable | 23.61M | 24.75M | 23.61M | 22.27M | 20.41M | 19.95M |
| Accrued Expenses | 123.83M | 138.91M | 95.43M | 81.76M | 70.88M | 56.10M |
| Current Portion of Leases | 73.80M | 69.51M | 59.83M | 52.44M | 44.78M | 38.23M |
| Current Unearned Revenue | 2.70M | 3.71M | 2.58M | 2.60M | 2.29M | 3.30M |
| Other Current Liabilities | 12.06M | 8.03M | 5.87M | 4.99M | 9.36M | 3.92M |
| Total Current Liabilities | 236.00M | 244.92M | 187.31M | 164.07M | 147.72M | 121.50M |
| Long-Term Debt | 248.25M | 247.73M | 246.68M | 245.64M | 244.59M | 243.54M |
| Long-Term Leases | 630.03M | 584.88M | 503.12M | 473.25M | 431.14M | 404.42M |
| Long-Term Unearned Revenue | 19.15M | 17.06M | 17.16M | 14.34M | 12.67M | |
| Other Long-Term Liabilities | 264.44M | 245.77M | 249.17M | 236.37M | 237.33M | 239.85M |
| Total Liabilities | 1.38B | 1.34B | 1.20B | 1.14B | 1.08B | 1.02B |
| Common Stock | 42.00K | 42.00K | 42.00K | 42.00K | 42.00K | 42.00K |
| Additional Paid-In Capital | 456.19M | 452.58M | 442.99M | 426.60M | 415.65M | 405.94M |
| Retained Earnings | 88.10M | 72.71M | 26.98M | 16.78M | -3.49M | 3.55M |
| Comprehensive Income & Other | -6.00K | -1.00K | -1.00K | -3.00K | 1.00K | |
| Total Common Equity | 544.32M | 525.33M | 470.02M | 443.42M | 412.20M | 409.54M |
| Minority Interest | 27.23M | 28.42M | 23.61M | 25.95M | 24.63M | 26.06M |
| Shareholders' Equity | 571.55M | 553.75M | 493.63M | 469.37M | 436.84M | 435.60M |
| Total Liabilities & Equity | 1.95B | 1.90B | 1.70B | 1.61B | 1.51B | 1.46B |
| Total Debt | 952.09M | 902.13M | 809.62M | 771.33M | 720.51M | 686.19M |
| Net Cash (Debt) | -644.12M | -542.00M | -488.91M | -478.12M | -409.28M | -303.78M |
| Net Cash Per Share | -15.39 | -12.95 | -11.06 | -10.89 | -10.43 | -7.77 |
| Filing Date Shares Outstanding | 40.41M | 40.26M | 40.08M | 39.48M | 39.32M | 39.14M |
| Total Common Shares Outstanding | 40.37M | 40.25M | 40.07M | 39.47M | 39.28M | 39.14M |
| Working Capital | 157.76M | 185.43M | 180.90M | 170.37M | 196.27M | 288.18M |
| Book Value Per Share | 13.48 | 13.05 | 11.73 | 11.23 | 10.49 | 10.46 |
| Tangible Book Value | 544.32M | 523.29M | 467.98M | 441.51M | 410.37M | 408.08M |
| Tangible Book Value Per Share | 13.48 | 13.00 | 11.68 | 11.18 | 10.45 | 10.43 |
| Machinery | 313.07M | 273.02M | 232.07M | 175.92M | 137.24M | |
| Construction In Progress | 81.38M | 40.03M | 56.53M | 71.10M | 47.28M | |
| Leasehold Improvements | 757.03M | 676.10M | 594.02M | 494.21M | 413.89M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 39.72M | 45.73M | 10.21M | 20.26M | -21.23M | -4.56M |
| Depreciation & Amortization | 113.35M | 106.60M | 102.47M | 91.24M | 72.80M | 58.99M |
| Other Amortization | 3.11M | 3.24M | 3.19M | 2.85M | 2.55M | 2.11M |
| Loss (Gain) From Sale of Assets | 1.63M | |||||
| Asset Writedown & Restructuring Costs | 3.60M | 5.25M | 32.37M | 3.01M | 2.42M | |
| Loss (Gain) From Sale of Investments | -440.00K | -1.70M | 158.00K | 282.00K | ||
| Stock-Based Compensation | 18.84M | 19.50M | 15.91M | 14.89M | 13.33M | 8.70M |
| Other Operating Activities | 116.66M | 109.49M | 76.89M | 59.55M | 52.13M | 35.31M |
| Change in Accounts Receivable | -9.73M | -9.55M | -2.84M | -2.97M | 9.14M | -4.19M |
| Change in Inventory | -1.33M | -1.17M | -610.00K | -1.22M | -334.00K | -962.00K |
| Change in Accounts Payable | 2.21M | -1.53M | 3.36M | 687.00K | 3.54M | -6.45M |
| Change in Other Net Operating Assets | -94.83M | -55.21M | -69.34M | -54.45M | -57.76M | -32.46M |
| Operating Cash Flow | 191.60M | 222.35M | 171.16M | 132.14M | 76.74M | 58.40M |
| Capital Expenditures | -203.31M | -165.85M | -135.50M | -146.17M | -142.56M | -101.50M |
| Investment in Securities | 69.42M | 13.85M | -865.00K | -43.40M | ||
| Investing Cash Flow | -203.31M | -165.85M | -66.08M | -132.32M | -143.42M | -144.89M |
| Long-Term Debt Issued | 243.75M | |||||
| Total Debt Issued | 243.75M | |||||
| Long-Term Debt Repaid | -5.51M | -3.96M | -3.27M | -2.97M | -2.69M | |
| Total Debt Repaid | -6.13M | -5.51M | -3.96M | -3.27M | -2.97M | -2.69M |
| Net Debt Issued (Repaid) | -6.13M | -5.51M | -3.96M | -3.27M | -2.97M | 241.06M |
| Issuance of Common Stock | 69.00K | 123.00K | 1.63M | 744.00K | 424.00K | 6.73M |
| Repurchase of Common Stock | -6.26M | -9.82M | -6.20M | -2.99M | -2.24M | -3.55M |
| Other Financing Activities | -4.80M | -1.89M | -482.00K | -162.00K | -410.00K | -2.21M |
| Financing Cash Flow | -17.12M | -17.10M | -9.02M | -5.68M | -5.20M | 242.02M |
| Foreign Exchange Rate Adjustments | -2.00K | 2.00K | -3.00K | -1.00K | -2.00K | |
| Net Cash Flow | -28.84M | 39.41M | 96.06M | -5.87M | -71.89M | 155.53M |
| Free Cash Flow | -11.71M | 56.51M | 35.66M | -14.03M | -65.82M | -43.09M |
| Free Cash Flow Margin | -0.76% | 3.91% | 2.85% | -1.29% | -7.31% | -5.82% |
| Free Cash Flow Per Share | -0.28 | 1.35 | 0.81 | -0.32 | -1.68 | -1.10 |
| Levered Free Cash Flow | -41.69M | 29.68M | 16.50M | -32.24M | -55.95M | -38.05M |
| Unlevered Free Cash Flow | -41.40M | 29.99M | 16.73M | -32.22M | -56.05M | -37.93M |
| Cash Interest Paid | 919.00K | 820.00K | 882.00K | 537.00K | 252.00K | 252.00K |
| Cash Income Tax Paid | 3.51M | 4.26M | 6.53M | 4.06M | 3.73M | 2.81M |
| Change in Working Capital | -103.68M | -67.45M | -69.44M | -57.95M | -45.41M | -44.06M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.10B | 3.27B | 5.28B | 3.00B | 1.67B | 2.74B |
| Enterprise Value | 3.75B | 3.80B | 5.81B | 3.51B | 2.08B | 3.04B |
| Last Close Price | 72.46 | 81.17 | 132.03 | 75.94 | 42.55 | 70.11 |
| PE Ratio | 76.28 | 71.46 | 517.76 | 147.91 | ||
| Forward PE | 56.72 | 53.46 | 128.63 | 176.07 | 83.69 | 83.69 |
| PS Ratio | 2.00 | 2.26 | 4.22 | 2.76 | 1.86 | 3.71 |
| PB Ratio | 5.37 | 5.90 | 10.71 | 6.39 | 3.83 | 6.30 |
| P/TBV Ratio | 5.70 | 6.24 | 11.29 | 6.79 | 4.07 | 6.72 |
| P/FCF Ratio | 57.82 | 148.22 | ||||
| P/OCF Ratio | 16.19 | 14.69 | 30.88 | 22.68 | 21.78 | 46.98 |
| PEG Ratio | 6.85 | 1.86 | 2.39 | 10.42 | 19.15 | 19.15 |
| EV/Sales Ratio | 2.41 | 2.63 | 4.64 | 3.22 | 2.31 | 4.10 |
| EV/EBITDA Ratio | 21.73 | 21.79 | 42.14 | 35.00 | 43.03 | 67.47 |
| EV/EBIT Ratio | 63.47 | 56.08 | 164.11 | 392.66 | ||
| EV/FCF Ratio | 67.25 | 162.96 | ||||
| Debt / Equity Ratio | 1.67 | 1.63 | 1.64 | 1.64 | 1.65 | 1.57 |
| Debt / EBITDA Ratio | 3.21 | 3.12 | 3.40 | 4.12 | 5.83 | 6.24 |
| Debt / FCF Ratio | 15.96 | 22.71 | ||||
| Net Debt / Equity Ratio | 1.13 | 0.98 | 0.99 | 1.02 | 0.94 | 0.70 |
| Net Debt / EBITDA Ratio | 3.74 | 3.11 | 3.55 | 4.77 | 8.47 | 6.75 |
| Net Debt / FCF Ratio | -54.98 | 9.59 | 13.71 | -34.08 | -6.22 | -7.05 |
| Asset Turnover | 0.83 | 0.80 | 0.76 | 0.70 | 0.61 | 0.57 |
| Inventory Turnover | 138.26 | 130.96 | 135.18 | 143.75 | 146.24 | 146.22 |
| Quick Ratio | 1.53 | 1.68 | 1.89 | 1.96 | 2.20 | 3.26 |
| Current Ratio | 1.67 | 1.76 | 1.97 | 2.04 | 2.33 | 3.37 |
| Return on Equity (ROE) | 7.94% | 9.49% | 2.25% | 4.63% | -5.30% | -1.38% |
| Return on Assets (ROA) | 1.98% | 2.36% | 1.34% | 0.36% | -1.03% | -0.67% |
| Return on Invested Capital (ROIC) | 3.28% | 4.46% | 2.79% | 1.00% | -3.09% | -2.04% |
| Return on Capital Employed (ROCE) | 3.40% | 4.10% | 2.30% | 0.60% | -1.80% | -1.00% |
| Earnings Yield | 1.31% | 1.40% | 0.19% | 0.68% | -1.27% | -0.17% |
| FCF Yield | -0.38% | 1.73% | 0.68% | -0.47% | -3.94% | -1.57% |
| Buyback Yield / Dilution | 5.80% | 5.33% | -0.69% | -11.88% | -0.39% | -5.27% |