# Shake Shack Inc. (SHAK)

Informational only - not investment advice.

CIK: 0001620533
SIC: 5810 Retail-Eating & Drinking Places
SIC breadcrumb: [Retail Trade](/division/G/) > [Eating And Drinking Places](/major-group/58/) > [SIC 5810 Retail-Eating & Drinking Places](/industry/5810/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1620533
Filing source: https://www.sec.gov/Archives/edgar/data/1620533/000162053326000018/shak-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001620533-26-000018 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001620533.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,445,306,000 USD | 2025 | verified |
| Net income | 45,725,000 USD | 2025 | verified |
| Assets | 1,896,209,000 USD | 2025 | verified |
| Free cash flow | 56,506,000 USD | 2025 | computed |
| Net margin | 3.16% | 2025 | computed |
| Operating margin | 4.32% | 2025 | computed |
| Revenue YoY | +15.38% | 2025 | computed |
| ROE | 8.70% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SHAK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 3.2% | 3.5% | 47 | 31 |
| Operating margin | 4.3% | 5.0% | 39 | 29 |
| Revenue growth | 15.4% | 5.4% | 80 | 31 |
| FCF margin | 3.9% | 4.1% | 47 | 31 |
| ROE | 8.7% | 8.7% | 50 | 23 |
| ROA | 2.4% | 2.7% | 43 | 31 |
| Liabilities / equity | 2.56 | 2.37 | 55 | 23 |
| Current ratio | 1.76 | 0.95 | 77 | 31 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 58 Eating And Drinking Places, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1445306000 | USD | 2025 | 2026-02-26 |
| Net income | 45725000 | USD | 2025 | 2026-02-26 |
| Assets | 1896209000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001620533.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 358,810,000 | 459,310,000 | 594,519,000 | 522,867,000 | 739,893,000 | 900,486,000 | 1,087,533,000 | 1,252,608,000 | 1,445,306,000 |
| Net income |  | -320,000 | 15,179,000 | 19,827,000 | -42,158,000 | -4,561,000 | -21,229,000 | 20,264,000 | 10,207,000 | 45,725,000 |
| Operating income |  | 33,813,000 | 31,711,000 | 25,685,000 | -43,876,000 | -15,853,000 | -26,894,000 | 5,921,000 | 3,038,000 | 62,508,000 |
| Diluted EPS |  | -0.01 | 0.52 | 0.61 | -1.14 | -0.12 | -0.54 | 0.48 | 0.24 | 1.09 |
| Operating cash flow |  | 70,878,000 | 85,395,000 | 89,857,000 | 37,350,000 | 58,404,000 | 76,742,000 | 132,139,000 | 171,155,000 | 222,355,000 |
| Capital expenditures |  | 61,533,000 | 87,525,000 | 106,507,000 | 69,038,000 | 101,495,000 | 142,559,000 | 146,167,000 | 135,499,000 | 165,849,000 |
| Assets |  |  | 610,532,000 | 968,268,000 | 1,145,348,000 | 1,471,775,000 | 1,511,950,000 | 1,605,857,000 | 1,696,971,000 | 1,896,209,000 |
| Liabilities |  |  | 337,077,000 | 646,283,000 | 710,855,000 | 1,021,970,000 | 1,075,114,000 | 1,136,487,000 | 1,203,345,000 | 1,342,460,000 |
| Stockholders' equity |  |  | 226,075,000 | 298,817,000 | 407,321,000 | 409,537,000 | 412,204,000 | 443,417,000 | 470,018,000 | 525,327,000 |
| Cash and cash equivalents | 11,607,000 | 21,507,000 | 24,750,000 | 37,099,000 | 146,873,000 | 302,406,000 | 230,521,000 | 224,653,000 | 320,714,000 | 360,123,000 |
| Free cash flow |  | 9,345,000 | -2,130,000 | -16,650,000 | -31,688,000 | -43,091,000 | -65,817,000 | -14,028,000 | 35,656,000 | 56,506,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -0.09% | 3.30% | 3.33% | -8.06% | -0.62% | -2.36% | 1.86% | 0.81% | 3.16% |
| Operating margin |  | 9.42% | 6.90% | 4.32% | -8.39% | -2.14% | -2.99% | 0.54% | 0.24% | 4.32% |
| Return on equity |  |  | 6.71% | 6.64% | -10.35% | -1.11% | -5.15% | 4.57% | 2.17% | 8.70% |
| Return on assets |  |  | 2.49% | 2.05% | -3.68% | -0.31% | -1.40% | 1.26% | 0.60% | 2.41% |
| Liabilities / equity |  |  | 1.49 | 2.16 | 1.75 | 2.50 | 2.61 | 2.56 | 2.56 | 2.56 |
| Current ratio |  |  | 1.69 | 0.88 | 1.85 | 3.37 | 2.33 | 2.04 | 1.97 | 1.76 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SHAK/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001620533.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-28 |  |  | -0.05 | reported discrete quarter |
| 2023-Q1 | 2023-03-29 |  |  | -0.04 | reported discrete quarter |
| 2023-Q2 | 2023-06-28 |  |  | 0.16 | reported discrete quarter |
| 2023-Q3 | 2023-09-27 | 276,207,000 | 7,627,000 | 0.19 | reported discrete quarter |
| 2023-Q4 | 2023-12-27 | 286,243,000 | 7,223,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-27 | 290,504,000 | 2,040,000 | 0.05 | reported discrete quarter |
| 2024-Q2 | 2024-06-26 | 316,496,000 | 9,668,000 | 0.23 | reported discrete quarter |
| 2024-Q3 | 2024-09-25 | 316,924,000 | -10,211,000 | -0.26 | reported discrete quarter |
| 2024-Q4 | 2024-12-25 | 328,684,000 | 8,710,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-26 | 320,898,000 | 4,245,000 | 0.10 | reported discrete quarter |
| 2025-Q2 | 2025-06-25 | 356,466,000 | 17,148,000 | 0.41 | reported discrete quarter |
| 2025-Q3 | 2025-09-24 | 367,411,000 | 12,501,000 | 0.30 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 400,531,000 | 11,831,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-04-01 | 366,737,000 | -290,000 | -0.01 | reported discrete quarter |
| 2026-Q2 | 2026-07-01 | 417,618,000 | 15,680,000 | 0.37 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SHAK's latest 10-K: [/company/SHAK/business/](/company/SHAK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SHAK's latest 10-K: [/company/SHAK/risk-factors/](/company/SHAK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1620533/000162053326000034/shak-20260701.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-07-01

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This section and other parts of this Quarterly Report on Form 10-Q ("Form 10-Q") contain 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 are forward-looking statements including, but not limited to, statements about our growth, including our long-term growth goals, strategic priorities and initiatives, and liquidity. Forward-looking statements discuss our current expectations, targets and projections relating to our 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," "likely," "outlook," "potential," "preliminary," "project," "projection," "plan," "seek," "target," "may," "could," "would," "will," "should," "can," "can have," the negatives thereof and other similar expressions.

Forward-looking statements reflect our current views with respect to future events and are based on certain assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from trends, plans, or expectations set forth in the forward-looking statement, as set forth in this Form 10-Q. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this Form 10-Q in the context of the risks and uncertainties disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("2025 Form 10-K"), our subsequent Quarterly Reports on Form 10-Q, and our other filings with the SEC.

The forward-looking statements included in this Form 10-Q are made only as of the date hereof. We undertake 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. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

The following discussion should be read in conjunction with our 2025 Form 10-K, our subsequent Quarterly Reports on Form 10-Q, the Condensed Consolidated Financial Statements and notes thereto included in Part I, Item 1 of this Form 10-Q, and our other filings with the SEC. All information presented herein is based on our fiscal calendar. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years and the associated quarters, months and periods of those fiscal years.

OVERVIEW

Shake Shack serves elevated versions of American classics using only the best ingredients. We're known for our delicious made-to-order Angus beef burgers, crinkle cut fries, crispy chicken, hand-spun milkshakes, house-made lemonades, and more. With our high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack has become a cult-brand with widespread appeal.

The following definitions apply to these terms as used herein:

"Average weekly sales" 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.

"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.

“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.

26 | Shake Shack Inc. Form 10-Q

Table of Contents

Key Operating Metrics

Same-Shack sales for the thirteen weeks ended July 1, 2026 increased 3.5% compared to the same period last year, driven by a 2.0% increase in guest traffic and a 1.5% increase in price mix. Same-Shack sales for the twenty-six weeks ended July 1, 2026 increased 4.0% compared to the same period last year, driven by a 2.3% increase in price mix and a 1.7% increase in guest traffic. For the purpose of calculating same-Shack sales for the thirteen and twenty-six weeks ended July 1, 2026, Shack sales for 296 Shacks were included in the comparable Shack base.

Average weekly sales were $78,000 for the thirteen weeks ended July 1, 2026, which was flat compared to the same period last year, primarily driven by higher menu prices, partially offset by menu mix. Average weekly sales were $75,000 for the twenty-six weeks ended July 1, 2026, which was flat compared to the same period last year, primarily driven by higher menu prices, partially offset by menu mix.

System-wide sales for the thirteen weeks ended July 1, 2026 increased 13.8% to $625.8 million compared to the same period last year. System-wide sales for the twenty-six weeks ended July 1, 2026 increased 13.9% to $1,184.1 million compared to the same period last year.

Digital sales for the thirteen weeks ended July 1, 2026 increased 34.3% to $164.5 million compared to the same period last year. Digital sales for the twenty-six weeks ended July 1, 2026 increased 27.1% to $305.6 million compared to the same period last year. Digital sales includes orders placed on the Shake Shack app, website and third-party delivery platforms, which represented 40.8% and 40.3%, respectively, of Shack sales during the thirteen and twenty-six weeks ended July 1, 2026.

Development Highlights

The following tables summarize the Shacks opened and closed during the thirteen and twenty-six weeks ended July 1, 2026.

[[GREPCENT_TABLE]]
[["","","","Thirteen Weeks Ended"],["","","","July 1, 2026"],["","","","Company-operated","","Licensed","","System Wide"],["Shack counts at the beginning of period","","390","","","289","","","679"],["","Openings","","16","","","11","","","27"],["","Permanent closures","","\u2014","","","(3)","","","(3)"],["Shack counts at the end of period","","406","","","297","","","703"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","","Twenty-six Weeks Ended"],["","","","July 1, 2026"],["","","","Company-operated","","Licensed","","System Wide"],["Shack counts at the beginning of period","","373","","","286","","","659"],["","Openings","","33","","","16","","","49"],["","Permanent closures","","\u2014","","","(5)","","","(5)"],["Shack counts at the end of period","","406","","","297","","","703"]]
[[/GREPCENT_TABLE]]

Shake Shack Inc. Form 10-Q | 27

RESULTS OF OPERATIONS

The following table summarizes our results of operations for the thirteen and twenty-six weeks ended July 1, 2026 and June 25, 2025:

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

(1)As a percentage of Shack sales.

Shack Sales

Shack sales represent the aggregate sales of food, beverages and Shake Shack branded merchandise at our Company-operated Shacks and gift card breakage income. Shack sales in any period are directly influenced by the number of operating weeks in such period and the total number of open Shacks.

[[GREPCENT_TABLE]]
[["","","","Thirteen Weeks Ended","","Twenty-Six Weeks Ended"],["(dollar amounts in thousands)","July 1 2026","","June 25 2025","","July 1 2026","","June 25 2025"],["Shack sales","$","403,437","","","$","343,224","","","$","757,484","","","$","653,062"],["","Percentage of Total revenue","96.6","%","","96.3","%","","96.6","%","","96.4","%"],["","Dollar change compared to prior year","$","60,213","","","","","$","104,422"],["","Percentage change compared to prior year","17.5","%","","","","16.0","%"]]
[[/GREPCENT_TABLE]]

Shack sales for the thirteen weeks ended July 1, 2026 increased 17.5% to $403.4 million versus the same period last year. The increase was primarily due to the opening of 61 new Company-operated Shacks between June 25, 2025 and July 1, 2026, which contributed $47.2 million, as well as a 3.5% increase in same-Shack sales.

28 | Shake Shack Inc. Form 10-Q

Table of Contents

Shack sales for the twenty-six weeks ended July 1, 2026 increased 16.0% to $757.5 million versus the same period last year. The increase was primarily due to the opening of 61 new Company-operated Shacks between June 25, 2025 and July 1, 2026, which contributed $76.4 million, as well as a 4.0%

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1620533/000162053326000018/shak-20251231.htm
Complete FY 2025 MD&A: /company/SHAK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This section and other parts of this Annual Report on Form 10-K (“Form 10-K”) contain 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 are forward-looking statements, including, but not limited to, statements about our growth, including our long-term growth goals, strategic priorities and initiatives, and liquidity. Forward-looking statements discuss our current expectations, targets and projections relating to our 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," "likely," "outlook," "potential," "preliminary," "project," "projection," "plan," "seek," "targets," "may," "could," "would," "will," "should," "can," "can have," the negatives thereof and other similar expressions.

Forward-looking statements reflect our current views with respect to future events and are based on certain assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from trends, plans, or expectations set forth in the forward-looking statement, as set forth in this Form 10-K. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this Form 10-K in the context of the risks and uncertainties disclosed in Part I, Item 1A of this Form 10-K under the heading "Risk Factors," in this Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations," and in Item 7A "Quantitative and Qualitative Disclosures About Market Risk."

The forward-looking statements included in this Form 10-K are made only as of the date hereof. We undertake 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. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

Shake Shack Inc. Form 10-K | 45

OVERVIEW

Shake Shack serves modern, fun and elevated versions of American classics using only premium ingredients. We are known for our made-to-order 100% Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With our fine-dining roots and a commitment to crafting uplifting experiences, Shake Shack has become a cult-brand and created a new category, fine-casual.

We operate on a 52/53 week fiscal year ending on the last Wednesday of December. Fiscal 2025 included 53 weeks and fiscal 2024 included 52 weeks. The additional operating week of fiscal 2025 is referred to as the "53rd week."

For discussion of our results of operations and changes in financial condition for fiscal 2024 compared to fiscal 2023 refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the fiscal year ended December 25, 2024, filed on February 21, 2025.

The following definitions apply to these terms as used herein:

"Average unit volume" is calculated by dividing total Shack sales by the number of Shacks open during the period. For Shacks that are not open for the entire period, fractional adjustments are made to the number of Shacks in the denominator such that it corresponds to the period of associated sales.

"Average weekly sales" 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.

"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.

“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.

Key Operating Metrics

Same-Shack sales1 for the fiscal fourth quarter ended December 31, 2025 increased 2.1% compared to the same period last year, driven by a 1.6% increase in price mix and a 0.5% increase in guest traffic. Same-Shack sales1 for the fiscal year ended December 31, 2025 increased 2.3% compared to the same period last year, driven by a 3.1% increase in price mix, partially offset by a 0.8% decline in guest traffic. For the purpose of calculating same-Shack sales growth for the fiscal fourth quarter and fiscal year ended December 31, 2025, Shack sales for 278 Shacks were included in the comparable Shack base.

Average weekly sales1 were $77,000 for the fiscal fourth quarter ended December 31, 2025, compared to $79,000 for the same period last year, primarily driven by a decline in guest traffic and menu mix, partially offset by higher menu prices. Average weekly sales1 were $76,000 for the fiscal year ended December 31, 2025, which was flat compared to the same period last year, primarily driven by a decline in guest traffic, offset by higher menu prices.

System-wide sales increased 23.4% to $618.0 million for the fiscal fourth quarter ended December 31, 2025, versus the same period last year. System-wide sales increased 15.9% to $2,228.8 million for the fiscal year ended December 31, 2025, versus the same period last year. The 53rd week contributed $47.3 million to System-wide sales in fiscal 2025. Average unit volume for Company-operated Shacks was $4.0 million for the fiscal year ended December 31, 2025, which was flat compared to the same period last year.

Shake Shack Inc. Form 10-K | 46

Digital sales for the fiscal fourth quarter ended December 31, 2025 increased 30.0% to $150.7 million compared to the same period last year. Digital sales for the fiscal year ended December 31, 2025 increased 20.3% to $515.4 million compared to the same period last year. The 53rd week contributed $13.3 million to digital sales in fiscal 2025. Digital sales includes orders placed on the Shake Shack app, website and third-party delivery platforms, which represented 39.1% and 37.0%, respectively, of Shack sales during the fiscal fourth quarter and fiscal year ended December 31, 2025.

(1)For fiscal fourth quarter and fiscal year ended December 31, 2025, same-Shack sales and average weekly sales were calculated excluding the 53rd week.

Shake Shack Inc. Form 10-K | 47

Development Highlights

During fiscal 2025, we opened 45 new Company-operated Shacks and 40 new licensed Shacks. There were four permanent licensed Shack closures and one permanent Company-operated Shack closure in fiscal 2025. Below are Shacks opened during the fourth quarter of 2025.

[[GREPCENT_TABLE]]
[["Location","","Type","","Opening Date"],["Istanbul, Turkey \u2014 Kozyatagi City Mall","","Licensed","","9/25/2025"],["Phoenix, AZ \u2014 Avondale","","Company-operated","","9/30/2025"],["Siheung, South Korea \u2014 Siheung Premium Outlet","","Licensed","","10/2/2025"],["Toronto, Canada \u2014 Yonge & Eglinton","","Licensed","","10/3/2025"],["Pittsburgh, PA \u2014 Pittsburgh Airport Dining Concourse","","Licensed","","10/7/2025"],["Syracuse, NY \u2014 Dewitt","","Company-operated","","10/14/2025"],["Zionsville, IN \u2014 Zionsville","","Company-operated","","10/28/2025"],["Jenkintown, PA \u2014 Jenkintown","","Company-operated","","10/28/2025"],["Vaughan, Canada \u2014 Vaughan Mills","","Licensed","","10/28/2025"],["Staten Island, NY \u2014 Hylan Blvd","","Company-operated","","10/30/2025"],["Tel Aviv, Israel \u2014 Kiryat Ono","","Licensed","","10/30/2025"],["Hong Kong, China \u2014 Elements Mall","","Licensed","","11/4/2025"],["Mexico City, Mexico \u2014 Pedregal","","Licensed","","11/6/2025"],["Tacoma, WA \u2014 Tacoma Mall","","Company-operated","","11/10/2025"],["Oceanport, NJ \u2014 Monmouth Park","","Licensed","","11/13/2025"],["Quezon City, Philippines \u2014 Robinsons Magnolia","","Licensed","","11/13/2025"],["Oklahoma City, OK \u2014 Oak OKC","","Company-operated","","11/18/2025"],["Perrysburg, OH \u2014 Levis Commons","","Company-operated","","11/18/2025"],["London, UK \u2014 Kings Cross","","Licensed","","11/18/2025"],["Selden, NY \u2014 Selden","","Company-operated","","11/19/2025"],["Manila, Philippines \u2014 Capitol Commons","","Licensed","","11/28/2025"],["Kuala Lumpur, Malaysia \u2014 Pavilion KL","","Licensed","","11/28/2025"],["Pikesville, MD \u2014 Festival at Woodholme","","Company-operated","","11/30/2025"],["Phuket, Thailand \u2014 JungCeylon","","Licensed","","12/1/2025"],["Pittsburgh, PA \u2014 East Liberty","","Company-operated","","12/3/2025"],["Cheshire, CT \u2014 Shops at Stone Bridge","","Company-operated","","12/9/2025"],["Beijing, China \u2014 Da Rong Cheng Art Park","","Licensed","","12/12/2025"],["Mason, OH \u2014 Mason","","Company-operated","","12/17/2025"],["Hong Kong, China \u2014 Langham Place","","Licensed","","12/23/2025"],["Gyeonggi, South Korea \u2014 Paju Premium Outlet","","Licensed","","12/23/2025"],["Orlando, FL \u2014 Colonial Marketplace","","Company-operated","","12/30/2025"],["Pittsburgh, PA \u2014 Ross Park Mall","","Company-operated","","12/30/2025"]]
[[/GREPCENT_TABLE]]

As of December 31, 2025, there were 659 Shacks in operation system wide, of which 373 were Company-operated Shacks and 286 were licensed Shacks.

Shake Shack Inc. Form 10-K | 48

RESULTS OF OPERATIONS

The following table summarizes our results of operations for fiscal 2025 and fiscal 2024:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SHAK/mda/fy2025/
All MD&A years: /company/SHAK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SHAK/mda/fy2024/): filed 2025-02-21; accession 0001620533-25-000016 (https://www.sec.gov/Archives/edgar/data/1620533/000162053325000016/shak-20241225.htm)
- [FY 2023 MD&A](/company/SHAK/mda/fy2023/): filed 2024-02-29; accession 0001620533-24-000023 (https://www.sec.gov/Archives/edgar/data/1620533/000162053324000023/shak-20231227.htm)
- [FY 2022 MD&A](/company/SHAK/mda/fy2022/): filed 2023-02-23; accession 0001620533-23-000015 (https://www.sec.gov/Archives/edgar/data/1620533/000162053323000015/shak-20221228.htm)
- [FY 2021 MD&A](/company/SHAK/mda/fy2021/): filed 2022-02-18; accession 0001620533-22-000014 (https://www.sec.gov/Archives/edgar/data/1620533/000162053322000014/shak-20211229.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5810 Retail-Eating & Drinking Places) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SHAK.md · JSON record: /company/SHAK.json · verified financials: /company/SHAK/financials.json / /company/SHAK/financials.csv · machine TOC for the whole site: /llms.txt