Shake Shack SHAK
Shake Shack is a global restaurant chain that serves burgers, fries, chicken, and milkshakes through company-owned and licensed locations. It was founded by Danny Meyer.
- Ticker
- SHAK
- Headquarters
- New York, New York
- CEO
- Rob Lynch
- IPO year
- 2015
- Sector
- Restaurant
- Website
- shakeshack.com
- Management
- Team & leadership ↗
Notes & Takes
"Shake Shack’s growth has been impressive, but the economics leave a lot to be desired. The stores are too expensive to build. They should focus on smaller footprints and lean into takeout via the Shack app and delivery platforms. Outside the U.S., their biggest markets are China, South Korea, and Mexico. All licensed, not company owned."
Rob Lynch took over as CEO in spring 2024. He's made progress on speeding up the time it takes for customers to get their orders. In 2023, orders took on average 7 minutes. Today, it's 5 minutes and 50 seconds."
Company Financials
Quarterly Headlines
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Shake Shack Q2 2026
Jun 30, 2026
- Total revenue up 17%, $403 mill of Shack sales and $14.2 mill of licensing revenue
- Same Shack sales up 3.5%
- Operating income of $20.7 mill vs. $22.4 mill last year
- Restaurant level profit margin 23%
- Net income of $16.9 mill vs. $18.5 mill last year
- Opened 16 new company operated Shacks and 11 new licensed Shacks
- $307 mill in cash with $248 mill in debt
Shake Shack Q1 2026
Mar 31, 2026
- Total revenue up 14.3%
- Same shack sales up 4.6%
- Operating loss of $2.6 mill with restaurant level profit of $75 million or 21% of sales
- Adjusted EBITDA of $37 million
- Opened 17 new company operated shacks with 5 new licensed stores
- $313 million in cash with $247 mill in debt
- Licensing revenue up 15% to $12.6 million, shack sales also up 15%
Shake Shack Q4 2025
Dec 31, 2025
- Revenue up 21.9%
- Same shack sales grew 2.1% YoY
- Operating income of $18.7 million up 83%
- 22.7% restaurant margin flat YoY
- Opened 15 company operated Shacks and 17 new licensed Shacks
- Adjusted EBITDA for 2025 grew 19.5% with revenue up 15%, average weekly sales flat YoY at $76K, total of 659 stores at EOY
- We made significant progress in optimizing our build model with the average build now under $2 million, down 20% from last year
- Plan to open 55 to 60 company owned shacks in 2026 along with 40 to 45 licensed shacks
- Guiding for net income of $50 to $60 million in 2026 and adjusted EBITDA of $240 million
Shake Shack Q3 2025
Sep 24, 2025
- Revenue up 15.9%
- Same store sales up 4.9%
- Operating income of $18.5 million
- Net income of $13.7 million or $0.30 per diluted share
- Opened 13 new company operated shacks and 7 new licenses shacks
- Cash of $357 million with $247 million of debt
- We plan to open 55 to 60 new shacks in 2026
- We grew average weekly sales by 2.6% to $78,000
- We expect full year revenue in 2025 of $1.45 billion up 16% YoY, restaurant level profit margin of 23%, net income of $50 to $60 million and adjusted EBITDA of $210 million
Shake Shack Q2 2025
Jun 25, 2025
- Revenue up 12.6%
- Same Shack sales up 1.8%
- Operating income of $22.4 mill vs. $10.8 mill YoY
- Opened 13 new company operated Shacks and 9 new licensed Shacks
- In our licensed business revenue grew 20.2%
- Average weekly sales were $78,000
- We remain on track to open 45 to 50 company operated Shacks in 2025
- $336 million in cash with $247 million in debt
Shake Shack Q1 2025
Mar 26, 2025
- Revenue up 10.5% YoY
- Licensing revenue up 11% YoY
- Same shack sales up 0.2% YoY
- Op income of $2.8 mill vs. $0 last year
- Opened 4 new company operated shacks and licensed 7 shacks
Shake Shack Q4 2024
Dec 25, 2024
- Revenue up 14.8% YoY
- Comp sales up 4.3%
- Net income of $9.3 mill
- Opened 19 new company operated Shacks and 9 new licensed Shacks
Shake Shack Q3 2024
Sep 25, 2024
- Revenue up 14.7% YoY
- Same shack sales up 4.4% YoY
- Operating loss of $18 million
- Opened 8 new company operated shacks including 3 drive ins, opened 9 new licenses shacks
Shake Shack Q2 2024
Jun 26, 2024
- Revenue up 16.4% YoY
- Same shack sales up 4% YoY
- Operating income of $10.8 million
- Opened 12 new company operates shacks, including 3 drive ins, opened 11 new licensed shacks
Shake Shack Q1 2024
Mar 27, 2024
- Revenue up 14.7% YoY
- Same shack sales up 1.6% versus 2023
- Operating income of $0 million
- Opened 4 new company operates shacks, including 2 drive ins, opened 4 new licenses shacks