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Cannae vs Shake Shack: revenue, profit, margins and growth compared

Cannae brought in $423.6M of revenue in fiscal 2025, Shake Shack $1.4B in fiscal 2025. Revenue changed by -6.4% at Cannae and +15.4% at Shake Shack on the year before, so Shake Shack grew faster. Cannae kept -121.2% of its revenue as net profit, Shake Shack 3.2%. Free cash flow was -$28.5M at Cannae and $56.5M at Shake Shack.

Side by side, latest fiscal year

CNNESHAK
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$423.6M$1.4B
Revenue growth-6.4%+15.4%
Net income-$513.2M$45.7M
Net margin-121.2%3.2%
Free cash flow-$28.5M$56.5M
Free cash flow margin-6.7%3.9%
Earnings per share (diluted)-$9.08$1.09
Cash$182M$360.1M
Debt$70.8M$247.7M
Price to earningsn/a51.0
Market value$682.7M$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#582 of 778 · Consumer discretionary#404 of 778 · Consumer discretionary

Over the years

Revenue
CNNE FY2018: $1.3BCNNE FY2019: $1.4BCNNE FY2020: $3BCNNE FY2021: $742.2MCNNE FY2022: $662.1MCNNE FY2023: $570MCNNE FY2024: $452.5MCNNE FY2025: $423.6MSHAK FY2018: $459.3MSHAK FY2019: $594.5MSHAK FY2020: $522.9MSHAK FY2021: $739.9MSHAK FY2022: $900.5MSHAK FY2023: $1.1BSHAK FY2024: $1.3BSHAK FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
CNNE $423.6MSHAK $1.4B
Net income
CNNE FY2018: $27.6MCNNE FY2019: $77.3MCNNE FY2020: $1.8BCNNE FY2021: -$287MCNNE FY2022: -$428.1MCNNE FY2023: -$313.4MCNNE FY2024: -$304.6MCNNE FY2025: -$513.2MSHAK FY2018: $15.2MSHAK FY2019: $19.8MSHAK FY2020: -$42.2MSHAK FY2021: -$4.6MSHAK FY2022: -$21.2MSHAK FY2023: $20.3MSHAK FY2024: $10.2MSHAK FY2025: $45.7MFY18FY19FY20FY21FY22FY23FY24FY25
CNNE -$513.2MSHAK $45.7M
Net margin
CNNE FY2018: 2.1%CNNE FY2019: 5.4%CNNE FY2020: 60.2%CNNE FY2021: -38.7%CNNE FY2022: -64.7%CNNE FY2023: -55.0%CNNE FY2024: -67.3%CNNE FY2025: -121.2%SHAK FY2018: 3.3%SHAK FY2019: 3.3%SHAK FY2020: -8.1%SHAK FY2021: -0.6%SHAK FY2022: -2.4%SHAK FY2023: 1.9%SHAK FY2024: 0.8%SHAK FY2025: 3.2%FY18FY19FY20FY21FY22FY23FY24FY25
CNNE -121.2%SHAK 3.2%
Revenue growth
CNNE FY2019: +9.3%CNNE FY2020: +105.4%CNNE FY2021: -75.0%CNNE FY2022: -10.8%CNNE FY2023: -13.9%CNNE FY2024: -20.6%CNNE FY2025: -6.4%SHAK FY2019: +29.4%SHAK FY2020: -12.1%SHAK FY2021: +41.5%SHAK FY2022: +21.7%SHAK FY2023: +20.8%SHAK FY2024: +15.2%SHAK FY2025: +15.4%FY19FY20FY21FY22FY23FY24FY25
CNNE -6.4%SHAK +15.4%
Free cash flow
CNNE FY2018: -$38.5MCNNE FY2019: -$112.5MCNNE FY2020: -$136.2MCNNE FY2021: -$189.8MCNNE FY2022: -$219.4MCNNE FY2023: -$97.8MCNNE FY2024: -$97.1MCNNE FY2025: -$28.5MSHAK FY2018: -$2.1MSHAK FY2019: -$16.7MSHAK FY2020: -$31.7MSHAK FY2021: -$43.1MSHAK FY2022: -$65.8MSHAK FY2023: -$14MSHAK FY2024: $35.7MSHAK FY2025: $56.5MFY18FY19FY20FY21FY22FY23FY24FY25
CNNE -$28.5MSHAK $56.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Cannae and Shake Shack

Which is bigger by revenue, Cannae or Shake Shack?

Shake Shack is bigger by revenue: $1.4B in fiscal 2025, against $423.6M for Cannae in fiscal 2025.

Which keeps more of its revenue as profit, Cannae or Shake Shack?

Cannae had a net margin of -121.2% in fiscal 2025; Shake Shack had 3.2% in fiscal 2025.

Which grew revenue faster, Cannae or Shake Shack?

In their latest fiscal years revenue changed by -6.4% at Cannae and +15.4% at Shake Shack.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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