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Companies · SHAK

SHAK Reported this cycle

Shake Shack

New York Founded 2004 Restaurants

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Latest analysis

Updated Aug 5, 2026

Shake Shack Q2 2026: Same-store sales +3.5%, but operating margin compressed as labor and food costs rise.

Shake Shack's Q2 2026 revenue grew 17.2% to $417.6 million, driven primarily by unit growth (16 new company-operated and 11 new licensed locations), but same-Shack sales advanced only 3.5%, signaling sluggish comparable-store performance. Restaurant-level profit margin compressed 90 basis points to 23.0% from 23.9% year-over-year, as labor costs (25.1% of Shack sales vs. 25.7% prior year) and food-and-paper costs (28.8% vs. 28.2%) created offsetting headwinds. Operating income declined 7.3% to $20.7 million despite top-line growth, and adjusted EBITDA margin fell 180 basis points to 12.5% on a 26-week basis, revealing margin compression as the real earnings story beneath the revenue headline.

Tone: cautious

Revenue

$1.4B

SHAK 10-K · FY 2025

Employees

13,873

Revenue FY2024

$1.3B

EBITDA margin

12.5%

Profile

SHAK 10-K Item 1 · Feb 26, 2026

Shake Shack is a fine-casual restaurant company that serves premium, made-to-order American classics — including Angus beef burgers, crispy chicken, hand-spun milkshakes, and alcoholic beverages — across Company-operated and licensed Shacks worldwide. Founded in 2004 from a New York City hot dog cart, the brand has grown to 659 system-wide locations across 20+ countries. Its model combines a fine-dining cultural heritage with the operational scale of a fast-casual chain.

Read filing description ↓

Shake Shack serves modern, fun and elevated versions of American classics using only premium ingredients. We are known for our made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With our fine-dining roots and a commitment to crafting uplifting experiences, Shake Shack has become a cult brand. Our purpose is to Stand For Something Good, from premium ingredients and employee development to inspiring designs and community investment. Originally founded in 2001 by Danny Meyer's Union Square Hospitality Group, Shake Shack began as a hot dog cart in Madison Square Park and officially opened as a kiosk in 2004. Since the original Shack opened, the Company has expanded to 659 Shacks system-wide, of which 373 were Company-operated Shacks and 286 were licensed Shacks, including Shacks across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more. The Company operates on a 52/53 week fiscal year and has created what it calls a new category: fine-casual. Growth strategy centers on unit expansion toward an approximately 1,500 Company-operated Shack target, same-Shack sales growth, digital channel development, and culinary innovation through a structured LTO program. The Company's licensed business generates royalty and territory fee revenue and extends brand visibility globally through experienced operator partners.

Primary products

  • Angus beef burgers
  • crispy chicken
  • hot dogs
  • crinkle cut fries
  • hand-spun milkshakes
  • frozen custard

Business segments

Company-operated Shacks Licensed Shacks

End markets

Dine-in restaurant guests Digital and delivery consumers Travel and airport venues Entertainment and casino venues Airline passengers

Geographies

United States England Mainland China, Hong Kong and Macau South Korea Japan Mexico Kuwait United Arab Emirates Turkey Singapore Philippines Saudi Arabia Qatar Israel Canada Malaysia Thailand Bahrain Bahamas Wales

Named customers

Delta Air Lines Union MAK Corporation PENN Entertainment Maxim's Grupo Attie–Multifood Enterprises
“We see ourselves as well-positioned to continue our market growth, as we believe consumers will keep seeking higher quality offerings, especially given an increasing consumer focus on responsible sourcing, ingredients and preparation.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Total revenue grew from approximately $1.25 billion in fiscal 2024 to approximately $1.45 billion in fiscal 2025, driven primarily by 45 new Company-operated Shack openings and a 53rd operating week, partially offset by a decline in guest traffic.

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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

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