Shake Shack (NYSE: SHAK) lifts Q2 2026 sales 17.2% to $417.6M

Rhea-AI Filing Summary

Shake Shack Inc. reported strong top-line growth for the second quarter of 2026, with total revenue of $417.6 million, up 17.2% versus 2025. Shack sales were $403.4 million and licensing revenue $14.2 million. System-wide sales reached $625.8 million, up 13.8%. Same-Shack sales grew 3.5% with positive traffic of 2.0%, and average weekly sales were a steady $78,000.

Profitability was mixed. Restaurant-level profit was $92.7 million with a margin of 23.0% of Shack sales, down 90 basis points year over year, reflecting record-high beef costs and higher operating expenses. Operating income was $20.7 million and net income $16.9 million; diluted EPS was $0.37. Adjusted EBITDA was $61.2 million, up 3.9%, with a 14.7% margin. The company ended the quarter with $308.0 million in cash and $248.3 million of long-term debt.

Growth remains a focus. Shake Shack opened 16 new Company-operated and 11 new licensed Shacks in the quarter, bringing the system-wide count to 703. For fiscal 2026, management projects total revenue of $1.6–$1.7 billion, restaurant-level profit margin of 22.0%–23.0%, adjusted EBITDA of $225–$235 million, and an adjusted pro forma tax rate of 25%–27%.

Filing Explained

At July 1, cash was $307,962 thousand after $65,462 thousand of operating inflow and $104,901 thousand of capital spending; 2026 guidance remains preliminary.

This Form 8-K records Shake Shack’s completed fiscal second quarter ended July 1, 2026; its results release and shareholder letter were furnished as exhibits under Items 2.02 and 7.01, rather than filed as financial statements. At quarter-end, the company reported $307,962 thousand of cash and $248,255 thousand of long-term debt.

For the first 26 weeks, operating activities provided $65,462 thousand, while property and equipment purchases used $104,901 thousand. The disclosed cash position therefore reflects an expansion period in which capital spending exceeded operating cash generation, with the difference funded alongside other cash-flow items.

The company’s restaurant-level profit and adjusted EBITDA are non-GAAP measures: restaurant-level profit excludes general and administrative and pre-opening costs, while adjusted EBITDA excludes equity compensation and other specified items. They supplement, rather than replace, the GAAP operating results reported in the same exhibit.

The fiscal 2026 outlook remains preliminary and unaudited; the company says actual results will be reported in the Quarterly Report on Form 10-Q for the quarter ended July 1, 2026 and the fiscal-year Form 10-K.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue: $417.6 million System-wide sales: $625.8 million Same-Shack sales growth: 3.5% +5 more

8 metrics

Total revenue $417.6 million Thirteen weeks ended July 1, 2026; up 17.2% versus 2025

System-wide sales $625.8 million Q2 2026; 13.8% growth year-over-year

Same-Shack sales growth 3.5% Q2 2026 vs 2025; includes 2.0% positive traffic

Restaurant-level profit $92.7 million Q2 2026; 23.0% of Shack sales, down from 23.9% in 2025

Net income $16.9 million Q2 2026; compared with $18.5 million in 2025

Adjusted EBITDA $61.2 million Q2 2026; up 3.9% year-over-year with 14.7% margin

Cash and cash equivalents $307.962 million Balance sheet as of July 1, 2026

FY 2026 revenue guidance $1.6–$1.7 billion Company-operated and licensed system projected total revenue range

Key Terms

Restaurant-level profit, Adjusted EBITDA, Same-Shack sales, System-wide sales, +2 more

6 terms

Restaurant-level profit financial

"Restaurant-level profit of $92.7 million, or 23.0% of Shack sales."

Restaurant-level profit is the money a single location generates after paying the costs of running that restaurant—food and drink supplies, staff wages, rent, utilities and other day-to-day expenses—but before corporate overhead, interest, taxes or central investments. Investors use it like a per-store checkup: it shows whether each location’s basic business model is healthy and repeatable, helping judge unit economics, break-even points and how well growth will translate into company-wide profits.

Adjusted EBITDA financial

"Adjusted EBITDA(1) of $61.2 million, up 3.9% versus 2025."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Same-Shack sales financial

"Same-Shack sales up 3.5% versus 2025."

Same-shack sales measure how revenue changed at a company's existing retail locations by comparing sales from stores that were open for a defined prior period, excluding new openings and closed outlets. For investors, this shows whether demand is growing at the core business — like checking how a fixed set of shops are performing rather than counting extra stores — which helps separate true customer demand from growth driven by adding locations.

System-wide sales financial

"System-wide sales of $625.8 million, up 13.8% versus 2025."

Total revenue generated by every outlet in a company’s network, including both company-owned and franchised locations, measured over a given period. Investors watch system-wide sales as a broad indicator of brand demand and growth—like checking the overall temperature of a chain rather than one store—because rising totals suggest the business model and customer base are expanding even if ownership mixes vary.

Adjusted pro forma net income financial

"Adjusted pro forma net income(1) of $18.9 million, or earnings of $0.43 per fully exchanged and diluted share."

Adjusted pro forma net income is a company’s earnings figure that starts with the official net profit and then removes or adds back unusual, one-time or non-operating items to show the business’s recurring profit. Investors use it like a cleaned-up profit number—similar to wiping away temporary clutter to see how a store performs on a regular day—to judge underlying strength and compare companies, but it can vary by what management chooses to exclude.

tax receivable agreement financial

"Liabilities under tax receivable agreement, net of current portion 244,713."

A contract in which a company agrees to pay a specified party (often former owners after a spinoff or IPO) a share of future tax savings the company realizes. Think of it like agreeing to share a future tax refund with someone who helped create the conditions for that refund. For investors it matters because those payments reduce the cash the company can use for dividends, buybacks, or reinvestment, and therefore affect valuation and returns.

Earnings Snapshot

Total revenue: $417.6 million for Q2 2026 · Guidance included

Thirteen and twenty-six weeks ended July 1, 2026

Total revenue $417.6 million for Q2 2026 +17.2% vs Q2 2025

System-wide sales $625.8 million for Q2 2026 +13.8% vs Q2 2025

Same-Shack sales +3.5% in Q2 2026 Includes +2.0% traffic; 22nd consecutive positive SSS quarter

Restaurant-level profit margin 23.0% of Shack sales in Q2 2026 Down 90 basis points from 23.9% in Q2 2025

Net income $16.9 million in Q2 2026 Compared with $18.5 million in Q2 2025

Adjusted EBITDA $61.2 million in Q2 2026 +3.9% year-over-year; 14.7% of total revenue

Guidance

For fiscal 2026 the company projects total revenue of $1.6b–$1.7b, restaurant-level profit margin of 22.0%–23.0%, general and administrative expenses at 12.0%–13.0% of total revenue, adjusted EBITDA of $225m–$235m and an adjusted pro forma tax rate of 25%–27%.

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FAQ

How much revenue did Shake Shack (SHAK) generate in Q2 2026?

Shake Shack generated $417.6 million in total revenue in Q2 2026, an increase of 17.2% versus 2025. This included $403.4 million of Shack sales and $14.2 million of licensing revenue.

What were Shake Shack (SHAK)’s earnings and margins in Q2 2026?

Shake Shack reported net income of $16.9 million in Q2 2026, with diluted EPS of $0.37. Restaurant-level profit was $92.7 million, a 23.0% margin on Shack sales, while adjusted EBITDA was $61.2 million, or 14.7% of total revenue.

How did Shake Shack (SHAK)’s same-Shack sales perform in Q2 2026?

Same-Shack sales for Shake Shack grew 3.5% year-over-year in Q2 2026, including 2.0% positive traffic. This marked the company’s fourth consecutive quarter of positive traffic and its 22nd consecutive quarter of positive same-Shack sales growth.

What guidance did Shake Shack (SHAK) give for fiscal year 2026?

For fiscal 2026, Shake Shack projects $1.6–$1.7 billion in total revenue, restaurant-level profit margin of 22.0%–23.0%, adjusted EBITDA of $225–$235 million, and an adjusted pro forma tax rate between 25% and 27%.

How rapidly is Shake Shack (SHAK) expanding its restaurant base?

In Q2 2026, Shake Shack opened 16 new Company-operated and 11 new licensed Shacks, ending the quarter with 703 locations system-wide. For 2026, it plans to open 60–65 Company-operated and 40–45 licensed Shacks.

What non-GAAP measures does Shake Shack (SHAK) highlight for Q2 2026?

Shake Shack emphasizes Restaurant-level profit, Adjusted EBITDA, and Adjusted pro forma net income. In Q2 2026, adjusted EBITDA was $61.2 million, and adjusted pro forma net income was $18.9 million, or $0.43 per fully exchanged and diluted share.

What is Shake Shack (SHAK)’s cash and debt position as of July 1, 2026?

As of July 1, 2026, Shake Shack held $307.96 million in cash and cash equivalents and had $248.26 million in long-term debt, with total assets of $1.95 billion and total equity of $571.55 million.

0001620533false00016205332026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

August 5, 2026

Date of Report (Date of earliest event reported)

SHAKE SHACK INC.

(Exact name of registrant as specified in its charter)

Delaware			001-36823			47-1941186
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(IRS Employer Identification No.)

225 Varick Street
Suite 301
			New York,			New York			10014
			(Address of principal executive offices)						(Zip Code)

(646) 747-7200

(Registrant's telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Class A Common Stock, par value $0.001			SHAK			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, Shake Shack Inc. (the “Company”) issued a press release and shareholder letter announcing its financial results for the fiscal second quarter ended July 1, 2026. The full text of the press release and shareholder letter are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On August 5, 2026, in addition to issuing a press release, the Company issued a shareholder letter for its fiscal second quarter ended July 1, 2026 on its website at investor.shakeshack.com. The shareholder letter is furnished as Exhibit 99.2 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit Number						Exhibit Description
99.1						Press release dated August 5, 2026 announcing financial results for the fiscal second quarter ended July 1, 2026. (furnished only)
99.2						Shareholder letter dated August 5, 2026. (furnished only)
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Shake Shack Inc.
			(Registrant)
			By:			/s/ Michelle Hook
						Michelle Hook
Date: August 5, 2026						Chief Financial Officer

Exhibit 99.1

Shake Shack Announces Second Quarter 2026 Financial Results

▪Total revenue of $417.6 million, up 17.2% versus 2025, including $403.4 million of Shack sales and $14.2 million of Licensing revenue.

▪System-wide sales of $625.8 million, up 13.8% versus 2025.

▪Same-Shack sales up 3.5% versus 2025.

▪Operating income of $20.7 million versus $22.4 million in 2025.

•Restaurant-level profit(1) of $92.7 million, or 23.0% of Shack sales.

▪Net income of $16.9 million versus $18.5 million in 2025.

•Adjusted EBITDA(1) of $61.2 million, up 3.9% versus 2025.

▪Net income attributable to Shake Shack Inc. of $15.7 million, or earnings of $0.37 per diluted share.

•Adjusted pro forma net income(1) of $18.9 million, or earnings of $0.43 per fully exchanged and diluted share.

▪Opened 16 new Company-operated Shacks and 11 new licensed Shacks.

NEW YORK, NY (Business Wire) — August 5, 2026 — Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the second quarter of 2026 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q2 2026 Shake Shack Shareholder Letter.

Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Robert Lynch, Chief Executive Officer, and Michelle Hook, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until August 12, 2026 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13760719.

The live audio webcast of the conference call will be accessible in the Events & Presentations section on the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.

(1)Restaurant-level profit, Adjusted EBITDA and Adjusted pro forma net income are non-GAAP measures. A reconciliation to the most directly comparable financial measures presented in accordance with GAAP is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures” below.

Exhibit 99.1

About Shake Shack

Shake Shack serves elevated versions of American classics using only the best ingredients. It's known for its delicious made-to-order Angus beef burgers, crinkle cut fries, crispy chicken, hand spun milkshakes, house-made lemonades, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal. Shake Shack's purpose is to Stand For Something Good®, from its premium ingredients and team member development to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC's Madison Square Park, the Company has expanded to over 710 locations system-wide, including approximately 460 in 35 U.S. States and the District of Columbia, and over 250 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

Skip the line with the Shack App, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android.

Media:

Corey Gee, Shake Shack

cblumenthal@shakeshack.com

Investor Relations:

Alison Sternberg, Shake Shack

Head of Investor Relations

(844) SHACK-04 (844-742-2504)

investor@shakeshack.com

Definitions

The following definitions apply to these terms as used in this release:

"Shack sales" is defined as the aggregate sales of food, beverages, gift card breakage income and Shake Shack branded merchandise at Company-operated Shacks and excludes sales from licensed Shacks.

“System-wide sales” is an operating measure and consists of sales from Company-operated Shacks and licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from licensed Shacks, as well as certain up-front fees, such as territory fees, opening fees, and termination fees.

"Same-Shack sales" represents Shack sales for the comparable Shack base, which is defined as the number of Company-operated Shacks open for 24 full fiscal months or longer. For consecutive days that Shacks were temporarily closed, the comparative period was also adjusted.

"Restaurant-level profit," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.

"Restaurant-level profit margin," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses as a percentage of Shack sales.

“EBITDA,” a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense, and Depreciation and amortization expense.

“Adjusted EBITDA,” a non-GAAP measure, is defined as EBITDA (as defined above), excluding equity-based compensation expense, Impairments, loss on disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.

"Adjusted pro forma net income," a non-GAAP measure, represents Net income attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly related to its core operations and may not be indicative of its recurring business operations.

Exhibit 99.1

SHAKE SHACK INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share amounts)

									July 1 2026						December 31 2025
ASSETS
Current assets:
			Cash and cash equivalents						$	307,962					$	360,123
			Accounts receivable, net						34,657						32,962
			Inventories						7,359						7,182
			Prepaid expenses and other current assets						43,780						30,080
			Total current assets						393,758						430,347
Property and equipment, net of accumulated depreciation of $604,230 and $551,004, respectively.									673,299						625,851
Operating lease assets									551,687						507,253
Deferred income taxes, net									319,980						322,385
Other assets									11,556						10,373
TOTAL ASSETS									$	1,950,280					$	1,896,209
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
			Accounts payable						$	23,612					$	24,747
			Accrued expenses						92,318						103,354
			Accrued wages and related liabilities						23,175						25,481
			Operating lease liabilities, current						67,164						63,553
			Other current liabilities						29,732						27,783
			Total current liabilities						236,001						244,918
Long-term debt									248,255						247,731
Long-term operating lease liabilities									621,756						575,138
Liabilities under tax receivable agreement, net of current portion									244,713						244,463
Other long-term liabilities									28,004						30,210
Total liabilities									1,378,729						1,342,460
Commitments and contingencies
Stockholders' equity:
			Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of July 1, 2026 and December 31, 2025.						—						—
			Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,370,460 and 40,254,281 shares issued and outstanding as of July 1, 2026 and December 31, 2025, respectively.						40						40
			Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,425,789 and 2,434,789 shares issued and outstanding as of July 1, 2026 and December 31, 2025, respectively.						2						2
			Additional paid-in capital						456,186						452,577
			Retained earnings						88,099						72,709
			Accumulated other comprehensive loss						(6)						(1)
			Total stockholders' equity attributable to Shake Shack Inc.						544,321						525,327
Non-controlling interests									27,230						28,422
Total equity									571,551						553,749
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY									$	1,950,280					$	1,896,209

Exhibit 99.1

SHAKE SHACK INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in thousands, except per share amounts)

									Thirteen Weeks Ended																		Twenty-Six Weeks Ended
									July 1 2026									June 25 2025									July 1 2026									June 25 2025
Shack sales									$	403,437		96.6		%				$	343,224		96.3		%				$	757,484		96.6		%				$	653,062		96.4		%
Licensing revenue									14,181			3.4		%				13,242			3.7		%				26,871			3.4		%				24,302			3.6		%
TOTAL REVENUE									417,618			100.0		%				356,466			100.0		%				784,355			100.0		%				677,364			100.0		%
Shack-level operating expenses(1):
			Food and paper costs						116,276			28.8		%				96,621			28.2		%				216,299			28.6		%				182,658			28.0		%
			Labor and related expenses						101,226			25.1		%				88,058			25.7		%				193,943			25.6		%				174,726			26.8		%
			Other operating expenses						63,118			15.6		%				50,768			14.8		%				120,630			15.9		%				99,030			15.2		%
			Occupancy and related expenses						30,151			7.5		%				25,593			7.5		%				58,805			7.8		%				50,224			7.7		%
General and administrative expenses									48,321			11.6		%				40,671			11.4		%				101,929			13.0		%				81,311			12.0		%
Depreciation and amortization expense									30,717			7.4		%				26,545			7.4		%				59,837			7.6		%				53,088			7.8		%
Pre-opening costs									6,638			1.6		%				4,955			1.4		%				13,508			1.7		%				8,173			1.2		%
Impairments, loss on disposal of assets, and Shack closures									425			0.1		%				881			0.2		%				1,292			0.2		%				2,938			0.4		%
TOTAL EXPENSES									396,872			95.0		%				334,092			93.7		%				766,243			97.7		%				652,148			96.3		%
INCOME FROM OPERATIONS									20,746			5.0		%				22,374			6.3		%				18,112			2.3		%				25,216			3.7		%
Other income, net									2,602			0.6		%				2,850			0.8		%				5,345			0.7		%				5,821			0.9		%
Interest expense									(553)			(0.1)		%				(548)			(0.2)		%				(1,101)			(0.1)		%				(1,111)			(0.2)		%
INCOME BEFORE INCOME TAXES									22,795			5.5		%				24,676			6.9		%				22,356			2.9		%				29,926			4.4		%
Income tax expense									5,913			1.4		%				6,193			1.7		%				5,768			0.7		%				6,930			1.0		%
NET INCOME									16,882			4.0		%				18,483			5.2		%				16,588			2.1		%				22,996			3.4		%
Less: Net income attributable to non-controlling interests									1,202			0.3		%				1,335			0.4		%				1,198			0.2		%				1,603			0.2		%
NET INCOME ATTRIBUTABLE TO SHAKE SHACK INC.									$	15,680		3.8		%				$	17,148		4.8		%				$	15,390		2.0		%				$	21,393		3.2		%
Earnings per share of Class A common stock:
			Basic						$	0.39								$	0.43								$	0.38								$	0.53
			Diluted						$	0.37								$	0.41								$	0.37								$	0.51
Weighted-average shares of Class A common stock outstanding:
			Basic						40,358									40,226									40,323									40,173
			Diluted						41,866									41,819									41,873									41,842

(1)As a percentage of Shack sales.

Exhibit 99.1

SHAKE SHACK INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

																		Twenty-Six Weeks Ended
																		July 1 2026						June 25 2025
OPERATING ACTIVITIES
Net income (including amounts attributable to non-controlling interests)																		$	16,588					$	22,996
Adjustments to reconcile net income to net cash provided by operating activities:
			Depreciation and amortization expense															59,837						53,088
			Amortization of debt issuance costs															524						524
			Amortization of cloud computing assets															1,043						1,166
			Non-cash operating lease cost															50,624						42,250
			Equity-based compensation															9,082						9,750
			Deferred income taxes															3,002						3,785
			Non-cash interest															27						46
			Impairments, loss on disposal of assets, and Shack closures															1,292						2,938
			Changes in operating assets and liabilities:
						Accounts receivable												(1,695)						(1,514)
						Inventories												(177)						(14)
						Prepaid expenses and other current assets												(12,529)						(2,162)
						Other assets												(5,125)						(3,978)
						Accounts payable												1,573						(2,164)
						Accrued expenses												(14,019)						12,947
						Accrued wages and related liabilities												(2,306)						(2,128)
						Other current liabilities												575						(343)
						Operating lease liabilities												(43,987)						(44,356)
						Other long-term liabilities												1,133						3,389
NET CASH PROVIDED BY OPERATING ACTIVITIES																		65,462						96,220
INVESTING ACTIVITIES
Purchases of property and equipment																		(104,901)						(67,438)
NET CASH USED IN INVESTING ACTIVITIES																		(104,901)						(67,438)
FINANCING ACTIVITIES
Payments on principal of finance leases																		(3,254)						(2,631)
Distributions paid to non-controlling interest holders																		(2,817)						(857)
Payments under tax receivable agreement, including interest																		(977)						(24)
Net proceeds from stock option exercises																		69						123
Employee withholding taxes related to net settled equity awards																		(5,738)						(9,300)
NET CASH USED IN FINANCING ACTIVITIES																		(12,717)						(12,689)
Effect of exchange rate changes on cash and cash equivalents																		(5)						(3)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS																		(52,161)						16,090
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD																		360,123						320,714
CASH AND CASH EQUIVALENTS AT END OF PERIOD																		$	307,962					$	336,804

Exhibit 99.1

SHAKE SHACK INC.

NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

To supplement the condensed consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: Restaurant-level profit, Restaurant-level profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share (collectively the "non-GAAP financial measures").

Restaurant-Level Profit

Restaurant-level profit is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.

How This Measure Is Useful

When used in conjunction with GAAP financial measures, Restaurant-level profit and Restaurant-level profit margin are supplemental measures of operating performance that the Company believes are useful measures to evaluate the performance and profitability of its Shacks. Additionally, Restaurant-level profit and Restaurant-level profit margin are key metrics used internally by management to develop internal budgets and forecasts, as well as assess the performance of its Shacks relative to budget and against prior periods. It is also used to evaluate employee compensation as it serves as a metric in certain performance-based employee bonus arrangements. The Company believes presentation of Restaurant-level profit and Restaurant-level profit margin provides investors with a supplemental view of its operating performance that can provide meaningful insights to the underlying operating performance of the Shacks, as these measures depict the operating results that are directly impacted by the Shacks and exclude items that may not be indicative of, or are unrelated to, the ongoing operations of the Shacks. It may also assist investors to evaluate the Company's performance relative to peers of various sizes and maturities and provides greater transparency with respect to how management evaluates the business, as well as the financial and operational decision-making.

Limitations of the Usefulness of this Measure

Restaurant-level profit and Restaurant-level profit margin may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Restaurant-level profit and Restaurant-level profit margin is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Restaurant-level profit excludes certain costs, such as General and administrative expenses and Pre-opening costs, which are considered normal, recurring cash operating expenses and are essential to support the operation and development of the Company's Shacks. Therefore, this measure may not provide a complete understanding of the Company's operating results as a whole and Restaurant-level profit and Restaurant-level profit margin should be reviewed in conjunction with the Company's GAAP financial results.

Exhibit 99.1

A reconciliation of Restaurant-level profit to Income from operations, the most directly comparable GAAP financial measure, is set forth below.

						Thirteen Weeks Ended												Twenty-Six Weeks Ended
(dollar amounts in thousands)						July 1 2026						June 25 2025						July 1 2026						June 25 2025
Income from operations						$	20,746					$	22,374					$	18,112					$	25,216
Less:
			Licensing revenue			14,181						13,242						26,871						24,302
Add:
			General and administrative expenses			48,321						40,671						101,929						81,311
			Depreciation and amortization expense			30,717						26,545						59,837						53,088
			Pre-opening costs			6,638						4,955						13,508						8,173
			Impairments, loss on disposal of assets, and Shack closures			425						881						1,292						2,938
Restaurant-level profit						$	92,666					$	82,184					$	167,807					$	146,424
Total revenue						$	417,618					$	356,466					$	784,355					$	677,364
Less: Licensing revenue						14,181						13,242						26,871						24,302
Shack sales						$	403,437					$	343,224					$	757,484					$	653,062
Restaurant-level profit margin(1)						23.0		%				23.9		%				22.2		%				22.4		%

(1)As a percentage of Shack sales.

Exhibit 99.1

SHAKE SHACK INC.

NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

EBITDA and Adjusted EBITDA

EBITDA, a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense and Depreciation and amortization expense. Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA excluding equity-based compensation expense, Impairments, loss on the disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.

How These Measures Are Useful

When used in conjunction with GAAP financial measures, EBITDA and adjusted EBITDA are supplemental measures of operating performance that the Company believes are useful measures to facilitate comparisons to historical performance and competitors' operating results. Adjusted EBITDA is a key metric used internally by management to develop internal budgets and forecasts and also serves as a metric in its performance-based equity incentive programs and certain bonus arrangements. The Company believes presentation of EBITDA and adjusted EBITDA provides investors with a supplemental view of the Company's operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company's ongoing operating performance.

Limitations of the Usefulness of These Measures

EBITDA and adjusted EBITDA may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of EBITDA and adjusted EBITDA is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company's performance and should be reviewed in conjunction with the GAAP financial measures.

Exhibit 99.1

A reconciliation of EBITDA and adjusted EBITDA to Net income, the most directly comparable GAAP measure, is set forth below.

						Thirteen Weeks Ended												Twenty-Six Weeks Ended
(dollar amounts in thousands)						July 1 2026						June 25 2025						July 1 2026						June 25 2025
Net income						$	16,882					$	18,483					$	16,588					$	22,996
Depreciation and amortization expense						30,717						26,545						59,837						53,088
Interest expense, net						468						500						984						1,023
Income tax expense						5,913						6,193						5,768						6,930
EBITDA						$	53,980					$	51,721					$	83,177					$	84,037
Equity-based compensation						3,922						5,209						9,082						9,750
Amortization of cloud-based software implementation costs						531						560						1,043						1,166
Impairments, loss on disposal of assets, and Shack closures						425						881						1,292						2,938
Executive transition costs(1)						1,121						414						2,251						414
Legal settlements(2)						848						—						848						983
Restatement costs(3)						—						100						—						354
Other(4)						374						15						473						3
Adjusted EBITDA						$	61,201					$	58,900					$	98,166					$	99,645
Adjusted EBITDA margin(5)						14.7%						16.5%						12.5%						14.7%

(1)Expenses incurred in connection with the termination, search, and hiring of certain executive positions.

(2)Expenses incurred to establish accruals related to the settlements of legal matters.

(3)Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.

(4)Amounts related to the conflict in the Middle East and expenses incurred for professional fees related to non-recurring matters.

(5)Calculated as a percentage of Total revenue, which was $417.6 million and $784.4 million for the thirteen and twenty-six weeks ended July 1, 2026, respectively, and $356.5 million and $677.4 million for the thirteen and twenty-six weeks ended June 25, 2025, respectively.

Exhibit 99.1

SHAKE SHACK INC.

NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

Adjusted Pro Forma Net Income and Adjusted Pro Forma Earnings Per Fully Exchanged and Diluted Share

Adjusted pro forma net income represents Net income attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly related to its core operations and may not be indicative of recurring business operations. Adjusted pro forma earnings per fully exchanged and diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Interests, after giving effect to the dilutive effect of outstanding equity-based awards.

How These Measures Are Useful

When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding LLC Interests, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in Net income attributable to Shake Shack Inc. driven by increases in its ownership of SSE Holdings, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.

Limitations of the Usefulness of These Measures

Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should not be considered alternatives to Net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the Net income attributable to Shake Shack Inc. Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should be evaluated in conjunction with GAAP financial results.

Exhibit 99.1

A reconciliation of adjusted pro forma net income to Net income attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully exchanged and diluted share are set forth below.

									Thirteen Weeks Ended												Twenty-Six Weeks Ended
(in thousands, except per share amounts)									July 1 2026						June 25 2025						July 1 2026						June 25 2025
Numerator:
			Net income attributable to Shake Shack Inc.						$	15,680					$	17,148					$	15,390					$	21,393
			Adjustments:
						Reallocation of Net income attributable to non-controlling interests from the assumed exchange of LLC Interests(1)			1,202						1,335						1,198						1,603
						Impairment charge and Shack closures(2)			6						295						35						1,948
						Executive transition costs(3)			1,121						414						2,251						414
						Legal settlements(4)			848						—						848						983
						Restatement costs(5)			—						100						—						354
						Other(6)			374						15						473						3
						Tax impact of above adjustments(7)			(326)						169						(1,202)						(824)
			Adjusted pro forma net income						$	18,905					$	19,476					$	18,993					$	25,874
Denominator:
			Weighted average shares of Class A common stock outstanding—diluted						41,866						41,819						41,873						41,842
			Adjustments:
						Assumed exchange of weighted average LLC Interests for shares of Class A common stock(1)			2,429						2,445						2,431						2,446
			Adjusted pro forma fully exchanged weighted average shares of Class A common stock outstanding—diluted						44,295						44,264						44,304						44,288
Adjusted pro forma earnings per fully exchanged share—diluted									$	0.43					$	0.44					$	0.43					$	0.58

									Thirteen Weeks Ended												Twenty-Six Weeks Ended
									July 1 2026						June 25 2025						July 1 2026						June 25 2025
Earnings per share of Class A common stock—diluted									$	0.37					$	0.41					$	0.37					$	0.51
			Assumed exchange of weighted average LLC Interests for shares of Class A common stock(1)						0.01						0.01						—						0.01
			Non-GAAP adjustments(8)						0.05						0.02						0.06						0.06
Adjusted pro forma earnings per fully exchanged share—diluted									$	0.43					$	0.44					$	0.43					$	0.58

(1)Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests.

(2)Expenses incurred related to Shack closures and impairment charges during fiscal 2024 and fiscal 2025.

(3)Expenses incurred in connection with the termination, search, and hiring of certain executive positions.

(4)Expenses incurred to establish accruals related to the settlements of legal matters.

(5)Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.

(6)Amounts related to the conflict in the Middle East and expenses incurred for professional fees related to non-recurring matters.

(7)Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 24.8% and 26.8% for the thirteen and twenty-six weeks ended July 1, 2026, respectively, and 23.6% and 23.1% for the thirteen and twenty-six weeks ended June 25, 2025, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction.

(8)Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above, for additional information.

Second Quarter 2026 Shareholder Letter

"Our second quarter results reflect a business that continues to execute across sales, development, and profitability despite navigating one of the most challenging cost environments we have faced in many years. While we remain focused on the work ahead, I am encouraged by the resilience of the Shake Shack model and confident in our ability to deliver on our long-term plan. For the second quarter, same-Shack sales grew 3.5%, including positive traffic of 2.0%. These results reflect our ongoing investments in culinary innovation, targeted marketing, and our digital ecosystem — all designed to drive guest acquisition, frequency, and long-term brand value." said Chief Executive Officer, Rob Lynch. "We delivered our strongest second quarter of unit growth on record, opening 16 new Company-operated Shacks, and generated second-quarter Restaurant-level profit of $92.7 million, or 23.0% of Shack Sales — a healthy result given record-high beef costs and the deliberate choice to protect our value positioning rather than fully offset inflation through pricing. Our second quarter results landed within the revised ranges we provided in our June business update, reflecting the underlying strength of the model. We remain encouraged by the momentum ahead and confident in the long-term value we are building," said Chief Financial Officer, Michelle Hook. Q 2 2 0 2 6 H I G H L I G H T S System-wide Sales $625.8m Delivering 13.8% growth year- over-year driven by new Shack openings, culinary innovation, and targeted marketing. Same-Shack Sales (SSS) Growth +3.5% SSS includes positive traffic of 2.0%, marking four consecutive quarters of positive traffic, and our 22nd consecutive quarter of positive same- Shack sales growth. Restaurant-level Profit Margin1 23.0% Declining 90bps vs last year driven by record-high beef costs and higher operating expenses offsetting the benefits from labor management and supply chain cost improvements. 2 B U S I N E S S O V E R V I E W 1. Restaurant-level profit, Restaurant-level profit margin, Adjusted EBITDA and Adjusted pro forma net income are non-GAAP measures. Reconciliations to the most directly comparable financial measures presented in accordance with GAAP are set forth in the financial details section of this Shareholder Letter. SECOND QUARTER 2026 HIGHLIGHTS: • Total revenue grew 17.2% year-over-year to $417.6m. • Shack sales grew 17.5% year-over-year to $403.4m. • Licensing revenue grew 7.1% year-over-year to $14.2m. • System-wide sales grew 13.8% year-over-year to $625.8m. • Average weekly sales (AWS) was $78k, flat year-over-year . • Same-Shack sales (SSS) grew 3.5% year-over-year. • Operating income of $20.7m versus $22.4m last year. • Restaurant-level profit margin1 of 23.0% of Shack sales versus 23.9% last year. • Net income of $16.9m versus $18.5m last year. • Adjusted EBITDA1 of $61.2m, up 3.9% year-over-year. • Net income attributable to Shake Shack Inc. of $15.7m, or earnings of $0.37 per diluted share. • Adjusted pro forma net income1 of $18.9m, or earnings of $0.43 per fully exchanged and diluted share. • Opened 16 new Company-operated Shacks and 11 new licensed Shacks.

$82M $81M $87M $75M $93M 23.9% 22.8% 22.7% 21.2% 23.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0% 32.0% 34.0% 36.0% $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2Q25 3Q25 4Q25 1Q26 2Q26 $78K $78K $77K $72K $78K 2Q25 3Q25 4Q25 1Q26 2Q26 $356M $367M $401M $367M $418M 2Q25 3Q25 4Q25 1Q26 2Q26 610 630 659 679 703 2Q25 3Q25 4Q25 1Q26 2Q26 $550M $572M $618M $558M $626M 2Q25 3Q25 4Q25 1Q26 2Q26 1. Restaurant-level profit, Restaurant-level profit margin, and Adjusted EBITDA are non-GAAP measures. Reconciliations to the most directly comparable financial measures presented in accordance with GAAP are set forth in the financial details section of this Shareholder Letter. Adjusted EBITDA1 Average Weekly Sales (AWS) System-wide Shack Count System-wide Sales Q 2 2 0 2 6 H I G H L I G H T S Q2 2026 marked four consecutive quarters of positive traffic, our 22nd consecutive quarter of positive same- Shack sales, and our strongest second quarter of unit growth on record, with 16 new Company-operated Shacks 3 Total revenue grew 17.2% year-over-year. System-wide sales grew 13.8% year-over-year. AWS was flat year-over-year. System-wide unit count grew 15.2% year-over-year, including: • 61 new Company-operated Shack openings • 40 new licensed Shack openings • 7 licensed Shack closures • 1 Company-operated Shack closure Adjusted EBITDA increased 3.9% year-over-year and was 14.7% of Total revenue. % label indicates Adjusted EBITDA margin. % label indicates Restaurant-level profit margin.1 Restaurant-level profit grew 12.8% year-over-year and was 23.0% of Shack sales. $59M $54M $56M $37M $61M 16.5% 14.7% 14.0% 10.1% 14.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% -$8 $2 $12 $22 $32 $42 $52 $62 2Q25 3Q25 4Q25 1Q26 2Q26 Total Revenue Restaurant-level Profit1

TO O U R S H A R E H O L D E R S Our second quarter results reflect the resilience of the Shake Shack model in one of the most challenging cost environments we have faced in many years. We delivered Total revenue growth of 17.2% year-over-year to $417.6 million, driven by the opening of new Company-operated and licensed Shacks, and 3.5% same-Shack sales growth — including four consecutive quarters of positive traffic. We delivered Restaurant-level profit of $92.7 million, or 23.0% of Shack sales. Beef inflation accelerated in the quarter and peaked in June, creating meaningful margin pressure. Rather than offsetting these costs fully through pricing, we chose to protect our value proposition for the long term. Our teams continued to optimize our labor, leverage technology to run more efficient restaurants, and pursue supply chain opportunities that capture more competitive pricing while maintaining or improving product quality. Our digital ecosystem continues to strengthen. Comparable app channel sales grew nearly 30% year-over- year, with app guests visiting more often and spending more annually. Our $2, $4, $6 digital offers continue to drive app engagement, and support frequency among existing guests. On the development side, we opened 16 new Company-operated Shacks — our strongest second quarter on record. As of the end of Q2, we have opened 33 new Company-operated Shacks, and we remain on track to open 60 to 65 this year. Our culinary pipeline remains a meaningful point of differentiation. Our barbecue platform, illustrated by the Baby Back Rib Sandwich, met our expectations and resonated strongly with guests. This product line reinforced our belief in Shake Shack's ability to lead with differentiated culinary innovation that drives excitement, traffic, and check growth. In the second half of the year, we are making The Big Shack a core menu item, launched a new West Coast inspired menu platform in July, and brought back the Dubai Chocolate Pistachio Shake, which continues to resonate. This balanced approach allows us to widen our reach while staying true to the premium ingredients and craftsmanship that define the Shake Shack brand. Project Catalyst is on track and represents our foundation for scaling efficiently while improving the guest and team member experience — spanning our point-of-sale rollout, loyalty platform development, and AI-enabled capabilities across the business. These investments are foundational to our growth strategy, decision-making, and guest connection, and represent a clear path to G&A leverage as we scale. We remain a premium brand with a proven unit economic model, positive traffic momentum, disciplined operators, and structural margin resilience. The back half carries real headwinds — tougher comparisons, continued beef inflation, and ongoing competitive intensity — but we believe we are well-positioned to navigate them. We are confident in our ability to deliver sustainable, long-term growth, and will stay focused on executing against our strategic priorities throughout the remainder of the year. August 5, 2026

WE ARE BUILDING A PIPELINE OF LEADERS TO SUPPORT OUR ROAD TO 1,500 SHACKS. • Leadership at Shake Shack is a mindset rooted in accountability, clarity, and purpose. • We’ve strengthened our culture to empower leaders at every level. • Through mentorship, training, and development, we’re helping our teams grow and thrive. • Our digital ecosystem continues to strengthen. • Comparable app channel sales grew nearly 30% year-over-year in the second quarter, and these guests are visiting more often and spending more annually. • Our culinary team is balancing proven favorites with disciplined innovation as we test new chicken offerings and a smoked brisket platform. • Opened 16 Company-operated Shacks in Q2, bringing us to 33 openings year-to-date, well on our way to 60 to 65 Shacks this year. • Maintaining consistently low net build costs despite inflationary pressures. • Infilling the whitespace across our current footprint. This quarter each opening was in an existing market. • Our licensed business also continued to perform well despite a challenged global environment. • We plan to open 40 to 45 licensed Shacks in 2026, aspiring for our largest class of licensed Shacks. • On track to open our first Shack in Panama, Vietnam, and regional US casinos with PENN Entertainment in the second half of the year. • Project Catalyst remains our foundation for scaling – spanning our point-of-sale rollout, loyalty platform development, and the integration of AI-enabled capabilities across the business. • Our loyalty program is progressing on schedule, and we are confident in the long-term value we are building. • On track with targeted remodels and refreshes in existing Shacks. 2 0 2 6 S T R A T E G I C P R I O R I T I E S Q 2 2 0 2 6 P R O G R E S S • Our teams continue to make strong operational progress, driving efficiencies while enhancing the guest experience. • We continue to improve productivity and labor attainment across our restaurants. • Technology is being leveraged to streamline operations and support greater efficiency. (6) INVEST IN LONG-TERM STRATEGIC CAPABILITIES (5) ACCELERATE OUR LICENSED BUSINESS (4) BUILD & OPERATE OUR SHACKS WITH BEST-IN-CLASS RETURNS (3) DRIVE COMP SALES BEHIND CULINARY, MARKETING, & DIGITAL INNOVATION (1) BUILD A CULTURE OF LEADERS WE ARE DRIVING PROFITABILTIY WITH A FOCUS ON DEVELOPING OUR PEOPLE AND ACCOUNTABILITY ON PERFORMANCE. OUR GREATEST OPPORTUNITY TO GROW SAME-SHACK SALES IS THROUGH FREQUENCY. WE ARE GROWING OUR INDUSTRY LEADING CASH-ON-CASH RETURNS. WE ARE BUILDING THE PIPELINE FOR GROWTH AROUND THE GLOBE. WE ARE ACCELERATING OUR PACE OF INNOVATION. R O A D T O 1 5 0 0 (2) OPTIMIZE RESTAURANT AND SUPPLY CHAIN OPERATIONS

L I C E N S E D B U S I N E S S H I G H L I G H T S 1. Licensing sales is an operating measure and consists of sales from licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to Licensing revenue based on a percentage of sales from licensed Shacks, as well as certain fees, such as territory fees, opening fees, and termination fees. 6 $206.7M $218.7M $232.7M $204.3M $222.4M Licensing Sales 8% WE GREW LICENSING SALES 7.6% VERSUS LAST YEAR 16% 15% YoY Licensing Sales Growth 26% 14% 9 7 17 5NSOs Our Licensing revenue grew 7.1% year-over-year to $14.2m and Licensing sales1 grew by 7.6% to $222.4m. We are pleased with the performance of our licensed business despite a challenging global environment. The ongoing conflict in the Middle East continued to weigh most heavily on the UAE, historically our highest-volume market in the region and one that has been especially dependent on tourism. This pressure was partially offset by strong performance in our new Shack openings and in existing markets such as Canada, the United Kingdom, and parts of China. We opened 8 net new licensed Shacks in Q2, including 11 new Shack openings and 3 closures. We remain on track to open 40 to 45 licensed Shacks in 2026 and bring Shake Shack to Panama, Vietnam, and US regional casinos with PENN Entertainment in the second half of the year. 2Q25 3Q25 4Q25 1Q26 2Q26 11 Fiscal April 2026 Fiscal May 2026 Fiscal June 2026 Saad Abdullah Land (Drive Thru), Kuwait City, Kuwait Chinook Centre, Calgary, Canada Istanbul, Turkey Kuwait City, Kuwait The Peak Tower, Hong Kong, China King Street West, Toronto, Canada Avenue of Stars, Hong Kong, China Calgary, Canada Shine Hills, Beijing, China JFK Airport Terminal 5, New York, USA Suji Lotte Mall, Gyeonggi, Korea Zorlu Mall, Istanbul, Turkey Uiwang Premium Outlet, Gyeonggi, Korea Terraza Palacio Polanco, Mexico City, Mexico

2% 5% 2% 5% 4% (1%) 1% 1% 1% 2% 3% 4% 2% 3% 2% Second Quarter 2025 Third Quarter 2025 Fourth Quarter 2025 First Quarter 2026 Second Quarter 2026 Total SSS % Traffic % Price/Mix % Same-Shack sales grew 3.5% year-over-year in 2Q26 , including positive traffic of 2.0%. Growth was driven by strength in our app and delivery channels, plus a June boost from the World Cup. Our estimated World Cup impact is approximately 90 basis points. Comp sales, excluding any World Cup impact, landed within the range provided in our June update. Price / mix grew 1.5%. In-Shack menu prices for the second quarter came in at 3.7%, while blended pricing across all channels increased 4.4%. We took disciplined pricing of 1.0% in June to help offset inflation while maintaining our focus on driving positive same-Shack sales with less reliance on price than in prior years. 2Q26 SSS1 UP 3.5% VERSUS PRIOR YEAR AW S A N D S A M E - S H A C K S A L E S 1 7 1. Same-Shack sales, or “SSS”, and same-Shack sales growth are key metrics. As a reminder, SSS excludes the impact of closures that are two consecutive days or more, but one day closures and the impact of operating with fewer hours are included. 2. To normalize for the 53rd week in fiscal 2025, the compare periods for 2025 have been shifted forward one week from the fiscal calendar, in order to show a more like-for-like comparison SSS1 BY REGION VERSUS PRIOR YEAR -2% 0%-2% 5% 5% 5% 4% 2% 3% 6% Second Quarter 2025 Third Quarter 2025 Fourth Quarter 2025 First Quarter 2026 Second Quarter 2026 NYC (incl. Manhattan) Northeast South West Midwest Second quarter AWS was $78k, flat YoY. Sales were driven by our ongoing investments across culinary innovation, targeted marketing, and digital engagement, partially offset by menu mix. $78K $78K $77K $72K $78K Total YoY Shack Sales Growth 12% Third Quarter 2025 14% 18% Fourth Quarter 2025 16% First Quarter 2026 22% Second Quarter 2025 Second Quarter 2026

8 R E S T A U R A N T - L E V E L P R O F I T Restaurant-level costs in the second quarter (covered in more detail on the following pages) were as follows: • Food and paper costs were 28.8% of Shack sales. • Labor and related expenses were 25.1% of Shack sales. • Other operating expenses were 15.6% of Shack sales. • Occupancy and related expenses were 7.5% of Shack sales. Despite a backdrop of significantly elevated input costs, we were able to generate healthy Restaurant-level margins driven by the underlying strength of our model. Our teams continued to optimize our labor: maximizing labor attainment and using technology to run more efficient restaurants while enhancing the guest experience. Additionally, we opened 16 new Company-operated Shacks in the quarter. 1. Restaurant-level profit and Restaurant-level profit margin are non-GAAP measures. A reconciliation to the most directly comparable financial measure presented in accordance with GAAP is set forth in the financial details section of this Shareholder Letter. $82M $81M $87M $75M $93M 2Q25 3Q25 4Q25 1Q26 2Q26 Restaurant-level Profit1 ($) Restaurant-level Profit Margin1 (%) Restaurant-level profit grew 12.8% year-over-year. Restaurant-level profit margin decreased 90 bps year-over-year. 23.9% 22.8% 22.7% 21.2% 23.0% 2Q25 3Q25 4Q25 1Q26 2Q26

9 R E S T A U R A N T - L E V E L P R O F I T F O O D & P A P E R C O S T S Food and paper costs (“COGS”) were 28.8% of Shack sales in the second quarter, up 60 bps year- over-year. The increase year-over-year was mainly driven by higher commodity costs, primarily beef, promotional activity during the quarter and a shift in menu mix to higher cost items. We continue to pursue supply chain opportunities that maintain or improve product quality, capture more competitive pricing, drive efficiencies across our business, and mitigate commodity and distribution pressures over time. COGS as a % of Shack Sales Beef inflation accelerated throughout the quarter and peaked in June - exceeding our original expectations and drove the majority of Restaurant-level margin pressure that we saw. Despite this, through proactive procurement and cost mitigation initiatives, our teams meaningfully offset continued beef inflation that we expect to persist into the second half of the year. • Beef, which is approximately 35% of our food and paper basket, faced mid-teens inflation year-over-year in Q2. • Total food inflation up low-single-digits year-over-year in Q2, representing approximately 90% of our food and paper basket. • Paper and packaging inflation was down low-single-digits year-over-year in Q2, approximately 10% of our food and paper basket. • Total blended food & paper inflation up low-single-digits year-over-year in Q2. 28.2% 29.3% 28.7% 28.3% 28.8% 2Q25 3Q25 4Q25 1Q26 2Q26

Occupancy and related expenses (“Occupancy”) were 7.5% of Shack sales in the second quarter, flat year-over-year. Other operating expenses (“Other opex”) were 15.6% of Shack sales in the second quarter, up 80 bps year-over-year. The increase versus last year was primarily driven by increased delivery commissions as we continue to leverage the channel to expand our reach, build awareness, and grow engagement. 7.5% 7.7% 7.6% 8.1% 7.5% 2Q25 3Q25 4Q25 1Q26 2Q26 14.8% 15.2% 15.5% 16.2% 15.6% 2Q25 3Q25 4Q25 1Q26 2Q26 R E S T A U R A N T - L E V E L P R O F I T L A B O R , O T H E R O P E X & O C C U P A N C Y 25.7% 24.9% 25.4% 26.2% 25.1% 2Q25 3Q25 4Q25 1Q26 2Q26 Labor as a % of Shack Sales Labor and related expenses (“Labor”) were 25.1% of Shack sales in the second quarter, down 60 bps year-over-year. By this time last year, we had fully rolled out our labor model supported by our performance scorecard, which provides Shack-level visibility into labor performance. Since then, we have continued to refine our labor management approach, helping drive the efficiencies we achieved this quarter. Occupancy as a % of Shack Sales Other Opex as a % of Shack Sales 10

G&A Expenses1 Second quarter General and administrative (“G&A”) expenses were $48.3m, or $46.3m excluding one-time adjustments. G&A, excluding one- time adjustments, was 11.1% of Total revenue in the quarter, 20 bps lower than last year. In Q2, we realized favorability versus 1Q26 primarily from lower equity- based compensation due to performance-based awards and forfeitures as well as lower short-term incentives. $27M $27M $26M $29M $31M 2Q25 3Q25 4Q25 1Q26 2Q26 Depreciation and Amortization Expense $5M $5M $5M $7M $7M 2Q25 3Q25 4Q25 1Q26 2Q26 Pre-opening Costs A D D I T I O N A L E X P E N S E S & A D J U S T E D E B I T D A 2. Adjusted EBITDA is a non-GAAP measure. A reconciliation to the most directly comparable financial measures presented in accordance with GAAP are set forth in the financial details section of this Shareholder Letter. Adjusted EBITDA increased 3.9% year-over-year to $61.2m, or 14.7% of Total revenue – 180 bps lower than last year. EBITDA adjustments for 2Q26 totaled $7.1m, consisting of (i) equity-based compensation of $3.9m, (ii) executive transition costs of $1.1m, (iii) $0.8m of legal settlement fees, (iv) $0.5m of amortization of cloud-based software implementation costs, (v) impairments, loss on disposal of assets, and Shack closures of $0.4m and (vi) $0.4M of other expenses related to the conflict in the Middle East. Adjusted EBITDA2 11 1. One-time adjustments: 2Q25 $0.6m of severance and restatement costs related to prior periods, 1Q26 $1.1m of executive transition; 2Q26 $1.1m of executive transition and $0.9m of legal matters. Depreciation and amortization expense was $30.7m. The increase in depreciation year-over-year is a result of more new Company-operated openings coupled with new technology investments. Pre-opening costs were $6.6m. Pre-opening costs were higher than the prior year quarter, driven by the greater number of new Shacks opened during the quarter and our growing pipeline to support future growth. $40M $44M $51M $52M $46M 2Q25 3Q25 4Q25 1Q26 2Q26 $41M excl. one- time adjustments excl. one- time adjustments excl. one- time adjustments $44M $54M $59M $54M $56M $37M $61M 16.5% 14.7% 14.0% 10.1% 14.7% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0% 19.0% 21.0% 23.0% 25.0% $0 $10 $20 $30 $40 $50 $60 $70 2Q25 3Q25 4Q25 1Q26 2Q26 % label indicates Adjusted EBITDA margin $48M excl. one- time adjustments excl. one- time adjustments $51M

Fiscal year 2026 guidance is derived from preliminary, unaudited results based on information currently available to the Company. We factor in an assumption around a degree of pressure on the consumer spending landscape and ongoing inflationary headwinds and do not reflect any change in the current environment including potential changes to tariffs, amongst other factors. While the Company believes these estimates are meaningful, they could differ from the actual results that the Company ultimately reports in its Quarterly Report on Form 10-Q for the fiscal quarter ending July 1, 2026 and its Annual Report on Form 10-K for the fiscal year ending December 30, 2026. F I N A N C I A L O U T L O O K 13 1. To normalize for the 53rd week in fiscal 2025, the compare periods for 2025 have been shifted forward one week from the fiscal calendar, in order to show a more like-for-like comparison. 2. Equity-based compensation is comprised of $25m in G&A and $3m in Restaurant-level profit . These forward-looking projections are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from these projections. Factors that may cause such differences include those discussed in the Company's Form 10-K for the fiscal year ended December 31, 2025 and our other filings with the Securities and Exchange Commission, and our Cautionary Note On Forward-Looking Statements herein. These forward-looking projections should be reviewed in conjunction with the consolidated financial statements and the section titled “Cautionary Note Regarding Forward-Looking Statements”, within the Company’s Form 10-K, which form the basis of our assumptions used to prepare these forward-looking projections. You should not attribute undue certainty to these projections, and we undertake no obligation to revise or update any forward-looking information, except as required by law. Company-operated openings Licensed openings Total revenue Licensing revenue Same-Shack sales1 versus 2025 Restaurant-level profit margin General and administrative expenses Equity-based compensation2 Depreciation and amortization expense Pre-opening costs Net income Adjusted EBITDA Adjusted Pro Forma Tax Rate 60 – 65 40 – 45 $1.6b – 1.7b $57.0m - $59.0m + LSD % 22.0% - 23.0% 12.0% to 13.0% of Total revenue $28m $124m - $128m $26m – $28m $45m - $55m $225m - $235m 25% - 27% FY 2026 Guidance

Financial Details & Definitions

C A U T I O N A RY N O T E O N F O R WA R D - L O O K I N G S TAT E M E N T S 15 This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact included in this presentation are forward-looking statements, including, but not limited to, the Company's growth, including its long-term growth goals, strategic initiatives and priorities, development programs, and full year fiscal 2026 financial guidance. Forward looking statements discuss the Company's current expectations, targets and projections relating to the Company's financial position, results of operations, plans, objectives, future performance and business, including strategic priorities, expected development targets, and expected financial results and operating performance for fiscal 2026. Forward-looking statements reflect the Company’s current expectations and projections with respect to future events and are based on certain assumptions and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from trends, plans, or expectations set forth in the forward-looking statements. relating to its financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "intend," "outlook," "potential," "preliminary," "project," "projection," "plan," "seek," "target," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other similar expressions. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. Some of the factors which could cause results to differ materially from the Company’s expectations include the Company's ability to develop and open new Shacks on a timely basis, increased costs or shortages or interruptions in the supply and delivery of the Company's products, increased labor costs or shortages, inflationary pressures, interest rates, the impact of tariffs, volatility in financial markets and broader macroeconomic conditions, the impact of Shack closures, the impact of ongoing conflicts and related developments in the Middle East, the Company's management of its digital capabilities and expansion into delivery, as well as its kiosk, drive-thru and multiple format investments, risks associated with cyberattacks, data security and technology systems disruptions, the impact of adverse weather conditions, changes in consumer spending patterns, volatility in tourism and consumer travel, the Company's ability to maintain and grow sales at its existing Shacks, the performance and profitability of newly opened Shacks and licensed Shacks, risks associated with the Company's international licensing operations, and risks relating to the restaurant industry generally. You should evaluate all forward-looking statements made in this presentation in the context of the risks and uncertainties disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission ("SEC") and the Company's subsequent Quarterly Reports on Form 10-Q and other SEC filings. There can be no assurance that the results or developments currently anticipated by the Company will be realized. All of the Company's SEC filings are available online at www.sec.gov, www.shakeshack.com or upon request from Shake Shack Inc. The forward-looking statements included in this presentation are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

D E F I N I T I O N S 16 The following definitions, and definitions on the subsequent pages, apply to terms as used in this shareholder letter: "Shack sales" is defined as the aggregate sales of food, beverages, gift card breakage income, and Shake Shack branded merchandise at Company-operated Shacks and excludes sales from licensed Shacks. “System-wide sales” is an operating measure and consists of sales from Company-operated Shacks and licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from licensed Shacks, as well as certain up-front fees, such as territory fees, opening fees, and termination fees. "Same-Shack sales" or “SSS” represents Shack sales for the comparable Shack base, which is defined as the number of Company- operated Shacks open for 24 full fiscal months or longer. For consecutive days that Shacks were temporarily closed, the comparative period was also adjusted. "Average weekly sales" or “AWS” is calculated by dividing total Shack sales by the number of operating weeks for all Shacks in operation during the period. For Shacks that are not open for the entire period, fractional adjustments are made to the number of operating weeks open such that it corresponds to the period of associated sales. “Adjusted pro forma net income," a non-GAAP measure, represents Net income attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring and other items that the Company does not believe directly reflect its core operations and may not be indicative of the Company’s recurring business operations. “EBITDA,” a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense, and Depreciation and amortization expense. “Adjusted EBITDA,” a non-GAAP measure, is defined as EBITDA (as defined above), excluding equity-based compensation expense, Impairments, loss on disposal of assets and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. “Adjusted EBITDA margin,” a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense and Depreciation and amortization expense, which also excludes equity-based compensation expense, Impairments, loss on disposal of assets and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations, as a percentage of Total revenue. “Restaurant-level profit,” a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses, including Food and paper costs, Labor and related expenses, Other operating expenses, and Occupancy and related expenses. "Restaurant-level profit margin," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses, including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses as a percentage of Shack sales.

D E V E L O P M E N T H I G H L I G H T S 17 Company- operated Licensed System Wide Shack counts at the beginning of period 390 289 679 Openings 16 11 27 Permanent closures - (3) (3) Shack counts at the end of period 406 297 703 Shacks in the comparable base 296 Thirteen Weeks Ended July 1, 2026 Company- operated Licensed System Wide Shack counts at the beginning of period 373 286 659 Openings 33 16 49 Permanent closures - (5) (5) Shack counts at the end of period 406 297 703 Shacks in the comparable base 296 Twenty-six Weeks Ended July 1, 2026

B A L A N C E S H E E T S ( U N A U D I T E D ) 18 July 1, December 31, 2026 2025 ASSETS Current assets: Cash and cash equivalents 307,962$ 360,123$ Accounts receivable, net 34,657 32,962 Inventories 7,359 7,182 Prepaid expenses and other current assets 43,780 30,080 Total current assets 393,758 430,347 Property and equipment, net of accumulated depreciation of $604,230 and $551,004 respectively. 673,299 625,851 Operating lease assets 551,687 507,253 Deferred income taxes, net 319,980 322,385 Other assets 11,556 10,373 TOTAL ASSETS 1,950,280$ 1,896,209$ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 23,612$ 24,747$ Accrued expenses 92,318 103,354 Accrued wages and related liabilities 23,175 25,481 Operating lease liabilities, current 67,164 63,553 Other current liabilities 29,732 27,783 Total current liabilities 236,001 244,918 Long-term debt 248,255 247,731 Long-term operating lease liabilities 621,756 575,138 Liabilities under tax receivable agreement, net of current portion 244,713 244,463 Other long-term liabilities 28,004 30,210 Total liabilities 1,378,729 1,342,460 Commitments and contingencies Stockholders' equity: Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of July 1, 2026 and December 31, 2025. - - Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,370,460 and 40,254,281 shares issued and outstanding as of July 1, 2026 and December 31, 2025, respectively. 40 40 Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,425,789 and 2,434,789 shares issued and outstanding as of July 1, 2026 and December 31, 2025, respectively. 2 2 Additional paid-in capital 456,186 452,577 Retained earnings 88,099 72,709 Accumulated other comprehensive loss (6) (1) Total stockholders' equity attributable to Shake Shack, Inc. 544,321 525,327 Non-controlling interests 27,230 28,422 Total equity 571,551 553,749 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,950,280$ 1,896,209$ (in thousands, except share and per share amounts)

S T A T E M E N T S O F I N C O M E ( U N A U D I T E D ) 19 Shack sales 403,437$ 96.6% 343,224$ 96.3% 757,484$ 96.6% 653,062$ 96.4% Licensing revenue 14,181 3.4% 13,242 3.7% 26,871 3.4% 24,302 3.6% TOTAL REVENUE 417,618 100.0% 356,466 100.0% 784,355 100.0% 677,364 100.0% Shack-level operating expenses(1): Food and paper costs 116,276 28.8% 96,621 28.2% 216,299 28.6% 182,658 28.0% Labor and related expenses 101,226 25.1% 88,058 25.7% 193,943 25.6% 174,726 26.8% Other operating expenses 63,118 15.6% 50,768 14.8% 120,630 15.9% 99,030 15.2% Occupancy and related expenses 30,151 7.5% 25,593 7.5% 58,805 7.8% 50,224 7.7% General and administrative expenses 48,321 11.6% 40,671 11.4% 101,929 13.0% 81,311 12.0% Depreciation and amortization expense 30,717 7.4% 26,545 7.4% 59,837 7.6% 53,088 7.8% Pre-opening costs 6,638 1.6% 4,955 1.4% 13,508 1.7% 8,173 1.2% Impairments, loss on disposal of assets, and Shack closures 425 0.1% 881 0.2% 1,292 0.2% 2,938 0.4% TOTAL EXPENSES 396,872 95.0% 334,092 93.7% 766,243 97.7% 652,148 96.3% INCOME FROM OPERATIONS 20,746 5.0% 22,374 6.3% 18,112 2.3% 25,216 3.7% Other income, net 2,602 0.6% 2,850 0.8% 5,345 0.7% 5,821 0.9% Interest expense (553) (0.1)% (548) (0.2)% (1,101) (0.1)% (1,111) (0.2)% INCOME BEFORE INCOME TAXES 22,795 5.5% 24,676 6.9% 22,356 2.9% 29,926 4.4% Income tax expense 5,913 1.4% 6,193 1.7% 5,768 0.7% 6,930 1.0% NET INCOME 16,882 4.0% 18,483 5.2% 16,588 2.1% 22,996 3.4% Less: Net income attributable to non-controlling interests 1,202 0.3% 1,335 0.4% 1,198 0.2% 1,603 0.2% NET INCOME ATTRIBUTABLE TO SHAKE SHACK INC. 15,680$ 3.8% 17,148$ 4.8% 15,390$ 2.0% 21,393$ 3.2% Earnings per share of Class A common stock: Basic $ 0.39 $ 0.43 $ 0.38 $ 0.53 Diluted $ 0.37 $ 0.41 $ 0.37 $ 0.51 Weighted-average shares of Class A common stock outstanding: Basic 40,358 40,226 40,323 40,173 Diluted 41,866 41,819 41,873 41,842 _______________ (1) June 25, June 25, Thirteen Weeks Ended Twenty-Six Weeks Ended (in thousands, except per share amounts) 2026 2025 2026 2025 July 1, July 1, As a percentage of Shack sales.

C A S H F L O W S TAT E M E N T S ( U N A U D I T E D ) 20 July 1, June 25, (in thousands) 2026 2025 OPERATING ACTIVITIES Net income (including amounts attributable to non-controlling interests) 16,588$ 22,996$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 59,837 53,088 Amortization of debt issuance costs 524 524 Amortization of cloud computing assets 1,043 1,166 Non-cash operating lease cost 50,624 42,250 Equity-based compensation 9,082 9,750 Deferred income taxes 3,002 3,785 Non-cash interest 27 46 Impairments, loss on disposal of assets, and Shack closures 1,292 2,938 Changes in operating assets and liabilities: Accounts receivable (1,695) (1,514) Inventories (177) (14) Prepaid expenses and other current assets (12,529) (2,162) Other assets (5,125) (3,978) Accounts payable 1,573 (2,164) Accrued expenses (14,019) 12,947 Accrued wages and related liabilities (2,306) (2,128) Other current liabilities 575 (343) Operating lease liabilities (43,987) (44,356) Other long-term liabilities 1,133 3,389 NET CASH PROVIDED BY OPERATING ACTIVITIES 65,462 96,220 INVESTING ACTIVITIES Purchases of property and equipment (104,901) (67,438) NET CASH USED IN INVESTING ACTIVITIES (104,901) (67,438) FINANCING ACTIVITIES Payments on principal of finance leases (3,254) (2,631) Distributions paid to non-controlling interest holders (2,817) (857) Payments under tax receivable agreement, including interest (977) (24) Net proceeds from stock option exercises 69 123 Employee withholding taxes related to net settled equity awards (5,738) (9,300) NET CASH USED IN FINANCING ACTIVITIES (12,717) (12,689) Effect of exchange rate changes on cash and cash equivalents (5) (3) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (52,161) 16,090 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 360,123 320,714 CASH AND CASH EQUIVALENTS AT END OF PERIOD 307,962$ 336,804$ Twenty-Six Weeks Ended

R E S TA U R A N T - L E V E L P R O F I T D E F I N I T I O N S 21 Restaurant-Level Profit “Restaurant-level profit,” a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses, including Food and paper costs, Labor and related expenses, Other operating expenses, and Occupancy and related expenses. Restaurant-level Profit Margin "Restaurant-level profit margin," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses, including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses as a percentage of Shack sales. How This Measure Is Useful When used in conjunction with GAAP financial measures, Restaurant-level profit and Restaurant-level profit margin are supplemental measures of operating performance that the Company believes are useful measures to evaluate the performance and profitability of its Shacks. Additionally, Restaurant-level profit and Restaurant-level profit margin are key metrics used internally by management to develop internal budgets and forecasts, as well as assess the performance of its Shacks relative to budget and against prior periods. It is also used to evaluate employee compensation as it serves as a metric in certain performance-based employee bonus arrangements. The Company believes presentation of Restaurant-level profit and Restaurant-level profit ovides investors with a supplemental view of its operating performance that can provide meaningful insights to the underlying operating performance of the Shacks, as these measures depict the operating results that are directly impacted by the Shacks and exclude items that may not be indicative of, or are unrelated to, the ongoing operations of the Shacks. It may also assist investors to evaluate the Company's performance relative to peers of various sizes and maturities and provides greater transparency with respect to how management evaluates the business, as well as the financial and operational decision-making. Limitations of the Usefulness of this Measure Restaurant-level profit and Restaurant-level profit margin may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Restaurant-level profit and Restaurant-level profit margin is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Restaurant-level profit excludes certain costs, such as General and administrative expenses and Pre-opening costs, which are considered normal, recurring cash operating expenses and are essential to support the operation and development of the Company's Shacks. Therefore, this measure may not provide a complete understanding of the Company's operating results as a whole and Restaurant-level profit and Restaurant-level profit margin should be reviewed in conjunction with the Company’s GAAP financial results. A reconciliation of Restaurant-level profit to operating income, the most directly comparable GAAP financial measure, is set forth on next slide.

R E S TA U R A N T - L E V E L P R O F I T 22 (dollar amounts in thousands) July 1, 2026 June 25, 2025 July 1, 2026 June 25, 2025 Income from operations 20,746$ 22,374$ 18,112$ 25,216$ Less: Licensing revenue 14,181 13,242 26,871 24,302 Add: General and administrative expenses 48,321 40,671 101,929 81,311 Depreciation and amortization expense 30,717 26,545 59,837 53,088 Pre-opening costs 6,638 4,955 13,508 8,173 Impairments, loss on disposal of assets, and Shack closures 425 881 1,292 2,938 Restaurant-level profit 92,666$ 82,184$ 167,807$ 146,424$ Total revenue 417,618$ 356,466$ 784,355$ 677,364$ Less: Licensing revenue 14,181 13,242 26,871 24,302 Shack sales 403,437$ 343,224$ 757,484$ 653,062$ Restaurant-level profit margin(1) 23.0% 23.9% 22.2% 22.4% (1) Thirteen Weeks Ended Twenty-Six Weeks Ended As a percentage of Shack sales.

EBITDA and Adjusted EBITDA EBITDA, a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense and Depreciation and amortization expense. Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA (as defined above) excluding equity-based compensation expense, Impairments, loss on disposal of assets and Shack closures, amortization of cloud- based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. How These Measures Are Useful When used in conjunction with GAAP financial measures, EBITDA and adjusted EBITDA are supplemental measures of operating performance that the Company believes are useful measures to facilitate comparisons to historical performance and competitors' operating results. Adjusted EBITDA is a key metric used internally by management to develop internal budgets and forecasts and also serves as a metric in its performance-based equity incentive programs and certain bonus arrangements. The Company believes presentation of EBITDA and adjusted EBITDA provides investors with a supplemental view of the Company's operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company's ongoing operating performance. Limitations of the Usefulness of These Measures EBITDA and adjusted EBITDA may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of EBITDA and adjusted EBITDA is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company's performance and should be reviewed in conjunction with the GAAP financial measures. A reconciliation of EBITDA and adjusted EBITDA to Net income, the most directly comparable GAAP measure, is set forth on next slide. A DJ U S T E D E B I T D A D E F I N I T I O N S 23

A DJ U S T E D E B I T D A 24 (dollar amounts in thousands) July 1, 2026 June 25, 2025 July 1, 2026 June 25, 2025 Net income 16,882$ 18,483$ 16,588$ 22,996$ Depreciation and amortization expense 30,717 26,545 59,837 53,088 Interest expense, net 468 500 984 1,023 Income tax expense 5,913 6,193 5,768 6,930 EBITDA 53,980$ 51,721$ 83,177$ 84,037$ Equity-based compensation 3,922 5,209 9,082 9,750 Amortization of cloud-based software implementation costs 531 560 1,043 1,166 Impairments, loss on disposal of assets, and Shack closures 425 881 1,292 2,938 Executive transition costs(1) 1,121 414 2,251 414 Legal settlements(2) 848 - 848 983 Restatement costs(3) - 100 - 354 Other(4) 374 15 473 3 Adjusted EBITDA 61,201$ 58,900$ 98,166$ 99,645$ Adjusted EBITDA margin(5) 14.7% 16.5% 12.5% 14.7% (1) (2) (3) (4) Amounts related to the conflict in the Middle East and expenses incurred for professional fees related to non-recurring matters. (5) Calculated as a percentage of Total revenue, which was $417.6 million and $784.4 million for the thirteen and twenty-six weeks ended July 1, 2026, respectively, and $356.5 million and $677.4 million for the thirteen and twenty-six weeks ended June 25, 2025, respectively. Expenses incurred in connection with the termination, search, and hiring of certain executive positions. Thirteen Weeks Ended Twenty-Six Weeks Ended Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K. Expenses incurred to establish accruals related to the settlements of legal matters.

Adjusted Pro Forma Net Income and Adjusted Pro Forma Earnings Per Fully Exchanged and Diluted Share Adjusted pro forma net income represents Net income attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non- recurring items that the Company does not believe are directly related to its core operations and may not be indicative of recurring business operations. Adjusted pro forma earnings per fully exchanged and diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Interests, after giving effect to the dilutive effect of outstanding equity-based awards. How These Measures Are Useful When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding LLC Interests, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in Net income attributable to Shake Shack Inc. driven by increases in its ownership of SSE Holdings, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance. Limitations of the Usefulness of These Measures Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should not be considered alternatives to Net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the Net income attributable to Shake Shack Inc. Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should be evaluated in conjunction with GAAP financial results. A DJ U S T E D P R O F O R M A N E T I N C O M E A N D I N C O M E P E R S H A R E D E F I N I T I O N S 25

A DJ U S T E D P R O F O R M A N E T I N C O M E A N D E A R N I N G S P E R S H A R E 26 (in thousands, except per share amounts) July 1, 2026 June 25, 2025 July 1, 2026 June 25, 2025 Numerator: Net income attributable to Shake Shack Inc. 15,680$ 17,148$ 15,390$ 21,393$ Adjustments: Reallocation of Net income attributable to non-controlling interests from the assumed exchange of LLC Interests(1) 1,202 1,335 1,198 1,603 Impairment charges and Shack closures(2) 6 295 35 1,948 Executive transition costs(3) 1,121 414 2,251 414 Legal settlements(4) 848 - 848 983 Restatement costs(5) - 100 - 354 Other(6) 374 15 473 3 Tax impact of above adjustments(7) (326) 169 (1,202) (824) Adjusted pro forma net income 18,905$ 19,476$ 18,993$ 25,874$ Denominator: Weighted-average shares of Class A common stock outstanding—diluted 41,866 41,819 41,873 41,842 Adjustments: Assumed exchange of LLC Interests for shares of Class A common stock(1) 2,429 2,445 2,431 2,446 44,295 44,264 44,304 44,288 Adjusted pro forma earnings per fully exchanged share—diluted 0.43$ 0.44$ 0.43$ 0.58$ July 1, 2026 June 25, 2025 July 1, 2026 June 25, 2025 Earnings per share of Class A common stock—diluted 0.37$ 0.41$ 0.37$ 0.51$ Assumed exchange of LLC Interests for shares of Class A common stock(1) 0.01 0.01 - 0.01 Non-GAAP adjustments(8) 0.05 0.02 0.06 0.06 Adjusted pro forma earnings per fully exchanged share—diluted 0.43$ 0.44$ 0.43$ 0.58$ (1) (2) Expenses incurred related to Shack closures and impairment charges during fiscal 2024 and fiscal 2025. (3) Expenses incurred in connection with the termination, search, and hiring of certain executive positions. (4) Expenses incurred to establish accruals related to the settlements of legal matters. (5) Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K. (6) (7) (8) Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 24.8% and 26.8% for the thirteen and twenty-six weeks ended July 1, 2026, respectively, and 23.6% and 23.1% for the thirteen and twenty-six weeks ended June 25, 2025, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction. Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above, for additional information. Amounts related to the conflict in the Middle East and expenses incurred for professional fees related to non-recurring matters. Thirteen Weeks Ended Twenty-Six Weeks Ended Adjusted pro forma fully exchanged weighted-average shares of Class A common stock outstanding—diluted Thirteen Weeks Ended Twenty-Six Weeks Ended Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests.

Adjusted Pro Forma Effective Tax Rate Adjusted pro forma effective tax rate represents the effective tax rate assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly related to its core operations and may not be indicative of its recurring business operations. How This Measure Is Useful When used in conjunction with GAAP financial measures, adjusted pro forma effective tax rate is a supplemental measure of operating performance that the Company believes is useful to evaluate its performance period over period and relative to its competitors. By assuming the full exchange of all outstanding LLC Interests, the Company believes this measure facilitates comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in effective tax rate driven by increases in its ownership of SSE Holdings, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance. Limitations of the Usefulness of this Measure Adjusted pro forma effective tax rate may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma effective tax rate should not be considered an alternative to effective tax rate, as determined under GAAP. While this measure is useful in evaluating the Company's performance, it does not account for the effective tax rate attributable to the non-controlling interest holders and therefore does not provide a complete understanding of effective tax rate. Adjusted pro forma effective tax rate should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma effective tax rate, the most directly comparable GAAP measure, is set forth on next slide. A DJ U S T E D P R O F O R M A E F F E C T I V E TA X R AT E D E F I N I T I O N S 27

2 0 2 6 A DJ U S T E D P R O F O R M A E F F E C T I V E TA X R AT E 28 2 0 2 5 A DJ U S T E D P R O F O R M A E F F E C T I V E TA X R AT E (dollar amounts in thousands) Income Tax Expense Income Before Income Taxes Effective Tax Rate Income Tax Expense Income Before Income Taxes Effective Tax Rate As reported 5,913$ 22,795$ 25.9% 5,768$ 22,356$ 25.8% Non-GAAP adjustments (before tax): Executive transition costs - 1,121 - - 2,251 - Legal settlement - 848 - - 848 - Impairment charge and Shack closures - 6 - - 35 - Other Adjustments - 374 - - 473 - Tax effect of non-GAAP adjustments and assumed exchange of outstanding LLC Interests 326 - - 1,202 - - Adjusted pro forma 6,239$ 25,144$ 24.8% 6,970$ 25,963$ 26.8% Less: Net tax impact from equity-based compensation 52 - - (470) - - Adjusted pro forma 6,291$ 25,144$ 25.0% 6,500$ 25,963$ 25.0% Thirteen Weeks Ended Twenty-six Weeks Ended July 1, 2026 July 1, 2026 (dollar amounts in thousands) Income Tax Expense Income Before Income Taxes Effective Tax Rate Income Tax Expense Income Before Income Taxes Effective Tax Rate As reported 6,193$ 24,676$ 25.1% 6,930$ 29,926$ 23.2% Non-GAAP adjustments (before tax): Legal settlements - - - - 983 - Executive transition costs - 414 - - 414 - Impairment charge and Shack closures - 295 - - 1,948 - Restatement costs - 100 - - 354 - Other Adjustments - 15 - - 3 - Tax effect of non-GAAP adjustments and assumed exchange of outstanding LLC Interests (169) - - 824 - - Adjusted pro forma 6,024$ 25,500$ 23.6% 7,754$ 33,628$ 23.1% Less: Net tax impact from equity-based compensation 253 - - 524 - - Adjusted pro forma 6,277$ 25,500$ 24.6% 8,278$ 33,628$ 24.6% June 25, 2025 June 25, 2025 Thirteen Weeks Ended Twenty-six Weeks Ended

INVESTOR CONTACT Alison Sternberg, Shake Shack Head of Investor Relations (844) Shack-04 (844-742-2504) investor@shakeshack.com MEDIA CONTACT Corey Gee, Shake Shack cblumenthal@shakeshack.com CONTACT INFORMATION

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