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Shake Shack Inc. (SHAK)

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Shake Shack Inc. (SHAK) reported revenue of $418 million for Q2 FY2026, the quarter ended 1 July 2026, up 17.2% on the same quarter a year earlier. Net income was $16 million, down 8.6% on the year, and diluted earnings per share $0.37. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$418 millionup 17.2%
Net income$16 milliondown 8.6%
Diluted EPS$0.37
QuarterQ2 FY2026ended 1 July 2026

Shake Shack (SHAK) in brief

Shake Shack (SHAK) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 15.4% on the year before.
Read moreNet income was $46 million and diluted earnings per share $1.09. Revenue was $1.3 billion in fiscal 2024, $1.1 billion in fiscal 2023, $900 million in fiscal 2022 and $740 million in fiscal 2021. Net income in the same years was $10 million, $20 million, a loss of $21 million and a loss of $5 million. Over the twelve months to 1 July 2026, Shake Shack reported revenue of $1.6 billion and net income of $40 million. Revenue grew 22.6% a year, compounded, over the five years to fiscal 2025. At 1 July 2026 it carried $248 million of debt and $308 million of cash. At the close of 9 October 2026 the market cap of Shake Shack was $2.8 billion, 71.2 times its earnings over the last twelve months.

Ratios

From the filings

ROE7.3%
ROCE7.0%
Operating margin3.6%
Net margin2.6%
FCF margin-0.8%
Interest cover25.78
Debt to equity0.46
Cash conversion4.82
Share count, 1 yearn/a
Sales CAGR, 3 years17.1%
Profit CAGR, 3 yearsn/a
EPS, TTM$0.94

At the close of 9 October 2026

Price$66.92
Market cap$2.8 billion
Stock P/E71.19
Price to book5.15
EV / EBITDA16.25
Dividend yieldn/a
Market cap / sales1.80
52-week high$104.69
52-week low$52.34
Price, 1 year-26.5%
Price CAGR, 3 years5.6%
Price CAGR, 5 years-3.1%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Shake Shack Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
SHAKgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on SHAK

Filings21 in twelve months: 14 current reports (8-K), about 9 regulation FD disclosure; 5 results of operations; 5 officer or director change; 1 shareholder vote; 1 other events
Planned insider sales3 Form 144 notices in twelve months, $177,808; latest 15 April 2026
Options tapeput/call 0.92 by open interest at the 9 October 2026 close; the straddle prices a 4.8% move to 16 October 2026
13F holders7 of the followed funds hold it; largest Geode Capital Management; 6 Schedule 13D or 13G filings in twelve months
Insider trading6 sales and 9 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest3.6 million shares short, 2.14 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue276286291316317329321356367401367418
Operating income5.7-1.30.010.8-18.010.22.822.418.518.7-2.620.7
Operating margin2%-0%0%3%-6%3%1%6%5%5%-1%5%
Interest expense0.40.50.50.50.50.50.60.50.50.50.50.6
Pre-tax income8.71.52.713.6-15.012.95.224.721.121.5-0.422.8
Tax rate6%-384%19%23%n/a28%14%25%35%40%n/a26%
Net income7.67.22.09.7-10.28.74.217.112.511.8-0.315.7
Net margin3%3%1%3%-3%3%1%5%3%3%-0%4%
Diluted EPS$0.19$0.17$0.05$0.23-$0.26$0.21$0.10$0.41$0.30$0.28-$0.01$0.37
Operating cash flow28.441.530.753.541.945.131.265.063.063.18.557.0
Capital expenditure38.333.133.132.934.834.729.438.139.359.247.257.7
Free cash flow-9.98.4-2.420.67.110.41.926.923.74.0-38.7-0.7
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015FY2016FY2017FY2018FY2019FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Revenue1191912683594595955237409001,0881,2531,4451,552
Operating income3.16.827.833.831.725.7-43.9-15.9-26.95.93.062.555.4
Operating margin2.7%3.5%10.4%9.4%6.9%4.3%-8.4%-2.1%-3.0%0.5%0.2%4.3%3.6%
Interest expense0.40.30.41.62.40.40.81.61.51.72.02.22.1
Pre-tax income2.86.428.516030.827.5-45.5-17.3-24.317.014.272.665.0
Income tax0.73.36.31518.93.40.1-11.3-1.2-4.03.422.921.7
Effective tax rate23.8%51.4%22.3%94.5%28.8%12.3%n/an/an/a-23.6%24.0%31.5%33.4%
Net income2.1-8.812.4-0.315.219.8-42.2-4.6-21.220.310.245.739.7
Net margin1.8%-4.6%4.6%-0.1%3.3%3.3%-8.1%-0.6%-2.4%1.9%0.8%3.2%2.6%
Diluted EPS$0.07-$0.65$0.53-$0.01$0.52$0.61-$1.14-$0.12-$0.54$0.48$0.24$1.09$0.94
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Shack sales1,0471,2081,39196.3%
Sales-based royalties39.943.551.53.6%
Initial territory, opening, and termination fees0.91.62.60.2%
Shack salesSales-based royaltiesInitial territory, opening, and termination fees
1,088FY20231,253FY20241,445FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States1,0571,2191,40797.4%
Other countries30.833.338.22.6%
United StatesOther countries
1,088FY20231,253FY20241,445FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015FY2016FY2017FY2018FY2019FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Operating cash flow13.641.354.370.985.489.937.458.476.7132171222192
Capital expenditure28.532.154.461.587.510769.0101143146135166203
Free cash flow-14.99.1-0.19.3-2.1-16.6-31.7-43.1-65.8-14.035.756.5-11.7
Free cash flow margin-12.6%4.8%-0.1%2.6%-0.5%-2.8%-6.1%-5.8%-7.3%-1.3%2.8%3.9%-0.8%
Cash from investing-28.5-34.5-115-61.9-86.6-80.7-69.4-145-143-132-66.1-166-203
Cash from financing4.561.41.21.04.53.2142242-5.2-5.7-9.0-17.1-17.1
Depreciation and amortisationn/an/an/an/an/a40.448.859.072.891.2102107113
Share-based compensation0.216.75.45.66.17.55.68.713.314.915.919.518.8
Diluted shares, weighted30m14m23m26m29m32m37m39m39m44m44m42m42m
Shares outstanding at period end0n/an/an/an/an/an/an/an/an/an/an/an/a
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015FY2016FY2017FY2018FY2019FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Funded by
Shareholders' equity12.6101152169226299407410412443470525544
Non-controlling interestn/a56.449.255.047.423.227.226.124.626.023.628.427.2
Short-term borrowings32.00.0n/an/an/an/an/an/an/an/an/an/an/a
Debt0.30.30.0n/an/a0.00.0244245246247248248
Operating lease liabilitiesn/an/an/an/a0.0305344400427465494575622
Finance lease liabilitiesn/an/an/an/a0.03.63.64.33.98.78.69.78.3
Other liabilities38.0222337246337338364388399418454510500
Total liabilities and equity83.03805384716119681,1451,4721,5121,6061,6971,8961,950
Owned
Fixed assets70.193.0136187262315337389467531552626673
Investmentsn/a0.362.063.062.136.536.980.080.768.60.0n/an/a
Cash and equivalents2.770.811.621.524.837.1147302231225321360308
Receivables3.34.26.05.610.510.09.513.713.916.819.733.034.7
Inventory0.50.50.81.31.72.22.93.94.25.46.07.27.4
Other assets6.4211321192250568613682716759799870927
Total assets83.03805384716119681,1451,4721,5121,6061,6971,8961,950
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded22.5%22.6%17.1%17.3%
Profit growth, compoundedn/an/an/a99.7%
Return on equity, average2.0%1.8%5.1%8.7%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Shake Shack's revenue in fiscal 2025?

Shake Shack (SHAK) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 15.4% on the year before.

How much did Shake Shack earn in fiscal 2025?

Net income was $46 million for fiscal 2025, and diluted earnings per share $1.09.

What is Shake Shack's P/E ratio?

At the close of 9 October 2026, Shake Shack traded at 71.2 times its earnings over the twelve months to 1 July 2026.

What is Shake Shack's market cap?

The market cap of Shake Shack was $2.8 billion at the close of 9 October 2026.

How much debt does Shake Shack have?

At 1 July 2026 Shake Shack carried $248 million of debt and $308 million of cash.

Peers: Restaurants, Hotels, Motels

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Starbucks Corp. SBUX$103.5 billion52.16n/a7.8%4.5%n/a2.7%
Dutch Bros Inc. BROS$5.9 billion52.8511.6%9.6%29.6%0.25n/a
Travel & Leisure Co. TNL$3.8 billion17.12n/a13.7%4.5%n/a3.7%
Wingstop Inc. WING$3.3 billion29.04n/a27.9%7.6%n/a0.9%
Park Hotels & Resorts Inc. PK$3.1 billionn/a-5.3%2.0%-1.4%1.276.6%
Red Rock Resorts, Inc. RRR$2.9 billion17.5098.7%27.7%0.9%20.832.0%
Shake Shack Inc. SHAK$2.8 billion71.197.3%3.6%17.3%0.46n/a
Hilton Grand Vacations Inc. HGV$2.7 billion19.5213.7%9.9%5.4%4.42n/a
Sunstone Hotel Investors, Inc. SHO$2.1 billion51.362.2%9.1%7.3%0.523.2%
Penn Entertainment, Inc. PENN$2.1 billionn/a-48.7%-7.9%6.1%1.51n/a
Monarch Casino & Resort Inc. MCRI$2.0 billion18.3319.9%25.1%5.1%0.001.0%
Wendy's Co. WEN$1.2 billion9.47104.6%13.6%-1.0%22.8210.7%
All 36 in Restaurants, Hotels, Motels
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
McDonald's Corp. MCD$166.5 billion19.11n/a46.2%6.3%n/a3.0%
Starbucks Corp. SBUX$103.5 billion52.16n/a7.8%4.5%n/a2.7%
Marriott International Inc. MAR$95.4 billion37.92n/a15.8%4.7%n/a0.7%
Hilton Worldwide Holdings Inc. HLT$73.7 billion47.95n/a23.3%8.7%n/a0.2%
Chipotle Mexican Grill Inc. CMG$40.0 billion28.9764.5%14.7%7.3%0.00n/a
Yum! Brands, Inc. YUM$39.5 billion18.22n/a31.0%10.3%n/a2.0%
InterContinental Hotels Group PLC IHG *$24.4 billion33.05n/a23.1%5.4%n/a1.1%
Las Vegas Sands Corp. LVS$23.4 billion14.07297.2%21.5%18.1%23.572.8%
Darden Restaurants Inc. DRI$22.4 billion19.3257.2%11.7%8.1%0.793.0%
Hyatt Hotels Corp. H$15.7 billion197.462.4%n/a5.8%1.110.4%
Aramark ARMK$14.5 billion38.4211.3%4.4%11.0%1.800.8%
Texas Roadhouse, Inc. TXRH$10.6 billion25.8326.5%7.7%9.9%0.031.7%
Brinker International, Inc. EAT$8.2 billion17.80109.8%10.7%7.9%0.950.6%
Wynn Resorts Ltd. WYNN$7.8 billion18.65n/a15.7%6.4%n/a1.3%
MGM Resorts International MGM$7.4 billion17.7316.9%5.7%3.2%2.410.0%
Cava Group, Inc. CAVA$6.3 billion97.587.9%5.2%26.8%0.00n/a
Caesars Entertainment, Inc. CZR$6.0 billionn/a-13.8%15.9%2.4%3.50n/a
Dutch Bros Inc. BROS$5.9 billion52.8511.6%9.6%29.6%0.25n/a
Wyndham Hotels & Resorts, Inc. WH$5.5 billion27.2343.3%30.2%-2.1%5.532.2%
Cheesecake Factory Inc. CAKE$5.4 billion29.3934.4%5.3%5.7%1.081.0%
Boyd Gaming Corp. BYD$5.0 billion3.0372.7%16.4%1.7%1.051.0%
Choice Hotels International Inc. CHH$4.8 billion14.92230.9%25.2%2.6%14.081.1%
Travel & Leisure Co. TNL$3.8 billion17.12n/a13.7%4.5%n/a3.7%
Wingstop Inc. WING$3.3 billion29.04n/a27.9%7.6%n/a0.9%
Park Hotels & Resorts Inc. PK$3.1 billionn/a-5.3%2.0%-1.4%1.276.6%
Red Rock Resorts, Inc. RRR$2.9 billion17.5098.7%27.7%0.9%20.832.0%
Shake Shack Inc. SHAK$2.8 billion71.197.3%3.6%17.3%0.46n/a
Hilton Grand Vacations Inc. HGV$2.7 billion19.5213.7%9.9%5.4%4.42n/a
Sunstone Hotel Investors, Inc. SHO$2.1 billion51.362.2%9.1%7.3%0.523.2%
Penn Entertainment, Inc. PENN$2.1 billionn/a-48.7%-7.9%6.1%1.51n/a
Monarch Casino & Resort Inc. MCRI$2.0 billion18.3319.9%25.1%5.1%0.001.0%
Xenia Hotels & Resorts, Inc. XHR$1.7 billionn/a-0.7%6.7%1.6%1.223.1%
Cracker Barrel OLD Country Store, Inc. CBRL$1.3 billion41.046.6%-0.4%-4.7%0.711.7%
BJs Restaurants Inc. BJRI$1.3 billion31.9910.3%2.7%3.5%0.110.8%
Wendy's Co. WEN$1.2 billion9.47104.6%13.6%-1.0%22.8210.7%
Papa Johns International Inc. PZZA$649 million24.99n/a4.3%-5.6%n/a9.3%
3 companies share its SEC industry code (Retail-Eating & Drinking Places); the rest are the names nearest in size in its wider industry, Restaurants, Hotels, Motels, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q1 July 20265 August 2026EDGAR
10-Q1 April 20267 May 2026EDGAR
10-K31 December 202526 February 2026EDGAR
10-Q24 September 202530 October 2025EDGAR
10-Q25 June 202531 July 2025EDGAR
10-Q26 March 20251 May 2025EDGAR
10-K25 December 202421 February 2025EDGAR
10-Q25 September 202431 October 2024EDGAR
10-Q26 June 20242 August 2024EDGAR
10-Q27 March 20243 May 2024EDGAR

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