InsiderClue
Stocks · Consumer discretionary · Retail-Eating & Drinking Places

Shake Shack Inc.

SHAK Clue Score78
United States Fiscal year ends December CIK 0001620533
$66.90 -0.61% Close, 9 Oct 2026
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Price $66.90 −11.71% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue358.8Operating income33.8Net income−0.3EPS, diluted−0.01Fiscal year 2018Revenue459.3 +28.0%Operating income31.7Net income15.2EPS, diluted0.52Fiscal year 2019Revenue594.5 +29.4%Operating income25.7Net income19.8 +30.6%EPS, diluted0.61 +17.3%Fiscal year 2020Revenue522.9 −12.1%Operating income−43.9Net income−42.2 −312.6%EPS, diluted−1.14 −286.9%Fiscal year 2021Revenue739.9 +41.5%Operating income−15.9Net income−4.6EPS, diluted−0.12Fiscal year 2022Revenue900.5 +21.7%Operating income−26.9Net income−21.2EPS, diluted−0.54Fiscal year 2023Revenue1,087.5 +20.8%Operating income5.9Net income20.3EPS, diluted0.48Fiscal year 2024Revenue1,252.6 +15.2%Operating income3.0Net income10.2 −49.6%EPS, diluted0.24 −50.0%Fiscal year 2025Revenue1,445.3 +15.4%Operating income62.5Net income45.7 +348.0%EPS, diluted1.09 +354.2%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 358.8 459.3 594.5 522.9 739.9 900.5 1,087.5 1,252.6 1,445.3
Growth +28.0% +29.4% −12.1% +41.5% +21.7% +20.8% +15.2% +15.4%
Operating income 33.8 31.7 25.7 −43.9 −15.9 −26.9 5.9 3.0 62.5
Net income −0.3 15.2 19.8 −42.2 −4.6 −21.2 20.3 10.2 45.7
Growth +30.6% −312.6% −49.6% +348.0%
EPS, diluted −0.01 0.52 0.61 −1.14 −0.12 −0.54 0.48 0.24 1.09
Growth +17.3% −286.9% −50.0% +354.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin9.4%Net margin−0.1%Free cash flow margin2.6%Fiscal year 2018Operating margin6.9%Net margin3.3%Free cash flow margin−0.5%Fiscal year 2019Operating margin4.3%Net margin3.3%Free cash flow margin−2.8%Fiscal year 2020Operating margin−8.4%Net margin−8.1%Free cash flow margin−6.1%Fiscal year 2021Operating margin−2.1%Net margin−0.6%Free cash flow margin−5.8%Fiscal year 2022Operating margin−3.0%Net margin−2.4%Free cash flow margin−7.3%Fiscal year 2023Operating margin0.5%Net margin1.9%Free cash flow margin−1.3%Fiscal year 2024Operating margin0.2%Net margin0.8%Free cash flow margin2.8%Fiscal year 2025Operating margin4.3%Net margin3.2%Free cash flow margin3.9%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 9.4% 6.9% 4.3% −8.4% −2.1% −3.0% 0.5% 0.2% 4.3%
Net margin −0.1% 3.3% 3.3% −8.1% −0.6% −2.4% 1.9% 0.8% 3.2%
Free cash flow margin 2.6% −0.5% −2.8% −6.1% −5.8% −7.3% −1.3% 2.8% 3.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow70.9Capital expenditure−61.5Free cash flow9.3Fiscal year 2018Operating cash flow85.4Capital expenditure−87.5Free cash flow−2.1 −122.8%Fiscal year 2019Operating cash flow89.9Capital expenditure−106.5Free cash flow−16.7Fiscal year 2020Operating cash flow37.4Capital expenditure−69.0Free cash flow−31.7Fiscal year 2021Operating cash flow58.4Capital expenditure−101.5Free cash flow−43.1Fiscal year 2022Operating cash flow76.7Capital expenditure−142.6Free cash flow−65.8Fiscal year 2023Operating cash flow132.1Capital expenditure−146.2Free cash flow−14.0Fiscal year 2024Operating cash flow171.2Capital expenditure−135.5Free cash flow35.7Fiscal year 2025Operating cash flow222.4Capital expenditure−165.8Free cash flow56.5 +58.5%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 70.9 85.4 89.9 37.4 58.4 76.7 132.1 171.2 222.4
Capital expenditure −61.5 −87.5 −106.5 −69.0 −101.5 −142.6 −146.2 −135.5 −165.8
Free cash flow 9.3 −2.1 −16.7 −31.7 −43.1 −65.8 −14.0 35.7 56.5
Growth −122.8% +58.5%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash21.5Shareholders’ equity169.5Fiscal year 2018Cash24.8Shareholders’ equity226.1Fiscal year 2019Cash37.1Total debt0.0Net cash (debt)37.1Shareholders’ equity298.8Debt to equity0.00Fiscal year 2020Cash146.9Total debt0.0Net cash (debt)146.9Shareholders’ equity407.3Debt to equity0.00Fiscal year 2021Cash302.4Total debt243.5Net cash (debt)58.9Shareholders’ equity409.5Debt to equity0.59Fiscal year 2022Cash230.5Total debt244.6Net cash (debt)−14.1Shareholders’ equity412.2Debt to equity0.59Fiscal year 2023Cash224.7Total debt245.6Net cash (debt)−21.0Shareholders’ equity443.4Debt to equity0.55Fiscal year 2024Cash320.7Total debt246.7Net cash (debt)74.0Shareholders’ equity470.0Debt to equity0.52Fiscal year 2025Cash360.1Total debt247.7Net cash (debt)112.4Shareholders’ equity525.3Debt to equity0.47
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 21.5 24.8 37.1 146.9 302.4 230.5 224.7 320.7 360.1
Total debt n/a n/a 0.0 0.0 243.5 244.6 245.6 246.7 247.7
Net cash (debt) n/a n/a 37.1 146.9 58.9 −14.1 −21.0 74.0 112.4
Shareholders’ equity 169.5 226.1 298.8 407.3 409.5 412.2 443.4 470.0 525.3
Debt to equity n/a n/a 0.00 0.00 0.59 0.59 0.55 0.52 0.47

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 27 Dec 2017 FY2018 26 Dec 2018 FY2019 25 Dec 2019 FY2020 30 Dec 2020 FY2021 29 Dec 2021 FY2022 28 Dec 2022 FY2023 27 Dec 2023 FY2024 25 Dec 2024 FY2025 31 Dec 2025
Margins
9.4% 6.9% 4.3% −8.4% −2.1% −3.0% 0.5% 0.2% 4.3%
44.7% 6.7% 4.6% −8.7% −2.3% −2.7% 1.6% 1.1% 5.0%
−0.1% 3.3% 3.3% −8.1% −0.6% −2.4% 1.9% 0.8% 3.2%
2.6% −0.5% −2.8% −6.1% −5.8% −7.3% −1.3% 2.8% 3.9%
Spending
10.9% 11.5% 11.0% 12.3% 11.8% 13.3% 11.9% 11.9% 12.2%
17.1% 19.1% 17.9% 13.2% 13.7% 15.8% 13.4% 10.8% 11.5%
94.5% 28.8% 12.3% n/a n/a n/a −23.6% 24.0% 31.5%
Returns
−0.2% 6.7% 6.6% −10.4% −1.1% −5.2% 4.6% 2.2% 8.7%
−0.1% 2.5% 2.0% −3.7% −0.3% −1.4% 1.3% 0.6% 2.4%
Balance and payout
n/a n/a 0.00 0.00 0.59 0.59 0.55 0.52 0.47
52.3% 55.2% 66.7% 62.1% 69.4% 71.1% 70.8% 70.9% 70.8%