Shake Shack Inc. (SHAK) Income Statement
SHAK 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSHAK revenue and net income
Where SHAK's revenue goes
2025Each bar shows an amount and its share of revenue. SHAK kept 3.2% of revenue as net income.
SHAK profit margins
SHAK growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.4% | +17.1% | +22.6% | +22.5% |
| Gross profit | −54.7% | −12.0% | +4.1% | +11.0% |
| Operating income | +2,722.8% | — | — | +28.9% |
| Net income | +348.0% | — | — | — |
| EPS (diluted) | +44.0% | — | — | +14.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SHAK quarterly EPS vs estimates
Shake Shack beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.32).
SHAK income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.45B | $1.25B | $1.09B | $900.5M | $739.9M | $522.9M | $594.5M | $459.3M | $358.8M | $268.5M |
| Cost of revenue | $1.19B | $678.7M | $609.3M | $518.9M | $433.4M | $310.1M | $329.0M | $248.2M | $190.1M | $139.3M |
| Gross profit | $259.8M | $573.9M | $478.2M | $381.5M | $306.5M | $212.7M | $265.5M | $211.1M | $168.7M | $129.2M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $176.2M | $335.2M | $211.0M | $188.5M | $146.4M | $115.8M | $114.1M | $85.4M | $67.2M | $52.4M |
| Total operating expenses | $174.0M | $570.9M | $472.3M | $408.4M | $322.4M | $256.6M | $239.8M | $179.4M | $134.9M | $101.4M |
| Operating income | $85.8M | $3.0M | $5.9M | −$26.9M | −$15.9M | −$43.9M | $25.7M | $31.7M | $33.8M | $27.8M |
| Interest expense | $2.2M | $2.0M | $1.7M | $1.5M | $1.6M | $815,000 | $434,000 | $2.4M | $1.6M | $374,000 |
| Income before taxes | $72.6M | $14.2M | $17.0M | −$24.3M | −$17.3M | −$45.5M | $27.5M | $30.8M | $160.3M | $28.5M |
| Income taxes | $22.9M | $3.4M | −$4.0M | −$1.2M | −$11.3M | $57,000 | $3.4M | $8.9M | $151.4M | $6.3M |
| Net income | $45.7M | $10.2M | $20.3M | −$21.2M | −$4.6M | −$42.2M | $19.8M | $15.2M | −$320,000 | $12.4M |
| EBITDA | $181.4M | $120.9M | $111.7M | $51.5M | $44.5M | $5.6M | $68.7M | $62.2M | $183.6M | $43.4M |
| EPS (diluted) | $1.31 | $0.91 | $0.36 | −$0.34 | −$0.07 | −$0.57 | $0.72 | $0.71 | $0.57 | $0.46 |
| Gross margin | 18.0% | 45.8% | 44.0% | 42.4% | 41.4% | 40.7% | 44.7% | 46.0% | 47.0% | 48.1% |
| Operating margin | 5.9% | 0.2% | 0.5% | −3.0% | −2.1% | −8.4% | 4.3% | 6.9% | 9.4% | 10.4% |
| Net margin | 3.2% | 0.8% | 1.9% | −2.4% | −0.6% | −8.1% | 3.3% | 3.3% | −0.1% | 4.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $417.6M | $366.7M | $400.5M | $367.4M | $356.5M | $320.9M | $328.7M | $316.9M | $316.5M | $290.5M | $286.2M | $276.2M |
| Cost of revenue | $131.4M | $192.7M | $636.6M | $191.5M | $184.7M | $172.7M | $173.7M | $171.6M | $171.7M | $161.8M | $158.9M | $153.4M |
| Gross profit | $286.2M | $174.0M | −$236.1M | $175.9M | $171.8M | $148.2M | $155.0M | $145.3M | $144.8M | $128.7M | $127.4M | $122.8M |
| Sales, general & admin | $48.3M | $82.3M | $317,000 | $44.4M | $66.3M | $68.5M | $89.2M | $82.9M | $60.6M | $58.6M | $75.5M | $51.2M |
| Total operating expenses | $265.5M | $168.9M | −$261.8M | $157.4M | $149.4M | $145.4M | $144.8M | $163.3M | $134.0M | $128.7M | $128.7M | $117.1M |
| Operating income | $20.7M | $5.1M | $25.7M | $18.5M | $22.4M | $2.8M | $10.2M | −$18.0M | $10.8M | $34,000 | −$1.3M | $5.7M |
| Interest expense | $553,000 | $548,000 | $3.8M | $504,000 | $548,000 | $563,000 | $512,000 | $498,000 | $527,000 | $508,000 | $476,000 | $433,000 |
| Income before taxes | $22.8M | −$439,000 | $21.5M | $21.1M | $24.7M | $5.2M | $12.9M | −$15.0M | $13.6M | $2.7M | $1.5M | $8.7M |
| Income taxes | $5.9M | −$145,000 | $8.5M | $7.4M | $6.2M | $737,000 | $3.6M | −$3.9M | $3.2M | $518,000 | −$5.8M | $529,000 |
| Net income | $15.7M | −$290,000 | $11.8M | $12.5M | $17.1M | $4.2M | $8.7M | −$10.2M | $9.7M | $2.0M | $7.2M | $7.6M |
| EBITDA | $48.9M | $29.7M | $52.3M | $49.2M | $52.3M | $33.0M | $39.8M | $11.8M | $40.1M | $29.2M | $27.0M | $32.7M |
| EPS (diluted) | $0.43 | −$0.01 | $0.37 | $0.36 | $0.44 | $0.14 | $0.26 | $0.25 | $0.27 | $0.13 | $0.02 | $0.17 |
| Gross margin | 68.5% | 47.4% | −58.9% | 47.9% | 48.2% | 46.2% | 47.2% | 45.9% | 45.8% | 44.3% | 44.5% | 44.5% |
| Operating margin | 5.0% | 1.4% | 6.4% | 5.0% | 6.3% | 0.9% | 3.1% | −5.7% | 3.4% | 0.0% | −0.5% | 2.0% |
| Net margin | 3.8% | −0.1% | 3.0% | 3.4% | 4.8% | 1.3% | 2.6% | −3.2% | 3.1% | 0.7% | 2.5% | 2.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SHAK's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SHAK financial results
In fiscal year 2025 (ended December 31, 2025), Shake Shack reported revenue of $1.4 billion, up 15.4% from the year before. It had net income of $45.7 million (up 348.0%), a net profit margin of 3.2%. Diluted earnings per share came to $1.31. Over five years revenue grew at an average rate of 22.6% a year.
See the SHAK stock overview for the latest quote and news, or the SHAK chart for price history and technical indicators.
SHAK income statement FAQ
What is Shake Shack's annual revenue?
Shake Shack reported total revenue of $1.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 15.4% from $1.3 billion the previous year.
Is Shake Shack profitable?
Yes. Shake Shack reported net income of $45.7 million in fiscal 2025, a net profit margin of 3.2%; its operating margin was 5.9%.
What is Shake Shack's gross margin?
Shake Shack's gross margin was 18.0% in fiscal 2025: for every $100 of revenue, Shake Shack kept $18 after the direct cost of its products and services.
How fast is Shake Shack growing?
Revenue grew 22.6% a year on average over the last five fiscal years, from $522.9 million to $1.4 billion.
What are Shake Shack's earnings per share?
Shake Shack earned $1.31 per diluted share in fiscal 2025, compared with $0.91 a year earlier.
When will Shake Shack report its next earnings?
Shake Shack is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Shake Shack's fiscal year end?
Shake Shack's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.