Shake Shack (SHAK) FY2024 results: revenue $1.3 billion, up 15.2% on the year

Shake Shack Inc. (SHAK) reported revenue of $1.3 billion for fiscal 2024, the year ended 25 December 2024, up 15.2% on the year before. Net income was $10 million, down 49.6%, and diluted earnings per share $0.24. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$1.3 billion

+15.2% on the year

FY2017FY2024

Operating margin

0.2%

0.5% a year earlier

FY2017FY2024

Net income

$10 million

-49.6% on the year

FY2017FY2024

Diluted EPS

$0.24

-50.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,253	1,088	900	+15.2%
Operating income	3.0	5.9	-26.9	-48.7%
Operating margin	0.2%	0.5%	-3.0%
Interest expense	2.0	1.7	1.5	+19.1%
Pre-tax income	14.2	17.0	-24.3	-16.1%
Income tax	3.4	-4.0	-1.2
Effective tax rate	24.0%	-23.6%	n/a
Net income	10.2	20.3	-21.2	-49.6%
Net margin	0.8%	1.9%	-2.4%
Diluted EPS	$0.24	$0.48	-$0.54	-50.0%

$ million except per share.

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. 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.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	171	132	76.7	+29.5%
Capital expenditure	135	146	143	-7.3%
Free cash flow	35.7	-14.0	-65.8
Free cash flow margin	2.8%	-1.3%	-7.3%
Cash from investing	-66.1	-132	-143
Cash from financing	-9.0	-5.7	-5.2
Depreciation and amortisation	102	91.2	72.8	+12.3%
Share-based compensation	15.9	14.9	13.3	+6.9%
Diluted shares, weighted	44m	44m	39m	+0.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	470	443	412	+6.0%
Non-controlling interest	23.6	26.0	24.6	-9.0%
Debt	247	246	245	+0.4%
Operating lease liabilities	494	465	427	+6.5%
Finance lease liabilities	8.6	8.7	3.9	-1.2%
Other liabilities	454	418	399	+8.6%
Total liabilities and equity	1,697	1,606	1,512	+5.7%
Fixed assets	552	531	467	+3.9%
Investments	0.0	68.6	80.7
Cash and equivalents	321	225	231	+42.8%
Receivables	19.7	16.8	13.9	+16.9%
Inventory	6.0	5.4	4.2	+11.3%
Other assets	799	759	716	+5.2%
Total assets	1,697	1,606	1,512	+5.7%

10-K for the year ended 25 December 2024, filed 21 February 2025: the filing.