Shake Shack — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue reached $423.3 million, a 15.2% increase year-over-year compared to 2025, comprised of $408.0 million in Shack sales and $15.3 million in licensing revenue.
• System-wide sales totaled $644.8 million, up 12.8% versus 2025.
• Same-Shack sales increased 2.5% versus 2025.
• Operating income was $21.5 million, compared to $18.5 million in 2025.
• Restaurant-level profit was $91.7 million, representing a 22.5% margin of Shack sales, compared to 22.8% in the prior year period.
• Net income was $17.8 million, up from $13.7 million in 2025.
• Adjusted EBITDA was $62.8 million, a 16.0% increase versus 2025.
• Net income attributable to Shake Shack Inc. was $16.5 million, or $0.39 per diluted share.
• Adjusted pro forma net income was $17.8 million, or $0.40 per fully exchanged and diluted share.
• Cash and cash equivalents were $319.0 million as of September 30, 2026, down from $360.1 million at December 31, 2025.
• Long-term debt stood at $248.5 million as of September 30, 2026, compared to $247.7 million at December 31, 2025.
• Net cash provided by operating activities for the thirty-nine weeks ended September 30, 2026, was $136.0 million, compared to $159.2 million in the prior year period.
• Net cash used in investing activities was $162.4 million for the thirty-nine weeks ended September 30, 2026, compared to $106.7 million in the prior year period.
• Net cash used in financing activities was $14.7 million for the thirty-nine weeks ended September 30, 2026, compared to $15.5 million in the prior year period.

Business Segments and Product Lines:

• The Company opened 21 new Company-operated Shacks and 16 new licensed Shacks during the period.
• Shack sales accounted for 96.4% of total revenue in the quarter, while licensing revenue accounted for 3.6%.
• Shack-level operating expenses included Food and paper costs (28.3% of Shack sales), Labor and related expenses (25.4%), Other operating expenses (16.1%), and Occupancy and related expenses (7.7%).

Other Key Points:

• The Company hosts a conference call with CEO Robert Lynch and CFO Michelle Hook at 8:00 a.m. ET on November 5, 2026.
• The Shareholder Letter for the quarter is available on the Company's Investor Relations website.
• The Company has over 750 locations system-wide, including over 480 in the U.S. and nearly 270 international locations.
• Non-GAAP financial measures including Restaurant-level profit, Adjusted EBITDA, and Adjusted pro forma net income are used to evaluate performance and exclude items such as equity-based compensation, impairments, and non-recurring costs.
• The Company utilizes the Shack App for mobile ordering, allowing guests to save time by ordering ahead.