Shake Shack (SHAK) Company Report

Shake Shack Inc. reported preliminary unaudited total revenue of $400.5 million in Q4 2025 and $1.45 billion in FY 2025, with same-Shack sales up 2.1% in Q4 2025 and 2.3% in FY 2025.
In FY 2025, the company opened 45 new Company-operated Shacks and 40 new licensed Shacks.
For fiscal year 2026, Shake Shack provided initial guidance, projecting total revenue of $1.6 billion to $1.7 billion, positive low single-digit percentage same-Shack sales, and 55-60 new Company-operated Shack openings.
The company expects FY 2026 Adjusted EBITDA to be $237.0 million to $245.0 million and Net income to be $50.0 million to $60.0 million.
Shake Shack reiterated long-term targets, including a total addressable market of 1,500+ Company-operated Shacks and three-year financial growth targets for FY2025-FY2027, such as low-teens % total revenue growth.

7 days ago

8-K

Shake Shack Discusses 2025 Achievements and 2026 Outlook at ICR Conference

SHAK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Shake Shack reported strong operational performance in 2025, significantly exceeding its restaurant-level margin expansion guidance and achieving over 90% labor attainment in the second half of the year.
The company successfully reduced average new unit build costs to under $2 million in 2025 and plans 55 to 60 new units in 2026, leveraging optimized kitchen designs and smaller footprint formats.
For 2026, Shake Shack forecasts an additional 50 basis points of restaurant-level margin expansion, driven by supply chain efficiencies despite anticipated elevated beef pricing.
Marketing investments, maintained in the 2%-3% range of revenue, will focus on targeted digital media and app-based promotions, building on over 50% growth in app downloads in 2025 and a planned loyalty platform launch.

7 days ago

Transcript

Shake Shack Reports Strong 2024 Performance and Outlines 2025 Growth Strategies

SHAK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Shake Shack exceeded its restaurant-level margin expansion guidance in 2024, achieving over 100 basis points of improvement, and anticipates an additional 50 basis points in 2025, driven by operational efficiencies and supply chain productivity.
The company significantly reduced its average new unit build cost to just under $2 million in 2024, a decrease from $2.4 million two years prior, enhancing cash-on-cash returns.
Strategic investments in targeted digital marketing and app promotions led to over 50% growth in app downloads in 2024, with plans to launch a loyalty platform in 2025.
Shake Shack is expanding its footprint with smaller format stores and optimized drive-through prototypes, which are generating accretive sales and enabling entry into new markets.

7 days ago

Transcript

Shake Shack Highlights 2025 Operational Wins and 2026 Outlook

SHAK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Shake Shack doubled its restaurant-level margin expansion guidance in 2025, achieving over 100 basis points, and anticipates another 50 basis points of improvement in 2026, primarily driven by supply chain efficiencies despite continued elevated beef pricing.
The company significantly reduced its average build cost for new units to just under $2 million in 2025, representing a 10% decrease from the previous year, and plans to open 55-60 new units in 2026.
Operational enhancements led to an improvement in labor attainment from 50% to over 90% in the second half of 2025, contributing to better guest metrics and team member retention.
Shake Shack's marketing spend is increasing to the 2%-3% range of revenue, with a focus on targeted digital media and app-based promotions, which resulted in over 50% increase in app downloads in 2025.

7 days ago

Transcript

Shake Shack Provides Fiscal Fourth Quarter and Full-Year 2025 Business Update and Initial 2026 Outlook

SHAK

Guidance Update

Earnings

New Projects/Investments

Shake Shack reported preliminary unaudited total revenue of $400.5 million in Q4 2025 and $1.45 billion in FY 2025, with same-Shack sales increasing 2.1% in Q4 2025 and 2.3% for the full fiscal year.
For FY 2025, the company expects a restaurant-level profit margin of approximately 22.5% to 22.7% and Adjusted EBITDA of approximately $208.0 million to $212.0 million.
Initial fiscal 2026 guidance projects total revenue between $1.6 billion and $1.7 billion, positive low-single digit same-Shack sales, and Adjusted EBITDA of $237.0 million to $245.0 million.
The company plans to open 55-60 new Company-operated Shacks and 40-45 new licensed Shacks in 2026. CEO Rob Lynch noted that Q4 2025 sales were impacted by inclement weather in some markets.

7 days ago

Press Release

Shake Shack Receives Deutsche Bank Upgrade

SHAK

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Deutsche Bank upgraded Shake Shack to Buy from Hold on January 6, resulting in a 7-8% increase in shares.
The firm set a new price target of $105 (down from $115), implying a mid-20% upside, based on a "compelling catalyst path" into the first half of 2026.
Key catalysts include easier year-over-year comparables from a disrupted Q1 2025, the rollout of a new loyalty program, and potential World Cup tourism.
The stock is considered to be at a near-trough valuation, with Deutsche Bank modeling it at approximately 17x EV/EBITDA as conditions improve.
Shake Shack has an approximate $3.61 billion market capitalization, with 14.4% revenue growth over the past three years, a gross margin of about 47.39%, an operating margin near 5.61%, and a net margin around 3.1%.

Jan 6, 2026, 12:57 PM

CNBC

Shake Shack outlines growth strategy and operational improvements at Raymond James conference

SHAK

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Shake Shack is in growth mode, planning to open 45-50 new restaurants this year and 60 restaurants next year, which is the most they have ever opened in one year.
The company delivered $173 million in EBITDA last year and guided to $213 million this year, representing $40 million of growth, achieved through improved operational productivity and redeploying labor to reduce service times by over a minute.
Strategic marketing investments, accounting for 2.5% to 2.7% of revenue, are focused on top 20 markets to drive traffic, and the company is preparing to launch a loyalty platform, with app traffic up 50% and downloads up 100% this year.
The international business contributes significantly with 235 units, generating over $800 million in system sales and a $55 million royalty stream, supported by new smaller format units and supply chain improvements expected to be transformational in 2026.

Dec 9, 2025, 3:00 PM

Transcript

Shake Shack Outlines Strong Growth and Margin Expansion

SHAK

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Shake Shack is in a growth mode, projecting 45 to 50 new restaurant openings this year (a record) and guiding to 60 new restaurants next year.
The company reported $173 million in EBITDA last year and guided to $213 million this year, an increase of $40 million, achieved through dramatically improved operating margins despite less pricing and high beef costs.
Strategic investments include marketing, which comprises 2.5% to 2.7% of revenue and is driving traffic, and the development of a loyalty platform, which has seen app traffic increase by 50% and app downloads by 100% this year.
Operational efficiencies have resulted in over a minute reduction in service times and improved team member retention, with hourly employee turnover extending from 90 days to 180 days.
The international business is a significant contributor, with 235 units generating over $800 million in system sales and a $55 million royalty stream, with future growth supported by standardized kitchens and smaller formats.

Dec 9, 2025, 3:00 PM

Transcript

Shake Shack Announces CFO Transition and Reaffirms 2025 Financial Guidance

SHAK

CFO Change

Guidance Update

New Projects/Investments

Shake Shack's CFO, Katherine Fogertey, will step down effective March 4, 2026, transitioning into a senior advisor role, with an Office of the CFO established to ensure stability during the search for her replacement.
The company reiterated its financial guidance for 2025, projecting approximately $1.45 billion in revenue, low-single-digit same-store sales growth, and adjusted EBITDA between $210 million and $215 million.
Shake Shack plans to open 45 to 50 company-operated and 35 to 40 licensed locations in 2025, reaffirming its three-year targets of low-teens percentage growth in revenue and unit count.

Nov 25, 2025, 12:46 PM

Morningstar

Shake Shack Announces CFO Transition and Reaffirms 2025 Guidance

SHAK

CFO Change

Guidance Update

Management Change

Katherine Fogertey, Chief Financial Officer of Shake Shack Inc., will step down effective March 4, 2026, and will immediately transition into a Senior Advisor role to ensure a smooth handoff.
The company will launch an immediate search for a new Chief Financial Officer and has established an Office of the CFO to provide stability during the transition period.
Shake Shack reiterated its Fourth Quarter and Fiscal Year 2025 guidance, expecting total revenue of approximately $1.45 billion and Adjusted EBITDA of $210 million to $215 million for FY 2025.
During her transition, Ms. Fogertey will continue to receive her annual base salary of $618,000.00 and will receive 100% of her bonus earned for fiscal year 2025.

Nov 25, 2025, 12:38 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Shake Shack.

Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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Q1 2025

May 1, 2025

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View All Transcripts

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Shake Shack (SHAK)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Robert Lynch

Katherine Fogertey

Stephanie Sentell

Board Members

Charles Chapman III

Daniel Meyer

Jeff Flug

Jeffrey Lawrence

Joshua Silverman

Lori George

Sumaiya Balbale

Tristan Walker

Analyst Coverage

Brian Vaccaro

Jake Bartlett

Michael Tamas

Sharon Zackfia

Brian Mullan

Hyun Jin Cho

James Sanderson

Jeffrey Bernstein

Jeffrey Farmer

Peter Saleh

Rahul Krotthapalli

Andrew Barish

Andrew Charles

Brian Harbour

Daniel Guglielmo

David Tarantino

Lauren Silberman

Sara Senatore

Andrew North

Christine Cho

Christopher O'Cull

Dan Guglielmo

Jim Sanderson

Pratik Patel

Zach Ogden

Latest news

Earnings Transcripts

Q3 2025

Q2 2025

Q1 2025

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