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Shake Shack
Shake Shack (SHAK) investor relations material
Shake Shack Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved 15.4% revenue growth to $1.45 billion in 2025, with 2.3% Same-Shack sales growth and 19.5% Adjusted EBITDA growth to $210 million.
Opened 85 new Shacks system-wide in 2025, including 45 company-operated and 40 licensed, expanding into new domestic and international markets.
Restaurant-level profit margin expanded by 120 basis points to 22.6%, driven by operational excellence and supply chain optimization.
Launched successful culinary innovations and digital initiatives, including the $1, $3, $5 in-app value platform, boosting app downloads by 50%.
Entered 2026 with strong momentum, reporting January Same-Shack sales up 4.3% YoY despite weather headwinds.
Financial highlights
Q4 total revenue was $400.5 million, up 21.9% YoY; system-wide sales grew 23.4% YoY.
Q4 Adjusted EBITDA grew over 20% YoY to $56.1 million (14% of total revenue); net income was $13.0 million; FY 2025 net income was $49.7 million.
Licensing revenue in Q4 reached $15.2 million, up 26.4% YoY; FY licensing revenue was $54.1 million.
Restaurant-level profit margin for Q4 was 22.7% of Shack sales; food and paper costs were 28.7% of Shack sales.
Ended 2025 with $360.1 million in cash and $56.5 million in free cash flow.
Outlook and guidance
Q1 2026 guidance: total revenue of $366–$370 million, Same-Shack sales up 3–5%, and restaurant-level profit margin of 21.5–22%.
Full-year 2026: reiterates low single-digit inflation in food and paper costs, modest pricing (up ~3%), and continued supply chain savings.
Plans to open 55–60 new company-operated Shacks and 14–18 system-wide units in Q1 2026.
Three-year targets (2025–2027): low teens revenue and unit growth, at least 50 bps annual margin expansion, and low to high teens Adjusted EBITDA growth.
Continued expansion with 85 new Shacks opened in FY 2025, supporting growth trajectory.
What drove Q4 same-Shack sales growth?
Future impact of non-recurring costs?
How is new Shack expansion funded and prioritized?
What specific operational gains from 2027 kitchen design?
How will loyalty program differentiate and drive value?
What is the margin impact if beef inflation normalizes?
Partial view of Summaries dataset, powered by Quartr API
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Next Shake Shack earnings date
UBS Global Consumer and Retail Conference11 Mar, 2026
Shake Shack
Next Shake Shack earnings date
UBS Global Consumer and Retail Conference11 Mar, 2026
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Frequently asked questions
Shake Shack Inc is a restaurant company that owns and operates a chain of fast-casual restaurants. The company offers burgers, chicken, hot dogs, fries, shakes, and beverages, and emphasizes premium ingredients and sustainability. It operates both company-owned and licensed locations globally. Shake Shack Inc is headquartered in New York, New York, and its shares are listed on the NYSE.
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