Shake Shack (SHAK) financial statements
Shake Shack reported revenue of $1.4B in fiscal 2025, up 20.6% a year over 9 years.
Net income was $46M and the operating margin 4.3%, against 10.4% in 2016.
Free cash flow was $57M.
The diluted share count rose 78% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Shake Shack's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268M | $359M | $459M | $595M | $523M | $740M | $900M | $1.1B | $1.3B | $1.4B |
| Selling, general and admin | $31M | $39M | $53M | $66M | $64M | $87M | $120M | $130M | $149M | $176M |
| Operating income | $28M | $34M | $32M | $26M | -$44M | -$16M | -$27M | $6M | $3M | $63M |
| Interest expense | $374,000 | $2M | $2M | $434,000 | $815,000 | $2M | $2M | $2M | $2M | $2M |
| Pre-tax income | $28M | $160M | $31M | $28M | -$45M | -$17M | -$24M | $17M | $14M | $73M |
| Income tax | $6M | $151M | $9M | $3M | $57,000 | -$11M | -$1M | -$4M | $3M | $23M |
| Net income | $12M | -$320,000 | $15M | $20M | -$42M | -$5M | -$21M | $20M | $10M | $46M |
| EPS (diluted) | $0.53 | -$0.01 | $0.52 | $0.61 | -$1.14 | -$0.12 | -$0.54 | $0.48 | $0.24 | $1.09 |
| Diluted shares | 23M | 26M | 29M | 32M | 37M | 39M | 39M | 44M | 44M | 42M |
| Operating margin | 10.4% | 9.4% | 6.9% | 4.3% | -8.4% | -2.1% | -3.0% | 0.5% | 0.2% | 4.3% |
| Net margin | 4.6% | -0.1% | 3.3% | 3.3% | -8.1% | -0.6% | -2.4% | 1.9% | 0.8% | 3.2% |
Balance sheet
Fiscal years, from Shake Shack's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $74M | $85M | $87M | $74M | $184M | $382M | $311M | $293M | $321M | $360M |
| Receivables | $6M | $6M | $11M | $10M | $9M | $14M | $14M | $17M | $20M | $33M |
| Inventory | $806,000 | $1M | $2M | $2M | $3M | $4M | $4M | $5M | $6M | $7M |
| Total current assets | $84M | $93M | $101M | $88M | $203M | $410M | $344M | $334M | $368M | $430M |
| Property, plant and equipment | $136M | $187M | $262M | $315M | $337M | $389M | $467M | $531M | $552M | $626M |
| Total assets | $538M | $471M | $611M | $968M | $1.1B | $1.5B | $1.5B | $1.6B | $1.7B | $1.9B |
| Total current liabilities | $32M | $34M | $60M | $99M | $110M | $121M | $148M | $164M | $187M | $245M |
| Total liabilities | $337M | $246M | $337M | $646M | $711M | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B |
| Shareholders' equity | $152M | $169M | $226M | $299M | $407M | $410M | $412M | $443M | $470M | $525M |
| Net debt | -$12M | -$22M | -$25M | -$37M | -$147M | -$302M | -$231M | -$225M | -$321M | -$360M |
Cash flow
Fiscal years, from Shake Shack's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $54M | $71M | $85M | $90M | $37M | $58M | $77M | $132M | $171M | $222M |
| Capital spending | $54M | $62M | $88M | $107M | $69M | $101M | $143M | $146M | $135M | $166M |
| Free cash flow | -$148,000 | $9M | -$2M | -$17M | -$32M | -$43M | -$66M | -$14M | $36M | $57M |
| Stock-based compensation | $5M | $6M | $6M | $8M | $6M | $9M | $13M | $15M | $16M | $20M |
| Free cash flow margin | -0.1% | 2.6% | -0.5% | -2.8% | -6.1% | -5.8% | -7.3% | -1.3% | 2.8% | 3.9% |
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Open SHAK in InvestinglyQuestions
What was Shake Shack's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Shake Shack generate?
$57M in fiscal 2025 (operating cash flow minus capital spending).
From Shake Shack's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.