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Restaurants · Consumer Cyclical · Fiscal year ends Dec 31
Shake Shack reported revenue of $1.4B in the fiscal year ended Dec 2025, up 15.4% from the year before. Operating income was $63M, an operating margin of 4.3%, and net income was $46M. Operating cash flow of $222M less capital expenditure of $166M left free cash flow of $57M. It held more cash than debt (net cash $112M).
Ranks among the 15 restaurants companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 740 | 900 | 1,088 | 1,253 | 1,445 |
| Operating income | −15.9 | −26.9 | 5.9 | 3.0 | 62.5 |
| Interest expense | 1.6 | 1.5 | 1.7 | 2.0 | 2.2 |
| Pre-tax income | −17.3 | −24.3 | 17.0 | 14.2 | 72.6 |
| Income tax | −11.3 | −1.2 | −4.0 | 3.4 | 22.9 |
| Net income | −4.6 | −21.2 | 20.3 | 10.2 | 45.7 |
| Diluted EPS | −0.12 | −0.54 | 0.48 | 0.24 | 1.09 |
| Diluted shares | 39.1 | 39.2 | 43.9 | 44.2 | 41.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 302 | 231 | 225 | 321 | 360 |
| Receivables | 13.7 | 13.9 | 16.8 | 19.7 | 33.0 |
| Inventory | 3.9 | 4.2 | 5.4 | 6.0 | 7.2 |
| Current assets | 410 | 344 | 334 | 368 | 430 |
| Net PP&E | 389 | 467 | 531 | 552 | 626 |
| Total assets | 1,472 | 1,512 | 1,606 | 1,697 | 1,896 |
| Payables | 19.9 | 20.4 | 22.3 | 23.6 | 24.7 |
| Deferred revenue | 0.8 | 1.0 | 1.2 | 1.7 | 1.9 |
| Current liabilities | 121 | 148 | 164 | 187 | 245 |
| Long-term debt | 244 | 245 | 246 | 247 | 248 |
| Total liabilities | 1,022 | 1,075 | 1,136 | 1,203 | 1,342 |
| Shareholders' equity | 410 | 412 | 443 | 470 | 525 |
| Backlog (remaining obligations) | 17.6 | 20.7 | 23.7 | 23.1 | 27.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 58.4 | 76.7 | 132 | 171 | 222 |
| Capital expenditure | 101 | 143 | 146 | 135 | 166 |
| Free cash flow | −43.1 | −65.8 | −14.0 | 35.7 | 56.5 |
| Depreciation & amortisation | 59.0 | 72.8 | 91.2 | 102 | 107 |
| Stock-based compensation | 8.7 | 13.3 | 14.9 | 15.9 | 19.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.7% | 20.8% | 15.2% | 15.4% |
| Operating income growth (YoY) | – | – | – | −48.7% | 1957.5% |
| EPS growth (YoY) | – | – | – | −50.0% | 354.2% |
| Operating margin | −2.1% | −3.0% | 0.5% | 0.2% | 4.3% |
| Net margin | −0.6% | −2.4% | 1.9% | 0.8% | 3.2% |
| Return on equityBlank when equity is negative | −1.1% | −5.2% | 4.6% | 2.2% | 8.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.2% | −2.0% | 0.4% | 0.2% | 3.8% |
| Free cash flow margin | −5.8% | −7.3% | −1.3% | 2.8% | 3.9% |
| Cash conversion (CFO ÷ net income) | −12.8x | −3.61x | 6.52x | 16.8x | 4.86x |
| Receivable days | 7 | 6 | 6 | 6 | 8 |
| Interest cover | −10.1x | −17.7x | 3.45x | 1.49x | 29.0x |
| Debt ÷ equity | 0.59x | 0.59x | 0.55x | 0.52x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −58.9 | 14.1 | 21.0 | −74.0 | −112 |
| Current ratio | 3.37x | 2.33x | 2.04x | 1.97x | 1.76x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.