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Shake Shack (SHAK) Financials

Shake Shack logo
$59.66 -0.75 (-1.24%)
Closing price 03:59 PM Eastern
Extended Trading
$60.75 +1.09 (+1.83%)
As of 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Shake Shack

Annual Income Statements for Shake Shack

This table shows Shake Shack's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/30/2015 12/28/2016 12/27/2017 12/26/2018 12/25/2019 12/30/2020 12/29/2021 12/28/2022 12/27/2023 12/25/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -8.78 12 -0.32 15 20 -42 -4.56 -21 20 10 46
Consolidated Net Income / (Loss)		 3.12 22 8.88 22 24 -46 -6.02 -23 21 11 50
Net Income / (Loss) Continuing Operations		 3.12 22 8.88 22 24 -46 -6.02 -23 21 11 50
Total Pre-Tax Income 		6.43 28 160 31 28 -45 -17 -24 17 14 73
Total Operating Income		 6.75 28 34 32 26 -44 -16 -27 5.92 3.04 63
Total Gross Profit		 92 195 260 211 266 213 307 382 478 574 688
Total Revenue		 191 268 359 459 595 523 740 900 1,088 1,253 1,445
Operating Revenue		 191 268 359 459 595 523 740 900 1,088 1,253 1,445
Total Cost of Revenue		 99 74 98 248 329 310 433 519 609 679 757
Operating Cost of Revenue		 99 74 98 248 329 310 433 519 609 679 757
Total Operating Expenses		 85 167 227 179 240 257 322 408 472 571 625
Selling, General & Admin Expense		 54 56 75 105 135 137 189 250 279 327 389
Depreciation Expense		 10 15 22 29 40 49 59 73 91 102 107
Other Operating Expenses / (Income)		 15 87 120 33 48 52 59 69 80 93 107
Other Special Charges / (Income)		 5.45 9.55 10 13 16 19 15 17 22 48 23
Total Other Income / (Expense), net		 -0.33 0.69 126 -0.90 1.83 -1.60 -1.48 2.61 11 11 10
Interest Expense		 0.33 0.37 1.64 2.42 0.43 0.82 1.58 1.52 1.72 2.05 2.16
Other Income / (Expense), net		 0.01 1.07 128 1.51 2.26 -0.79 0.10 4.13 13 13 12
Income Tax Expense		 3.30 6.35 151 8.86 3.39 0.06 -11 -1.18 -4.01 3.42 23
Net Income / (Loss) Attributable to Noncontrolling Interest		 12 9.70 9.20 6.77 4.30 -3.38 -1.46 -1.88 0.73 0.61 3.98
Basic Earnings per Share		 ($0.65) $0.54 ($0.01) $0.54 $0.63 ($1.14) ($0.12) ($0.54) $0.51 $0.26 $1.14
Weighted Average Basic Shares Outstanding		 13.59M 22.96M 25.88M 28.30M 31.38M 37.13M 39.09M 39.24M 39.42M 39.83M 40.21M
Diluted Earnings per Share		 ($0.65) $0.53 ($0.01) $0.52 $0.61 ($1.14) ($0.12) ($0.54) $0.48 $0.24 $1.09
Weighted Average Diluted Shares Outstanding		 13.59M 23.45M 25.88M 29.18M 32.25M 37.13M 39.09M 39.24M 43.90M 44.20M 41.85M
Weighted Average Basic & Diluted Shares Outstanding		 13.50M 23M 32M 28.10M 37.57M 41.97M 42.06M 42.16M 42.31M 42.53M 42.69M

Quarterly Income Statements for Shake Shack

This table shows Shake Shack's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/27/2023 12/27/2023 3/27/2024 6/26/2024 9/25/2024 12/25/2024 3/26/2025 6/25/2025 9/24/2025 12/31/2025 4/1/2026
Net Income / (Loss) Attributable to Common Shareholders		 7.63 7.22 2.04 9.67 -10 8.71 4.25 17 13 12 -0.29
Consolidated Net Income / (Loss)		 8.14 7.25 2.21 10 -11 9.33 4.51 18 14 13 -0.29
Net Income / (Loss) Continuing Operations		 8.14 7.25 2.21 10 -11 9.33 4.51 18 14 13 -0.29
Total Pre-Tax Income 		8.67 1.50 2.73 14 -15 13 5.25 25 21 22 -0.44
Total Operating Income		 5.66 -1.30 0.03 11 -18 10 2.84 22 19 19 -2.63
Total Gross Profit		 123 127 129 145 145 155 148 172 176 192 174
Total Revenue		 276 286 291 316 317 329 321 356 367 401 367
Operating Revenue		 276 286 291 316 317 329 321 356 367 401 367
Total Cost of Revenue		 153 159 162 172 172 174 173 185 191 209 193
Operating Cost of Revenue		 153 159 162 172 172 174 173 185 191 209 193
Total Operating Expenses		 117 129 129 134 163 145 145 149 157 173 177
Selling, General & Admin Expense		 68 77 78 80 81 88 89 91 98 110 111
Depreciation Expense		 23 25 25 25 26 26 27 27 27 26 29
Other Operating Expenses / (Income)		 20 21 22 23 24 24 25 26 27 29 29
Impairment Charge		 0.49 - 0.53 1.05 29 - 2.06 0.88 0.51 - 0.87
Other Special Charges / (Income)		 4.97 6.53 2.75 4.01 3.66 36 3.22 4.96 4.63 10 6.87
Total Other Income / (Expense), net		 3.01 2.80 2.70 2.77 3.01 2.73 2.41 2.30 2.60 2.79 2.20
Interest Expense		 0.43 0.48 0.51 0.53 0.50 0.51 0.56 0.55 0.50 0.54 0.55
Other Income / (Expense), net		 3.44 3.27 3.21 3.30 3.50 3.24 2.97 2.85 3.10 3.34 2.74
Income Tax Expense		 0.53 -5.75 0.52 3.17 -3.87 3.61 0.74 6.19 7.44 8.54 -0.15
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.51 0.03 0.17 0.71 -0.90 0.62 0.27 1.34 1.21 1.17 -0.00
Basic Earnings per Share		 $0.19 $0.18 $0.05 $0.24 ($0.26) $0.23 $0.11 $0.43 $0.31 $0.29 ($0.01)
Weighted Average Basic Shares Outstanding		 39.46M 39.42M 39.52M 39.75M 40.01M 39.83M 40.12M 40.23M 40.25M 40.21M 40.29M
Diluted Earnings per Share		 $0.19 $0.17 $0.05 $0.23 ($0.26) $0.22 $0.10 $0.41 $0.30 $0.28 ($0.01)
Weighted Average Diluted Shares Outstanding		 43.98M 43.90M 41.26M 41.48M 40.01M 44.20M 41.86M 41.82M 41.87M 41.85M 40.29M
Weighted Average Basic & Diluted Shares Outstanding		 42.30M 42.31M 42.44M 42.47M 42.48M 42.53M 42.67M 42.69M 42.69M 42.69M 42.78M

Annual Cash Flow Statements for Shake Shack

This table details how cash moves in and out of Shake Shack's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/30/2015 12/28/2016 12/27/2017 12/26/2018 12/25/2019 12/30/2020 12/29/2021 12/28/2022 12/27/2023 12/25/2024 12/31/2025
Net Change in Cash & Equivalents		 68 -59 9.90 0.70 12 110 156 -72 -5.87 96 39
Net Cash From Operating Activities		 41 54 71 85 90 37 58 77 132 171 222
Net Cash From Continuing Operating Activities		 41 54 71 17 90 37 58 77 132 171 222
Net Income / (Loss) Continuing Operations		 3.12 22 8.88 22 24 -46 -6.02 -23 21 11 50
Consolidated Net Income / (Loss)		 3.12 22 8.88 22 24 -46 -6.02 -23 21 11 50
Depreciation Expense		 10 15 22 - 40 49 59 73 91 102 107
Amortization Expense		 0.27 0.30 0.32 0.07 0.48 1.51 53 62 1.34 2.64 3.28
Non-Cash Adjustments To Reconcile Net Income		 17 4.69 -121 28 48 29 11 16 86 49 31
Changes in Operating Assets and Liabilities, net		 11 13 161 15 -24 3.76 -59 -50 -67 6.68 32
Net Cash From Investing Activities		 -35 -115 -62 -87 -81 -69 -145 -143 -132 -66 -166
Net Cash From Continuing Investing Activities		 -35 -115 -62 -9.09 -81 -69 -145 -143 -132 -66 -166
Purchase of Property, Plant & Equipment		 -32 -54 -62 - -107 -69 -101 -143 -146 -135 -166
Purchase of Investments		 -2.40 -61 -7.86 - -1.18 -20 -47 -0.87 -95 0.00 0.00
Sale and/or Maturity of Investments		 0.00 0.94 7.45 - 27 20 4.00 0.00 109 69 0.00
Net Cash From Financing Activities		 61 1.23 0.97 4.45 3.18 142 242 -5.20 -5.68 -9.02 -17
Net Cash From Continuing Financing Activities		 61 1.23 0.97 17 3.18 142 242 -5.20 -5.68 -9.02 -17
Repayment of Debt		 -36 -0.31 0.00 - -0.29 -50 -0.17 - 0.00 0.00 -0.01
Payment of Dividends		 -11 -1.75 -2.38 - -1.71 -0.48 -0.97 -0.41 -0.16 -0.48 -1.84
Other Financing Activities, net		 -4.64 3.29 3.34 17 5.17 -2.63 0.48 -4.79 -5.52 -8.54 -15
Effect of Exchange Rate Changes		 - - - - - - - - -0.00 0.00 0.00

Quarterly Cash Flow Statements for Shake Shack

This table details how cash moves in and out of Shake Shack's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/27/2023 12/27/2023 3/27/2024 6/26/2024 9/25/2024 12/25/2024 3/26/2025 6/25/2025 9/24/2025 12/31/2025 4/1/2026
Net Change in Cash & Equivalents		 -14 35 36 42 9.03 9.85 -7.79 24 21 2.37 -46
Net Cash From Operating Activities		 28 42 31 54 42 45 31 65 63 63 8.49
Net Cash From Continuing Operating Activities		 28 42 31 54 42 45 31 65 63 63 8.49
Net Income / (Loss) Continuing Operations		 8.14 7.25 2.21 10 -11 9.33 4.51 18 14 13 -0.29
Consolidated Net Income / (Loss)		 8.14 7.25 2.21 10 -11 9.33 4.51 18 14 13 -0.29
Depreciation Expense		 23 25 25 25 26 26 27 27 27 26 29
Amortization Expense		 17 18 0.25 38 21 21 0.90 -20 0.76 0.79 0.80
Non-Cash Adjustments To Reconcile Net Income		 3.98 4.58 5.45 3.51 31 8.04 4.14 3.98 5.82 15 9.18
Changes in Operating Assets and Liabilities, net		 -24 -13 -2.68 -24 -25 -19 -4.88 36 16 8.40 -30
Net Cash From Investing Activities		 -41 -6.06 11 -11 -32 -35 -29 -38 -39 -59 -47
Net Cash From Continuing Investing Activities		 -41 -6.06 11 -11 -32 -35 -29 -38 -39 -59 -47
Purchase of Property, Plant & Equipment		 -38 -33 -33 -33 -35 -35 -29 -38 -39 -59 -47
Net Cash From Financing Activities		 -1.23 -0.86 -6.42 -1.03 -1.03 -0.54 -9.66 -3.03 -2.79 -1.62 -7.77
Net Cash From Continuing Financing Activities		 -1.23 -0.86 -6.42 -1.03 -1.03 -0.54 -9.66 -3.03 -2.79 -1.62 -7.77
Payment of Dividends		 -0.08 -0.03 -0.15 - -0.06 -0.27 -0.02 -0.84 -0.90 -0.08 -0.01
Other Financing Activities, net		 -1.15 -0.83 -6.28 -1.03 -0.97 -0.26 -9.64 -2.19 -1.88 -1.53 -7.75
Effect of Exchange Rate Changes		 - - -0.00 - - - -0.00 - 0.00 - -0.01

Annual Balance Sheets for Shake Shack

This table presents Shake Shack's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/30/2015 12/28/2016 12/27/2017 12/26/2018 12/25/2019 12/30/2020 12/29/2021 12/28/2022 12/27/2023 12/25/2024 12/31/2025
Total Assets		 380 538 471 611 968 1,145 1,458 1,512 1,606 1,697 1,896
Total Current Assets		 79 84 93 101 88 203 410 344 334 368 430
Cash & Equivalents		 71 12 22 25 9.22 147 302 231 225 321 360
Accounts Receivable		 4.22 6.01 5.64 11 9.97 9.46 14 14 17 20 33
Inventories, net		 0.54 0.81 1.26 1.75 - 2.89 3.85 4.18 5.40 6.01 7.18
Prepaid Expenses		 3.05 3.49 1.76 1.98 0.21 7.07 9.76 15 19 22 30
Plant, Property, & Equipment, net		 93 136 187 262 0.00 337 389 467 531 552 626
Total Noncurrent Assets		 208 318 190 248 534 606 659 701 740 777 840
Noncurrent Deferred & Refundable Income Taxes		 202 313 186 243 280 287 299 318 326 342 322
Other Noncurrent Operating Assets		 5.62 4.78 4.40 5.03 - 319 360 383 414 436 518
Total Liabilities & Shareholders' Equity		 380 538 471 611 968 1,145 1,458 1,512 1,606 1,697 1,896
Total Liabilities		 223 337 246 337 646 711 1,022 1,075 1,136 1,203 1,342
Total Current Liabilities		 24 32 34 60 99 110 121 148 164 187 245
Accounts Payable		 6.79 6.92 8.21 12 24 23 20 20 22 24 25
Accrued Expenses		 6.80 8.54 12 23 24 26 37 48 55 63 103
Current Employee Benefit Liabilities		 5.80 6.08 6.23 11 - 10 15 18 21 25 25
Other Current Liabilities		 4.61 10 7.94 14 - 50 50 62 66 75 91
Total Noncurrent Liabilities		 199 305 212 277 234 601 900 927 972 1,016 1,098
Long-Term Debt		 0.31 - - - - 0.00 244 245 246 247 248
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - 198 7.78 233 234 235 236 247 244
Other Noncurrent Operating Liabilities		 175 274 176 10 227 368 423 448 491 522 605
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 157 201 224 273 322 434 436 437 469 494 554
Total Preferred & Common Equity		 101 152 169 226 299 407 410 412 443 470 525
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 101 152 169 226 299 407 410 412 443 470 525
Common Stock		 96 135 153 196 244 395 406 416 427 443 453
Retained Earnings		 4.27 17 16 30 54 12 3.55 -3.49 17 27 73
Accumulated Other Comprehensive Income / (Loss)		 -0.01 -0.02 -0.05 0.00 - 0.00 0.00 0.00 -0.00 -0.00 -0.00
Noncontrolling Interest		 56 49 55 47 - 27 26 25 26 24 28

Quarterly Balance Sheets for Shake Shack

This table presents Shake Shack's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/28/2022 3/29/2023 6/28/2023 9/27/2023 3/27/2024 6/26/2024 9/25/2024 3/26/2025 6/25/2025 9/24/2025 4/1/2026
Total Assets		 1,502 1,507 1,533 1,565 1,619 1,662 1,675 1,727 1,775 1,827 1,918
Total Current Assets		 367 330 330 323 326 346 354 365 391 415 394
Cash & Equivalents		 257 293 204 190 260 302 311 313 337 358 314
Accounts Receivable		 12 14 14 14 14 16 17 18 21 21 29
Inventories, net		 4.00 4.39 4.67 4.61 5.07 5.19 5.15 5.31 6.03 6.31 6.61
Prepaid Expenses		 14 18 15 20 22 20 21 28 27 30 44
Plant, Property, & Equipment, net		 442 480 500 526 538 545 545 562 577 598 649
Total Noncurrent Assets		 693 697 703 716 755 771 777 801 807 814 875
Noncurrent Deferred & Refundable Income Taxes		 307 302 302 302 330 339 344 346 341 335 325
Other Noncurrent Operating Assets		 386 396 401 414 425 432 432 455 466 479 549
Total Liabilities & Shareholders' Equity		 1,502 1,507 1,533 1,565 1,619 1,662 1,675 1,727 1,775 1,827 1,918
Total Liabilities		 1,074 1,087 1,101 1,123 1,147 1,175 1,196 1,230 1,256 1,292 1,363
Total Current Liabilities		 145 143 150 152 161 168 176 191 204 225 233
Accounts Payable		 17 16 17 21 15 19 16 21 21 24 27
Accrued Expenses		 49 46 51 48 57 56 66 71 80 94 95
Current Employee Benefit Liabilities		 18 19 18 18 19 23 22 21 23 26 21
Other Current Liabilities		 60 63 64 65 69 71 72 79 80 82 89
Total Noncurrent Liabilities		 929 944 951 971 985 1,007 1,021 1,039 1,052 1,067 1,130
Long-Term Debt		 244 245 245 245 246 246 246 247 247 247 248
Noncurrent Deferred & Payable Income Tax Liabilities		 235 235 235 236 237 247 248 247 248 248 245
Other Noncurrent Operating Liabilities		 450 464 471 490 503 514 526 545 557 571 638
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 428 420 431 442 472 486 479 498 519 535 555
Total Preferred & Common Equity		 403 395 406 416 446 462 456 473 494 509 526
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 403 395 406 416 446 462 456 473 494 509 526
Common Stock		 413 417 421 424 428 434 438 442 446 448 453
Retained Earnings		 -9.82 -22 -15 -7.50 19 28 18 31 48 61 72
Accumulated Other Comprehensive Income / (Loss)		 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.01
Noncontrolling Interest		 25 24 25 26 26 24 23 24 25 26 29

Annual Metrics And Ratios for Shake Shack

This table displays calculated financial ratios and metrics derived from Shake Shack's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/30/2015 12/28/2016 12/27/2017 12/26/2018 12/25/2019 12/30/2020 12/29/2021 12/28/2022 12/27/2023 12/25/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 60.80% 40.86% 33.65% 28.01% 29.44% -12.05% 41.51% 21.70% 20.77% 15.18% 15.38%
EBITDA Growth		 88.70% 153.12% 321.19% -81.90% 106.69% -91.79% 1,609.79% 15.54% 60.46% 11.04% 52.10%
EBIT Growth		 115.08% 327.07% 460.91% -79.48% -15.88% -259.80% 64.72% -44.48% 182.12% -12.88% 359.01%
NOPAT Growth		 37.06% 558.42% -91.33% 1,105.41% -0.29% -236.36% 63.87% -69.65% 138.88% -68.47% 1,754.26%
Net Income Growth		 47.50% 608.90% -59.88% 147.05% 9.93% -288.72% 86.79% -284.00% 190.85% -48.45% 359.39%
EPS Growth		 -1,028.57% 181.54% -101.89% 5,300.00% 17.31% -286.89% 89.47% -350.00% 188.89% -50.00% 354.17%
Operating Cash Flow Growth		 203.73% 31.57% 30.57% 20.48% 5.23% -58.43% 56.37% 31.40% 72.19% 29.53% 29.91%
Free Cash Flow Firm Growth		 -2.13% 51.12% 47.93% -333.68% 579.52% -223.91% 78.60% -61.62% 52.02% 110.17% 366.82%
Invested Capital Growth		 104.11% 48.14% 9.58% 48.24% -92.96% 1,617.47% 18.35% 24.76% 13.94% -0.52% 5.19%
Revenue Q/Q Growth		 9.35% 9.02% 6.81% 6.52% 4.79% 1.18% 6.59% 4.08% 4.59% 3.51% 5.23%
EBITDA Q/Q Growth		 50.73% 9.38% 236.46% -82.51% 16.14% -75.83% 4,860.76% 14.68% 19.00% 72.00% -26.98%
EBIT Q/Q Growth		 220.08% 9.06% 370.02% -79.65% -6.01% -49.71% 30.09% 10.38% 46.04% 238.37% 13.05%
NOPAT Q/Q Growth		 298.48% 8.88% -92.56% 814.01% -9.83% -40.75% 26.52% 0.66% 1,542.43% 108.75% 10.23%
Net Income Q/Q Growth		 331.58% 12.22% -64.99% 91.45% -5.94% -66.83% 70.03% -9.24% 279.70% 23.80% 7.96%
EPS Q/Q Growth		 30.11% -10.17% -101.56% 550.00% -4.69% -67.65% 77.36% -17.39% 336.36% 26.32% 5.83%
Operating Cash Flow Q/Q Growth		 24.67% 6.78% 4.64% 7.16% -6.06% -17.57% 11.05% 11.22% 16.94% 2.11% 8.84%
Free Cash Flow Firm Q/Q Growth		 0.00% 32.31% -816.50% -23.31% 773.23% -577.86% -26.44% -32.86% 33.30% 111.67% -26.17%
Invested Capital Q/Q Growth		 25.63% 8.37% -1.17% 14.93% -93.85% -1.67% 4.10% 10.32% 4.82% 1.20% 3.86%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 48.15% 72.53% 72.59% 45.96% 44.66% 40.68% 41.43% 42.37% 43.97% 45.82% 47.60%
EBITDA Margin		 9.05% 16.27% 51.27% 7.25% 11.58% 1.08% 13.05% 12.39% 16.46% 15.87% 12.78%
Operating Margin		 3.54% 10.36% 9.42% 6.90% 4.32% -8.39% -2.14% -2.99% 0.54% 0.24% 4.32%
EBIT Margin		 3.55% 10.75% 45.13% 7.23% 4.70% -8.54% -2.13% -2.53% 1.72% 1.30% 5.17%
Profit (Net Income) Margin		 1.64% 8.25% 2.48% 4.78% 4.06% -8.71% -0.81% -2.57% 1.93% 0.86% 3.44%
Tax Burden Percent		 48.60% 77.72% 5.54% 71.24% 87.69% 100.13% 34.71% 95.14% 123.62% 75.96% 68.46%
Interest Burden Percent		 95.09% 98.70% 98.99% 92.73% 98.45% 101.82% 110.01% 106.67% 90.82% 87.45% 97.11%
Effective Tax Rate		 51.40% 22.28% 94.46% 28.76% 12.31% 0.00% 0.00% 0.00% -23.62% 24.04% 31.54%
Return on Invested Capital (ROIC)		 5.11% 20.20% 1.40% 13.01% 20.29% -23.15% -4.05% -5.65% 1.85% 0.55% 9.94%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.88% 19.46% -7.46% 13.86% 19.43% -17.12% -7.20% -1.48% -22.09% -13.45% 2.52%
Return on Net Nonoperating Assets (RNNOA)		 -1.43% -7.84% 2.77% -4.19% -12.18% 11.11% 2.67% 0.35% 2.78% 1.70% -0.45%
Return on Equity (ROE)		 3.68% 12.36% 4.17% 8.82% 8.10% -12.04% -1.38% -5.30% 4.63% 2.25% 9.49%
Cash Return on Invested Capital (CROIC)		 -63.36% -18.60% -7.74% -25.86% 193.99% -201.14% -20.86% -27.68% -11.18% 1.07% 4.89%
Operating Return on Assets (OROA)		 2.92% 6.29% 32.10% 6.15% 3.54% -4.23% -1.21% -1.53% 1.20% 0.99% 4.16%
Return on Assets (ROA)		 1.35% 4.83% 1.76% 4.06% 3.06% -4.31% -0.46% -1.56% 1.35% 0.66% 2.77%
Return on Common Equity (ROCE)		 2.46% 8.72% 3.15% 7.00% 7.14% -11.24% -1.30% -4.99% 4.37% 2.13% 9.02%
Return on Equity Simple (ROE_SIMPLE)		 3.10% 14.55% 5.24% 9.71% 8.07% -11.18% -1.47% -5.61% 4.73% 2.30% 0.00%
Net Operating Profit after Tax (NOPAT)		 3.28 22 1.87 23 23 -31 -11 -19 7.32 2.31 43
NOPAT Margin		 1.72% 8.05% 0.52% 4.92% 3.79% -5.87% -1.50% -2.09% 0.67% 0.18% 2.96%
Net Nonoperating Expense Percent (NNEP)		 -0.77% 0.74% 8.86% -0.85% 0.86% -6.04% 3.15% -4.16% 23.94% 14.00% 7.42%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -2.76% 1.02% 0.31% 5.34%
Cost of Revenue to Revenue		 51.85% 27.47% 27.41% 54.04% 55.34% 59.32% 58.57% 57.63% 56.03% 54.18% 52.40%
SG&A Expenses to Revenue		 28.40% 20.67% 20.85% 22.75% 22.68% 26.29% 25.58% 27.72% 25.65% 26.14% 26.91%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 44.60% 62.17% 63.17% 39.06% 40.34% 49.07% 43.57% 45.36% 43.43% 45.58% 43.27%
Earnings before Interest and Taxes (EBIT)		 6.76 29 162 33 28 -45 -16 -23 19 16 75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 17 44 184 33 69 5.65 97 112 179 199 185
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 14.40 8.80 9.61 7.08 7.53 8.63 7.20 4.35 7.24 11.93 6.60
Price to Tangible Book Value (P/TBV)		 14.40 8.80 9.61 7.08 7.53 8.63 7.20 4.35 7.24 11.93 6.60
Price to Revenue (P/Rev)		 7.60 4.99 4.54 3.49 3.78 6.73 3.99 1.99 2.95 4.48 2.40
Price to Earnings (P/E)		 0.00 107.58 0.00 105.50 113.45 0.00 0.00 0.00 158.53 549.53 75.78
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.93% 0.00% 0.95% 0.88% 0.00% 0.00% 0.00% 0.63% 0.18% 1.32%
Enterprise Value to Invested Capital (EV/IC)		 16.64 10.29 11.43 7.63 136.50 13.40 9.56 4.73 7.56 13.25 7.66
Enterprise Value to Revenue (EV/Rev)		 7.52 4.90 4.46 3.45 3.35 6.43 3.83 1.95 2.93 4.44 2.34
Enterprise Value to EBITDA (EV/EBITDA)		 83.11 30.10 8.69 47.53 28.96 594.82 29.36 15.69 17.82 27.96 18.31
Enterprise Value to EBIT (EV/EBIT)		 212.15 45.53 9.87 47.64 71.30 0.00 0.00 0.00 170.66 341.25 45.22
Enterprise Value to NOPAT (EV/NOPAT)		 436.98 60.83 853.28 70.06 88.47 0.00 0.00 0.00 435.95 2,408.73 79.01
Enterprise Value to Operating Cash Flow (EV/OCF)		 34.76 24.21 22.56 18.53 22.18 89.96 48.56 22.82 24.15 32.48 15.21
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 9.25 0.00 0.00 0.00 0.00 1,233.97 160.78
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.08 0.00 0.00 0.56 0.56 0.52 0.50 0.45
Long-Term Debt to Equity		 0.00 0.00 0.00 0.08 0.00 0.00 0.56 0.56 0.52 0.50 0.45
Financial Leverage		 -0.24 -0.40 -0.37 -0.30 -0.63 -0.65 -0.37 -0.24 -0.13 -0.13 -0.18
Leverage Ratio		 2.73 2.56 2.37 2.17 2.65 2.79 2.99 3.40 3.44 3.43 3.43
Compound Leverage Factor		 2.59 2.53 2.35 2.01 2.61 2.85 3.29 3.63 3.12 3.00 3.33
Debt to Total Capital		 0.20% 0.00% 0.00% 7.08% 0.00% 0.00% 35.86% 35.89% 34.35% 33.32% 30.91%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.20% 0.00% 0.00% 7.08% 0.00% 0.00% 35.86% 35.89% 34.35% 33.32% 30.91%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 35.85% 24.42% 24.50% 16.10% 0.00% 6.25% 3.84% 3.61% 3.63% 3.19% 3.55%
Common Equity to Total Capital		 63.93% 75.56% 75.49% 76.82% 92.82% 93.75% 60.30% 60.49% 62.02% 63.49% 65.54%
Debt to EBITDA		 0.02 0.00 0.00 0.63 0.00 0.00 2.52 2.19 1.37 1.24 1.34
Net Debt to EBITDA		 -4.10 0.00 0.00 -1.98 0.00 0.00 -1.44 -0.60 -0.27 -0.37 -0.61
Long-Term Debt to EBITDA		 0.02 0.00 0.00 0.63 0.00 0.00 2.52 2.19 1.37 1.24 1.34
Debt to NOPAT		 0.10 0.00 0.00 0.92 0.00 0.00 -21.95 -12.99 33.56 106.89 5.79
Net Debt to NOPAT		 -21.58 0.00 0.00 -2.92 0.00 0.00 12.51 3.54 -6.50 -32.08 -2.63
Long-Term Debt to NOPAT		 0.10 0.00 0.00 0.92 0.00 0.00 -21.95 -12.99 33.56 106.89 5.79
Altman Z-Score		 4.66 3.22 6.07 3.93 2.86 3.41 2.44 1.70 2.55 3.72 2.61
Noncontrolling Interest Sharing Ratio		 33.27% 29.48% 24.48% 20.57% 11.84% 6.65% 6.12% 5.81% 5.58% 5.15% 4.97%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.29 2.65 2.74 1.69 0.88 1.85 3.37 2.33 2.04 1.97 1.76
Quick Ratio		 3.14 2.51 2.65 1.62 0.19 1.76 3.26 2.20 1.89 1.82 1.61
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -41 -20 -10 -45 215 -267 -57 -92 -44 4.50 21
Operating Cash Flow to CapEx		 128.46% 99.73% 115.19% 0.00% 84.37% 54.10% 57.54% 53.83% 90.40% 126.31% 134.07%
Free Cash Flow to Firm to Interest Expense		 -122.56 -53.18 -6.30 -18.60 496.23 -327.42 -36.21 -60.80 -25.79 2.20 9.74
Operating Cash Flow to Interest Expense		 124.27 145.15 43.14 35.36 207.04 45.83 37.03 50.55 76.96 83.69 102.99
Operating Cash Flow Less CapEx to Interest Expense		 27.53 -0.40 5.69 35.36 -38.36 -38.88 -27.32 -43.36 -8.17 17.44 26.17
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.82 0.59 0.71 0.85 0.75 0.49 0.57 0.61 0.70 0.76 0.80
Accounts Receivable Turnover		 50.86 52.52 61.61 56.83 58.02 53.81 64.00 65.41 70.79 68.57 54.90
Inventory Turnover		 184.39 109.34 95.29 165.07 0.00 0.00 128.64 129.19 127.10 118.88 114.79
Fixed Asset Turnover		 2.34 2.34 2.22 2.05 0.00 0.00 2.04 2.10 2.18 2.31 2.46
Accounts Payable Turnover		 14.95 10.76 13.00 24.01 18.07 13.08 19.96 25.72 28.55 29.58 31.33
Days Sales Outstanding (DSO)		 7.18 6.95 5.92 6.42 6.29 6.78 5.70 5.58 5.16 5.32 6.65
Days Inventory Outstanding (DIO)		 1.98 3.34 3.83 2.21 0.00 0.00 2.84 2.83 2.87 3.07 3.18
Days Payable Outstanding (DPO)		 24.42 33.92 28.08 15.20 20.20 27.91 18.29 14.19 12.78 12.34 11.65
Cash Conversion Cycle (CCC)		 -15.27 -23.63 -18.33 -6.57 -13.91 -21.13 -9.75 -5.79 -4.76 -3.94 -1.82
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 86 128 140 207 15 251 297 370 422 420 441
Invested Capital Turnover		 2.97 2.51 2.68 2.64 5.36 3.94 2.70 2.70 2.75 2.98 3.36
Increase / (Decrease) in Invested Capital		 44 41 12 68 -193 236 46 73 52 -2.20 22
Enterprise Value (EV)		 1,434 1,314 1,599 1,583 1,993 3,360 2,836 1,751 3,191 5,559 3,381
Market Capitalization		 1,449 1,339 1,629 1,601 2,249 3,517 2,949 1,793 3,212 5,609 3,465
Book Value per Share		 $2.77 $4.19 $4.61 $6.10 $7.96 $9.83 $9.74 $9.78 $10.48 $11.06 $12.31
Tangible Book Value per Share		 $2.77 $4.19 $4.61 $6.10 $7.96 $9.83 $9.74 $9.78 $10.48 $11.06 $12.31
Total Capital		 157 201 224 294 322 434 679 681 715 740 801
Total Debt		 0.31 0.00 0.00 21 0.00 0.00 244 245 246 247 248
Total Long-Term Debt		 0.31 0.00 0.00 21 0.00 0.00 244 245 246 247 248
Net Debt		 -71 -74 -85 -66 -257 -184 -139 -67 -48 -74 -112
Capital Expenditures (CapEx)		 32 54 62 0.00 107 69 101 143 146 135 166
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -16 -21 -25 -46 -21 -90 -94 -115 -123 -140 -175
Debt-free Net Working Capital (DFNWC)		 55 52 59 41 -12 93 288 196 170 181 185
Net Working Capital (NWC)		 55 52 59 41 -12 93 288 196 170 181 185
Net Nonoperating Expense (NNE)		 0.16 -0.54 -7.01 0.64 -1.60 15 -5.08 4.28 -14 -8.51 -6.91
Net Nonoperating Obligations (NNO)		 -71 -74 -85 -66 -307 -184 -139 -67 -48 -74 -112
Total Depreciation and Amortization (D&A)		 10 15 22 0.07 41 50 112 134 160 183 110
Debt-free, Cash-free Net Working Capital to Revenue		 -8.50% -7.98% -7.07% -9.95% -3.52% -17.27% -12.74% -12.77% -11.30% -11.16% -12.09%
Debt-free Net Working Capital to Revenue		 28.82% 19.45% 16.49% 8.96% -1.97% 17.88% 38.95% 21.80% 15.67% 14.44% 12.83%
Net Working Capital to Revenue		 28.82% 19.45% 16.49% 8.96% -1.97% 17.88% 38.95% 21.80% 15.67% 14.44% 12.83%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.65) $0.54 ($0.01) $0.54 $0.63 ($1.14) ($0.22) ($0.61) $0.51 $0.26 $1.14
Adjusted Weighted Average Basic Shares Outstanding		 13.59M 22.96M 25.88M 28.30M 31.38M 37.13M 39.09M 39.24M 39.42M 39.83M 40.21M
Adjusted Diluted Earnings per Share		 ($0.65) $0.53 ($0.01) $0.52 $0.61 ($1.14) ($0.22) ($0.61) $0.48 $0.24 $1.09
Adjusted Weighted Average Diluted Shares Outstanding		 13.59M 23.45M 25.88M 29.18M 32.25M 37.13M 39.09M 39.24M 43.90M 44.20M 41.85M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 36.26M 36.41M 36.78M 37.08M 37.57M 41.97M 42.06M 42.16M 42.31M 42.53M 42.69M
Normalized Net Operating Profit after Tax (NOPAT)		 8.54 29 31 32 37 -18 -0.65 -6.59 20 39 59
Normalized NOPAT Margin		 4.48% 10.81% 8.59% 6.96% 6.18% -3.37% -0.09% -0.73% 1.81% 3.09% 4.06%
Pre Tax Income Margin		 3.37% 10.61% 44.67% 6.71% 4.63% -8.70% -2.34% -2.70% 1.56% 1.14% 5.02%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 20.36 77.19 98.56 13.76 64.40 -54.80 -9.99 -15.00 10.89 7.97 34.63
NOPAT to Interest Expense		 9.89 57.78 1.14 9.35 51.90 -37.68 -7.04 -12.40 4.26 1.13 19.82
EBIT Less CapEx to Interest Expense		 -76.38 -68.35 61.11 13.76 -181.01 -139.51 -74.35 -108.91 -74.24 -58.29 -42.19
NOPAT Less CapEx to Interest Expense		 -86.85 -87.76 -36.31 9.35 -193.51 -122.39 -71.40 -106.31 -80.87 -65.13 -57.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 356.11% 7.88% 26.78% 0.00% 7.08% -1.05% -16.09% -1.77% 0.77% 4.45% 3.71%
Augmented Payout Ratio		 356.11% 7.88% 26.78% 0.00% 7.08% -1.05% -33.95% -1.77% 0.77% 4.45% 3.71%

Quarterly Metrics And Ratios for Shake Shack

This table displays calculated financial ratios and metrics derived from Shake Shack's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/27/2023 12/27/2023 3/27/2024 6/26/2024 9/25/2024 12/25/2024 3/26/2025 6/25/2025 9/24/2025 12/31/2025 4/1/2026
DEI Shares Outstanding		 - - - - - - - - - - 42,692,511.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 42,692,511.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.01
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 21.24% 20.00% 14.70% 16.44% 14.74% 14.83% 10.46% 12.63% 15.93% 21.86% 14.28%
EBITDA Growth		 514.06% -40.38% -23.48% 64.53% -35.32% 34.64% 86.44% -59.06% 293.10% 22.94% -9.71%
EBIT Growth		 372.07% 150.43% 1,020.45% 76.58% -259.20% 580.72% 79.41% 79.12% 249.48% 64.15% -98.12%
NOPAT Growth		 257.23% -41.68% 101.23% 82.28% -337.06% 217.61% 8,766.55% 102.94% 195.51% 53.62% -175.47%
Net Income Growth		 452.06% 188.35% 236.50% 43.74% -236.54% 28.68% 103.84% 78.03% 223.42% 39.28% -106.51%
EPS Growth		 480.00% 185.00% 225.00% 43.75% -236.84% 29.41% 100.00% 78.26% 215.38% 27.27% -110.00%
Operating Cash Flow Growth		 48.14% 85.42% 54.72% 26.37% 47.40% 8.51% 1.82% 21.39% 50.49% 40.04% -72.81%
Free Cash Flow Firm Growth		 -14.16% 25.71% 2.14% 38.67% 59.67% 116.53% 106.98% 139.89% 106.81% -209.27% -1,467.64%
Invested Capital Growth		 19.92% 13.94% 16.72% 12.30% 3.04% -0.52% -0.44% 0.32% 2.49% 5.19% 13.30%
Revenue Q/Q Growth		 1.62% 3.63% 1.49% 8.95% 0.14% 3.71% -2.37% 11.08% 3.07% 9.01% -8.44%
EBITDA Q/Q Growth		 3.90% -9.45% 8.77% 169.63% -59.16% 88.50% -10.19% -40.79% 54.99% -0.38% -39.09%
EBIT Q/Q Growth		 14.08% -78.28% 63.97% 334.63% -202.85% 192.87% -56.78% 333.92% -14.17% 1.98% -99.51%
NOPAT Q/Q Growth		 17.25% -217.89% 100.44% 29,871.30% -252.48% 158.49% -66.83% 585.98% -28.24% -5.92% -116.30%
Net Income Q/Q Growth		 12.64% -10.85% -69.47% 368.93% -207.00% 184.01% -51.64% 309.55% -25.82% -5.19% -102.26%
EPS Q/Q Growth		 18.75% -10.53% -70.59% 360.00% -213.04% 184.62% -54.55% 310.00% -26.83% -6.67% -103.57%
Operating Cash Flow Q/Q Growth		 -32.97% 46.30% -26.19% 74.61% -21.82% 7.69% -30.75% 108.18% -3.08% 0.22% -86.55%
Free Cash Flow Firm Q/Q Growth		 2.30% 5.95% -7.27% 37.78% 35.76% 138.54% -54.69% 255.60% -89.04% -718.64% -467.05%
Invested Capital Q/Q Growth		 5.55% 4.82% 2.76% -1.22% -3.15% 1.20% 2.84% -0.48% -1.05% 3.86% 10.78%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 44.46% 44.49% 44.32% 45.76% 45.86% 47.16% 46.18% 48.19% 47.88% 47.94% 47.44%
EBITDA Margin		 17.83% 15.58% 9.96% 24.64% 10.05% 18.27% 16.81% 8.96% 13.47% 12.31% 8.19%
Operating Margin		 2.05% -0.45% 0.01% 3.41% -5.68% 3.11% 0.89% 6.28% 5.05% 4.68% -0.72%
EBIT Margin		 3.29% 0.69% 1.12% 4.45% -4.57% 4.09% 1.81% 7.08% 5.89% 5.51% 0.03%
Profit (Net Income) Margin		 2.95% 2.53% 0.76% 3.28% -3.51% 2.84% 1.41% 5.19% 3.73% 3.25% -0.08%
Tax Burden Percent		 93.90% 483.53% 81.04% 76.59% 74.15% 72.13% 85.96% 74.90% 64.84% 60.36% 66.97%
Interest Burden Percent		 95.24% 75.91% 84.32% 96.26% 103.44% 96.19% 90.31% 97.83% 97.67% 97.54% -402.75%
Effective Tax Rate		 6.11% -383.53% 18.96% 23.41% 0.00% 27.87% 14.04% 25.10% 35.16% 39.64% 0.00%
Return on Invested Capital (ROIC)		 5.42% -6.01% 0.03% 7.54% -11.77% 6.67% 2.26% 14.51% 10.71% 9.48% -1.63%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.15% -29.67% -4.97% 3.62% -14.62% 3.43% -1.69% 12.17% 8.78% 7.68% -3.98%
Return on Net Nonoperating Assets (RNNOA)		 -0.17% 3.74% 0.49% -0.43% 1.65% -0.43% 0.18% -1.79% -1.51% -1.37% 0.50%
Return on Equity (ROE)		 5.24% -2.27% 0.51% 7.11% -10.12% 6.24% 2.44% 12.72% 9.20% 8.12% -1.13%
Cash Return on Invested Capital (CROIC)		 -17.99% -11.18% -12.68% -7.62% -9.45% 1.07% 1.49% 2.78% 6.79% 4.89% -4.16%
Operating Return on Assets (OROA)		 2.23% 0.48% 0.80% 3.26% -3.41% 3.10% 1.39% 5.45% 4.62% 4.43% 0.02%
Return on Assets (ROA)		 2.00% 1.77% 0.55% 2.40% -2.62% 2.15% 1.08% 3.99% 2.93% 2.61% -0.07%
Return on Common Equity (ROCE)		 4.94% -2.14% 0.49% 6.73% -9.58% 5.92% 2.32% 12.10% 8.75% 7.71% -1.07%
Return on Equity Simple (ROE_SIMPLE)		 1.33% 0.00% 5.56% 6.05% 1.92% 0.00% 2.77% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 5.31 -6.26 0.03 8.26 -13 7.36 2.44 17 12 11 -1.84
NOPAT Margin		 1.92% -2.19% 0.01% 2.61% -3.97% 2.24% 0.76% 4.70% 3.27% 2.82% -0.50%
Net Nonoperating Expense Percent (NNEP)		 4.27% 23.67% 5.00% 3.92% 2.85% 3.24% 3.95% 2.33% 1.93% 1.81% 2.35%
Return On Investment Capital (ROIC_SIMPLE)		 - -0.88% - - - 0.99% 0.33% 2.19% 1.54% 1.41% -0.23%
Cost of Revenue to Revenue		 55.54% 55.51% 55.68% 54.24% 54.14% 52.84% 53.82% 51.81% 52.12% 52.06% 52.56%
SG&A Expenses to Revenue		 24.71% 26.87% 26.78% 25.36% 25.64% 26.81% 27.70% 25.65% 26.72% 27.57% 30.30%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 42.41% 44.94% 44.31% 42.35% 51.54% 44.05% 45.30% 41.92% 42.83% 43.26% 48.16%
Earnings before Interest and Taxes (EBIT)		 9.10 1.98 3.24 14 -14 13 5.81 25 22 22 0.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 49 45 29 78 32 60 54 32 49 49 30
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.79 7.24 9.88 8.19 9.85 11.93 8.39 11.56 7.99 6.60 7.36
Price to Tangible Book Value (P/TBV)		 5.79 7.24 9.88 8.19 9.85 11.93 8.39 11.56 7.99 6.60 7.36
Price to Revenue (P/Rev)		 2.32 2.95 3.92 3.24 3.71 4.48 3.09 4.32 2.96 2.40 2.60
Price to Earnings (P/E)		 465.22 158.53 185.08 142.56 515.06 549.53 319.82 287.20 95.47 75.78 94.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.22% 0.63% 0.54% 0.70% 0.19% 0.18% 0.31% 0.35% 1.05% 1.32% 1.06%
Enterprise Value to Invested Capital (EV/IC)		 5.96 7.56 10.15 8.76 10.73 13.25 9.10 13.15 9.37 7.66 7.84
Enterprise Value to Revenue (EV/Rev)		 2.31 2.93 3.91 3.21 3.68 4.44 3.06 4.27 2.90 2.34 2.57
Enterprise Value to EBITDA (EV/EBITDA)		 15.94 17.82 42.96 28.21 38.49 27.96 17.55 31.77 15.75 18.31 21.14
Enterprise Value to EBIT (EV/EBIT)		 187.35 170.66 197.36 132.13 924.34 341.25 208.24 188.26 60.22 45.22 55.53
Enterprise Value to NOPAT (EV/NOPAT)		 5,382.52 435.95 396.61 233.65 0.00 2,408.73 858.45 425.62 102.61 79.01 100.22
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.23 24.15 30.77 24.34 26.55 32.48 22.87 30.84 19.50 15.21 19.21
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 1,233.97 607.60 473.98 139.84 160.78 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.56 0.52 0.52 0.51 0.51 0.50 0.50 0.48 0.46 0.45 0.45
Long-Term Debt to Equity		 0.56 0.52 0.52 0.51 0.51 0.50 0.50 0.48 0.46 0.45 0.45
Financial Leverage		 -0.15 -0.13 -0.10 -0.12 -0.11 -0.13 -0.11 -0.15 -0.17 -0.18 -0.13
Leverage Ratio		 3.52 3.44 3.50 3.48 3.52 3.43 3.45 3.42 3.45 3.43 3.46
Compound Leverage Factor		 3.36 2.61 2.95 3.35 3.64 3.30 3.12 3.34 3.37 3.35 -13.95
Debt to Total Capital		 35.70% 34.35% 34.24% 33.60% 33.97% 33.32% 33.17% 32.26% 31.62% 30.91% 30.90%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 35.70% 34.35% 34.24% 33.60% 33.97% 33.32% 33.17% 32.26% 31.62% 30.91% 30.90%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 3.73% 3.63% 3.61% 3.27% 3.16% 3.19% 3.25% 3.26% 3.35% 3.55% 3.57%
Common Equity to Total Capital		 60.57% 62.02% 62.15% 63.12% 62.87% 63.49% 63.58% 64.48% 65.03% 65.54% 65.53%
Debt to EBITDA		 1.63 1.37 2.40 1.85 2.13 1.24 1.10 1.39 0.98 1.34 1.37
Net Debt to EBITDA		 -0.26 -0.27 -0.38 -0.44 -0.56 -0.37 -0.29 -0.50 -0.44 -0.61 -0.36
Long-Term Debt to EBITDA		 1.63 1.37 2.40 1.85 2.13 1.24 1.10 1.39 0.98 1.34 1.37
Debt to NOPAT		 550.61 33.56 22.17 15.33 -9.34 106.89 53.97 18.63 6.37 5.79 6.48
Net Debt to NOPAT		 -88.87 -6.50 -3.50 -3.63 2.44 -32.08 -14.42 -6.75 -2.84 -2.63 -1.72
Long-Term Debt to NOPAT		 550.61 33.56 22.17 15.33 -9.34 106.89 53.97 18.63 6.37 5.79 6.48
Altman Z-Score		 2.10 2.52 3.15 2.82 3.09 3.71 2.84 3.69 2.85 2.52 2.64
Noncontrolling Interest Sharing Ratio		 5.79% 5.58% 5.65% 5.35% 5.28% 5.15% 5.17% 4.87% 4.85% 4.97% 5.02%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.12 2.04 2.03 2.06 2.01 1.97 1.91 1.92 1.84 1.76 1.69
Quick Ratio		 1.96 1.89 1.86 1.91 1.86 1.82 1.74 1.75 1.68 1.61 1.47
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -62 -58 -62 -39 -25 9.56 4.33 15 1.69 -10 -59
Operating Cash Flow to CapEx		 74.19% 125.39% 92.77% 162.56% 120.26% 129.93% 106.37% 170.66% 160.47% 106.74% 17.99%
Free Cash Flow to Firm to Interest Expense		 -142.07 -121.55 -122.17 -73.28 -49.81 18.67 7.69 28.11 3.35 -19.21 -108.11
Operating Cash Flow to Interest Expense		 65.59 87.29 60.36 101.60 84.06 88.05 55.46 118.61 125.00 116.06 15.49
Operating Cash Flow Less CapEx to Interest Expense		 -22.81 17.68 -4.70 39.10 14.16 20.28 3.32 49.11 47.10 7.32 -70.63
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.68 0.70 0.72 0.73 0.75 0.76 0.77 0.77 0.78 0.80 0.82
Accounts Receivable Turnover		 80.95 70.79 78.56 77.33 79.01 68.57 78.37 71.29 73.54 54.90 62.84
Inventory Turnover		 135.93 127.10 132.04 130.87 136.13 118.88 132.81 125.23 126.13 114.79 130.42
Fixed Asset Turnover		 2.15 2.18 2.21 2.24 2.26 2.31 2.33 2.36 2.40 2.46 2.46
Accounts Payable Turnover		 30.41 28.55 40.11 36.30 35.87 29.58 38.48 35.81 36.75 31.33 32.60
Days Sales Outstanding (DSO)		 4.51 5.16 4.65 4.72 4.62 5.32 4.66 5.12 4.96 6.65 5.81
Days Inventory Outstanding (DIO)		 2.69 2.87 2.76 2.79 2.68 3.07 2.75 2.91 2.89 3.18 2.80
Days Payable Outstanding (DPO)		 12.00 12.78 9.10 10.06 10.18 12.34 9.48 10.19 9.93 11.65 11.20
Cash Conversion Cycle (CCC)		 -4.81 -4.76 -1.69 -2.55 -2.87 -3.94 -2.08 -2.16 -2.08 -1.82 -2.59
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 402 422 433 428 415 420 432 429 425 441 489
Invested Capital Turnover		 2.82 2.75 2.80 2.89 2.96 2.98 2.97 3.09 3.27 3.36 3.24
Increase / (Decrease) in Invested Capital		 67 52 62 47 12 -2.20 -1.89 1.35 10 22 57
Enterprise Value (EV)		 2,399 3,191 4,399 3,752 4,450 5,559 3,928 5,648 3,983 3,381 3,835
Market Capitalization		 2,413 3,212 4,412 3,786 4,491 5,609 3,970 5,713 4,067 3,465 3,872
Book Value per Share		 $9.84 $10.48 $10.55 $10.90 $10.74 $11.06 $11.13 $11.58 $11.92 $12.31 $12.32
Tangible Book Value per Share		 $9.84 $10.48 $10.55 $10.90 $10.74 $11.06 $11.13 $11.58 $11.92 $12.31 $12.32
Total Capital		 687 715 718 733 725 740 744 766 783 801 803
Total Debt		 245 246 246 246 246 247 247 247 247 248 248
Total Long-Term Debt		 245 246 246 246 246 247 247 247 247 248 248
Net Debt		 -40 -48 -39 -58 -64 -74 -66 -90 -110 -112 -66
Capital Expenditures (CapEx)		 38 33 33 33 35 35 29 38 39 59 47
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -114 -123 -120 -127 -133 -140 -139 -150 -168 -175 -152
Debt-free Net Working Capital (DFNWC)		 171 170 165 178 178 181 174 187 189 185 161
Net Working Capital (NWC)		 171 170 165 178 178 181 174 187 189 185 161
Net Nonoperating Expense (NNE)		 -2.82 -14 -2.19 -2.12 -1.48 -1.97 -2.07 -1.72 -1.69 -1.69 -1.55
Net Nonoperating Obligations (NNO)		 -40 -48 -39 -58 -64 -74 -66 -90 -110 -112 -66
Total Depreciation and Amortization (D&A)		 40 43 26 64 46 47 48 6.71 28 27 30
Debt-free, Cash-free Net Working Capital to Revenue		 -10.96% -11.30% -10.64% -10.84% -10.96% -11.16% -10.83% -11.34% -12.26% -12.09% -10.22%
Debt-free Net Working Capital to Revenue		 16.45% 15.67% 14.68% 15.19% 14.72% 14.44% 13.56% 14.12% 13.79% 12.83% 10.81%
Net Working Capital to Revenue		 16.45% 15.67% 14.68% 15.19% 14.72% 14.44% 13.56% 14.12% 13.79% 12.83% 10.81%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.19 $0.18 $0.05 $0.24 ($0.26) $0.23 $0.11 $0.43 $0.31 $0.29 ($0.01)
Adjusted Weighted Average Basic Shares Outstanding		 39.46M 39.42M 39.52M 39.75M 40.01M 39.83M 40.12M 40.23M 40.25M 40.21M 40.29M
Adjusted Diluted Earnings per Share		 $0.19 $0.17 $0.05 $0.23 ($0.26) $0.22 $0.10 $0.41 $0.30 $0.28 ($0.01)
Adjusted Weighted Average Diluted Shares Outstanding		 43.98M 43.90M 41.26M 41.48M 40.01M 44.20M 41.86M 41.82M 41.87M 41.85M 40.29M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.30M 42.31M 42.44M 42.47M 42.48M 42.53M 42.67M 42.69M 42.69M 42.69M 42.78M
Normalized Net Operating Profit after Tax (NOPAT)		 10 3.66 2.68 12 10 33 6.98 21 15 18 3.57
Normalized NOPAT Margin		 3.78% 1.28% 0.92% 3.83% 3.26% 10.12% 2.17% 5.93% 4.18% 4.40% 0.97%
Pre Tax Income Margin		 3.14% 0.52% 0.94% 4.28% -4.73% 3.94% 1.64% 6.92% 5.76% 5.38% -0.12%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 21.01 4.15 6.38 26.72 -29.08 26.27 10.33 46.03 42.96 40.59 0.20
NOPAT to Interest Expense		 12.27 -13.16 0.05 15.67 -25.28 14.38 4.34 30.58 23.86 20.80 -3.36
EBIT Less CapEx to Interest Expense		 -67.39 -65.46 -58.69 -35.78 -98.98 -41.50 -41.81 -23.47 -34.94 -68.15 -85.92
NOPAT Less CapEx to Interest Expense		 -76.13 -82.76 -65.01 -46.83 -95.18 -53.39 -47.80 -38.92 -54.03 -87.94 -89.48
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 2.75% 0.77% 1.04% 0.91% 2.73% 4.45% 2.73% 5.63% 4.41% 3.71% 4.08%
Augmented Payout Ratio		 2.75% 0.77% 1.04% 0.91% 2.73% 4.45% 2.73% 5.63% 4.41% 3.71% 4.08%

Financials Breakdown Chart

Key Financial Trends

Shake Shack’s latest quarterly results show a healthy growth trajectory in revenue, improving margins, and solid cash generation over the last four years. The company’s balance sheet also strengthened notably in 2025, with rising cash and equity, even as it continues to invest in store expansion and capacity.

  • Total revenue reached about $400.5 million in Q4 2025, up from $328.7 million in Q4 2024, indicating a multi-quarter growth trend.
  • Gross margin improved to roughly 48% in Q4 2025 (Total Gross Profit of $192.0 million on $400.5 million revenue), signaling better efficiency as the top line grows.
  • Net income and earnings per share improved in late 2025: Net income continuing operations of $12.999 million in Q4 2025; Basic EPS of $0.29 and Diluted EPS of $0.28.
  • Operating cash flow remained robust, with Net Cash From Continuing Operating Activities around $63.1 million in Q4 2025, consistent with strong quarterly cash generation.
  • Cash balance and liquidity strengthened: Cash & Equivalents were $357.8 million in Q3 2025 (up from $336.8 million in Q2 2025).
  • Balance sheet strength grew as total equity rose to about $509.0 million in Q3 2025, up from $494.1 million in Q2 2025 and $473.3 million in Q1 2025, reflecting stronger capitalization.
  • Capital expenditures remain a meaningful cash outflow (PPE purchases around $59.15 million in Q4 2025), indicating ongoing investment in store openings and equipment to drive growth.
  • Long-term debt stayed in a relatively narrow range (mid-$240s million to around $247 million) across 2025, showing stable leverage rather than rapid deleveraging.
  • Investing cash outflows are sizable and persistent (Q4 2025 PPE outflow around $59.15 million; Q3 2025 around $39.26 million), which weigh on free cash flow despite strong operating cash flow.
  • Financing activities produced modest outflows in multiple quarters (for example, Q4 2025 net financing outflows around $1.62 million; Q1–Q3 2025 outflows ranged up to about $9.66 million), exerting pressure on cash accumulation over the period.
05/18/26 08:36 PM ETAI Generated. May Contain Errors.

Shake Shack Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Shake Shack's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Shake Shack's net income appears to be on an upward trend, with a most recent value of $49.71 million in 2025, rising from $3.12 million in 2015. The previous period was $10.82 million in 2024. Check out Shake Shack's forecast to explore projected trends and price targets.

Shake Shack's total operating income in 2025 was $62.51 million, based on the following breakdown:
  • Total Gross Profit: $687.90 million
  • Total Operating Expenses: $625.39 million

Over the last 10 years, Shake Shack's total revenue changed from $190.59 million in 2015 to $1.45 billion in 2025, a change of 658.3%.

Shake Shack's total liabilities were at $1.34 billion at the end of 2025, a 11.6% increase from 2024, and a 503.3% increase since 2015.

In the past 10 years, Shake Shack's cash and equivalents has ranged from $9.22 million in 2019 to $360.12 million in 2025, and is currently $360.12 million as of their latest financial filing in 2025.

Over the last 10 years, Shake Shack's book value per share changed from 2.77 in 2015 to 12.31 in 2025, a change of 343.5%.


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Financial statements for NYSE:SHAK last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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