SHAK

MKT CAP:$4B

Shake Shack Inc.

Market Cap

$4B

Consumer Cyclical·Restaurants·🇺🇸 United States·NYSE

Consumer Cyc.·Restaurants·🇺🇸·NYSE

Stock Price

$104.25+$20.78 (+24.89%)

Apr 17, 2026

Company Details

Shake Shack Inc. owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other produ...

CEO

Robert Lynch

IPO Date

Jan 30, 2015

Website

www.shakeshack.com

Key Metrics TTM

Revenue

$1.2B

+29.8% YoY

Net Income

$28M

EPS (Diluted)

$0.68

Free Cash Flow

$19M

Revenue / Share

$28.94

Gross Margin

45.5%

Operating Margin

2.2%

Net Margin

2.3%

FCF Margin

1.5%

P/S

3.4x

P/E

148.2x

Earnings Reports

Q1 2025

May 7, 2026

PENDING

FY 2024

Feb 21, 2025

$1.3BEPS $0.24

Q4 2024

Feb 21, 2025

$329MEPS $0.21

Q2 2024

Aug 2, 2024

$316M+16.4%EPS $0.23

Q1 2024

May 3, 2024

$291MEPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$143M	$62M	-$787.0K
Q2 20	$92M	$31M	-$24M
Q3 20	$130M	$55M	-$7M
Q4 20	$158M	$65M	-$12M
Q1 21	$155M	$64M	-$10M
Q2 21	$187M	$80M	$3M
Q3 21	$194M	$78M	-$3M
Q4 21	$203M	$85M	-$6M
Q1 22	$203M	$83M	-$15M
Q2 22	$231M	$99M	-$819.0K
Q3 22	$228M	$95M	-$5M
Q2 23	$272M	$121M	$5M
Q3 23	$276M	$123M	$6M
Q1 24	$291M	$129M	$34.0K
Q2 24	$316M	$145M	$11M
Q4 24	$329M	$155M	$10M

Valuation

Quarter	P/S	P/E
Q1 20	—	—
Q2 20	—	—
Q3 20	8.0x	—
Q4 20	7.9x	—
Q1 21	7.8x	—
Q2 21	6.6x	—
Q3 21	6.0x	—
Q4 21	5.6x	—
Q1 22	5.3x	—
Q2 22	5.0x	—
Q3 22	4.8x	—
Q2 23	4.5x	—
Q3 23	4.1x	365.7x
Q1 24	3.9x	284.8x
Q2 24	3.6x	158.1x
Q4 24	3.4x	148.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$7M	-$12M
Q2 20	$11M	-$8M
Q3 20	$11M	$1M
Q4 20	$9M	-$13M
Q1 21	$10M	-$13M
Q2 21	$27M	$6M
Q3 21	$7M	-$17M
Q4 21	$15M	-$18M
Q1 22	$8M	-$20M
Q2 22	$27M	-$100.0K
Q3 22	$19M	-$20M
Q2 23	$42M	$2M
Q3 23	$28M	-$10M
Q1 24	$31M	-$2M
Q2 24	$54M	$21M
Q4 24	$45M	$10M

Capital Expenditures

Quarter	CapEx
Q1 20	$19M
Q2 20	$18M
Q3 20	$9M
Q4 20	$22M
Q1 21	$23M
Q2 21	$22M
Q3 21	$24M
Q4 21	$33M
Q1 22	$28M
Q2 22	$27M
Q3 22	$40M
Q2 23	$40M
Q3 23	$38M
Q1 24	$33M
Q2 24	$33M
Q4 24	$35M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+4.0%	+12.4%
Q1 21	+8.5%	+14.8%
Q2 21	+104.2%	+58.9%
Q3 21	+48.7%	+43.3%
Q4 21	+29.0%	+23.6%
Q1 22	+31.0%	+32.1%
Q2 22	+23.1%	+25.7%
Q3 22	+17.5%	+18.4%
Q2 23	+33.7%	+27.3%
Q3 23	+35.8%	+23.9%
Q1 24	+25.9%	+25.4%
Q2 24	+38.9%	+31.4%
Q4 24	+20.9%	+19.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$3M	1.6%
Q2 22	$3M	1.5%
Q3 22	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$4M	1.3%
Q2 24	$4M	1.2%
Q4 24	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 20	$29M
Q2 20	$26M
Q3 20	$28M
Q4 20	$33M
Q1 21	$33M
Q2 21	$35M
Q3 21	$35M
Q4 21	$41M
Q1 22	$48M
Q2 22	$46M
Q3 22	$44M
Q2 23	$51M
Q3 23	$51M
Q1 24	$58M
Q2 24	$60M
Q4 24	$65M

Revenue Segments

Quarter	Initial Territory and Opening Fees	Sales-Based Royalties	Shack Sales
Q1 20	$178.0K	$5M	$138M
Q2 20	$134.0K	$2M	$90M
Q3 20	$246.0K	$4M	$126M
Q1 21	$189.0K	$4M	$151M
Q2 21	$165.0K	$6M	$181M
Q3 21	$212.0K	$7M	$187M
Q1 22	$200.0K	$6M	$197M
Q2 22	$212.0K	$7M	$223M
Q3 22	$263.0K	$8M	$220M
Q2 23	$283.0K	$10M	$262M
Q3 23	$329.0K	$11M	$265M
Q1 24	$319.0K	$10M	$281M
Q2 24	$392.0K	$11M	$305M
Q4 24	$389.0K	$12M	$317M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$279M	$80M	$359M
Q2 22	$278M	$80M	$358M
Q3 22	$257M	$80M	$337M
Q4 22	$231M	$81M	$311M
Q1 23	$293M	$0	$293M
Q2 23	$204M	$92M	$295M
Q3 23	$190M	$95M	$285M
Q4 23	$225M	$69M	$293M
Q1 24	$260M	$25M	$285M
Q2 24	$302M	$3M	$304M
Q3 24	$311M	$0	$311M
Q4 24	$321M	$0	$321M
Q1 25	$313M	$0	$313M
Q2 25	$337M	$0	$337M
Q3 25	$358M	$0	$358M
Q4 25	$360M	$0	$360M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	34M	+1.7%	—
Q2 20	37M	+8.3%	—
Q3 20	38M	+2.5%	—
Q4 20	37M	-2.9%	+9.6%
Q1 21	43M	+15.2%	+24.2%
Q2 21	44M	+2.3%	+17.4%
Q3 21	39M	-10.6%	+2.3%
Q4 21	39M	+0.0%	+5.4%
Q1 22	39M	+0.1%	-8.5%
Q2 22	39M	+0.2%	-10.4%
Q3 22	39M	+0.1%	+0.4%
Q2 23	44M	+11.7%	+12.1%
Q3 23	44M	+0.2%	+12.3%
Q1 24	41M	-6.2%	+5.2%
Q2 24	41M	+0.5%	+5.6%
Q4 24	42M	+0.9%	-4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$18.8K	8K
Q2 20	$12.1K	8K
Q3 20	$17.2K	8K
Q4 20	$21.2K	7K
Q1 21	$20.9K	7K
Q2 21	$25.2K	7K
Q3 21	$26.1K	7K
Q4 21	$21.0K	10K
Q1 22	$21.0K	10K
Q2 22	$23.8K	10K
Q3 22	$23.5K	10K
Q2 23	$23.2K	12K
Q3 23	$23.6K	12K
Q1 24	$23.8K	12K
Q2 24	$26.0K	12K
Q4 24	$25.6K	13K

Revenue / Employee