SHAK · Shake Shack Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.45B | $1.25B | $1.09B | $900.49M | $739.89M | $522.87M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $176.23M | $149.05M | $129.54M | $118.79M | $86.00M | $64.25M |
| Total Operating Expenses | $1.38B | $1.25B | $1.08B | $927.38M | $755.75M | $566.74M |
| D&A | $106.60M | $102.47M | $91.24M | $72.80M | $48.80M | $48.80M |
| Operating Income | $62.51M | $3.04M | $5.92M | ($26.89M) | ($15.85M) | ($43.88M) |
| Interest Expense | $2.16M | $2.04M | $1.72M | $1.52M | $1.58M | $815.0K |
| Income Tax | $22.90M | $3.42M | ($4.01M) | $1.68M | ($7.22M) | $57.0K |
| Net Income | $45.73M | $10.21M | $20.26M | ($24.09M) | ($8.65M) | ($42.16M) |
| EPS - Basic | $1.14 | $0.26 | $0.51 | ($0.61) | ($0.22) | ($1.14) |
| EPS - Diluted | $1.09 | $0.24 | $0.48 | ($0.61) | ($0.22) | ($1.14) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $360.12M | $320.71M | $224.65M | $230.52M | $302.41M | $146.87M |
| Accounts Receivable | $32.96M | $19.69M | $16.85M | $13.88M | $13.66M | $9.46M |
| Inventory | $7.18M | $6.01M | $5.40M | $4.18M | $3.85M | $2.89M |
| Accounts Payable | $24.75M | $23.61M | $22.27M | $20.41M | $19.95M | $23.49M |
| Current Assets | $430.35M | $368.22M | $334.43M | $343.99M | $409.68M | $203.19M |
| Total Assets | $1.90B | $1.70B | $1.61B | $1.49B | $1.46B | $1.15B |
| Current Liabilities | $244.92M | $187.31M | $164.07M | $147.72M | $121.50M | $109.70M |
| Long-term Debt | $247.73M | $246.68M | $245.64M | $244.59M | $243.54M | - |
| Total Liabilities | $1.34B | $1.20B | $1.14B | $1.08B | $1.02B | $710.86M |
| Stockholders' Equity | $525.33M | $470.02M | $443.42M | $395.12M | $409.54M | $407.32M |
| Retained Earnings | $72.71M | $26.98M | $16.78M | ($20.54M) | $3.55M | $12.21M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $222.35M | $171.16M | $132.14M | $76.74M | $58.40M | $37.35M |
| Investing Cash Flow | ($165.85M) | ($66.08M) | ($132.32M) | ($143.42M) | ($144.89M) | ($69.40M) |
| Financing Cash Flow | ($17.10M) | ($9.02M) | ($5.68M) | ($5.20M) | $242.02M | $141.82M |
| CapEx | $165.85M | $135.50M | $146.17M | $142.56M | $101.50M | $69.04M |
| Free Cash Flow | $56.51M | $35.66M | ($14.03M) | ($65.82M) | ($43.09M) | ($31.69M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 4.3% | 0.2% | 0.5% | -3.0% | -2.1% | -8.4% |
| EBITDA margin | 11.7% | 8.4% | 8.9% | 5.1% | 4.5% | 0.9% |
| Net margin | 3.2% | 0.8% | 1.9% | -2.7% | -1.2% | -8.1% |
| Free cash flow margin | 3.9% | 2.8% | -1.3% | -7.3% | -5.8% | -6.1% |
| FCF / Net income | 1.24 | 3.49 | -0.69 | 2.73 | 4.98 | 0.75 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 12.2% | 11.9% | 11.9% | 13.2% | 11.6% | 12.3% |
| Effective tax rate | 33.4% | 25.1% | -24.7% | - | - | - |
| Return on assets | 2.4% | 0.6% | 1.3% | -1.6% | -0.6% | -3.7% |
| Return on equity | 8.7% | 2.2% | 4.6% | -6.1% | -2.1% | -10.4% |
| Return on invested capital | 5.4% | 0.3% | 0.9% | -3.3% | -1.9% | - |
| Liquidity | ||||||
| Current ratio | 1.76 | 1.97 | 2.04 | 2.33 | 3.37 | 1.85 |
| Quick ratio | 1.73 | 1.93 | 2.01 | 2.30 | 3.34 | 1.83 |
| Cash ratio | 1.47 | 1.71 | 1.37 | 1.56 | 2.49 | 1.34 |
| Leverage | ||||||
| Debt / Equity | 0.47 | 0.52 | 0.55 | 0.62 | 0.59 | - |
| Debt / Assets | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 | - |
| Debt / EBITDA | 1.46 | 2.34 | 2.53 | 5.33 | 7.39 | - |
| Interest coverage | 29.0x | 1.5x | 3.4x | -17.7x | -10.1x | -53.8x |
| Equity multiplier | 3.61 | 3.61 | 3.62 | 3.78 | 3.56 | 2.81 |
| Liabilities / Assets | 0.71 | 0.71 | 0.71 | 0.72 | 0.70 | 0.62 |
| Efficiency | ||||||
| Asset turnover | 0.76 | 0.74 | 0.68 | 0.60 | 0.51 | 0.46 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 8d | 6d | 6d | 6d | 7d | 7d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 74.5x | 540.8x | 154.4x | - | - | - |
| P / B | 6.5x | 12.2x | 7.3x | 4.1x | 6.9x | 7.7x |
| P / S | 2.4x | 4.6x | 3.0x | 1.8x | 3.8x | 6.0x |
| EV / EBITDA | 19.4x | 53.7x | 33.7x | 35.8x | 83.8x | 609.9x |
| Growth | ||||||
| Revenue growth (YoY) | 15.4% | 15.2% | 20.8% | 21.7% | 41.5% | -12.1% |
| Revenue CAGR (3y) | 17.1% | 19.2% | 27.6% | 14.8% | - | - |
| Revenue CAGR (5y) | 22.6% | 16.1% | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 1957.5% | -48.7% | - | -69.6% | 63.9% | - |
| Net income growth (YoY) | 348.0% | -49.6% | - | -178.3% | 79.5% | - |
| EPS growth (YoY) | 354.2% | -50.0% | - | -177.3% | 80.7% | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | -17.0% | - | - | - | - |
| FCF growth (YoY) | 58.5% | - | 78.7% | -52.7% | -36.0% | -90.3% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 11.8% | 6.0% | 12.2% | -3.5% | 0.5% | 36.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.45B totalReportable Segment$1.45B · 100.0%
Product / service
$1.50B totalShack Sales$1.39B · 92.8%
Franchise$54.14M · 3.6%
Sales Based Royalties$51.53M · 3.4%
Initial Territoryand Opening Fees$2.61M · 0.2%
Geographic
$1.45B totalUS$1.41B · 97.4%
Non Us$38.21M · 2.6%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.13
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Retail-Eating & Drinking Places
Comparing Shake Shack Inc. against the 5 most active filers in the same SIC group.