Shake Shack (SHAK) investor relations material

Executive summary

• Achieved 19th consecutive quarter of positive same-shack sales growth, with total revenue up 15.9% year-over-year to $367.4 million, driven by new Shack openings, higher menu prices, and strong restaurant-level and adjusted EBITDA margins.

• Net income was $13.7 million, reversing a prior year loss, with same-Shack sales up 4.9% and system-wide sales reaching $571.5 million.

• Strategic focus on operational improvements, supply chain optimization, and culinary innovation, along with robust digital and loyalty platform growth, drove results.

• Opened 13 new company-operated and 7 new licensed Shacks during the quarter, bringing the system-wide total to 630.

• Appointed Michael Fanuel as Chief Brand Officer and invested in paid media to support brand and value promotions.

Financial highlights

• Company-operated Shack sales rose 15.7% to $352.8 million; licensing revenue increased 21.1% to $14.6 million.

• Restaurant-level profit was $80.6 million (22.8% of Shack sales), up from $64.2 million and 21.0% margin last year.

• Adjusted EBITDA grew 18.2% to $54.1 million (14.7% of revenue); net income was $12.5 million ($0.30 per diluted share).

• Operating cash flow increased to $159.2 million for the nine months ended September 24, 2025.

• Ended the quarter with $357.8 million in cash and equivalents.

Outlook and guidance

• Q4 2025: Total revenue expected at $406–$412 million; same-shack sales up low single digits; 27–37 system-wide unit openings.

• Full year 2025: Revenue of ~$1.45 billion (up ~16%); adjusted EBITDA of $210–$215 million; net income of $50–$60 million.

• Restaurant-level profit margin guidance: 22.7%–23% for 2025; G&A to be 12.3%–12.5% of revenue.

• 2026: Plan to open 55–60 new company-operated shacks and 40–45 licensed shacks.

• Existing cash and cash equivalents and cash from operations expected to fund obligations and capital needs for at least the next 12 months.