Shake Shack financials
$57.88+0.63%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 25 | FY23 Dec 27 | FY22 Dec 28 | FY21 Dec 29 | FY20 Dec 30 | FY19 Dec 25 | FY18 Dec 26 | FY17 Dec 27 | FY16 Dec 28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.45B | $1.25B | $1.09B | $900.5M | $739.9M | $522.9M | $594.5M | $459.3M | $358.8M | $268.5M |
| Gross profit | $1.05B | $912.7M | $782.5M | $638.9M | $521.6M | $369.5M | $426.3M | $333.2M | $260.5M | $194.7M |
| Gross margin | 72.6% | 72.9% | 72.0% | 71.0% | 70.5% | 70.7% | 71.7% | 72.5% | 72.6% | 72.5% |
| Operating income | $62.5M | $3.0M | $5.9M | -$24.5M | -$14.2M | -$43.9M | $27.0M | $31.7M | $34.4M | $27.8M |
| Net income | $45.7M | $10.2M | $20.3M | -$21.2M | -$4.6M | -$42.2M | $19.8M | $15.2M | -$320.0K | $12.4M |
| Net margin | 3.2% | 0.8% | 1.9% | −2.4% | −0.6% | −8.1% | 3.3% | 3.3% | −0.1% | 4.6% |
| Diluted EPS | $1.09 | $0.24 | $0.48 | $-0.54 | $-0.12 | $-1.14 | $0.61 | $0.52 | $-0.01 | $0.53 |
| EBITDA | $176.5M | $140.0M | $102.0M | $49.8M | $46.0M | $16.5M | $67.7M | $61.6M | $56.1M | $42.3M |
| Operating cash flow | $222.4M | $171.2M | $132.1M | $76.7M | $58.4M | $37.4M | $89.9M | $85.4M | $70.9M | $54.3M |
| Free cash flow | $56.5M | $35.7M | -$14.0M | -$65.8M | -$43.1M | -$31.7M | -$16.6M | -$2.1M | $9.3M | -$148.0K |
| Diluted shares | 41.8M | 44.2M | 43.9M | 39.2M | 39.1M | 37.1M | 32.3M | 29.2M | 25.9M | 23.4M |
Balance sheet
| Period end | Dec 31 | Dec 25 | Dec 27 | Dec 28 | Dec 29 | Dec 30 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $360.1M | $320.7M | $224.7M | $230.5M | $302.4M | $146.9M |
| Short-term investments | $0.00 | $0.00 | $68.6M | $80.7M | $80.0M | $36.9M |
| Total debt | $247.7M | $246.7M | $245.6M | $244.6M | $243.5M | $0.00 |
| Total assets | $1.90B | $1.70B | $1.61B | $1.51B | $1.46B | $1.15B |
| Total liabilities | $1.34B | $1.20B | $1.14B | $1.08B | $1.02B | $710.9M |
| Shareholders' equity | $553.7M | $493.6M | $469.4M | $436.8M | $435.6M | $434.5M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology