Shake Shack (SHAK) Company Report

Shake Shack reported strong Q3 2025 financial results, with total revenue increasing 15.9% year-over-year to $367.4 million and same-shack sales growing 4.9%, driven by 1.3% positive traffic. The company achieved a restaurant-level profit margin of 22.8% and adjusted EBITDA of $54.1 million, an 18.2% increase year-over-year.
The company is making strategic investments in operational improvements, supply chain diversification to mitigate mid-teens beef inflation, and technology infrastructure, including kiosks, digital channels, and a planned loyalty platform for 2026. Michael Fanuel was appointed Chief Brand Officer to evolve the marketing model.
Despite macro headwinds in key markets like New York Metro and Washington D.C., and a less accretive Q4 limited-time offer (LTO), Shake Shack successfully pivoted to in-app value platforms, which led to an 85% increase in app traffic and a 400 basis point change in overall traffic.
For fiscal year 2025, Shake Shack projects total revenue of approximately $1.45 billion and adjusted EBITDA between $210 million and $215 million. The company plans significant expansion in 2026, targeting 55 to 60 new company-operated shacks and 40 to 45 licensed shacks.

Oct 30, 2025, 12:00 PM

Transcript

Shake Shack Reports Strong Q3 2025 Results and Provides Q4 and Full-Year Guidance

SHAK

Earnings

Guidance Update

New Projects/Investments

Shake Shack reported strong Q3 2025 financial results, with total revenue increasing 15.9% to $367.4 million and same-shack sales growing 4.9%, driven by positive traffic.
The company achieved a restaurant-level profit of $80.6 million (22.8% of Shack sales) and adjusted EBITDA of $54.1 million (14.7% of total revenue), despite mid-teens beef inflation.
For Q4 2025, Shake Shack expects total revenue of $406 million to $412 million and low single-digit same-shack sales growth, with full-year 2025 total revenue projected at approximately $1.45 billion and adjusted EBITDA between $210 million and $215 million.
Strategic initiatives include accelerating new shack openings (expecting 55 to 60 company-operated shacks in 2026), diversifying the supplier base to mitigate beef inflation, and investing in digital channels and a new loyalty platform for 2026.
The company is addressing macro headwinds in key markets and leveraging app-based value promotions (e.g., "$1-3-5" offers) to drive traffic, while continuing premium culinary innovation.

Oct 30, 2025, 12:00 PM

Transcript

Shake Shack Reports Strong Q3 2025 Results and Provides FY 2025 Guidance

SHAK

Earnings

Guidance Update

New Projects/Investments

Shake Shack reported Q3 2025 total revenue of $367.4 million, a 15.9% year-over-year increase, with 4.9% positive same-shack sales growth and 1.3% positive traffic. Adjusted EBITDA grew 18.2% to $54.1 million, representing 14.7% of total revenue.
For FY 2025, the company projects total revenue of approximately $1.45 billion (up approximately 16% year-over-year) and adjusted EBITDA of $210 to $215 million.
The company plans significant unit expansion, targeting 55 to 60 new company-operated shacks and 40 to 45 new licensed shacks in 2026.
Strategic initiatives include diversifying the supply chain to offset anticipated mid-teens beef inflation in H2 2025, investing in digital channels and new equipment, and launching a loyalty platform in 2026.
Shake Shack demonstrated an agile response to intensifying macro headwinds in October, pivoting to in-app value platforms which led to an 85% increase in app traffic and over a 400 basis point improvement in overall traffic.

Oct 30, 2025, 12:00 PM

Transcript

Shake Shack Announces Third Quarter 2025 Financial Results

SHAK

Earnings

Revenue Acceleration/Inflection

Shake Shack reported total revenue of $367.4 million for the third quarter of 2025, representing a 15.9% increase compared to 2024.
The company achieved net income of $13.7 million in Q3 2025, a significant improvement from a net loss of $11.1 million in the prior year, with diluted earnings per share of $0.30.
System-wide sales grew by 15.4% to $571.5 million, and Same-Shack sales increased by 4.9% versus 2024.
Adjusted EBITDA for the quarter was $54.1 million, an 18.2% increase over 2024.

Oct 30, 2025, 11:02 AM

8-K

Shake Shack Announces Third Quarter 2025 Financial Results

SHAK

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Shake Shack reported total revenue of $367.4 million for the third quarter of 2025, representing a 15.9% increase compared to the previous year.
The company achieved net income of $13.7 million in Q3 2025, a significant improvement from a net loss of $11.1 million in 2024, with earnings of $0.30 per diluted share attributable to Shake Shack Inc..
Operating income for the quarter was $18.5 million, contrasting with an operating loss of $18.0 million in the third quarter of 2024.
Same-Shack sales grew by 4.9% and Adjusted EBITDA increased by 18.2% to $54.1 million in Q3 2025.

Oct 30, 2025, 11:00 AM

Press Release

Shake Shack Announces Hawaii Expansion and 2025 Restaurant Opening Targets

SHAK

New Projects/Investments

Guidance Update

Shake Shack is expanding into its 35th U.S. state with its first Hawaii location set to open on Oahu in 2027.
This expansion is a partnership with Union MAK Corporation and will incorporate locally inspired flavors and artwork into its menu and store design.
The company plans to open 80 to 85 new restaurants in 2025, including 45 company-operated locations, which expands its footprint beyond the previously targeted 450 domestic sites.
Analysts maintain a positive outlook on Shake Shack's stock, anticipating significant potential upside.

Sep 19, 2025, 12:11 PM

Morningstar

Shake Shack Discusses FY 2025 Sales Drivers, Unit Growth, and Margin Expansion

SHAK

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Shake Shack is driving sales through a structured culinary roadmap with new LTOs (e.g., summer barbecue menu, Dubai Shake) and increased media investment, which began in August and continues into September 2025, showing desired outcomes.
The company is accelerating unit growth with a solid pipeline planned through 2026 and deals already signed for 2027, supported by investments in its development team and improved unit economics, including a projected 10% reduction in build costs for FY 2025.
Shake Shack is confident in achieving low single-digit comparable sales growth for FY 2025, with pricing contributing approximately 2%.
Restaurant margin expansion is projected at 50 basis points over the next three years, primarily driven by supply chain optimization and operational improvements, such as a new labor model and the establishment of a kitchen testing facility in Atlanta.

Sep 3, 2025, 6:10 PM

Shake Shack reiterates 2025 guidance and outlines growth strategy

SHAK

Guidance Update

CFO Katherine Fogarty reaffirmed 2025 guidance and the three-year outlook targeting low to high teens adjusted EBITDA growth, low-teens revenue and unit growth, and 50 bps of annual restaurant margin expansion in 2026-27.
Management is accelerating unit growth, aiming for 45–50 new store openings in 2025—the largest in company history—by bolstering its development team; the 2026 pipeline is already oversubscribed.
A more disciplined culinary calendar of 3–4 sandwich platforms per year plus expanded beverage and sides innovation (e.g., extended Black Truffle LTO and sold-out Dubai chocolate shake) is designed to drive traffic and improve mix.
Margin expansion is underpinned by a bespoke labor model (delivering ~80 bps benefit), operational scorecards, and planned supply chain optimization, supporting a 22.5% restaurant margin target with 110 bps year-over-year gain in 2025.

Jun 11, 2025, 7:46 PM

Shake Shack Outlines Strategic Growth Initiatives at 2025 Baird Conference

SHAK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Management reaffirmed FY 2025 guidance and three-year targets, emphasizing margin expansion, improved operational KPIs, and sustainable comps growth.
CEO Rob Lynch and CFO Katie Bogarty outlined strategies to boost cash on cash returns through cost reductions, enhanced supply chain productivity, and accelerated restaurant innovation and development towards a 1,500+ location target.
Promotional tactics and differentiated brand positioning were highlighted as key drivers to increase traffic and mix improvement without sacrificing margins.

Jun 5, 2025, 3:06 PM

Shake Shack Q1 2025 Results: Revenue, Margin Gains & Store Expansion

SHAK

Earnings

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Q1 2025 total revenue reached $320.9 million (up 10.5% YoY) with system-wide sales of $489.4 million
Restaurant-level profit margins increased by 120 basis points YoY to 20.7%, the highest first quarter margin since 2019
Operating income was $2.8 million, net income $4.5 million, with adjusted EBITDA of $40.7 million (up 13.5% YoY)
Revenue breakdown: $309.8 million from Shack sales and $11.1 million from licensing revenue, with same-Shack sales growing by 0.2%
Expanded its network with 4 new company-operated Shacks (including two drive-thrus) and 7 new licensed Shacks, boosting geographic diversification
Q2 guidance projects total revenue between $346 million and $353 million, emphasizing continued investments in operational efficiency and supply chain innovation

May 1, 2025, 12:01 PM

Transcript 8-K

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