Shake Shack Q3 2026 net income rises to $17.8M

Management described a path to long-term guidance of 1,500 company-operated Shacks.

Available on EDGAR 11/05/2026 - 07:06 AM EST Accepted by SEC EDGAR 11/05/2026 - 07:02 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Shake Shack Inc. reported third-quarter 2026 revenue of $423.3 million, up 15.2% year over year, with system-wide sales of $644.8 million, up 12.8%. Net income was $17.8 million, compared with $13.7 million a year earlier, and diluted earnings per share were $0.39 versus $0.30. Same-Shack sales rose 2.5%, including 0.8% traffic growth; restaurant-level profit margin, a non-GAAP measure, was 22.5% versus 22.8%.

Adjusted EBITDA, a non-GAAP measure, increased 16.0% to $62.8 million. The company opened 21 company-operated Shacks and 16 licensed Shacks during the quarter. For the thirty-nine weeks ended September 30, 2026, operating cash flow was $136.0 million compared with $159.2 million in the prior-year period, while purchases of property and equipment were $162.4 million versus $106.7 million. Preliminary, unaudited fiscal 2026 guidance lists revenue of $1.6 billion to $1.7 billion and net income of $45 million to $55 million.

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Positive

• Moderate pointQ3 revenue rose 15.2% to $423.3 million year over year.
• Moderate pointNet income was $17.8 million, versus $13.7 million in Q3 2025.
• Moderate pointAdjusted EBITDA increased 16.0% to $62.8 million year over year.

Negative

• Moderate pointThirty-nine-week operating cash flow was $136.0 million, versus $159.2 million.

Filing Explained

This Form 8-K reports Shake Shack’s third-quarter results and furnishes the shareholder letter; its September 30, 2026 balance sheet shows $319,004 thousand in cash and equivalents and $248,517 thousand in long-term debt.

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, or exhibit attachments filed with this report.

Key Figures

Total revenue: $423.3 million Net income: $17.8 million Diluted earnings per share: $0.39 per share +4 more

7 metrics

Total revenue $423.3 million Third quarter 2026; up 15.2% year over year

Net income $17.8 million Third quarter 2026; compared with $13.7 million in 2025

Diluted earnings per share $0.39 per share Third quarter 2026; compared with $0.30 in 2025

Adjusted EBITDA $62.8 million Third quarter 2026; up 16.0% year over year; non-GAAP measure

Same-Shack sales 2.5% Third quarter 2026 year-over-year growth, including 0.8% traffic growth

Restaurant-level profit margin 22.5% Third quarter 2026; compared with 22.8% in 2025; non-GAAP measure

Net cash provided by operating activities $136.0 million Thirty-nine weeks ended September 30, 2026; compared with $159.2 million in the prior-year period

Key Terms

System-wide sales, Same-Shack sales, Restaurant-level profit margin, Adjusted EBITDA, +1 more

5 terms

System-wide sales financial

"System-wide sales is an operating measure"

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.

Same-Shack sales financial

"represents Shack sales for the comparable Shack base"

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.

Restaurant-level profit margin financial

"as a percentage of Shack sales"

Restaurant-level profit margin measures how much money a single restaurant keeps from its sales after paying all the costs directly tied to running that location — food, labor, rent, utilities and local supplies — but before corporate overhead, interest and taxes. Investors use it like a car’s fuel efficiency: it shows how well each location turns revenue into cash flow and reveals whether the core unit is healthy and scalable before corporate costs are applied.

Adjusted EBITDA financial

"EBITDA excluding equity-based compensation expense"

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.

Average weekly sales (AWS) financial

"calculated by dividing total Shack sales by the number of operating weeks"

Earnings Snapshot

Total revenue: $423.3 million · Guidance included

Third quarter 2026

Total revenue $423.3 million Up 15.2% year over year

Net income $17.8 million Compared with $13.7 million in third quarter 2025

Diluted earnings per share $0.39 per share Compared with $0.30 in third quarter 2025

Adjusted EBITDA (non-GAAP) $62.8 million Up 16.0% year over year

Guidance

Preliminary, unaudited fiscal 2026 guidance lists total revenue of $1.6 billion to $1.7 billion, net income of $45 million to $55 million, and adjusted EBITDA of $225 million to $235 million.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did SHAK's third-quarter 2026 revenue and net income compare with last year?

Shake Shack reported revenue of $423.3 million and net income of $17.8 million for the third quarter ended September 30, 2026. Revenue was up 15.2% year over year; net income compared with $13.7 million, and diluted earnings per share were $0.39 versus $0.30.

What is Shake Shack's fiscal 2026 guidance?

Preliminary, unaudited fiscal 2026 guidance lists revenue of $1.6 billion to $1.7 billion, net income of $45 million to $55 million, adjusted EBITDA of $225 million to $235 million, 60–65 company-operated Shack openings, and 40–45 licensed Shack openings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001620533false00016205332026-11-052026-11-05

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

November 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 November 5, 2026, Shake Shack Inc. (the “Company”) issued a press release and shareholder letter announcing its financial results for the fiscal third quarter ended September 30, 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 November 5, 2026, in addition to issuing a press release, the Company issued a shareholder letter for its fiscal third quarter ended September 30, 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 November 5, 2026 announcing financial results for the fiscal third quarter ended September 30, 2026. (furnished only)
99.2						Shareholder letter dated November 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: November 5, 2026						Chief Financial Officer

Exhibit 99.1

Shake Shack Announces Third Quarter 2026 Financial Results

▪Total revenue of $423.3 million, up 15.2% versus 2025, including $408.0 million of Shack sales and $15.3 million of Licensing revenue.

▪System-wide sales of $644.8 million, up 12.8% versus 2025.

▪Same-Shack sales up 2.5% versus 2025.

▪Operating income of $21.5 million versus $18.5 million in 2025.

•Restaurant-level profit(1) of $91.7 million, or 22.5% of Shack sales.

▪Net income of $17.8 million versus $13.7 million in 2025.

•Adjusted EBITDA(1) of $62.8 million, up 16.0% versus 2025.

▪Net income attributable to Shake Shack Inc. of $16.5 million, or earnings of $0.39 per diluted share.

•Adjusted pro forma net income(1) of $17.8 million, or earnings of $0.40 per fully exchanged and diluted share.

▪Opened 21 new Company-operated Shacks and 16 new licensed Shacks.

NEW YORK, NY (Business Wire) — November 5, 2026 — Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the third quarter of 2026 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q3 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 November 12, 2026 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13762370.

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 750 locations system-wide, including over 480 in 36 U.S. States and the District of Columbia, and nearly 270 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)

									September 30 2026						December 31 2025
ASSETS
Current assets:
			Cash and cash equivalents						$	319,004					$	360,123
			Accounts receivable, net						30,563						32,962
			Inventories						7,562						7,182
			Prepaid expenses and other current assets						40,242						30,080
			Total current assets						397,371						430,347
Property and equipment, net of accumulated depreciation of $630,566 and $551,004, respectively.									695,791						625,851
Operating lease assets									568,563						507,253
Deferred income taxes, net									315,438						322,385
Other assets									8,132						10,373
TOTAL ASSETS									$	1,985,295					$	1,896,209
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
			Accounts payable						$	25,085					$	24,747
			Accrued expenses						82,599						103,354
			Accrued wages and related liabilities						24,375						25,481
			Operating lease liabilities, current						69,850						63,553
			Other current liabilities						29,043						27,783
			Total current liabilities						230,952						244,918
Long-term debt									248,517						247,731
Long-term operating lease liabilities									639,888						575,138
Liabilities under tax receivable agreement, net of current portion									244,030						244,463
Other long-term liabilities									27,095						30,210
Total liabilities									1,390,482						1,342,460
Commitments and contingencies
Stockholders' equity:
			Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of September 30, 2026 and December 31, 2025.						—						—
			Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,415,423 and 40,254,281 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively.						40						40
			Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,385,789 and 2,434,789 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively.						2						2
			Additional paid-in capital						459,366						452,577
			Retained earnings						104,585						72,709
			Accumulated other comprehensive loss						(6)						(1)
			Total stockholders' equity attributable to Shake Shack Inc.						563,987						525,327
Non-controlling interests									30,826						28,422
Total equity									594,813						553,749
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY									$	1,985,295					$	1,896,209

Exhibit 99.1

SHAKE SHACK INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in thousands, except per share amounts)

									Thirteen Weeks Ended																		Thirty-Nine Weeks Ended
									September 30 2026									September 24 2025									September 30 2026									September 24 2025
Shack sales									$	408,026		96.4		%				$	352,846		96.0		%				$	1,165,510		96.5		%				$	1,005,908		96.3		%
Licensing revenue									15,247			3.6		%				14,565			4.0		%				42,118			3.5		%				38,867			3.7		%
TOTAL REVENUE									423,273			100.0		%				367,411			100.0		%				1,207,628			100.0		%				1,044,775			100.0		%
Shack-level operating expenses(1):
			Food and paper costs						115,276			28.3		%				103,461			29.3		%				331,575			28.4		%				286,119			28.4		%
			Labor and related expenses						103,823			25.4		%				88,033			24.9		%				297,766			25.5		%				262,759			26.1		%
			Other operating expenses						65,828			16.1		%				53,779			15.2		%				186,458			16.0		%				152,809			15.2		%
			Occupancy and related expenses						31,366			7.7		%				26,995			7.7		%				90,171			7.7		%				77,219			7.7		%
General and administrative expenses									44,989			10.6		%				44,381			12.1		%				146,918			12.2		%				125,692			12.0		%
Depreciation and amortization expense									32,930			7.8		%				27,079			7.4		%				92,767			7.7		%				80,167			7.7		%
Pre-opening costs									6,978			1.6		%				4,625			1.3		%				20,486			1.7		%				12,798			1.2		%
Impairments, loss on disposal of assets, and Shack closures									601			0.1		%				510			0.1		%				1,893			0.2		%				3,448			0.3		%
TOTAL EXPENSES									401,791			94.9		%				348,863			95.0		%				1,168,034			96.7		%				1,001,011			95.8		%
INCOME FROM OPERATIONS									21,482			5.1		%				18,548			5.0		%				39,594			3.3		%				43,764			4.2		%
Other income, net									2,459			0.6		%				3,103			0.8		%				7,804			0.6		%				8,924			0.9		%
Interest expense									(567)			(0.1)		%				(504)			(0.1)		%				(1,668)			(0.1)		%				(1,615)			(0.2)		%
INCOME BEFORE INCOME TAXES									23,374			5.5		%				21,147			5.8		%				45,730			3.8		%				51,073			4.9		%
Income tax expense									5,607			1.3		%				7,436			2.0		%				11,375			0.9		%				14,366			1.4		%
NET INCOME									17,767			4.2		%				13,711			3.7		%				34,355			2.8		%				36,707			3.5		%
Less: Net income attributable to non-controlling interests									1,281			0.3		%				1,210			0.3		%				2,479			0.2		%				2,813			0.3		%
NET INCOME ATTRIBUTABLE TO SHAKE SHACK INC.									$	16,486		3.9		%				$	12,501		3.4		%				$	31,876		2.6		%				$	33,894		3.2		%
Earnings per share of Class A common stock:
			Basic						$	0.41								$	0.31								$	0.79								$	0.84
			Diluted						$	0.39								$	0.30								$	0.76								$	0.81
Weighted-average shares of Class A common stock outstanding:
			Basic						40,399									40,250									40,349									40,199
			Diluted						41,910									41,874									41,885									41,852

(1)As a percentage of Shack sales.

Exhibit 99.1

SHAKE SHACK INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

																		Thirty-Nine Weeks Ended
																		September 30 2026						September 24 2025
OPERATING ACTIVITIES
Net income (including amounts attributable to non-controlling interests)																		$	34,355					$	36,707
Adjustments to reconcile net income to net cash provided by operating activities:
			Depreciation and amortization expense															92,767						80,167
			Amortization of debt issuance costs															786						786
			Amortization of cloud computing assets															1,334						1,676
			Non-cash operating lease cost															77,313						64,489
			Equity-based compensation															14,077						14,173
			Deferred income taxes															7,474						9,238
			Non-cash interest															41						31
			Impairments, loss on disposal of assets, and Shack closures															1,893						3,448
			Changes in operating assets and liabilities:
						Accounts receivable												2,399						(925)
						Inventories												(380)						(297)
						Prepaid expenses and other current assets												(6,980)						(4,134)
						Other assets												(2,644)						(4,634)
						Accounts payable												973						(610)
						Accrued expenses												(19,056)						22,078
						Accrued wages and related liabilities												(1,106)						524
						Other current liabilities												(788)						(1,377)
						Operating lease liabilities												(67,379)						(65,713)
						Other long-term liabilities												953						3,592
NET CASH PROVIDED BY OPERATING ACTIVITIES																		136,032						159,219
INVESTING ACTIVITIES
Purchases of property and equipment																		(162,405)						(106,697)
NET CASH USED IN INVESTING ACTIVITIES																		(162,405)						(106,697)
FINANCING ACTIVITIES
Payments on principal of finance leases																		(4,999)						(4,013)
Deferred financing costs																		—						(10)
Distributions paid to non-controlling interest holders																		(2,931)						(1,758)
Payments under tax receivable agreement, including interest																		(977)						(37)
Net proceeds from stock option exercises																		69						123
Employee withholding taxes related to net settled equity awards																		(5,903)						(9,784)
NET CASH USED IN FINANCING ACTIVITIES																		(14,741)						(15,479)
Effect of exchange rate changes on cash and cash equivalents																		(5)						—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS																		(41,119)						37,043
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD																		360,123						320,714
CASH AND CASH EQUIVALENTS AT END OF PERIOD																		$	319,004					$	357,757

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												Thirty-Nine Weeks Ended
(dollar amounts in thousands)						September 30 2026						September 24 2025						September 30 2026						September 24 2025
Income from operations						$	21,482					$	18,548					$	39,594					$	43,764
Less:
			Licensing revenue			15,247						14,565						42,118						38,867
Add:
			General and administrative expenses			44,989						44,381						146,918						125,692
			Depreciation and amortization expense			32,930						27,079						92,767						80,167
			Pre-opening costs			6,978						4,625						20,486						12,798
			Impairments, loss on disposal of assets, and Shack closures			601						510						1,893						3,448
Restaurant-level profit						$	91,733					$	80,578					$	259,540					$	227,002
Total revenue						$	423,273					$	367,411					$	1,207,628					$	1,044,775
Less: Licensing revenue						15,247						14,565						42,118						38,867
Shack sales						$	408,026					$	352,846					$	1,165,510					$	1,005,908
Restaurant-level profit margin(1)						22.5		%				22.8		%				22.3		%				22.6		%

(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												Thirty-Nine Weeks Ended
(dollar amounts in thousands)						September 30 2026						September 24 2025						September 30 2026						September 24 2025
Net income						$	17,767					$	13,711					$	34,355					$	36,707
Depreciation and amortization expense						32,930						27,079						92,767						80,167
Interest expense, net						525						472						1,509						1,495
Income tax expense						5,607						7,436						11,375						14,366
EBITDA						$	56,829					$	48,698					$	140,006					$	132,735
Equity-based compensation						4,995						4,423						14,077						14,173
Amortization of cloud-based software implementation costs						291						510						1,334						1,676
Impairments, loss on disposal of assets, and Shack closures						601						510						1,893						3,448
Executive transition costs(1)						31						—						2,282						414
Legal settlements(2)						—						—						848						983
Restatement costs(3)						—						—						—						354
Other(4)						47						—						520						3
Adjusted EBITDA						$	62,794					$	54,141					$	160,960					$	153,786
Adjusted EBITDA margin(5)						14.8%						14.7%						13.3%						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 $423.3 million and $1,207.6 million for the thirteen and thirty-nine weeks ended September 30, 2026, respectively, and $367.4 million and $1,044.8 million for the thirteen and thirty-nine weeks ended September 24, 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												Thirty-Nine Weeks Ended
(in thousands, except per share amounts)									September 30 2026						September 24 2025						September 30 2026						September 24 2025
Numerator:
			Net income attributable to Shake Shack Inc.						$	16,486					$	12,501					$	31,876					$	33,894
			Adjustments:
						Reallocation of Net income attributable to non-controlling interests from the assumed exchange of LLC Interests(1)			1,281						1,210						2,479						2,813
						Impairment charge and Shack closures(2)			32						(44)						67						1,904
						Executive transition costs(3)			31						—						2,282						414
						Legal settlements(4)			—						—						848						983
						Restatement costs(5)			—						—						—						354
						Other(6)			47						—						520						3
						Tax impact of above adjustments(7)			(123)						2,187						(1,325)						1,363
			Adjusted pro forma net income						$	17,754					$	15,854					$	36,747					$	41,728
Denominator:
			Weighted average shares of Class A common stock outstanding—diluted						41,910						41,874						41,885						41,852
			Adjustments:
						Assumed exchange of weighted average LLC Interests for shares of Class A common stock(1)			2,400						2,437						2,420						2,443
			Adjusted pro forma fully exchanged weighted average shares of Class A common stock outstanding—diluted						44,310						44,311						44,305						44,295
Adjusted pro forma earnings per fully exchanged share—diluted									$	0.40					$	0.36					$	0.83					$	0.94

									Thirteen Weeks Ended												Thirty-Nine Weeks Ended
									September 30 2026						September 24 2025						September 30 2026						September 24 2025
Earnings per share of Class A common stock—diluted									$	0.39					$	0.30					$	0.76					$	0.81
			Assumed exchange of weighted average LLC Interests for shares of Class A common stock(1)						0.01						0.01						0.02						0.02
			Non-GAAP adjustments(8)						—						0.05						0.05						0.11
Adjusted pro forma earnings per fully exchanged share—diluted									$	0.40					$	0.36					$	0.83					$	0.94

(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 24.4% and 25.7% for the thirteen and thirty-nine weeks ended September 30, 2026, respectively, and 24.9% and 23.8% for the thirteen and thirty-nine weeks ended September 24, 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.

Third Quarter 2026 Shareholder Letter

"Our teams stayed focused on what matters most, taking care of each other and our guests, and I am incredibly proud of how our 15,000 team members and our licensed partners showed up over the last few months and for the results they produced. Company-operated same-Shack sales grew 2.5%, including 0.8% traffic growth, marking our fifth consecutive quarter of positive traffic. Three components of our strategy continue to drive consistent same-Shack sales growth: strong restaurant operations, culinary excellence that differentiates our brand, and targeted media and digital investments that drive awareness and engagement. We remain focused on executing with excellence, and I am encouraged by our continued operating performance," said Chief Executive Officer, Rob Lynch. "Our third quarter results demonstrate the resilience of our business and the progress we’re making across our strategic priorities. Shack sales grew 15.6% year-over-year to $408.0 million, generating restaurant-level profit of $91.7 million, or 22.5% of Shack sales. Both our owned digital channels and third-party delivery are driving traffic growth, while our owned channels also enable us to capture valuable guest data and drive higher guest lifetime value through personalized engagement," said Chief Financial Officer, Michelle Hook. Q 3 2 0 2 6 H I G H L I G H T S System-wide Sales $644.8m Delivering 12.8% growth year- over-year driven by new Shack openings, strong restaurant operations, and culinary excellence. Same-Shack Sales (SSS) Growth +2.5% SSS includes positive traffic of 0.8%, marking the fifth consecutive quarter of traffic growth and extending our streak of positive same-Shack sales growth to 23 consecutive quarters. Restaurant-level Profit Margin1 22.5% Declining 30bps vs last year driven by increased operating expenses, and investments in labor, partially offset by lower food and paper costs. 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. THIRD QUARTER 2026 HIGHLIGHTS: • Total revenue grew 15.2% year-over-year to $423.3m. • Shack sales grew 15.6% year-over-year to $408.0m. • Licensing revenue grew 4.7% year-over-year to $15.3m. • System-wide sales grew 12.8% year-over-year to $644.8m. • Average weekly sales (AWS) was $75k, down 3.8% year-over-year. • Same-Shack sales (SSS) grew 2.5% year-over-year. • Operating income of $21.5m versus $18.5m last year. • Restaurant-level profit margin1 of 22.5% of Shack sales versus 22.8% last year. • Net income of $17.8m versus $13.7m last year. • Adjusted EBITDA1 of $62.8m, up 16.0% year-over-year. • Net income attributable to Shake Shack Inc. of $16.5m, or earnings of $0.39 per diluted share. • Adjusted pro forma net income1 of $17.8m, or earnings of $0.40 per fully exchanged and diluted share. • Opened 21 new Company-operated Shacks and 16 new licensed Shacks.

$81M $87M $75M $93M $92M 22.8% 22.7% 21.2% 23.0% 22.5% 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 3Q25 4Q25 1Q26 2Q26 3Q26 $78K $77K $72K $78K $75K 3Q25 4Q25 1Q26 2Q26 3Q26 $367M $401M $367M $418M $423M 3Q25 4Q25 1Q26 2Q26 3Q26 630 659 679 703 738 3Q25 4Q25 1Q26 2Q26 3Q26 $572M $618M $558M $626M $645M 3Q25 4Q25 1Q26 2Q26 3Q26 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 3 2 0 2 6 H I G H L I G H T S Q3 2026 marked five consecutive quarters of positive traffic and our 23rd consecutive quarter of positive same-Shack sales growth, alongside Q3 record unit expansion and 16% Adjusted EBITDA growth. 3 Total revenue grew 15.2% year-over-year. System-wide sales grew 12.8% year-over-year. AWS was down 3.8% year-over-year. System-wide unit count grew 17.1% year-over-year, including: • 69 new Company-operated Shack openings • 49 new licensed Shack openings • 9 licensed Shack closures • 1 Company-operated Shack closure Adjusted EBITDA increased 16.0% year-over-year and was 14.8% of Total revenue. % label indicates Adjusted EBITDA margin. % label indicates Restaurant-level profit margin.1 Restaurant-level profit grew 13.8% year-over-year and was 22.5% of Shack sales. $54M $56M $37M $61M $63M 14.7% 14.0% 10.1% 14.7% 14.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% -$8 $2 $12 $22 $32 $42 $52 $62 3Q25 4Q25 1Q26 2Q26 3Q26 Total Revenue Restaurant-level Profit1

4 TO O U R S H A R E H O L D E R S Our third quarter results delivered on our plan to drive consistent comp sales and traffic growth, including our fifth consecutive quarter of positive traffic. We opened a Q3 record number of Shacks, reinforcing our confidence in the path to our long-term guidance of 1,500 Company-operated Shacks. Despite a pressured consumer, Restaurant-level margins remained healthy at 22.5%, Adjusted EBITDA grew 16.0%, and we opened 21 new Company-operated Shacks, bringing year-to-date openings to 54. Our improvements in restaurant operations continue to elevate the guest experience while delivering strong margins. By pairing the highest quality ingredients with operational excellence and Enlightened Hospitality, we deliver a strong value proposition that reflects our premium positioning. Targeted media and digital investments continue to strengthen guest engagement and drive traffic growth. As we build out our loyalty program and focus on expanding our guest database and targeting capabilities, we now define our digital mix as the channels where we control our communication and interaction with our guests. Our owned digital channels now include In-Shack Kiosks, App and Web platforms, and represented approximately 60% of Shack sales in Q3. As we have communicated in the past, our digital guests visit more frequently and spend more over the course of a year. These efforts help us attract and retain guests and increase lifetime value, and they strengthen the foundation for the loyalty and lifecycle marketing we are building, all while maintaining promotional and pricing discipline. Culinary innovation differentiates Shake Shack and drives guest excitement. While our core burgers, fries, and shakes remain at the center of our menu, we complement them with premium LTOs that aim to drive trial, frequency, and check growth. In July, we introduced our West Coast-inspired platform, which delivered strong guest satisfaction and a robust organic social media response. In September, we launched our premium Reese’s Peanut Butter Cup Shake, featuring our signature chocolate crackable shell, which helped support comp and traffic growth. We closed the quarter by welcoming back our Black Truffle menu, our number one requested LTO, and our innovation pipeline remains strong. We continue to make meaningful progress on Project Catalyst, the technology foundation that will support Shake Shack’s next chapter of growth. Our work across restaurant systems, digital platforms, loyalty capabilities, data infrastructure, and AI tools has one simple goal: making it easier for guests to choose Shake Shack and easier for our teams to deliver great experiences. I am proud of the progress we’re making and thankful to our corporate and restaurant teams for staying focused, working hard, and believing in our future. Their actions to strengthen restaurant operations, deliver culinary innovation, expand our development pipeline, and build scalable marketing and technology capabilities are the reasons we delivered our twenty-third consecutive quarter of same-Shack sales growth and continue to have strong operating margins. We remain focused on executing our strategy and building on this strong foundation to drive continued growth, strengthen our business, and deliver long-term value. November 5, 2026

WE ARE BUILDING A PIPELINE OF LEADERS TO SUPPORT OUR ROAD TO 1,500 SHACKS. • Set clear expectations and hold ourselves accountable. • Empower leaders to make an impact. • Develop people and grow careers. • Targeted media and digital investments continue to drive engagement and traffic. • Our app remains our strangest traffic driver, with owned digital channels representing ~60% of Shack sales. • Premium shake innovation, including the Reese’s Peanut Butter Cup Shake, continues to support comp and traffic growth. • Opened 21 new Company-operated Shacks in Q3; 54 YTD vs. 30 last year. • Entered South Carolina, expanding our footprint to 36 states. • Maintaining disciplined growth focused on strong long-term returns. • Opened 16 licensed Shacks in Q3; 32 YTD. • Announced entry into Brazil, a major global restaurant market. • On track to debut in Panama, Vietnam, and regional U.S. casinos with PENN Entertainment in Q4. 2 0 2 6 S T R A T E G I C P R I O R I T I E S Q 3 2 0 2 6 P R O G R E S S • Supply chain optimization remains a key opportunity to mitigate cost pressures. • Strong labor attainment is reducing overtime and supporting margins. • We continue to advance the technology foundation supporting Shake Shack's next chapter of growth. (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 • Advancing POS, loyalty, and AI-enabled tools. • Building loyalty capabilities to deepen guest engagement. • Targeting Shack upgrades to enhance the guest experience.

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 $218.7M $232.7M $204.3M $222.4M $236.8M Licensing Sales 8% WE GREW LICENSING SALES 8.3% VERSUS LAST YEAR 15% 26% YoY Licensing Sales Growth 14% 8% 7 17 5 11NSOs Our Licensing revenue grew 4.7% year-over-year to $15.3m and Licensing sales1 grew by 8.3% to $236.8m. Our licensed partners delivered a solid quarter despite a challenging global backdrop. While the conflict in the Middle East continued to impact results in the region, those pressures moderated relative to the first half of the year. At the same time, we saw strong performance from new Shacks in U.S. airports, Canada, and the United Kingdom. We opened 14 net new licensed Shacks in Q3, including 16 new Shack openings and 2 closures. Given our strong development pipeline, we now expect to land at the high end of our 40 to 45 licensed Shack opening range in 2026, bringing Shake Shack to Panama, Vietnam, and U.S. regional casinos with PENN Entertainment in the fourth quarter. 3Q25 4Q25 1Q26 2Q26 3Q26 16 Fiscal July 2026 Fiscal August 2026 Fiscal September 2026 Dasan Hyundai Premium Outlet, Gyeonggi, Korea Oasis Coyoacan, Mexico City, Mexico Lize Paradise Walk, Beijing, China Manila, Philippines Reading, Berkshire, United Kingdom Terraza Palacio Santa Fe, Mexico City, Mexico Hakata Station, Fukuoka, Japan Macleod Trail, Calgary, Canada Jiuguang Center, Shanghai, China Robinson's Manila, Manila, Philippines London Bridge, London, United Kingdom Terraza Palacio Coyocan, Mexico City, Mexico Terraza Palacio Perisur, Mexico City, Mexico Parkway Parade, Singapore Changying Paradise Walk, Beijing, China Yonge & Bloor, Toronto, Canada Koru Florya, Istanbul, Turkey Fukuoka, Japan Toronto, CanadaLondon, United Kingdom

5% 2% 5% 4% 3% 1% 1% 1% 2% 1% 4% 2% 3% 2% 2% Third Quarter 2025 Fourth Quarter 2025 First Quarter 2026 Second Quarter 2026 Third Quarter 2026 Total SSS % Traffic % Price/Mix % Same-Shack sales grew 2.5% year-over-year in 3Q26, including 0.8% positive traffic. Traffic growth continues to be driven by strength in our third-party delivery and owned digital channels (kiosk, app, and web). Our owned channels are where we capture guest data and build higher lifetime value. We achieved positive same-Shack sales against our toughest prior-year comparison of the year, which included our initial investments in increased marketing and the debut of the Dubai Chocolate Shake. Price / mix grew 1.7%. Gross pricing across all channels was approximately 4% for the quarter. Mix was pressured as we deliberately invested in guest engagement through targeted offers, promotions, and channel-specific marketing initiatives designed to drive traffic and strengthen value perception. In October, we implemented an additional 1% menu price increase to help offset inflationary pressures. 3Q26 SSS1,2 UP 2.5% 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 SSS1,2 BY REGION VERSUS PRIOR YEAR -1% -1% 2% 3% 7% 2% 8% 2% 7% 6% Third Quarter 2025 Fourth Quarter 2025 First Quarter 2026 Second Quarter 2026 Third Quarter 2026 NYC (incl. Manhattan) Northeast South West Midwest Third quarter AWS was $75k, down 3.8% year- over-year. The decline in average weekly sales was primarily driven by the rapid expansion of our restaurant base, as newer Shacks continue to ramp toward mature sales volumes and represent a larger portion of the system. $78K $77K $72K $78K $75K Total YoY Shack Sales Growth 16% Fourth Quarter 2025 18% 16% First Quarter 2026 22% Second Quarter 2026 14% Third Quarter 2025 Third Quarter 2026 Average Weekly Sales

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 third quarter (covered in more detail on the following pages) were as follows: • Food and paper costs were 28.3% of Shack sales. • Labor and related expenses were 25.4% of Shack sales. • Other operating expenses were 16.1% of Shack sales. • Occupancy and related expenses were 7.7% of Shack sales. We delivered another quarter of healthy restaurant-level profitability despite a challenging operating environment. The work we have done over the past several years to strengthen our restaurant operations and supply chain, have improved service levels and delivered productivity across the business. This allows us to balance margin expansion with investments that support traffic growth, strengthen our value proposition, and enhance the guest experience. 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. $81M $87M $75M $93M $92M 3Q25 4Q25 1Q26 2Q26 3Q26 Restaurant-level Profit1 ($) Restaurant-level Profit Margin1 (%) Restaurant-level profit grew 13.8% year-over-year. Restaurant-level profit margin decreased 30 bps year-over-year. 22.8% 22.7% 21.2% 23.0% 22.5% 3Q25 4Q25 1Q26 2Q26 3Q26

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 28.3% of Shack sales in the third quarter, down 100 bps year-over-year. The percentage decrease year over year was mainly driven by menu price and lower commodity costs, partially offset by promotional activity during the quarter. Blended food and paper costs declined by low single digits in the third quarter, as lower costs across buns, chicken, and dairy more than offset continued elevated beef costs. COGS as a % of Shack Sales • Beef, which is approximately 35% of our food and paper basket, up low-single-digits year-over-year in Q3. • Total food inflation down low-single-digits year-over-year in Q3, representing approximately 90% of our food and paper basket. • Paper and packaging inflation was down low-single-digits year-over-year in Q3, approximately 10% of our food and paper basket. • Total blended food & paper inflation down low-single-digits year-over-year in Q3. 29.3% 28.7% 28.3% 28.8% 28.3% 3Q25 4Q25 1Q26 2Q26 3Q26

Occupancy and related expenses (“Occupancy”) were 7.7% of Shack sales in the third quarter, flat year-over-year. Other operating expenses (“Other opex”) were 16.1% of Shack sales in the third quarter, up 90 bps year-over-year. The increase was driven primarily by higher delivery commissions, reflecting the strength of our delivery business and traffic-driving channel investments, as well as the impact of the accelerating cadence of new Shack openings. 7.7% 7.6% 8.1% 7.5% 7.7% 3Q25 4Q25 1Q26 2Q26 3Q26 15.2% 15.5% 16.2% 15.6% 16.1% 3Q25 4Q25 1Q26 2Q26 3Q26 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 24.9% 25.4% 26.2% 25.1% 25.4% 3Q25 4Q25 1Q26 2Q26 3Q26 Labor as a % of Shack Sales Labor and related expenses (“Labor”) were 25.4% of Shack sales in the third quarter, up 50 bps year-over-year primarily reflecting investments in the team member experience and delivering strong guest satisfaction. Accordingly, we take a disciplined approach to labor, ensuring our Shacks are staffed to deliver the level of hospitality and execution our guests expect while continuing to drive productivity and efficiency. Occupancy as a % of Shack Sales Other Opex as a % of Shack Sales 10

G&A Expenses Third quarter General and administrative (“G&A”) expenses were $45.0m, 10.6% of Total revenue, an increase of $0.6m compared to the prior year. The year-over-year increase primarily reflects investments in our team members and technology capabilities, partially offset by efficiencies in our marketing spend. $27M $26M $29M $31M $33M 3Q25 4Q25 1Q26 2Q26 3Q26 Depreciation and Amortization Expense $5M $5M $7M $7M $7M 3Q25 4Q25 1Q26 2Q26 3Q26 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 1. 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 16.0% year-over-year to $62.8m, or 14.8% of Total revenue – 10 bps higher than last year. EBITDA adjustments for 3Q26 totaled $6.0m, consisting of (i) equity-based compensation of $5.0m, (ii) impairments, loss on disposal of assets, and Shack closures of $0.6m, (iii) $0.3m of amortization of cloud-based software implementation costs, and (iv) $0.1m of other expenses for professional fees related to non-recurring matters. Adjusted EBITDA1 11 Depreciation and amortization expense was $32.9m. We continue to see an increase in depreciation year-over-year as a result of more Company-operated Shack openings and new technology investments. Pre-opening costs were $7.0m. Pre-opening costs continue to be higher year-over-year, driven by the higher volume of Shacks openings and investments to support our expanding pipeline. $44M $51M $54M $48M $45M 3Q25 4Q25 1Q26 2Q26 3Q26 $54M $56M $37M $61M $63M 14.7% 14.0% 10.1% 14.7% 14.8% 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 3Q25 4Q25 1Q26 2Q26 3Q26 % label indicates Adjusted EBITDA margin

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 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 $17m 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, our other Quarterly Reports on Form 10-Q 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. Restaurant-level profit margin, Adjusted EBITDA and Adjusted Pro Forma Tax Rate are non-GAAP measures. The Company is not able to reconcile the guided non-GAAP estimates to the most directly comparable GAAP financial measures without unreasonable effort because it is unable to predict, forecast or determine the probable significance of various reconciling items with a reasonable degree of accuracy. 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 ~$20m $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 F I N I T I O N S 17 1. Ranges shown on a positive basis; equivalent thresholds apply to negative variances, with ~0% representing flat performance. Range Percent LSD 0.5% - 3.9% MSD 4% - 6.9% HSD 7% - 9.9% Low Teens 10.0% - 13.9% Mid Teens 14.0% - 16.9% High Teens 17.0% - 19.9% Percentage Range Definitions1

D E V E L O P M E N T H I G H L I G H T S 18 Company- operated Licensed System Wide Shack counts at the beginning of period 406 297 703 Openings 21 16 37 Permanent closures - (2) (2) Shack counts at the end of period 427 311 738 Shacks in the comparable base 304 Thirteen Weeks Ended September 30, 2026 Company- operated Licensed System Wide Shack counts at the beginning of period 373 286 659 Openings 54 32 86 Permanent closures - (7) (7) Shack counts at the end of period 427 311 738 Shacks in the comparable base 304 Thirty-Nine Weeks Ended September 30, 2026

B A L A N C E S H E E T S ( U N A U D I T E D ) 19 September 30, December 31, 2026 2025 ASSETS Current assets: Cash and cash equivalents 319,004$ 360,123$ Accounts receivable, net 30,563 32,962 Inventories 7,562 7,182 Prepaid expenses and other current assets 40,242 30,080 Total current assets 397,371 430,347 Property and equipment, net of accumulated depreciation of $630,566 and $551,004 respectively. 695,791 625,851 Operating lease assets 568,563 507,253 Deferred income taxes, net 315,438 322,385 Other assets 8,132 10,373 TOTAL ASSETS 1,985,295$ 1,896,209$ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 25,085$ 24,747$ Accrued expenses 82,599 103,354 Accrued wages and related liabilities 24,375 25,481 Operating lease liabilities, current 69,850 63,553 Other current liabilities 29,043 27,783 Total current liabilities 230,952 244,918 Long-term debt 248,517 247,731 Long-term operating lease liabilities 639,888 575,138 Liabilities under tax receivable agreement, net of current portion 244,030 244,463 Other long-term liabilities 27,095 30,210 Total liabilities 1,390,482 1,342,460 Commitments and contingencies Stockholders' equity: Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of September 30, 2026 and December 31, 2025. - - Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,415,423 and 40,254,281 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively. 40 40 Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,385,789 and 2,434,789 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively. 2 2 Additional paid-in capital 459,366 452,577 Retained earnings 104,585 72,709 Accumulated other comprehensive loss (6) (1) Total stockholders' equity attributable to Shake Shack, Inc. 563,987 525,327 Non-controlling interests 30,826 28,422 Total equity 594,813 553,749 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,985,295$ 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 ) 20 Shack sales 408,026$ 96.4% 352,846$ 96.0% 1,165,510$ 96.5% 1,005,908$ 96.3% Licensing revenue 15,247 3.6% 14,565 4.0% 42,118 3.5% 38,867 3.7% TOTAL REVENUE 423,273 100.0% 367,411 100.0% 1,207,628 100.0% 1,044,775 100.0% Shack-level operating expenses(1): Food and paper costs 115,276 28.3% 103,461 29.3% 331,575 28.4% 286,119 28.4% Labor and related expenses 103,823 25.4% 88,033 24.9% 297,766 25.5% 262,759 26.1% Other operating expenses 65,828 16.1% 53,779 15.2% 186,458 16.0% 152,809 15.2% Occupancy and related expenses 31,366 7.7% 26,995 7.7% 90,171 7.7% 77,219 7.7% General and administrative expenses 44,989 10.6% 44,381 12.1% 146,918 12.2% 125,692 12.0% Depreciation and amortization expense 32,930 7.8% 27,079 7.4% 92,767 7.7% 80,167 7.7% Pre-opening costs 6,978 1.6% 4,625 1.3% 20,486 1.7% 12,798 1.2% Impairments, loss on disposal of assets, and Shack closures 601 0.1% 510 0.1% 1,893 0.2% 3,448 0.3% TOTAL EXPENSES 401,791 94.9% 348,863 95.0% 1,168,034 96.7% 1,001,011 95.8% INCOME FROM OPERATIONS 21,482 5.1% 18,548 5.0% 39,594 3.3% 43,764 4.2% Other income, net 2,459 0.6% 3,103 0.8% 7,804 0.6% 8,924 0.9% Interest expense (567) (0.1)% (504) (0.1)% (1,668) (0.1)% (1,615) (0.2)% INCOME BEFORE INCOME TAXES 23,374 5.5% 21,147 5.8% 45,730 3.8% 51,073 4.9% Income tax expense 5,607 1.3% 7,436 2.0% 11,375 0.9% 14,366 1.4% NET INCOME 17,767 4.2% 13,711 3.7% 34,355 2.8% 36,707 3.5% Less: Net income attributable to non-controlling interests 1,281 0.3% 1,210 0.3% 2,479 0.2% 2,813 0.3% NET INCOME ATTRIBUTABLE TO SHAKE SHACK INC. 16,486$ 3.9% 12,501$ 3.4% 31,876$ 2.6% 33,894$ 3.2% Earnings per share of Class A common stock: Basic $ 0.41 $ 0.31 $ 0.79 $ 0.84 Diluted $ 0.39 $ 0.30 $ 0.76 $ 0.81 Weighted-average shares of Class A common stock outstanding: Basic 40,399 40,250 40,349 40,199 Diluted 41,910 41,874 41,885 41,852 _______________ (1) September 24, September 24, Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands, except per share amounts) 2026 2025 2026 2025 September 30, September 30, 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 ) 21 September 30, September 24, (in thousands) 2026 2025 OPERATING ACTIVITIES Net income (including amounts attributable to non-controlling interests) 34,355$ 36,707$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 92,767 80,167 Amortization of debt issuance costs 786 786 Amortization of cloud computing assets 1,334 1,676 Non-cash operating lease cost 77,313 64,489 Equity-based compensation 14,077 14,173 Deferred income taxes 7,474 9,238 Non-cash interest 41 31 Impairments, loss on disposal of assets, and Shack closures 1,893 3,448 Changes in operating assets and liabilities: Accounts receivable 2,399 (925) Inventories (380) (297) Prepaid expenses and other current assets (6,980) (4,134) Other assets (2,644) (4,634) Accounts payable 973 (610) Accrued expenses (19,056) 22,078 Accrued wages and related liabilities (1,106) 524 Other current liabilities (788) (1,377) Operating lease liabilities (67,379) (65,713) Other long-term liabilities 953 3,592 NET CASH PROVIDED BY OPERATING ACTIVITIES 136,032 159,219 INVESTING ACTIVITIES Purchases of property and equipment (162,405) (106,697) NET CASH USED IN INVESTING ACTIVITIES (162,405) (106,697) FINANCING ACTIVITIES Payments on principal of finance leases (4,999) (4,013) Deferred financing costs - (10) Distributions paid to non-controlling interest holders (2,931) (1,758) Payments under tax receivable agreement, including interest (977) (37) Net proceeds from stock option exercises 69 123 Employee withholding taxes related to net settled equity awards (5,903) (9,784) NET CASH USED IN FINANCING ACTIVITIES (14,741) (15,479) Effect of exchange rate changes on cash and cash equivalents (5) - INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (41,119) 37,043 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 360,123 320,714 CASH AND CASH EQUIVALENTS AT END OF PERIOD 319,004$ 357,757$

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 22 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 23 (dollar amounts in thousands) September 30, 2026 September 24, 2025 September 30, 2026 September 24, 2025 Income from operations 21,482$ 18,548$ 39,594$ 43,764$ Less: Licensing revenue 15,247 14,565 42,118 38,867 Add: General and administrative expenses 44,989 44,381 146,918 125,692 Depreciation and amortization expense 32,930 27,079 92,767 80,167 Pre-opening costs 6,978 4,625 20,486 12,798 Impairments, loss on disposal of assets, and Shack closures 601 510 1,893 3,448 Restaurant-level profit 91,733$ 80,578$ 259,540$ 227,002$ Total revenue 423,273$ 367,411$ 1,207,628$ 1,044,775$ Less: Licensing revenue 15,247 14,565 42,118 38,867 Shack sales 408,026$ 352,846$ 1,165,510$ 1,005,908$ Restaurant-level profit margin(1) 22.5% 22.8% 22.3% 22.6% (1) Thirteen Weeks Ended Thirty-Nine 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 DA D E F I N I T I O N S 24

A DJ U S T E D E B I T DA 25 (dollar amounts in thousands) September 30, 2026 September 24, 2025 September 30, 2026 September 24, 2025 Net income 17,767$ 13,711$ 34,355$ 36,707$ Depreciation and amortization expense 32,930 27,079 92,767 80,167 Interest expense, net 525 472 1,509 1,495 Income tax expense 5,607 7,436 11,375 14,366 EBITDA 56,829$ 48,698$ 140,006$ 132,735$ Equity-based compensation 4,995 4,423 14,077 14,173 Amortization of cloud-based software implementation costs 291 510 1,334 1,676 Impairments, loss on disposal of assets, and Shack closures 601 510 1,893 3,448 Executive transition costs(1) 31 - 2,282 414 Legal settlements(2) - - 848 983 Restatement costs(3) - - - 354 Other(4) 47 - 520 3 Adjusted EBITDA 62,794$ 54,141$ 160,960$ 153,786$ Adjusted EBITDA margin (5) 14.8% 14.7% 13.3% 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 $423.3 million and $1,207.6 million for the thirteen and thirty-nine weeks ended September 30, 2026, respectively, and $367.4 million and $1,044.8 million for the thirteen and thirty-nine weeks ended September 24, 2025, respectively. Expenses incurred in connection with the termination, search, and hiring of certain executive positions. Thirteen Weeks Ended Thirty-Nine 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 E A R N I N G S P E R S H A R E D E F I N I T I O N S 26

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 27 (in thousands, except per share amounts) September 30, 2026 September 24, 2025 September 30, 2026 September 24, 2025 Numerator: Net income attributable to Shake Shack Inc. 16,486$ 12,501$ 31,876$ 33,894$ Adjustments: Reallocation of Net income attributable to non-controlling interests from the assumed exchange of LLC Interests(1) 1,281 1,210 2,479 2,813 Impairment charges and Shack closures(2) 32 (44) 67 1,904 Executive transition costs(3) 31 - 2,282 414 Legal settlements(4) - - 848 983 Restatement costs(5) - - - 354 Other(6) 47 - 520 3 Tax impact of above adjustments(7) (123) 2,187 (1,325) 1,363 Adjusted pro forma net income 17,754$ 15,854$ 36,747$ 41,728$ Denominator: Weighted-average shares of Class A common stock outstanding—diluted 41,910 41,874 41,885 41,852 Adjustments: Assumed exchange of LLC Interests for shares of Class A common stock(1) 2,400 2,437 2,420 2,443 44,310 44,311 44,305 44,295 Adjusted pro forma earnings per fully exchanged share—diluted 0.40$ 0.36$ 0.83$ 0.94$ September 30, 2026 September 24, 2025 September 30, 2026 September 24, 2025 Earnings per share of Class A common stock—diluted 0.39$ 0.30$ 0.76$ 0.81$ Assumed exchange of LLC Interests for shares of Class A common stock(1) 0.01 0.01 0.02 0.02 Non-GAAP adjustments(8) - 0.05 0.05 0.11 Adjusted pro forma earnings per fully exchanged share—diluted 0.40$ 0.36$ 0.83$ 0.94$ (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 24.4% and 25.7% for the thirteen and thirty-nine weeks ended September 30, 2026, respectively, and 24.9% and 23.8% for the thirteen and thirty-nine weeks ended September 24, 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 Thirty-Nine Weeks Ended Adjusted pro forma fully exchanged weighted-average shares of Class A common stock outstanding—diluted Thirteen Weeks Ended Thirty-Nine 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 28

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 29 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 5,607$ 23,374$ 24.0% 11,375$ 45,730$ 24.9% Non-GAAP adjustments (before tax): Executive transition costs - 31 - - 2,282 - Legal settlements - - - - 848 - Impairment charge and Shack closures - 32 - - 67 - Other Adjustments - 47 - - 520 - Tax effect of non-GAAP adjustments and assumed exchange of outstanding LLC Interests 123 - - 1,325 - - Adjusted pro forma 5,730$ 23,484$ 24.4% 12,700$ 49,447$ 25.7% Less: Net tax impact from stock-based compensation (58) - - (528) - - Adjusted pro forma 5,672$ 23,484$ 24.2% 12,172$ 49,447$ 24.6% Thirteen Weeks Ended Thirty-Nine Weeks Ended September 30, 2026 September 30, 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 7,436$ 21,147$ 35.2% 14,366$ 51,073$ 28.1% Non-GAAP adjustments (before tax): Legal settlements - - - - 983 - Executive transition costs - - - - 414 - Impairment charge and Shack closures - (44) - - 1,904 - Restatement costs - - - - 354 - Other Adjustments - - - - 3 - Tax effect of non-GAAP adjustments and assumed exchange of outstanding LLC Interests (2,187) - - (1,363) - - Adjusted pro forma 5,249$ 21,103$ 24.9% 13,003$ 54,731$ 23.8% Less: Net tax impact from stock-based compensation 42 - - 566 - - Adjusted pro forma 5,291$ 21,103$ 25.1% 13,569$ 54,731$ 24.8% September 24, 2025 September 24, 2025 Thirteen Weeks Ended Thirty-Nine 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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