Shake Shack Inc. (SHAK) Balance Sheet
SHAK balance sheet, 2025
December 31, 2025 · U.S. dollars$1.90B assets = $1.34B liabilities + $553.7M equity
Both columns are drawn to the same scale: what SHAK owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SHAK financial health
Descriptive bands, not a rating. Fiscal 2025.
SHAK balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $538.2M2016 | $1.90B2025 | +15.0%/yr | |
| Total liabilities | $336.8M2016 | $1.34B2025 | +16.6%/yr | |
| Shareholders’ equity | $201.4M2016 | $525.3M2025 | +11.2%/yr | |
| Cash & short-term investments | $11.6M2016 | $360.1M2025 | +46.5%/yr | |
| Total debt | $18.0M2016 | $902.1M2025 | +54.5%/yr | |
| Net cash (debt) | −$6.3M2016 | −$542.0M2025 | −$535.7M | |
| Working capital | $52.2M2016 | $185.4M2025 | +$133.2M | |
| Book value per share | $8.592016 | $12.552025 | +4.3%/yr | |
| Current ratio | 2.652016 | 1.762025 | −0.89 | |
| Debt / equity | 0.092016 | 1.722025 | +1.63 | |
| Shares outstanding | 23.4M2016 | 41.8M2025 | +6.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SHAK assets
SHAK liabilities and equity
SHAK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SHAK balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $360.1M | $320.7M | $293.2M | $311.2M | $382.4M | $183.8M | $73.6M | $24.8M | $21.5M | $11.6M |
| Cash & equivalents | $360.1M | $320.7M | $224.7M | $230.5M | $302.4M | $146.9M | $37.1M | $24.8M | $21.5M | $11.6M |
| Short-term investments | — | $0 | $68.6M | $80.7M | $80.0M | $36.9M | $36.5M | $62.1M | $63.0M | $62.0M |
| Receivables | $50.9M | $19.7M | $29.0M | $24.0M | $13.7M | $9.5M | $10.0M | $10.5M | $5.6M | $6.0M |
| Inventory | $7.2M | $6.0M | $5.4M | $4.2M | $3.9M | $2.9M | $2.2M | $1.7M | $1.3M | $806,000 |
| Other current assets | $12.2M | $21.8M | $6.8M | $4.6M | $9.8M | $7.1M | $1.9M | $64.1M | $64.8M | $65.5M |
| Total current assets | $430.3M | $368.2M | $334.4M | $344.0M | $409.7M | $203.2M | $87.7M | $101.1M | $93.2M | $83.9M |
| Property, plant & equipment (net) | $1.13B | $976.2M | $929.3M | $834.5M | $736.7M | $642.9M | $589.3M | $261.9M | $187.1M | $136.3M |
| Goodwill & intangible assets | $2.0M | $2.0M | $1.9M | $1.8M | $1.5M | $1.4M | $1.4M | $1.2M | $894,000 | $701,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $330.7M | $350.5M | $340.2M | $331.6M | $313.0M | $297.9M | $294.4M | $246.4M | $189.4M | $317.3M |
| Total assets | $1.90B | $1.70B | $1.61B | $1.51B | $1.46B | $1.15B | $972.8M | $610.5M | $470.6M | $538.2M |
| Liabilities | ||||||||||
| Accounts payable | $24.7M | $23.6M | $22.3M | $20.4M | $19.9M | $23.5M | $14.3M | $12.5M | $8.2M | $6.9M |
| Short-term debt | $69.5M | $59.8M | $52.4M | $44.8M | $38.2M | $37.7M | $31.9M | $36.6M | $19.7M | $15.9M |
| Deferred revenue | $3.7M | $2.6M | $2.6M | $2.3M | $3.3M | $2.6M | $2.3M | $1.8M | $1.5M | $1.2M |
| Total current liabilities | $244.9M | $187.3M | $164.1M | $147.7M | $121.5M | $109.7M | $99.4M | $59.9M | $34.0M | $31.7M |
| Long-term debt | $247.7M | $246.7M | $245.6M | $244.6M | $243.5M | $0 | $3.6M | $20.8M | $14.5M | $2.0M |
| Lease obligations | $654.4M | $562.9M | $525.7M | $469.5M | $442.6M | $385.0M | $340.4M | $20.8M | $14.5M | $2.0M |
| Other long-term liabilities | $855.7M | $769.3M | $726.8M | $682.8M | $660.1M | $601.1M | $547.8M | $256.3M | $197.6M | $303.1M |
| Total liabilities | $1.34B | $1.20B | $1.14B | $1.08B | $1.03B | $710.9M | $650.8M | $337.1M | $246.1M | $336.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $42,000 | $42,000 | $42,000 | $42,000 | $42,000 | $42,000 | $38,000 | $38,000 | $153.1M | $135.5M |
| Retained earnings (deficit) | $72.7M | $27.0M | $16.8M | −$3.5M | $3.6M | $12.2M | $54.4M | $30.4M | $16.4M | $16.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$1,000 | −$1,000 | −$3,000 | $0 | $1,000 | $3,000 | $2,000 | −$85.4M | −$49,000 | −$15,000 |
| Minority interest | $28.4M | $23.6M | $26.0M | $24.6M | $26.1M | — | $23.2M | $47.4M | $55.0M | $49.2M |
| Total shareholders' equity | $525.3M | $470.0M | $443.4M | $412.2M | $409.5M | $407.3M | $298.8M | $273.5M | $224.5M | $201.4M |
| Key figures | ||||||||||
| Total debt | $902.1M | $809.6M | $771.3M | $720.5M | $686.2M | $385.0M | $340.4M | $57.4M | $34.2M | $18.0M |
| Net cash (debt) | −$542.0M | −$488.9M | −$478.1M | −$409.3M | −$303.8M | −$201.2M | −$266.8M | −$32.7M | −$12.7M | −$6.3M |
| Working capital | $185.4M | $180.9M | $170.4M | $196.3M | $288.2M | $93.5M | −$11.7M | $41.2M | $59.2M | $52.2M |
| Tangible book value | $523.3M | $468.0M | $441.5M | $410.4M | $408.1M | $405.9M | $297.4M | $272.3M | $223.6M | $200.7M |
| Book value per share | $12.55 | $10.63 | $10.10 | $10.51 | $10.48 | $10.97 | $9.27 | $9.37 | $8.68 | $8.59 |
| Shares outstanding | 41.8M | 44.2M | 43.9M | 39.2M | 39.1M | 37.1M | 32.3M | 29.2M | 25.9M | 23.4M |
| Current ratio | 1.76 | 1.97 | 2.04 | 2.33 | 3.37 | 1.85 | 0.88 | 1.69 | 2.74 | 2.65 |
| Quick ratio | 1.68 | 1.82 | 1.96 | 2.27 | 3.26 | 1.76 | 0.84 | 0.59 | 0.80 | 0.56 |
| Debt / equity | 1.72 | 1.72 | 1.74 | 1.75 | 1.68 | 0.95 | 1.14 | 0.21 | 0.15 | 0.09 |
| Equity / assets | 27.7% | 27.7% | 27.6% | 27.3% | 28.0% | 35.6% | 30.7% | 44.8% | 47.7% | 37.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $308.0M | $313.6M | $360.1M | $357.8M | $336.8M | $312.9M | $320.7M | $310.9M | $304.4M | $284.8M | $293.2M | $285.0M |
| Cash & equivalents | $308.0M | $313.6M | $360.1M | $357.8M | $336.8M | $312.9M | $320.7M | $310.9M | $301.8M | $260.2M | $224.7M | $190.0M |
| Short-term investments | — | — | — | — | — | — | $0 | $0 | $2.6M | $24.6M | $68.6M | $95.0M |
| Receivables | $34.7M | $47.8M | $50.9M | $37.5M | $36.8M | $33.5M | $19.7M | $27.8M | $28.4M | $26.8M | $29.0M | $13.9M |
| Inventory | $7.4M | $6.6M | $7.2M | $6.3M | $6.0M | $5.3M | $6.0M | $5.1M | $5.2M | $5.1M | $5.4M | $4.6M |
| Other current assets | $43.8M | $25.8M | $12.2M | $13.2M | $11.2M | $12.8M | $21.8M | $10.2M | $7.7M | $9.6M | $6.8M | $19.8M |
| Total current assets | $393.8M | $393.9M | $430.3M | $414.8M | $390.8M | $364.6M | $368.2M | $354.0M | $345.7M | $326.2M | $334.4M | $323.2M |
| Property, plant & equipment (net) | $1.22B | $1.19B | $1.13B | $1.07B | $1.03B | $1.00B | $976.2M | $964.5M | $964.8M | $947.9M | $929.3M | $923.4M |
| Goodwill & intangible assets | $0 | $0 | $2.0M | $0 | $0 | $0 | $2.0M | $0 | $0 | $0 | $1.9M | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $331.5M | $335.3M | $330.7M | $346.2M | $353.3M | $357.9M | $350.5M | $356.9M | $351.3M | $344.8M | $340.2M | $318.2M |
| Total assets | $1.95B | $1.92B | $1.90B | $1.83B | $1.78B | $1.73B | $1.70B | $1.68B | $1.66B | $1.62B | $1.61B | $1.56B |
| Liabilities | ||||||||||||
| Accounts payable | $23.6M | $27.0M | $24.7M | $23.6M | $20.7M | $20.7M | $23.6M | $15.8M | $18.6M | $15.2M | $22.3M | $21.3M |
| Short-term debt | $6.6M | $71.6M | $69.5M | $66.3M | $123.5M | $62.5M | $59.8M | $59.1M | $56.9M | $54.3M | $52.4M | $50.8M |
| Deferred revenue | — | $2.9M | $3.7M | $2.1M | $2.2M | $2.2M | $2.6M | $1.9M | $2.0M | $2.3M | $2.6M | $2.0M |
| Total current liabilities | $236.0M | $232.6M | $244.9M | $225.3M | $204.1M | $190.6M | $187.3M | $175.8M | $168.1M | $161.1M | $164.1M | $152.2M |
| Long-term debt | $248.3M | $248.0M | $247.7M | $247.5M | $247.2M | $246.9M | $246.7M | $246.4M | $246.2M | $245.9M | $245.6M | $245.4M |
| Lease obligations | $703.8M | $689.4M | $654.4M | $606.5M | $590.4M | $577.2M | $562.9M | $558.3M | $544.5M | $531.0M | $525.7M | $511.0M |
| Other long-term liabilities | $894.5M | $882.4M | $855.7M | $819.1M | $804.7M | $792.4M | $769.3M | $774.1M | $761.1M | $739.6M | $726.8M | $725.3M |
| Total liabilities | $1.38B | $1.36B | $1.34B | $1.29B | $1.26B | $1.23B | $1.20B | $1.20B | $1.18B | $1.15B | $1.14B | $1.12B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $42,000 | $42,000 | $42,000 | $42,000 | $42,000 | $42,000 | $42,000 | $42,000 | $42,000 | $43,000 | $42,000 | $42,000 |
| Retained earnings (deficit) | $88.1M | $72.4M | $72.7M | $60.9M | $48.4M | $31.2M | $27.0M | $18.3M | $28.5M | $18.8M | $16.8M | −$7.5M |
| Accumulated other comprehensive income | −$6,000 | −$6,000 | −$1,000 | −$1,000 | −$4,000 | −$2,000 | −$1,000 | −$2,000 | −$4,000 | −$4,000 | −$3,000 | −$3,000 |
| Minority interest | $27.2M | $28.7M | $28.4M | $26.2M | $25.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $544.3M | $525.9M | $525.3M | $509.0M | $494.1M | $473.3M | $470.0M | $456.1M | $462.4M | $446.4M | $443.4M | $416.4M |
| Key figures | ||||||||||||
| Total debt | $263.2M | $937.4M | $902.1M | $854.0M | $907.0M | $834.6M | $809.6M | $813.4M | $799.7M | $776.9M | $771.3M | $767.8M |
| Net cash (debt) | $44.8M | −$623.8M | −$542.0M | −$496.2M | −$570.2M | −$521.7M | −$488.9M | −$502.6M | −$495.2M | −$492.1M | −$478.1M | −$482.8M |
| Working capital | $157.8M | $161.3M | $185.4M | $189.4M | $186.8M | $174.0M | $180.9M | $178.2M | $177.6M | $165.1M | $170.4M | $171.1M |
| Tangible book value | $544.3M | $525.9M | $523.3M | $509.0M | $494.1M | $473.3M | $468.0M | $456.1M | $462.4M | $446.4M | $441.5M | $416.4M |
| Book value per share | $13.00 | $13.05 | $12.55 | $12.16 | $11.80 | $11.31 | $11.23 | $11.40 | $11.15 | $10.82 | $10.09 | $9.47 |
| Shares outstanding | 41.9M | 40.3M | 41.8M | 41.9M | 41.9M | 41.9M | 41.9M | 40.0M | 41.5M | 41.3M | 43.9M | 44.0M |
| Current ratio | 1.67 | 1.69 | 1.76 | 1.84 | 1.92 | 1.91 | 1.97 | 2.01 | 2.06 | 2.02 | 2.04 | 2.12 |
| Quick ratio | 1.45 | 1.55 | 1.68 | 1.75 | 1.83 | 1.82 | 1.82 | 1.93 | 1.98 | 1.93 | 1.96 | 1.96 |
| Debt / equity | 0.48 | 1.78 | 1.72 | 1.68 | 1.84 | 1.76 | 1.72 | 1.78 | 1.73 | 1.74 | 1.74 | 1.84 |
| Equity / assets | 27.9% | 27.4% | 27.7% | 27.9% | 27.8% | 27.4% | 27.7% | 27.2% | 27.8% | 27.6% | 27.6% | 26.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
SHAK financial position
At the end of fiscal 2025 (December 31, 2025), Shake Shack had total assets of $1.9 billion (up 11.7% from a year earlier), total liabilities of $1.3 billion and shareholders' equity of $525.3 million. It held $360.1 million in cash and short-term investments against $902.1 million of debt, net debt of $542.0 million. Its current ratio was 1.76. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity $544.3 million.
Related: SHAK income statement, SHAK cash flow statement, SHAK key metrics. See the SHAK stock overview for the latest quote and news.
SHAK balance sheet FAQ
What are Shake Shack's total assets?
Shake Shack reported total assets of $1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.7 billion a year earlier.
How much debt does Shake Shack have?
Shake Shack had $902.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.72.
How much cash does Shake Shack have?
Shake Shack held $360.1 million in cash and short-term investments at the end of fiscal 2025; with $902.1 million of debt that is net debt of $542.0 million.
What is Shake Shack's book value?
Shake Shack's shareholders' equity (book value) was $525.3 million at the end of fiscal 2025, or $12.55 per share.
What is Shake Shack's current ratio?
Shake Shack had current assets of $430.3 million and current liabilities of $244.9 million, a current ratio of 1.76 (it can cover its short-term obligations).
How much goodwill does Shake Shack have?
Shake Shack carried $2.0 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.