$SHAK

Shake Shack Inc.

CIK:0001620533|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2026	Jun. 25, 2025	Jul. 01, 2026	Jun. 25, 2025
TOTAL REVENUE	$ 417,618	$ 356,466	$ 784,355	$ 677,364
Shack-level operating expenses:
Food and paper costs	116,276	96,621	216,299	182,658
Labor and related expenses	101,226	88,058	193,943	174,726
Other operating expenses	63,118	50,768	120,630	99,030
Occupancy and related expenses	30,151	25,593	58,805	50,224
General and administrative expenses	48,321	40,671	101,929	81,311
Depreciation and amortization expense	30,717	26,545	59,837	53,088
Pre-opening costs	6,638	4,955	13,508	8,173
Impairments, loss on disposal of assets, and Shack closures	425	881	1,292	2,938
TOTAL EXPENSES	396,872	334,092	766,243	652,148
INCOME FROM OPERATIONS	20,746	22,374	18,112	25,216
Other income, net	2,602	2,850	5,345	5,821
Interest expense	(553)	(548)	(1,101)	(1,111)
INCOME BEFORE INCOME TAXES	22,795	24,676	22,356	29,926
Income tax expense	5,913	6,193	5,768	6,930
NET INCOME	16,882	18,483	16,588	22,996
Less: Net income attributable to non-controlling interests	1,202	1,335	1,198	1,603
NET INCOME ATTRIBUTABLE TO SHAKE SHACK INC.	$ 15,680	$ 17,148	$ 15,390	$ 21,393
Earnings per share of Class A common stock:
Basic (in dollars per share)	$ 0.39	$ 0.43	$ 0.38	$ 0.53
Diluted (in dollars per share)	$ 0.37	$ 0.41	$ 0.37	$ 0.51
Weighted-average shares of Class A common stock outstanding:
Basic (in shares)	40,358	40,226	40,323	40,173
Diluted (in shares)	41,866	41,819	41,873	41,842
Shack sales
TOTAL REVENUE	$ 403,437	$ 343,224	$ 757,484	$ 653,062
Licensing revenue
TOTAL REVENUE	$ 14,181	$ 13,242	$ 26,871	$ 24,302

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jul. 01, 2026	Jun. 25, 2025
OPERATING ACTIVITIES
Net income (including amounts attributable to non-controlling interests)	$ 16,588,000	$ 22,996,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	59,837,000	53,088,000
Amortization of debt issuance costs	524,000	524,000
Amortization of cloud computing assets	1,043,000	1,166,000
Non-cash operating lease cost	50,624,000	42,250,000
Equity-based compensation	9,082,000	9,750,000
Deferred income taxes	3,002,000	3,785,000
Non-cash interest	27,000	46,000
Impairments, loss on disposal of assets, and Shack closures	1,292,000	2,938,000
Changes in operating assets and liabilities:
Accounts receivable	(1,695,000)	(1,514,000)
Inventories	(177,000)	(14,000)
Prepaid expenses and other current assets	(12,529,000)	(2,162,000)
Other assets	(5,125,000)	(3,978,000)
Accounts payable	1,573,000	(2,164,000)
Accrued expenses	(14,019,000)	12,947,000
Accrued wages and related liabilities	(2,306,000)	(2,128,000)
Other current liabilities	575,000	(343,000)
Operating lease liabilities	(43,987,000)	(44,356,000)
Other long-term liabilities	1,133,000	3,389,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	65,462,000	96,220,000
INVESTING ACTIVITIES
Purchases of property and equipment	(104,901,000)	(67,438,000)
NET CASH USED IN INVESTING ACTIVITIES	(104,901,000)	(67,438,000)
FINANCING ACTIVITIES
Payments on principal of finance leases	(3,254,000)	(2,631,000)
Distributions paid to non-controlling interest holders	(2,817,000)	(857,000)
Payments under tax receivable agreement, including interest	(977,000)	(24,000)
Net proceeds from stock option exercises	69,000	123,000
Employee withholding taxes related to net settled equity awards	(5,738,000)	(9,300,000)
NET CASH USED IN FINANCING ACTIVITIES	(12,717,000)	(12,689,000)
Effect of exchange rate changes on cash and cash equivalents	(5,000)	(3,000)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(52,161,000)	16,090,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	360,123,000	320,714,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 307,962,000	$ 336,804,000

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jul. 01, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 307,962	$ 360,123
Accounts receivable, net	34,657	32,962
Inventories	7,359	7,182
Prepaid expenses and other current assets	43,780	30,080
Total current assets	393,758	430,347
Property and equipment, net of accumulated depreciation of $604,230 and $551,004, respectively.	673,299	625,851
Operating lease assets	551,687	507,253
Deferred income taxes, net	319,980	322,385
Other assets	11,556	10,373
TOTAL ASSETS	1,950,280	1,896,209
Current liabilities:
Accounts payable	23,612	24,747
Accrued expenses	92,318	103,354
Accrued wages and related liabilities	23,175	25,481
Operating lease liabilities, current	67,164	63,553
Other current liabilities	29,732	27,783
Total current liabilities	236,001	244,918
Long-term debt	248,255	247,731
Long-term operating lease liabilities	621,756	575,138
Liabilities under tax receivable agreement, net of current portion	244,713	244,463
Other long-term liabilities	28,004	30,210
Total liabilities	1,378,729	1,342,460
Commitments and contingencies (Note 13)
Stockholders' equity:
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
Additional paid-in capital	456,186	452,577
Retained earnings	88,099	72,709
Accumulated other comprehensive loss	(6)	(1)
Total stockholders' equity attributable to Shake Shack Inc.	544,321	525,327
Non-controlling interests	27,230	28,422
Total equity	571,551	553,749
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,950,280	1,896,209
Class A Common Stock
Stockholders' equity:
Common stock	40	40
Class B Common Stock
Stockholders' equity:
Common stock	$ 2	$ 2