Shake Shack Inc. (SHAK)

Shake Shack Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 24, 2025	Dec 25, 2024	Dec 27, 2023	Dec 28, 2022	Dec 29, 2021	Dec 30, 2020
Revenue	1,373	1,253	1,088	900.49	739.89	522.87
Revenue Growth (YoY)	13.49%	15.18%	20.77%	21.70%	41.51%	-12.05%
Cost of Revenue	823.83	771.76	689.14	587.45	492.6	361.74
Gross Profit	549.63	480.85	398.39	313.04	247.29	161.13
Selling, General & Admin	166.79	149.05	129.54	120.01	86.97	64.25
Other Operating Expenses	199.82	178.38	149.45	129.65	102.03	73.22
Operating Expenses	490.5	445.44	389.46	337.51	261.28	194.85
Operating Income	59.13	35.41	8.93	-24.47	-13.99	-33.73
Interest Expense	-2.13	-2.05	-1.72	-1.52	-1.58	-0.82
Interest & Investment Income	-	0.64	2.89	1.03	0.3	0.36
Other Non Operating Income (Expenses)	12.17	12.61	9.81	3.25	0.07	-0.02
EBT Excluding Unusual Items	69.17	46.61	19.91	-21.7	-15.19	-34.2
Gain (Loss) on Sale of Investments	-	-	0.08	-0.16	-0.28	0.02
Gain (Loss) on Sale of Assets	-	-	-	-	-1.63	-2.51
Asset Writedown	-5.16	-32.37	-3.01	-2.43	-	-7.64
Other Unusual Items	-	-	-	-	-0.23	-1.15
Pretax Income	64.01	14.24	16.98	-24.29	-17.34	-45.48
Income Tax Expense	17.97	3.42	-4.01	-1.18	-11.32	0.06
Earnings From Continuing Operations	46.04	10.82	20.99	-23.11	-6.02	-45.53
Minority Interest in Earnings	-3.44	-0.61	-0.73	1.88	1.46	3.38
Net Income	42.6	10.21	20.26	-21.23	-4.56	-42.16
Net Income to Common	42.6	10.21	20.26	-21.23	-4.56	-42.16
Net Income Growth	388.58%	-49.63%	-	-	-	-
Shares Outstanding (Basic)	40	40	39	39	39	37
Shares Outstanding (Diluted)	42	44	44	39	39	37
Shares Change (YoY)	-3.72%	0.69%	11.88%	0.39%	5.27%	15.13%
EPS (Basic)	1.06	0.26	0.51	-0.54	-0.12	-1.14
EPS (Diluted)	1.02	0.24	0.48	-0.54	-0.12	-1.14
EPS Growth	425.42%	-48.81%	-	-	-	-
Free Cash Flow	62.91	35.66	-14.03	-65.82	-43.09	-31.69
Free Cash Flow Per Share	1.48	0.81	-0.32	-1.68	-1.10	-0.85
Gross Margin	40.02%	38.39%	36.63%	34.76%	33.42%	30.82%
Operating Margin	4.30%	2.83%	0.82%	-2.72%	-1.89%	-6.45%
Profit Margin	3.10%	0.81%	1.86%	-2.36%	-0.62%	-8.06%
Free Cash Flow Margin	4.58%	2.85%	-1.29%	-7.31%	-5.82%	-6.06%
EBITDA	165.11	137.87	100.17	48.33	45	15.08
EBITDA Margin	12.02%	11.01%	9.21%	5.37%	6.08%	2.88%
D&A For EBITDA	105.98	102.47	91.24	72.8	58.99	48.8
EBIT	59.13	35.41	8.93	-24.47	-13.99	-33.73
EBIT Margin	4.30%	2.83%	0.82%	-2.72%	-1.89%	-6.45%
Effective Tax Rate	28.08%	24.04%	-	-	-	-
Revenue as Reported	1,373	1,253	1,088	900.49	739.89	522.87
Advertising Expenses	-	22.17	12.44	12.38	5.68	1.45

Updated Oct 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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