Shake Shack Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 25, 2024	Dec '23 Dec 27, 2023	Dec '22 Dec 28, 2022	Dec '21 Dec 29, 2021
Revenue	1,445	1,253	1,088	900.49	739.89
Revenue Growth (YoY)	15.38%	15.18%	20.77%	21.70%	41.51%
Cost of Revenue	864.04	771.76	689.14	587.45	492.6
Gross Profit	581.27	480.85	398.39	313.04	247.29
Selling, General & Admin	176.23	149.05	129.54	120.01	86.97
Other Operating Expenses	212.68	178.38	149.45	129.65	102.03
Operating Expenses	513.51	445.44	389.46	337.51	261.28
Operating Income	67.76	35.41	8.93	-24.47	-13.99
Interest Expense	-2.16	-2.05	-1.72	-1.52	-1.58
Interest & Investment Income	0.17	0.76	2.89	1.03	0.3
Other Non Operating Income (Expenses)	12.1	12.49	9.81	3.25	0.07
EBT Excluding Unusual Items	77.86	46.61	19.91	-21.7	-15.19
Gain (Loss) on Sale of Investments	-	-	0.08	-0.16	-0.28
Gain (Loss) on Sale of Assets	-	-	-	-	-1.63
Asset Writedown	-5.25	-32.37	-3.01	-2.43	-
Other Unusual Items	-	-	-	-	-0.23
Pretax Income	72.61	14.24	16.98	-24.29	-17.34
Income Tax Expense	22.9	3.42	-4.01	-1.18	-11.32
Earnings From Continuing Operations	49.71	10.82	20.99	-23.11	-6.02
Minority Interest in Earnings	-3.98	-0.61	-0.73	1.88	1.46
Net Income	45.73	10.21	20.26	-21.23	-4.56
Net Income to Common	45.73	10.21	20.26	-21.23	-4.56
Net Income Growth	347.98%	-49.63%	-	-	-
Shares Outstanding (Basic)	40	40	39	39	39
Shares Outstanding (Diluted)	42	44	44	39	39
Shares Change (YoY)	-5.33%	0.69%	11.88%	0.39%	5.27%
EPS (Basic)	1.14	0.26	0.51	-0.54	-0.12
EPS (Diluted)	1.09	0.24	0.48	-0.54	-0.12
EPS Growth	345.30%	-48.81%	-	-	-
Free Cash Flow	56.51	35.66	-14.03	-65.82	-43.09
Free Cash Flow Per Share	1.35	0.81	-0.32	-1.68	-1.10
Gross Margin	40.22%	38.39%	36.63%	34.76%	33.42%
Operating Margin	4.69%	2.83%	0.82%	-2.72%	-1.89%
Profit Margin	3.16%	0.81%	1.86%	-2.36%	-0.62%
Free Cash Flow Margin	3.91%	2.85%	-1.29%	-7.31%	-5.82%
EBITDA	174.36	137.87	100.17	48.33	45
EBITDA Margin	12.06%	11.01%	9.21%	5.37%	6.08%
D&A For EBITDA	106.6	102.47	91.24	72.8	58.99
EBIT	67.76	35.41	8.93	-24.47	-13.99
EBIT Margin	4.69%	2.83%	0.82%	-2.72%	-1.89%
Effective Tax Rate	31.54%	24.04%	-	-	-
Revenue as Reported	1,445	1,253	1,088	900.49	739.89
Advertising Expenses	34.14	22.17	12.44	12.38	5.68

Source: S&P Global Market Intelligence. Standard template. Financial Sources.