Shake Shack Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Shake Shack Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	268	359	459	595	523	740	900	1,088	1,253	1,445
Selling and marketing	0.15	0.36	0.4	0.86	1.45	5.68	12.4	12.4	22.2	34.1
General and administrative	30.6	39	52.7	65.6	64.3	87.2	120	130	149	176
Operating expenses	241	325	428	569	567	756	927	1,082	1,250	1,383
Operating income	27.8	33.8	31.7	25.7	-43.9	-15.9	-26.9	5.92	3.04	62.5
Interest expense	0.37	1.64	2.42	0.43	0.82	1.58	1.52	1.72	2.05	2.16
Interest income	0.09	0.08	0.01	0	0		0	2.44	0.76	0.17
Other non-operating income	1.07	128	1.51	2.26	-0.79	0.1	4.13	12.8	13.3	12.3
Pre-tax income	28.5	160	30.8	27.5	-45.5	-17.3	-24.3	17	14.2	72.6
Income tax	6.35	151	8.86	3.39	0.06	-11.3	-1.18	-4.01	3.42	22.9
Net income to minority interests	9.7	9.2	6.77	4.3	-3.38	-1.46	-1.88	0.73	0.61	3.98
Net income	12.4	-0.32	15.2	19.8	-42.2	-4.56	-21.2	20.3	10.2	45.7
EBITDA	42.3	55.5	60.7	66.1	4.93	43.1	45.9	97.2	106	169
EPS, basic	0.29	-0.01	0.29	0.34	-0.62	-0.12	-0.54	0.51	0.26	1.14
EPS, diluted	0.29	-0.01	0.28	0.33	-0.62	-0.12	-0.54	0.48	0.24	1.09
Shares, basic (weighted)	42.1	47.4	51.9	57.5	68.1	39.1	39.2	39.4	39.8	40.2
Shares, diluted (weighted)	43	47.4	53.5	59.1	68.1	39.1	39.2	43.9	44.2	41.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.6	21.5	24.8	37.1	147	302	231	225	321	360
Short-term investments	62	63	62.1	36.5	36.9	80	80.7	68.6	0
Receivables	6.01	5.64	10.5	9.97	9.46	13.7	13.9	16.8	19.7	33
Inventory	0.81	1.26	1.75	2.22	2.89	3.85	4.18	5.4	6.01	7.18
Other current assets	3.49	1.76	1.98	1.88	7.07	9.76	14.7	19	21.8	30.1
Total current assets	83.9	93.2	101	87.7	203	410	344	334	368	430
Property, plant and equipment	136	187	262	315	337	389	467	531	552	626
Lease right-of-use assets			0	274	306	347	367	398	425	507
Other non-current assets	4.78	4.4	5.03	11.5	12.3	12.6	15.8	15.9	11	10.4
Total assets	538	471	611	968	1,145	1,472	1,512	1,606	1,697	1,896
Accounts payable	6.92	8.21	12.5	14.3	23.5	19.9	20.4	22.3	23.6	24.7
Accrued liabilities	8.54	11.6	22.8	24.1	25.9	36.9	47.9	54.7	63	103
Deferred revenue		0.27	0.31	0.51	0.61	0.76	0.97	1.19	1.67	1.93
Total current liabilities	31.7	34	59.9	99.4	110	121	148	164	187	245
Lease liabilities			0	305	344	400	427	465	494	575
Other non-current liabilities	4.11	2.55	10.5	15.3	24.5	22.8	20.7	26.6	27.8	30.2
Total liabilities	337	246	337	646	711	1,022	1,075	1,136	1,203	1,342
Total debt	0			0	0	244	245	246	247	248
Paid-in capital	135	153	196	244	395	406	416	427	443	453
Retained earnings	16.7	16.4	30.4	54.4	12.2	17.7	-3.49	16.8	27	72.7
Other comprehensive income	-0.02	-0.05	0	0	0	0	0	-0	-0	-0
Shareholders' equity	152	169	226	299	407	410	412	443	470	525
Minority interests	49.2	55	47.4	23.2	27.2	26.1	24.6	26	23.6	28.4
Total equity	201	224	273	322	445	450	437	469	494	554
Total liabilities and equity	538	471	611	968	1,145	1,472	1,512	1,606	1,697	1,896

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	22.1	8.88	21.9	24.1	-45.5	-6.02	-23.1	21	10.8	49.7
Depreciation and amortization	14.5	21.7	29	40.4	48.8	59	72.8	91.2	102	107
Stock-based compensation	5.35	5.62	6.14	7.51	5.56	8.7	13.3	14.9	15.9	19.5
Deferred income tax	-0.52	146	0.79	-6.06	-1.36	-14.5	-5.01	-9.07	-1.05	16.6
Change in receivables	2.97	6.42	5.53	10.7	1.01	-4.19	9.14	-2.97	-2.84	-9.55
Change in inventory	-0.26	-0.45	-0.49	-0.47	-0.67	-0.96	-0.33	-1.22	-0.61	-1.17
Change in payables	0.84	1.24	3.16	4.25	4.63	-6.45	3.54	0.69	3.36	-1.53
Cash from operations	54.3	70.9	85.4	89.9	37.4	58.4	76.7	132	171	222
Capital expenditures	-54.4	-61.5	-87.5	-107	-69	-101	-143	-146	-135	-166
Purchases of investments	-61.3	-7.86	-1.22	-1.18	-20.4	-47.4	-0.87
Sales and maturities of investments	0.94	2.22	2.14	27	20	4	0
Cash from investing	-115	-61.9	-86.6	-80.7	-69.4	-145	-143	-132	-66.1	-166
Stock issued	0	0	0	0	145	0	0	0.74	1.63	0.12
Cash from financing	1.23	0.97	4.45	3.18	142	242	-5.2	-5.68	-9.02	-17.1
Exchange rate effect						-0	-0	-0	0	0
Net change in cash	-59.2	9.9	3.24	12.3	110	156	-71.9	-5.87	96.1	39.4
Free cash flow	-0.15	9.35	-2.13	-16.7	-31.7	-43.1	-65.8	-14	35.7	56.5
Interest paid	0.05	1.11	2.26
Income taxes paid	1.82	2.26	3.27	3.04	1.61	2.81	3.73	4.06	6.53	4.26

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 1, 2026; growth uses fiscal years. Valuation uses the share price of $55.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	10.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.2%	Pre-tax income / revenue.
Net margin	2.6%	Net income / revenue.
FCF margin	-0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.3%	Cash from operations / revenue.
Effective tax rate	33.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.1%	Capital expenditures / revenue.
D&A / revenue	7.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1,958.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	60.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	54.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	102.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	348.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	354.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	29.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	42.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	42.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	58.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	11.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-9.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.67x	Current assets / current liabilities.
Quick ratio	1.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.46x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.7%	Total debt / total assets.
Liabilities / assets	70.7%	Total liabilities / total assets.
Net debt	-$59.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	25.8x	Operating income / interest expense.
Working capital	$157.8M	Current assets - current liabilities.
Tangible book value	$544.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	2.31x	Revenue / average property, plant and equipment.
Receivables turnover	44.8x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
FCF conversion	-29.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	106.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$37.08	Revenue / diluted weighted shares.
FCF per share	-$0.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.58	Cash from operations / diluted weighted shares.
Book value per share	$13.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.00	Tangible book value / shares outstanding.
Cash per share	$7.36	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.38B	Share price x shares outstanding.
Enterprise value	$2.32B	Market cap + total debt - cash - short-term investments.
P/E	59.9x	Market cap / net income. Only when net income is positive.
P/S	1.53x	Market cap / revenue.
P/B	4.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.37x	Market cap / tangible book value, when positive.
P/OCF	12.4x	Market cap / cash from operations, when positive.
EV/Sales	1.49x	Enterprise value / revenue.
EV/EBIT	41.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.5%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).

What was Shake Shack Inc.'s revenue in fiscal 2025?

Shake Shack Inc. reported revenue of $1.45B for fiscal 2025, 15.4% higher than the year before.

Was Shake Shack Inc. profitable in fiscal 2025?

Yes. Net income was $45.7M, a net margin of 3.2%.

How much free cash flow did Shake Shack Inc. generate in fiscal 2025?

Cash from operations of $222.4M minus capital expenditures of $165.8M left free cash flow of $56.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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