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Shake Shack vs Wendy's: revenue, profit, margins and growth compared

Shake Shack brought in $1.4B of revenue in fiscal 2025, Wendy's $2.2B in fiscal 2025. Revenue changed by +15.4% at Shake Shack and -3.1% at Wendy's on the year before, so Shake Shack grew faster. Shake Shack kept 3.2% of its revenue as net profit, Wendy's 7.6%. Free cash flow was $56.5M at Shake Shack and $242.6M at Wendy's.

Side by side, latest fiscal year

SHAKWEN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 28, 2025)
Revenue$1.4B$2.2B
Revenue growth+15.4%-3.1%
Net income$45.7M$165.1M
Net margin3.2%7.6%
Free cash flow$56.5M$242.6M
Free cash flow margin3.9%11.1%
Earnings per share (diluted)$1.09$0.85
Cash$360.1M$300.8M
Debt$247.7M$2.8B
Price to earnings51.07.7
Market value$2.4B$1.2B
Dividend yieldn/a10.23%
Rank by revenue in sector#404 of 778 · Consumer discretionary#340 of 778 · Consumer discretionary

Over the years

Revenue
SHAK FY2018: $459.3MSHAK FY2019: $594.5MSHAK FY2020: $522.9MSHAK FY2021: $739.9MSHAK FY2022: $900.5MSHAK FY2023: $1.1BSHAK FY2024: $1.3BSHAK FY2025: $1.4BWEN FY2018: $1.6BWEN FY2019: $1.7BWEN FY2020: $1.7BWEN FY2021: $1.9BWEN FY2022: $2.1BWEN FY2023: $2.2BWEN FY2024: $2.2BWEN FY2025: $2.2BFY18FY19FY20FY21FY22FY23FY24FY25
SHAK $1.4BWEN $2.2B
Net income
SHAK FY2018: $15.2MSHAK FY2019: $19.8MSHAK FY2020: -$42.2MSHAK FY2021: -$4.6MSHAK FY2022: -$21.2MSHAK FY2023: $20.3MSHAK FY2024: $10.2MSHAK FY2025: $45.7MWEN FY2018: $460.1MWEN FY2019: $136.9MWEN FY2020: $117.8MWEN FY2021: $200.4MWEN FY2022: $177.4MWEN FY2023: $204.4MWEN FY2024: $194.4MWEN FY2025: $165.1MFY18FY19FY20FY21FY22FY23FY24FY25
SHAK $45.7MWEN $165.1M
Net margin
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%WEN FY2018: 28.9%WEN FY2019: 8.0%WEN FY2020: 6.8%WEN FY2021: 10.6%WEN FY2022: 8.5%WEN FY2023: 9.4%WEN FY2024: 8.7%WEN FY2025: 7.6%FY18FY19FY20FY21FY22FY23FY24FY25
SHAK 3.2%WEN 7.6%
Revenue growth
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%WEN FY2019: +7.5%WEN FY2020: +1.5%WEN FY2021: +9.4%WEN FY2022: +10.5%WEN FY2023: +4.1%WEN FY2024: +3.0%WEN FY2025: -3.1%FY19FY20FY21FY22FY23FY24FY25
SHAK +15.4%WEN -3.1%
Free cash flow
SHAK FY2018: -$2.1MSHAK FY2019: -$16.7MSHAK FY2020: -$31.7MSHAK FY2021: -$43.1MSHAK FY2022: -$65.8MSHAK FY2023: -$14MSHAK FY2024: $35.7MSHAK FY2025: $56.5MWEN FY2018: $154.4MWEN FY2019: $214.5MWEN FY2020: $215.4MWEN FY2021: $267.8MWEN FY2022: $174.4MWEN FY2023: $260.4MWEN FY2024: $260.9MWEN FY2025: $242.6MFY18FY19FY20FY21FY22FY23FY24FY25
SHAK $56.5MWEN $242.6M

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

Questions about Shake Shack and Wendy's

Which is bigger by revenue, Shake Shack or Wendy's?

Wendy's is bigger by revenue: $2.2B in fiscal 2025, against $1.4B for Shake Shack in fiscal 2025.

Which keeps more of its revenue as profit, Shake Shack or Wendy's?

Shake Shack had a net margin of 3.2% in fiscal 2025; Wendy's had 7.6% in fiscal 2025.

Which grew revenue faster, Shake Shack or Wendy's?

In their latest fiscal years revenue changed by +15.4% at Shake Shack and -3.1% at Wendy's.

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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