At a glance
Shake Shack Inc is worth $2.88B, about 62 times its fiscal 2025 earnings. Revenue grew 15.4% to $1.45B in fiscal 2025, with 3.2% kept as profit; over 5 years it has grown 22.6% a year. It pays no dividend. The stock returned −26.3% over the past year with dividends reinvested and −0.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.6% in the 2020 crash (S&P 500: 33.7%) and 51.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 13 months after the lows.
The business in plain English
Shake Shack runs burger restaurants it calls Shacks. The menu centers on made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer and wine, pitched as premium versions of American classics. The brand began in 2001 as a hot dog cart in New York City's Madison Square Park, run by Danny Meyer's Union Square Hospitality Group. The original Shack, a kiosk in the park, officially opened in 2004.
In its annual report for fiscal 2025, Shake Shack counted 659 Shacks worldwide. The company ran 373 of them itself, keeping the sales and covering wages, food and rent. The other 286 are licensed: outside operators run them under the Shake Shack name, in cities including London, Hong Kong, Tokyo, Seoul, Dubai and Mexico City. Under licensing, a brand owner typically collects fees rather than the full sales. Guests order in person, through Shake Shack's own app and website, and through delivery services such as Uber Eats, DoorDash and Grubhub.
Revenue for fiscal 2025 was about $1.45 billion, up 15.4%, and net income was $45.7 million, or 3.2 cents of profit per dollar of sales. The filing gives no clean revenue split by segment or region, so the share from licensing isn't broken out. Shake Shack Inc. is a holding company that controls the operating business, SSE Holdings.
Price history
The interactive chart needs JavaScript.
SHAK -26.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jul 1, 2026), revenue was $417.6M, up 17.2% from a year earlier, and net income was $15.7M (-8.6%).
- For fiscal 2025, revenue was $1.45B (+15.4% year over year; +22.6% a year from FY2020 to FY2025) with a 3.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +22.6% good |
|---|---|
| Operating margin | 4.3% weak |
| Free cash flow margin | 3.9% watch |
| Return on equity (FY2025) | 8.7% watch |
| Return on assets (FY2025) | 2.4% weak |
| Net cash (cash minus debt) | $59.7M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $522.9M | $-42.2M | $-31.7M |
| FY2021 | $739.9M | $-4.6M | $-43.1M |
| FY2022 | $900.5M | $-21.2M | $-65.8M |
| FY2023 | $1.09B | $20.3M | $-14.0M |
| FY2024 | $1.25B | $10.2M | $35.7M |
| FY2025 | $1.45B | $45.7M | $56.5M |
Valuation snapshot
| Market value | $2.88B |
|---|---|
| P/E ratio | 61.7 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SHAK price data to Oct 28, 2026 | -17.2% | -26.3% | +6.9% | -0.7% | +7.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.2% |
| 2025 | -37.5% |
| 2024 | +75.1% |
| 2023 | +78.5% |
| 2022 | -42.5% |
| 2021 | -14.9% |
| 2020 | +42.3% |
| 2019 | +31.1% |
| 2018 | +5.1% |
| 2017 | +20.7% |
| 2016 | -9.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.8% over that stretch · deepest drop along the way 57.6%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.5% over that stretch · deepest drop along the way 51.7%, back to its old high 12.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 9 open-market purchases ($3.2M) and 4 sales ($84K), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 15, 2026 | Daniel Harris Meyer Director, 10% owner | buy | $2.0M |
| May 15, 2026 | Josh Silverman Director | buy | $494K |
| May 15, 2026 | Robert Lynch Chief Executive Officer, Director | buy | $302K |
| May 15, 2026 | Sumaiya Balbale Director | buy | $250K |
| May 15, 2026 | Charles J III Chapman Director | buy | $61K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.3% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.79% | Mar 31, 2026 |
| Vanguard Capital Management | 5.05% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.3% | Mar 31, 2026 |
ETFs with the most weight in SHAK
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 2.28% |
| PBJ Invesco Food & Beverage ETF | 2.03% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.64% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.64% |
| OASC OneAscent Small Cap Core ETF | 0.5% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 0.33% |
| VTWG Vanguard Russell 2000 Growth ETF | 0.31% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.31% |
What could go wrong
- Growth depends on opening new Shacks. The main growth plan relies on finding suitable sites and opening Shacks on time and on attractive terms. New Shacks cost capital, may not turn a profit, and can draw sales from existing ones.
- Limited control over licensed Shacks abroad. A limited number of licensees run 286 Shacks, many abroad, and those Shacks import core ingredients. Shake Shack has limited control over them, and problems there, or supply disruptions, could hurt the brand and revenue.
- Few suppliers and one main distributor. Shake Shack buys major products from a limited number of suppliers and uses one national distributor for most US deliveries. A failure by either could cause shortages and higher costs.
- Thin margins exposed to wage and food costs. Operating profit was just 4.3% of revenue in fiscal 2025. Rising wages, hiring difficulties, and higher food and energy costs could quickly eat into profit or force menu changes.
- Food safety incidents could hurt the brand. An outbreak of food-borne illness at a company-run or licensed Shack could change how guests see the brand, lower sales and raise operating costs.
- Complex ownership structure and convertible notes. Shake Shack Inc. is a holding company whose Tax Receivable Agreement shares certain tax savings with other owners of its operating business. Converting its outstanding notes into stock could dilute shareholders.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Shareholder vote results
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Shake Shack does not pay a dividend, and its 10-K for fiscal 2025 says the company does not expect to pay cash dividends. It also spent nothing on share buybacks from fiscal 2021 through fiscal 2025. For an income investor, that means no cash coming in: any return depends on a higher share price, and raising spending money would mean parting with shares. That price has swung hard. In the 2020 COVID crash, the stock fell 57.6% and took about 7.8 months to recover from its low. In the 2022 bear market, it dropped 51.7% and needed about 12.8 months. The shares did not trade during the 2008 financial crisis. As of October 28, 2026, the stock was down 26.3% over one year, and its deepest fall from a peak over about 11.7 years of trading was 70.9%. A single stock like Shake Shack carries more risk than a diversified fund that spreads money across many companies.