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Shake Shack

SHAK NYSE Restaurants Financials FY2016–FY2025

Shake Shack's revenue rose 15.4% to $1.4 billion in fiscal 2025. Its operating margin was 4.3%, up from 0.2% a year earlier. Free cash flow was $57 million, up 58.5%. The diluted share count fell 5.3%.

Last close · Oct 23, 2026

$65.16

4.0%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
15.4% vs prior year
Operating margin Operating income as a share of revenue.
4.3%
4.1 pts
Net income Profit after all expenses, interest and tax.
$45.7M
348.0%
Free cash flow Cash from operations minus capital spending.
$56.5M
58.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.6%
9.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
68.6x
On $0.95 EPS (TTM)

What Shake Shack does

Shake Shack runs burger restaurants, which it calls Shacks. The menu centers on made-to-order Angus beef burgers, crispy chicken, fries, milkshakes, lemonades, beer and wine. It started as a hot dog cart in New York City's Madison Square Park and opened its first Shack there in 2004. Guests order in the Shack, at kiosks, through its app and website, or for delivery through services such as Uber Eats and DoorDash.

At the end of 2025 there were 659 Shacks: 373 run by the company and 286 run by licensees, including Shacks in London, Hong Kong, Tokyo, Seoul and Dubai. Sales at its own Shacks made up 96.3% of revenue in 2025. The rest is licensing revenue: fees and sales-based royalties from partners that run licensed Shacks. Shake Shack says it competes with other fast casual, quick service and casual dining restaurants, and also with grocery stores and meal subscription services.

The company had 13,873 team members at the end of 2025, most of them hourly workers and Shack managers. In 2025 it opened 45 new company-run Shacks, and it says it has a target of about 1,500 company-run Shacks. A new Shack cost about $2.3 million on average to build in 2025.

Legal name
SHAKE SHACK INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001620533-26-000018
0001620533

Revenue and margins

Shake Shack had $1.4B of revenue in fiscal 2025, up 15.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $56.5M in fiscal 2025, 3.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Shake Shack returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 5.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Shake Shack yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $96.7M and divides by 41.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 68.6x · peers 43.9x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Shake Shack can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $382M$311M$293M$321M$360M
Debt incl. finance leases $251M$251M$258M$259M$263M
Net debt / EBITDA −3.1x−1.3x−0.4x−0.6x−0.6x
Debt / equity 0.6x0.6x0.6x0.6x0.5x
Interest coverage −10.1x−17.7x3.5x1.5x29.0x
Current ratio 3.4x2.3x2.0x2.0x1.8x
Quick ratio 3.3x2.3x2.0x1.9x1.7x
Total assets $1.5B$1.5B$1.6B$1.7B$1.9B
Total liabilities $1.0B$1.1B$1.1B$1.2B$1.3B
Shareholders' equity $410M$412M$443M$470M$525M
Net debt (− = net cash) −$132M−$60.2M−$35.4M−$61.3M−$96.7M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$3.2M

6 insiders

Sold, 12 months

$0.2M

1 insider

Of sales under plans

100%

$0.2M

DateInsiderTradeSharesPriceValueFiling
May 15, 2026 Charles J Chapman IIIDirector Bought 2,000 $61.36 $0.1M Form 4
May 15, 2026 Daniel Harris MeyerDirector, 10% owner Bought 32,258 $61.88 $2.0M Form 4
May 15, 2026 Jeffrey FlugDirector, 10% owner Bought 1,000 $61.30 $0.1M Form 4
May 15, 2026 Josh SilvermanDirector Bought 8,290 $60.38 $0.5M Form 4
May 15, 2026 Robert LynchChief Executive Officer, Director Bought 5,000 $60.39 $0.3M Form 4
May 15, 2026 Sumaiya BalbaleDirector Bought 4,068 $61.42 $0.2M Form 4
Apr 15, 2026 Stephanie Ann SentellChief Operations Officer Sold plan 258 $102.21 $0.0M Form 4
Mar 6, 2026 Stephanie Ann SentellChief Operations Officer Sold plan 225 $93.60 $0.0M Form 4
Jan 20, 2026 Stephanie Ann SentellChief Operations Officer Sold plan 200 $99.19 $0.0M Form 4
Dec 19, 2025 Stephanie Ann SentellChief Operations Officer Sold plan 200 $85.78 $0.0M Form 4
Nov 25, 2025 Stephanie Ann SentellChief Operations Officer Sold plan 1,100 $85.14 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 85 / 87 / 8
Accruals ratio −7.2%−9.8%−9.8%
Altman Z'' 1.191.191.42

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Shake Shack SHAK $2.7B 15.4% 4.3% 3.9% 9.6% 68.6x 7
BJ's Restaurants BJRI $1.2B 3.1% 3.3% 2.9% 11.1% 30.2x 7 Compare →
Dutch Bros BROS $5.6B 27.9% 9.8% 3.3% 11.9% 57.6x 5 Compare →
Cava Group CAVA $6.3B 22.4% 4.7% 2.2% 13.9% 97.2x 4 Compare →
Papa John's PZZA $599M −0.3% 4.3% 3.0% 19.3% 22.9x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $269M $359M $459M $595M $523M $740M $901M $1.1B $1.3B $1.4B
Operating income $27.8M $33.8M $31.7M $25.7M −$43.9M −$15.9M −$26.9M $5.9M $3.0M $62.5M
Interest expense $0.4M $1.6M $2.4M $0.4M $0.8M $1.6M $1.5M $1.7M $2.0M $2.2M
Pretax income $28.5M $160M $30.8M $27.5M −$45.5M −$17.3M −$24.3M $17.0M $14.2M $72.6M
Income tax $6.3M $151M $8.9M $3.4M $0.1M −$11.3M −$1.2M −$4.0M $3.4M $22.9M
Net income $12.4M −$0.3M $15.2M $19.8M −$42.2M −$4.6M −$21.2M $20.3M $10.2M $45.7M
Diluted EPS $0.53 −$0.01 $0.52 $0.61 −$1.14 −$0.12 −$0.54 $0.48 $0.24 $1.09
Diluted shares 0.02B 0.03B 0.03B 0.03B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $54.3M $70.9M $85.4M $89.9M $37.4M $58.4M $76.7M $132M $171M $222M
Capital expenditure $54.4M $61.5M $87.5M $107M $69.0M $102M $143M $146M $136M $166M
Free cash flow −$0.2M $9.4M −$2.1M −$16.7M −$31.7M −$43.1M −$65.8M −$14.0M $35.7M $56.5M
Depreciation and amortization $14.5M $21.7M $29.0M $40.4M $48.8M $59.0M $72.8M $91.2M $103M $107M
Stock-based compensation $5.4M $5.6M $6.1M $7.5M $5.6M $8.7M $13.3M $14.9M $15.9M $19.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $73.6M $84.5M $86.9M $73.6M $184M $382M $311M $293M $321M $360M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $244M $245M $246M $247M $248M
Finance lease liabilities $0.0M $0.0M $0.0M $5.5M $5.6M $7.0M $6.4M $12.2M $12.7M $15.7M
Current assets $83.9M $93.2M $101M $87.7M $203M $410M $344M $334M $368M $430M
Current liabilities $31.7M $34.0M $59.9M $99.4M $110M $122M $148M $164M $187M $245M
Inventory $0.8M $1.3M $1.7M $2.2M $2.9M $3.8M $4.2M $5.4M $6.0M $7.2M
Property and equipment, net $136M $187M $262M $315M $337M $389M $467M $531M $552M $626M
Total assets $538M $471M $611M $968M $1.1B $1.5B $1.5B $1.6B $1.7B $1.9B
Total liabilities $337M $246M $337M $646M $711M $1.0B $1.1B $1.1B $1.2B $1.3B
Shareholders' equity $152M $170M $226M $299M $407M $410M $412M $443M $470M $525M
Margins
Operating margin 10.4% 9.4% 6.9% 4.3% −8.4% −2.1% −3.0% 0.5% 0.2% 4.3%
EBITDA margin 15.8% 15.5% 13.2% 11.1% 0.9% 5.8% 5.1% 8.9% 8.4% 11.7%
Net margin 4.6% −0.1% 3.3% 3.3% −8.1% −0.6% −2.4% 1.9% 0.8% 3.2%
FCF margin −0.1% 2.6% −0.5% −2.8% −6.1% −5.8% −7.3% −1.3% 2.9% 3.9%
Returns
Return on capital 20.2% 12.6% 13.8% 10.2% −13.3% −4.3% −6.1% 1.5% 0.5% 9.6%
Return on capital employed 6.5% 7.2% 6.4% 3.6% −4.6% −1.3% −2.0% 0.4% 0.2% 4.0%
Return on equity 9.9% −0.2% 7.7% 7.6% −11.9% −1.1% −5.2% 4.7% 2.2% 9.2%
Return on assets 2.7% −0.1% 2.8% 2.5% −4.0% −0.4% −1.4% 1.3% 0.6% 2.6%
Growth
Revenue growth 40.9% 33.7% 28.0% 29.4% −12.1% 41.5% 21.7% 20.8% 15.2% 15.4%
Net income growth — −102.6% — 30.6% −312.6% — — — −49.6% 348.0%
EPS growth — −101.9% — 17.3% −286.9% — — — −50.0% 354.2%
FCF growth −101.6% — −122.8% — — — — — — 58.5%
Share count change 72.6% 10.4% 12.8% 10.5% 15.1% 5.3% 0.4% 11.9% 0.7% −5.3%
Financial health
Net debt / EBITDA −1.7x −1.5x −1.4x −1.0x −36.2x −3.1x −1.3x −0.4x −0.6x −0.6x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.6x 0.6x 0.6x 0.6x 0.5x
Interest coverage 74.3x 20.6x 13.1x 59.2x −53.8x −10.1x −17.7x 3.5x 1.5x 29.0x
Current ratio 2.7x 2.7x 1.7x 0.9x 1.9x 3.4x 2.3x 2.0x 2.0x 1.8x
Quick ratio 2.6x 2.7x 1.7x 0.9x 1.8x 3.3x 2.3x 2.0x 1.9x 1.7x
Capital allocation
Capex / revenue 20.3% 17.2% 19.1% 17.9% 13.2% 13.7% 15.8% 13.4% 10.8% 11.5%
Stock comp / revenue 2.0% 1.6% 1.3% 1.3% 1.1% 1.2% 1.5% 1.4% 1.3% 1.4%
Payouts / FCF — 0.0% — — — — — — 0.0% 0.0%
Quality scores
Piotroski F-score 5.0 3.0 5.0 4.0 3.0 5.0 3.0 6.0 5.0 7.0
Altman Z'' 1.7 2.4 1.8 0.8 1.0 1.7 1.2 1.2 1.2 1.4
Accruals ratio −9.1% −14.1% −13.0% −8.9% −7.5% −4.8% −6.6% −7.2% −9.8% −9.8%

Source: SEC EDGAR XBRL filings (CIK 0001620533). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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