Shake Shack Inc. (SHAK) financial statements: income statement, balance sheet and cash flow
Shake Shack Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Shake Shack Inc. reported revenue of $1.4B (+15.4% year on year) and net income of $49.7M (+359.4% year on year).
Income statement
Shake Shack Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 25, 2024 · FY
Dec 27, 2023 · FY
Dec 28, 2022 · FY
TOTAL REVENUE
$1.4B
$1.3B
$1.1B
$900.5M
Food and paper costs
$396.7M
$339.9M
$305.0M
$261.6M
Labor and related expenses
$360.7M
$338.8M
$304.3M
$257.4M
Other operating expenses
$212.7M
$178.4M
$149.4M
$130.9M
Occupancy and related expenses
$106.6M
$93.1M
$79.8M
$68.5M
General and administrative expenses
$176.2M
$149.0M
$129.5M
$118.8M
Depreciation and amortization expense
$106.6M
$102.5M
$91.2M
$72.8M
Pre-opening costs
$18.0M
$15.5M
$19.2M
$15.1M
Impairments, loss on disposal of assets, and Shack closures
$5.2M
$32.4M
$3.0M
$2.4M
TOTAL EXPENSES
$1.4B
$1.2B
$1.1B
$927.4M
INCOME FROM OPERATIONS
$62.5M
$3.0M
$5.9M
($26.9M)
Other income, net
$12.3M
$13.3M
$12.8M
—
Interest expense
($2.2M)
($2.0M)
($1.7M)
($1.5M)
INCOME BEFORE INCOME TAXES
$72.6M
$14.2M
$17.0M
($24.3M)
Income tax expense (benefit)
$22.9M
$3.4M
($4.0M)
$1.7M
NET INCOME
$49.7M
$10.8M
$21.0M
($26.0M)
Less: Net income attributable to non-controlling interests
$4.0M
$613.0K
$726.0K
($1.9M)
Net income attributable to Shake Shack Inc.—basic
$45.7M
—
—
—
Basic (in dollars per share)
$1.14
$0.26
$0.51
-$0.61
Diluted (in dollars per share)
$1.09
$0.24
$0.48
-$0.61
Basic (in shares)
40.2M
39.8M
39.4M
39.2M
Diluted (in shares)
41.8M
44.2M
43.9M
39.2M
Shake Shack Inc. income statement, quarters
Line item
Jul 1, 2026 · Q3
Apr 1, 2026 · Q2
Sep 24, 2025 · Q3
Jun 25, 2025 · Q2
TOTAL REVENUE
$417.6M
$366.7M
$367.4M
$356.5M
Food and paper costs
$116.3M
$100.0M
$103.5M
$96.6M
Labor and related expenses
$101.2M
$92.7M
$88.0M
$88.1M
Other operating expenses
$63.1M
$57.5M
$53.8M
$50.8M
Occupancy and related expenses
$30.2M
$28.7M
$27.0M
$25.6M
General and administrative expenses
$48.3M
$53.6M
$44.4M
$40.7M
Depreciation and amortization expense
$30.7M
$29.1M
$27.1M
$26.5M
Pre-opening costs
$6.6M
$6.9M
$4.6M
$5.0M
Impairments, loss on disposal of assets, and Shack closures
$425.0K
$867.0K
$510.0K
$881.0K
TOTAL EXPENSES
$396.9M
$369.4M
$348.9M
$334.1M
INCOME FROM OPERATIONS
$20.7M
($2.6M)
$18.5M
$22.4M
Other income, net
$2.6M
$2.7M
$3.1M
$2.9M
Interest expense
($553.0K)
($548.0K)
($504.0K)
($548.0K)
INCOME BEFORE INCOME TAXES
$22.8M
($439.0K)
$21.1M
$24.7M
Income tax expense
$5.9M
($145.0K)
$7.4M
$6.2M
NET INCOME
$16.9M
($294.0K)
$13.7M
$18.5M
Less: Net income attributable to non-controlling interests
$1.2M
($4.0K)
$1.2M
$1.3M
NET INCOME ATTRIBUTABLE TO SHAKE SHACK INC.
$15.7M
($290.0K)
$12.5M
$17.1M
Basic (in dollars per share)
$0.39
-$0.01
$0.31
$0.43
Diluted (in dollars per share)
$0.37
-$0.01
$0.30
$0.41
Basic (in shares)
40.4M
40.3M
40.3M
40.2M
Diluted (in shares)
41.9M
40.3M
41.9M
41.8M
Balance sheet
Shake Shack Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 25, 2024 · FY
Dec 27, 2023 · FY
Dec 28, 2022 · FY
Cash and cash equivalents
$360.1M
$320.7M
$224.7M
$230.5M
Accounts receivable, net
$33.0M
$19.7M
$16.8M
$13.9M
Inventories
$7.2M
$6.0M
$5.4M
$4.2M
Prepaid expenses and other current assets
$30.1M
$21.8M
$19.0M
$14.7M
Total current assets
$430.3M
$368.2M
$334.4M
$344.0M
Property and equipment, net of accumulated depreciation of $551,004 and $457,186, respectively.
$625.9M
$551.6M
$531.0M
$467.0M
Operating lease assets
$507.3M
$424.6M
$398.3M
$367.5M
Deferred income taxes, net
$322.4M
$341.6M
$326.2M
$300.5M
Other assets
$10.4M
$11.0M
$15.9M
$15.8M
TOTAL ASSETS
$1.9B
$1.7B
$1.6B
$1.5B
Accounts payable
$24.7M
$23.6M
$22.3M
$20.4M
Accrued expenses
$103.4M
$63.0M
$54.7M
$47.9M
Accrued wages and related liabilities
$25.5M
$25.4M
$20.9M
$17.6M
Operating lease liabilities, current
$63.6M
$55.7M
$49.0M
$42.2M
Other current liabilities
$27.8M
$19.5M
$17.1M
$19.6M
Total current liabilities
$244.9M
$187.3M
$164.1M
$147.7M
Long-term debt
$247.7M
$246.7M
$245.6M
$244.6M
Long-term operating lease liabilities
$575.1M
$494.5M
$464.5M
$427.2M
Liabilities under tax receivable agreement, net of current portion
$244.5M
$247.0M
$235.6M
$234.9M
Other long-term liabilities
$30.2M
$27.8M
$26.6M
$20.7M
Total liabilities
$1.3B
$1.2B
$1.1B
$1.1B
Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of September 27, 2023 and December 28, 2022.
0
0
0
0
Common stock
$42.0K
$42.0K
$42.0K
$42.0K
Additional paid-in capital
$452.6M
$443.0M
$426.6M
$415.6M
Retained earnings
$72.7M
$27.0M
$16.8M
($20.5M)
Accumulated other comprehensive loss
($1.0K)
($1.0K)
($3.0K)
$0
Total stockholders' equity attributable to Shake Shack Inc.
$525.3M
$470.0M
$443.4M
$395.1M
Non-controlling interests
$28.4M
$23.6M
$26.0M
$24.6M
Total equity
$553.7M
$493.6M
$469.4M
$419.7M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$1.9B
$1.7B
$1.6B
$1.5B
Shake Shack Inc. balance sheet, quarters
Line item
Jul 1, 2026
Apr 1, 2026
Sep 24, 2025
Jun 25, 2025
Cash and cash equivalents
$308.0M
$313.6M
$357.8M
$336.8M
Accounts receivable, net
$34.7M
$29.2M
$20.6M
$21.2M
Inventories
$7.4M
$6.6M
$6.3M
$6.0M
Prepaid expenses and other current assets
$43.8M
$44.4M
$30.1M
$26.8M
Total current assets
$393.8M
$393.9M
$414.8M
$390.8M
Property and equipment, net of accumulated depreciation of $604,230 and $551,004, respectively.
$673.3M
$649.2M
$598.1M
$577.1M
Operating lease assets
$551.7M
$539.2M
$468.1M
$453.8M
Deferred income taxes, net
$320.0M
$325.2M
$335.0M
$340.9M
Other assets
$11.6M
$10.1M
$11.3M
$12.4M
TOTAL ASSETS
$2.0B
$1.9B
$1.8B
$1.8B
Accounts payable
$23.6M
$27.0M
$23.6M
$20.7M
Accrued expenses
$92.3M
$95.5M
$93.9M
$79.7M
Accrued wages and related liabilities
$23.2M
$21.2M
$25.9M
$23.3M
Operating lease liabilities, current
$67.2M
$65.2M
$60.7M
$59.1M
Other current liabilities
$29.7M
$23.8M
$21.2M
$21.2M
Total current liabilities
$236.0M
$232.6M
$225.3M
$204.1M
Long-term debt
$248.3M
$248.0M
$247.5M
$247.2M
Long-term operating lease liabilities
$621.8M
$608.6M
$540.2M
$526.0M
Liabilities under tax receivable agreement, net of current portion
$244.7M
$244.6M
$247.8M
$247.6M
Other long-term liabilities
$28.0M
$29.2M
$31.1M
$31.1M
Total liabilities
$1.4B
$1.4B
$1.3B
$1.3B
Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of July 1, 2026 and December 31, 2025.
0
0
0
0
Common stock
$42.0K
$42.0K
$42.0K
$42.0K
Additional paid-in capital
$456.2M
$453.5M
$448.1M
$445.7M
Retained earnings
$88.1M
$72.4M
$60.9M
$48.4M
Accumulated other comprehensive loss
($6.0K)
($6.0K)
($1.0K)
($4.0K)
Total stockholders' equity attributable to Shake Shack Inc.
$544.3M
$525.9M
$509.0M
$494.1M
Non-controlling interests
$27.2M
$28.7M
$26.2M
$25.0M
Total equity
$571.6M
$554.6M
$535.2M
$519.1M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$2.0B
$1.9B
$1.8B
$1.8B
Cash flow statement
Shake Shack Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 25, 2024 · FY
Dec 27, 2023 · FY
Dec 28, 2022 · FY
Net income (including amounts attributable to non-controlling interests)
$49.7M
$10.8M
$21.0M
($26.0M)
Depreciation and amortization expense
$106.6M
$102.5M
$91.2M
$72.8M
Amortization of debt issuance costs
$1.0M
$1.0M
$1.0M
$1.0M
Amortization of cloud computing assets
$2.2M
$2.1M
$1.8M
$1.5M
Non-cash operating lease cost
$88.8M
$77.4M
$67.8M
$58.8M
Equity-based compensation
$19.5M
$15.9M
$14.9M
$13.3M
Deferred income taxes
$16.6M
($1.1M)
($9.1M)
($3.4M)
Non-cash interest
$45.0K
($102.0K)
$116.0K
$218.0K
Gain on sale of equity securities
$0
$0
($81.0K)
—
Net amortization of discount on held-to-maturity securities
$0
$440.0K
$1.6M
—
Impairments, loss on disposal of assets, and Shack closures
$5.2M
$32.4M
$3.0M
$2.4M
Accounts receivable
($9.5M)
($2.8M)
($3.0M)
$9.1M
Inventories
($1.2M)
($610.0K)
($1.2M)
($334.0K)
Prepaid expenses and other current assets
($3.1M)
($2.6M)
($2.3M)
($2.5M)
Other assets
($6.0M)
($2.9M)
($6.3M)
($8.1M)
Accounts payable
($1.5M)
$3.4M
$687.0K
$3.5M
Accrued expenses
$29.9M
$6.6M
$9.5M
$4.7M
Accrued wages and related liabilities
$59.0K
$4.5M
$3.3M
$2.9M
Other current liabilities
$3.4M
($712.0K)
($2.8M)
$8.5M
Operating lease liabilities
($82.7M)
($77.2M)
($58.2M)
($61.4M)
Other long-term liabilities
$3.2M
$2.9M
$2.3M
($756.0K)
NET CASH PROVIDED BY OPERATING ACTIVITIES
$222.4M
$171.2M
$132.1M
$76.7M
Purchases of property and equipment
($165.8M)
($135.5M)
($146.2M)
($142.6M)
Purchases of held-to-maturity securities
$0
$0
($94.0M)
—
Maturities of held-to-maturity marketable securities
$0
$69.4M
$27.1M
—
Purchases of equity securities
$0
$0
($690.0K)
—
Sales of equity securities
$0
$0
$81.5M
—
NET CASH USED IN INVESTING ACTIVITIES
($165.8M)
($66.1M)
($132.3M)
($143.4M)
Payments on principal of finance leases
($5.5M)
($4.0M)
($3.3M)
($3.0M)
Deferred financing costs
($10.0K)
—
$0
$0
Distributions paid to non-controlling interest holders
($1.8M)
($482.0K)
($162.0K)
($410.0K)
Payments under tax receivable agreement
($37.0K)
—
—
$0
Net proceeds from stock option exercises
$123.0K
$1.6M
$744.0K
$424.0K
Employee withholding taxes related to net settled equity awards
($9.8M)
($6.2M)
($3.0M)
($2.2M)
NET CASH USED IN FINANCING ACTIVITIES
($17.1M)
($9.0M)
($5.7M)
($5.2M)
Effect of exchange rate changes on cash and cash equivalents
$0
$2.0K
($3.0K)
—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
$39.4M
$96.1M
($5.9M)
($71.9M)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
$320.7M
$224.7M
$230.5M
$302.4M
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$360.1M
$320.7M
$224.7M
$230.5M
Shake Shack Inc. cash flow statement, quarters
Line item
Jul 1, 2026 · YTD
Apr 1, 2026 · Q2
Sep 24, 2025 · YTD
Jun 25, 2025 · YTD
Net income (including amounts attributable to non-controlling interests)
$16.6M
($294.0K)
$36.7M
$23.0M
Depreciation and amortization expense
$59.8M
$29.1M
$80.2M
$53.1M
Amortization of debt issuance costs
$524.0K
$262.0K
$786.0K
$524.0K
Amortization of cloud computing assets
$1.0M
$512.0K
$1.7M
$1.2M
Non-cash operating lease cost
$50.6M
$24.7M
$64.5M
$42.3M
Equity-based compensation
$9.1M
$5.2M
$14.2M
$9.8M
Deferred income taxes
$3.0M
($1.6M)
$9.2M
$3.8M
Non-cash interest
$27.0K
$26.0K
$31.0K
$46.0K
Impairments, loss on disposal of assets, and Shack closures
$1.3M
$867.0K
$3.4M
$2.9M
Accounts receivable
($1.7M)
$3.9M
($925.0K)
($1.5M)
Inventories
($177.0K)
$572.0K
($297.0K)
($14.0K)
Prepaid expenses and other current assets
($12.5M)
($13.7M)
($4.1M)
($2.2M)
Other assets
($5.1M)
($2.1M)
($4.6M)
($4.0M)
Accounts payable
$1.6M
$3.3M
($610.0K)
($2.2M)
Accrued expenses
($14.0M)
($12.5M)
$22.1M
$12.9M
Accrued wages and related liabilities
($2.3M)
($4.3M)
$524.0K
($2.1M)
Other current liabilities
$575.0K
($5.3M)
($1.4M)
($343.0K)
Operating lease liabilities
($44.0M)
($21.5M)
($65.7M)
($44.4M)
Other long-term liabilities
$1.1M
$1.5M
$3.6M
$3.4M
NET CASH PROVIDED BY OPERATING ACTIVITIES
$65.5M
$8.5M
$159.2M
$96.2M
Purchases of property and equipment
($104.9M)
($47.2M)
($106.7M)
($67.4M)
NET CASH USED IN INVESTING ACTIVITIES
($104.9M)
($47.2M)
($106.7M)
($67.4M)
Payments on principal of finance leases
($3.3M)
($1.6M)
($4.0M)
($2.6M)
Distributions paid to non-controlling interest holders
($2.8M)
($12.0K)
($1.8M)
($857.0K)
Payments under tax receivable agreement, including interest
($977.0K)
($977.0K)
($37.0K)
($24.0K)
Net proceeds from stock option exercises
$69.0K
$69.0K
$123.0K
$123.0K
Employee withholding taxes related to net settled equity awards
($5.7M)
($5.3M)
($9.8M)
($9.3M)
NET CASH USED IN FINANCING ACTIVITIES
($12.7M)
($7.8M)
($15.5M)
($12.7M)
Effect of exchange rate changes on cash and cash equivalents