Shake Shack (SHAK) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 15.2% YoY to $423.3M; system-wide sales increased 12.8% to $644.8M.

• Same-Shack sales rose 2.5% on 0.8% traffic growth and 1.7% price mix; 21 Company-operated and 16 licensed Shacks opened.

• Adjusted EBITDA increased 16% to $62.8M; net income was $17.8M and net income attributable to shareholders was $16.5M.

Financial highlights

• Shack sales rose 15.6% to $408M; licensing revenue increased 4.7% to $15.3M.

• Operating income was $21.5M vs. $18.5M YoY; net income was $17.8M vs. $13.7M, and attributable net income was $16.5M vs. $12.5M.

• Q3 diluted EPS was $0.39; 9M diluted EPS was $0.76 vs. $0.81 YoY.

• 9M revenue was $1,207.6M vs. $1,044.8M; operating income was $39.6M vs. $43.8M and attributable net income was $31.9M vs. $33.9M.

• Adjusted pro forma net income was $17.8M and fully exchanged diluted EPS was $0.40.

Outlook and guidance

• FY2026 company-operated openings remain forecast at 60–65; licensed openings are expected at the high end of the 40–45 range.

• FY2026 same-Shack sales guidance remains low single digits; adjusted EBITDA is expected toward the low end of $225M–$235M, with restaurant margins targeted at 22%–23%.

• FY2026 G&A is expected toward the low end of the 12%–13% of revenue target; year-end gross pricing is expected at ~2%.

• Q4 adjusted EBITDA guidance reflects higher marketing spend, team investments, technology initiatives, and comparison with prior-year value and media programs.

• A loyalty beta may launch in Q4 2026 or Q1 2027 if ready; management views it as a long-term guest-value investment, not a near-term sales or margin driver.