Shake Shack Inc. (SHAK) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SHAK SEC filings page.
Shake Shack Inc. (SHAK) reported $1.6B in revenue over the twelve months to Jul 1, 2026, up 17.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Shake Shack has shifted from expansion that consumed cash to growth that funds reinvestment, with profitability improving sharply in FY2025.
The key shift is cash conversion catching up with expansion: in FY2023, operating cash flow of$132M fell short of$146M in capital spending, leaving free cash flow negative after reinvestment. By FY2025, operating cash flow reached$222M against$166M of capital spending, producing$56.5M of free cash flow; recent profit improvement therefore arrived alongside self-funded expansion, not merely better accounting results.
Operating margin progressed from
The balance sheet is becoming more committed to near-term obligations: the current ratio fell from 3.4x in FY2021 to 1.8x in FY2025, reducing short-term cushion. At the same time, total assets rose from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Shake Shack Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Shake Shack Inc. has an operating margin of 4.3%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 35/100, indicating healthy but not exceptional operating efficiency. This is up from 0.2% the prior year.
Shake Shack Inc.'s revenue surged 15.4% year-over-year to $1.4B, reflecting rapid business expansion. This strong growth earns a score of 76/100.
Shake Shack Inc. carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Shake Shack Inc.'s current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.
Shake Shack Inc. has a free cash flow margin of 3.9%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.
Shake Shack Inc. generates a 9.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is up from 2.3% the prior year.
Shake Shack Inc. scores 2.29, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($2.8B) relative to total liabilities ($1.3B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Shake Shack Inc. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Shake Shack Inc. generates $4.47 in operating cash flow ($222.4M OCF vs $49.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Shake Shack Inc. earns $28.95 in operating income for every $1 of interest expense ($62.5M vs $2.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Shake Shack Inc. generated $417.6M in revenue in Q3 2026. This represents an increase of 13.7% from the same quarter a year earlier. Against the prior quarter it is up 13.9%.
Shake Shack Inc.'s EBITDA was $51.5M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.8% from the same quarter a year earlier. Against the prior quarter it is up 94.3%.
Shake Shack Inc. reported $15.7M in net income in Q3 2026. This represents an increase of 25.4% from the same quarter a year earlier. Against the prior quarter it is up 5506.9%.
Shake Shack Inc. earned $0.37 per diluted share (EPS) in Q3 2026. This represents an increase of 23.3% from the same quarter a year earlier. Against the prior quarter it is up 3800.0%.
Cash & Balance Sheet
Shake Shack Inc. recorded an outflow of $736K in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents a decrease of 103.1% from the same quarter a year earlier. Against the prior quarter it is up 98.1%.
Shake Shack Inc. held $308.0M in cash against $248.3M in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Shake Shack Inc.'s operating margin was 5.0% in Q3 2026, reflecting core business profitability. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.7 percentage points.
Shake Shack Inc.'s net profit margin was 3.8% in Q3 2026, showing the share of revenue converted to profit. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.8 percentage points.
Shake Shack Inc.'s ROE was 2.9% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.9 percentage points.
Not reported for Q3 2026.
Capital Allocation
Shake Shack Inc. invested $57.7M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 47.0% from the same quarter a year earlier. Against the prior quarter it is up 22.3%.
Not reported for Q3 2026.
Not reported for Q3 2026.
SHAK Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $417.6M+13.7% | $366.7M+2.9% | $400.5M+21.9% | $367.4M+15.9% | $356.5M+12.6% | $320.9M+10.5% | $328.7M+14.8% | $316.9M+14.7% |
| SG&A Expenses | $48.3M+8.9% | $53.6M+31.8% | $50.5M+23.0% | $44.4M+24.3% | $40.7M+12.0% | $40.6M+13.1% | $41.1M+14.8% | $35.7M+15.4% |
| Operating Income | $20.7M+11.9% | -$2.6M-111.8% | $18.7M+83.6% | $18.5M+203.1% | $22.4M+107.5% | $2.8M+8258.8% | $10.2M+888.4% | -$18.0M-418.0% |
| EBITDA | $51.5M+12.8% | $26.5M-45.9% | $45.2M+25.4% | $45.6M+490.0% | $48.9M+34.8% | $29.4M+15.3% | $36.0M+55.0% | $7.7M-73.1% |
| Interest Expense | $553K+9.7% | $548K0.0% | $544K+6.3% | $504K+1.2% | $548K+4.0% | $563K+10.8% | $512K+7.6% | $498K+15.0% |
| Income Tax | $5.9M-20.5% | -$145K-102.3% | $8.5M+136.7% | $7.4M+292.0% | $6.2M+95.2% | $737K+42.3% | $3.6M+162.7% | -$3.9M-832.1% |
| Net Income | $15.7M+25.4% | -$290K-101.7% | $15.8M+69.6% | $12.5M+222.4% | $17.1M+77.4% | $4.2M+108.1% | $9.3M+17.1% | -$10.2M-233.9% |
| EPS (Basic) | $0.39+25.8% | -$0.01-102.3% | $0.30+36.4% | $0.31+219.2% | $0.43+79.2% | $0.11+120.0% | $0.22+22.2% | -$0.26-236.8% |
| EPS (Diluted) | $0.37+23.3% | -$0.01-102.4% | $0.28+33.3% | $0.30+215.4% | $0.41+78.3% | $0.10+100.0% | $0.21+23.5% | -$0.26-236.8% |
| Diluted Shares (Avg) | 42M0.0% | 40M-3.7% | N/A | 42M+4.7% | 42M+0.8% | 42M+1.5% | N/A | 40M-9.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
SHAK Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B+6.7% | $1.9B+8.0% | $1.9B+11.7% | $1.8B+9.1% | $1.8B+6.8% | $1.7B+6.7% | $1.7B+5.7% | $1.7B+5.9% |
| Current Assets | $393.8M-5.1% | $393.9M+0.8% | $430.3M+16.9% | $414.8M+17.2% | $390.8M+13.1% | $364.6M+11.8% | $368.2M+10.1% | $354.0M+9.5% |
| Cash & Equivalents | $308.0M-13.9% | $313.6M-6.9% | $360.1M+12.3% | $357.8M+15.1% | $336.8M+11.6% | $312.9M+20.3% | $320.7M+42.8% | $310.9M+63.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% |
| Inventory | $7.4M+16.6% | $6.6M+9.7% | $7.2M+19.4% | $6.3M+22.6% | $6.0M+16.1% | $5.3M+4.7% | $6.0M+11.3% | $5.1M+11.7% |
| Accounts Receivable | $34.7M+68.1% | $29.2M+37.6% | $33.0M+67.4% | $20.6M+23.1% | $21.2M+33.2% | $18.3M+26.5% | $19.7M+16.9% | $16.7M+20.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.4B+6.7% | $1.4B+8.5% | $1.3B+11.6% | $1.3B+8.0% | $1.3B+6.9% | $1.2B+7.3% | $1.2B+5.9% | $1.2B+6.5% |
| Current Liabilities | $236.0M+4.7% | $232.6M+14.0% | $244.9M+30.8% | $225.3M+28.2% | $204.1M+21.4% | $190.6M+18.3% | $187.3M+14.2% | $175.8M+15.5% |
| Non-Current Liabilities | $1.1B+7.1% | $1.1B+7.5% | $1.1B+8.0% | $1.1B+4.5% | $1.1B+4.4% | $1.0B+5.5% | $1.0B+4.5% | $1.0B+5.1% |
| Long-Term Debt | $248.3M+0.3% | $248.0M+0.3% | $247.7M+0.4% | $247.5M+0.4% | $247.2M+0.4% | $246.9M+0.4% | $246.7M+0.4% | $246.4M+0.4% |
| Total Equity | $544.3M+6.9% | $525.9M+6.4% | $525.3M+11.8% | $509.0M+11.6% | $494.1M+6.9% | $473.3M+6.0% | $470.0M+6.0% | $456.1M+5.2% |
| Retained Earnings | $88.1M+44.7% | $72.4M+49.7% | $72.7M+169.5% | $60.9M+233.1% | $48.4M+69.8% | $31.2M+66.0% | $27.0M+60.8% | $18.3M+91.3% |
Not reported in any period shown, so not listed: Goodwill.
SHAK Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $57.0M-9.6% | $8.5M-86.9% | $63.1M+40.0% | $63.0M+50.5% | $65.0M+21.4% | $31.2M+1.8% | $45.1M+8.5% | $41.9M+47.4% |
| Depreciation & Amortization | $30.7M+13.4% | $29.1M+9.7% | $26.4M+2.4% | $27.1M+5.3% | $26.5M+4.1% | $26.5M+4.3% | $25.8M+5.2% | $25.7M+11.2% |
| Stock-Based Compensation | $3.9M-11.3% | $5.2M-0.9% | N/A | $4.4M+6.4% | $5.2M+39.3% | $4.5M+24.7% | N/A | $4.2M+19.3% |
| Capital Expenditures | $57.7M+47.0% | $47.2M+23.9% | $59.2M+70.5% | $39.3M+12.8% | $38.1M+15.6% | $29.4M-11.2% | $34.7M+4.7% | $34.8M-9.1% |
| Free Cash Flow | -$736K-103.1% | -$38.7M-243.8% | $4.0M-61.6% | $23.7M+236.6% | $26.9M+30.6% | $1.9M+178.3% | $10.4M+23.4% | $7.1M+171.4% |
| Investing Cash Flow | -$57.7M-47.0% | -$47.2M-23.9% | -$59.2M-70.5% | -$39.3M-23.4% | -$38.1M-250.1% | -$29.4M-359.6% | -$34.7M-473.0% | -$31.8M+22.1% |
| Financing Cash Flow | -$5.0M-77.5% | -$7.8M-156.5% | -$1.6M-201.3% | -$2.8M-171.4% | -$3.0M-193.6% | -$9.7M-50.5% | -$537K+37.5% | -$1.0M+16.4% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SHAK Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 5.0%-0.1pp | -0.7%-7.0pp | 4.7%+1.6pp | 5.1%+10.7pp | 6.3%+2.9pp | 0.9%+0.9pp | 3.1%+3.6pp | -5.7%-7.7pp |
| Net Margin | 3.8%+0.3pp | -0.1%-4.9pp | 4.0%+1.1pp | 3.4%+6.6pp | 4.8%+1.8pp | 1.3%+0.6pp | 2.8%+0.1pp | -3.2%-6.0pp |
| Return on Equity | 2.9%+0.4pp | -0.1%-3.5pp | 3.0%+1.0pp | 2.5%+4.7pp | 3.5%+1.4pp | 0.9%+0.4pp | 2.0%+0.2pp | -2.2%-4.0pp |
| Return on Assets | 0.8%+0.1pp | 0.0%-1.0pp | 0.8%+0.3pp | 0.7%+1.3pp | 1.0%+0.4pp | 0.3%+0.1pp | 0.5%0.0pp | -0.6%-1.1pp |
| Current Ratio | 1.67-0.2x | 1.69-0.2x | 1.76-0.2x | 1.84-0.2x | 1.92-0.1x | 1.91-0.1x | 1.97-0.1x | 2.01-0.1x |
| Debt-to-Equity | 0.460.0x | 0.470.0x | 0.47-0.1x | 0.49-0.1x | 0.500.0x | 0.520.0x | 0.520.0x | 0.540.0x |
| Asset Turnover | 0.210.0x | 0.190.0x | 0.210.0x | 0.200.0x | 0.200.0x | 0.190.0x | 0.190.0x | 0.190.0x |
| FCF Margin | -0.2%-6.6pp | -10.5%-18.1pp | 1.0%-2.2pp | 6.5%+4.2pp | 7.5%+1.0pp | 0.6%+1.4pp | 3.2%+0.2pp | 2.2%+5.8pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Shake Shack Inc. SHAK | FY2025 | $1.4B | $49.7M | 3.4% | $2.8B | 53/100 |
| Brinker International, Inc. EAT | FY2026 | $5.8B | $487.0M | 8.4% | $8.1B | 58/100 |
| Cheesecake Factory (The) CAKE | FY2025 | $3.8B | $148.0M | 3.9% | $5.4B | 41/100 |
| Wingstop Inc WING | FY2025 | $696.9M | $174.3M | 25.0% | $3.4B | 75/100 |
| CAVA Group, Inc. CAVA | FY2025 | $1.2B | $63.7M | 5.4% | $6.1B | 52/100 |
| Texas Roadhouse, Inc. TXRH | FY2025 | $5.9B | $405.6M | 6.9% | $10.4B | 63/100 |
Where Shake Shack Inc. Ranks
Frequently Asked Questions
What is Shake Shack Inc.'s annual revenue?
Shake Shack Inc. (SHAK) reported $1.4B in total revenue for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Shake Shack Inc.'s revenue growing?
Shake Shack Inc. (SHAK) revenue grew by 15.4% year-over-year, from $1.3B to $1.4B in fiscal year 2025.
Is Shake Shack Inc. profitable?
Yes, Shake Shack Inc. (SHAK) reported a net income of $49.7M in fiscal year 2025, with a net profit margin of 3.4%.
What is Shake Shack Inc.'s EBITDA?
Shake Shack Inc. (SHAK) had EBITDA of $169.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Shake Shack Inc. have?
As of fiscal year 2025, Shake Shack Inc. (SHAK) had $360.1M in cash and equivalents against $247.7M in long-term debt.
What is Shake Shack Inc.'s operating margin?
Shake Shack Inc. (SHAK) had an operating margin of 4.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Shake Shack Inc.'s net profit margin?
Shake Shack Inc. (SHAK) had a net profit margin of 3.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Shake Shack Inc.'s return on equity (ROE)?
Shake Shack Inc. (SHAK) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Shake Shack Inc.'s free cash flow?
Shake Shack Inc. (SHAK) generated $56.5M in free cash flow during fiscal year 2025. This represents a 58.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Shake Shack Inc.'s operating cash flow?
Shake Shack Inc. (SHAK) generated $222.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Shake Shack Inc.'s total assets?
Shake Shack Inc. (SHAK) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Shake Shack Inc.'s capital expenditures?
Shake Shack Inc. (SHAK) invested $165.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Shake Shack Inc.'s current ratio?
Shake Shack Inc. (SHAK) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.
What is Shake Shack Inc.'s debt-to-equity ratio?
Shake Shack Inc. (SHAK) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Shake Shack Inc.'s return on assets (ROA)?
Shake Shack Inc. (SHAK) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Shake Shack Inc.'s P/E ratio?
Shake Shack Inc. (SHAK) trades at 64.1x earnings, its market capitalization divided by net income of $43.7M net income, trailing 12 months to July 1, 2026. The market capitalization is $2.8B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Shake Shack Inc.'s price-to-sales ratio?
Shake Shack Inc. (SHAK) trades at 1.8x sales, its market capitalization divided by revenue of $1.6B revenue, trailing 12 months to July 1, 2026. The market capitalization is $2.8B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Shake Shack Inc.'s Altman Z-Score?
Shake Shack Inc. (SHAK) has an Altman Z-Score of 2.29, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Shake Shack Inc.'s Piotroski F-Score?
Shake Shack Inc. (SHAK) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Shake Shack Inc.'s earnings high quality?
Shake Shack Inc. (SHAK) has an earnings quality ratio of 4.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Shake Shack Inc. cover its interest payments?
Shake Shack Inc. (SHAK) has an interest coverage ratio of 28.95x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Shake Shack Inc.?
Shake Shack Inc. (SHAK) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.