Shake Shack (SHAK) FY2025 results: revenue $1.4 billion, up 15.4% on the year
Shake Shack Inc. (SHAK) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 15.4% on the year before. Net income was $46 million, up 348.0%, and diluted earnings per share $1.09. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.4 billion
+15.4% on the year
FY2018FY2025
Operating margin
4.3%
0.2% a year earlier
FY2018FY2025
Net income
$46 million
+348.0% on the year
FY2018FY2025
Diluted EPS
$1.09
+354.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 6 new, 14 kept.
Revenue and system-wide sales rose: Total revenue rose 21.9% to $400.5 million, including $385.3 million of Shack sales and $15.2 million of Licensing revenue. System-wide sales rose 23.4% to $618.0 million, driven by new openings and same-Shack growth.
Same-Shack sales up 2.1%: Same-Shack sales grew 2.1%, the 20th consecutive quarter of positive growth for the company. Same-Shack sales improved each month of the quarter.
Full-year results and 53-week year: Fiscal 2025 had 53 weeks, with the extra week in the fourth quarter. Full-year total revenue rose 15.4% to $1,445.3 million, same-Shack sales rose 2.3%, and Adjusted EBITDA rose 19.5% to $209.9 million.
Licensing sales rose 26.4%: Licensing sales rose 26.4% to $232.7 million and licensing revenue rose 26.7% to $15.2 million. Growth came from new openings and newer markets such as Canada and Israel; 286 licensed Shacks operate across 20 markets.
Restaurant-level margin flat at 22.7%: Restaurant-level profit rose 21.6% to $87.4 million, with margin flat at 22.7% of Shack sales. Labor productivity helped offset higher beef costs and marketing investments.
$ million except per share. 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.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
222
171
132
+29.9%
Capital expenditure
166
135
146
+22.4%
Free cash flow
56.5
35.7
-14.0
+58.5%
Free cash flow margin
3.9%
2.8%
-1.3%
Cash from investing
-166
-66.1
-132
Cash from financing
-17.1
-9.0
-5.7
Depreciation and amortisation
107
102
91.2
+4.0%
Share-based compensation
19.5
15.9
14.9
+22.5%
Diluted shares, weighted
42m
44m
44m
-5.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
525
470
443
+11.8%
Non-controlling interest
28.4
23.6
26.0
+20.4%
Debt
248
247
246
+0.4%
Operating lease liabilities
575
494
465
+16.3%
Finance lease liabilities
9.7
8.6
8.7
+13.1%
Other liabilities
510
454
418
+12.4%
Total liabilities and equity
1,896
1,697
1,606
+11.7%
Fixed assets
626
552
531
+13.5%
Investments
n/a
0.0
68.6
Cash and equivalents
360
321
225
+12.3%
Receivables
33.0
19.7
16.8
+67.4%
Inventory
7.2
6.0
5.4
+19.4%
Other assets
870
799
759
+8.9%
Total assets
1,896
1,697
1,606
+11.7%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.