On this page of StockholderLetter.com we present the latest annual shareholder letter from Shake Shack Inc. — ticker symbol SHAK. Reading current and past SHAK letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
FULL YEAR 2025 RESULTS $1,445.3M $2,228.8M Total Revenue System-wide Sales1 + 15.4% growth year-over-year + 15.9% growth year-over-year TOTAL REVENUE + 15.4% growth year-over-year $1,445M $1,253M $1,088M $900M $704M $523M GAAP Profitability Metrics: $62.5M $49.7M Operating Income Net Income 2020 2021 2022 2023 2024 2025 SYSTEM-WIDE SALES + 15.9% growth year-over-year Non-GAAP Profitability Metrics: $314.5M $209.9M Restaurant Level Profit Adjusted EBITDA3 22.6% of Sales 14.5% of Total Revenue + 21.9% growth year-over-year + 19.5% growth year-over-year $2,229M $1,923M $1,702M $1,378M $1,123M $779M 2020 2021 2022 2023 2024 2025 1. System-wide sales is an operating measure and consists of sales from Company-operated Shacks and licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from licensed Shacks, as well as certain up-front fees, such as territory fees and opening fees. 2. Restaurant-level profit, a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including food and paper costs, labor and related expenses, other operating expenses and occupancy and related expenses. A reconciliation to the most directly comparable financial measure presented in accordance with GAAP is set forth in the Non-GAAP Financial Measures section within Item 7 of the Form 10-K for the fiscal year ended December 31, 2025. 2 3. Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA excluding equity-based compensation expense, Impairments, loss on disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that we do not believe directly reflect our core operations and may not be indicative of our recurring business operations. A reconciliation to the most directly comparable financial measure presented in accordance with GAAP is set forth in the Non-GAAP Financial Measures section within Item 7 of the Form 10-K for the fiscal year ended December 31, 2025.
2025 BUSINESS HIGHLIGHTS AWS Weekly Sales (AWS)1,2 Average Total YoY Shack Sales Growth (Decline) AWS Total YoY Shack Sales Growth (Decline) 15% 15% AWS AWS 10% 10% 12% 22% 16% 22% 16% 12% 15% 15% $76K $72K $78K $78K $77K $76K Full Year 2025 First Quarter 2025 Second Quarter 2025 Third Quarter 2025 Fourth Quarter 2025 Full Year 2025 $76K Full Year 2025 $72K First Quarter 2025 $78K $78K Second Quarter 2025 $77K Third Quarter 2025 Fourth Quarter 2025 AWS was flat in 2025 versus 2024. We maintained our AWS levels through ongoing marketing initiatives and culinary innovation. $76K Full Year 2025 Same-Shack sales (SSS) grew 2.3% in 2025 versus 2024 driven by continued traction in our in-app value platform, increased hours of operations in our Shacks, and the launch of compelling culinary innovation. System-wide Shack Sales %2 Fourth Quater 2024 First Quarter 2025 Second Quarter 2025 3% 2% 1% 0% AWS Fourth Quarter 2025 5% 4% 5% 5% 4% Third Quarter 2025 (1%) 2% 2% 1% (1%) (5%) Total SSS% Traffic % Price Mix% System-wide Shack Count +13.8% Domestic Company - Operated Domestic Licensed International Licensed 659 579 518 206 436 184 369 311 106 22 126 25 149 33 183 218 254 2020 2021 2022 44 239 47 39 295 2023 329 373 2024 2025 System-wide Shack count grew 13.8% in 2025 versus 2024. We opened a record of 45 new Company-operated Shacks, along with 40 new licensed Shacks. 1. Average Weekly Sales (AWS) is calculated by dividing total Shack sales by the number of operating weeks for all Shacks in operation during the period. For Shacks that are not open for the entire period, fractional adjustments are made to the number of operating weeks such that it corresponds to the period of associated sales. 2 .For fiscal fourth quarter and fiscal year ended December 31, 2025, same-Shack sales and average weekly sales were calculated excluding the 53rd week. 3
WE STAND FOR SOMETHING GOOD We Stand For Something Good in everything we do. That means sourcing premium ingredients from partners with the same dedication to quality; thoughtful, well-crafted, responsible design; and a deep commitment to community support through donations, events, and volunteering. This year, we will be sharing our progress and what s ahead in our 2025 Stand For Something Good Summary. It will be made available at investor.shakeshack.com in the Corporate Governance section. We will highlight our status on matters from social impact to environmental responsibility and governance. In creating this summary, we will engage stakeholders, collect impact data, work with our leadership team to ensure alignment, highlight suppliers focus on quality ingredients, and identify areas for progress in the future.
OUR 2026 STRATEGIC PRIORITIES BUILDING ON MOMENTUM SHARPENING IMPACT IN 2026. 1 BUILD a culture of leaders 3 DRIVE 2 OPTIMIZE restaurant + supply chain operations 4 BUILD + OPERATE comp sales behind culinary, marketing + digital innovation Shacks with best-in-class returns 5 ACCELERATE 6 INVEST our licensed business in long term strategic capabilities OUR PURPOSE WHY WE DO WHAT WE DO STAND FOR SOMETHING GOOD: We will nurture the world s communities by delivering exceptional FOOD and HOSPITALITY. Everything we do is in service of our TEAM MEMBERS, GUESTS, and COMMUNITIES. Our prosperity is a means to an end, with the end being IMPROVING THE WORLD in which we work, live, and play. OUR MISSION WHAT WE ASPIRE TO ACCOMPLISH To bring the world s BEST fine casual experience to as many guests, team members, and communities as possible. In doing so, we will bring PRIDE to everyone in our company and deliver a strong financial benefit for our team members and shareholders.
 • shareholder letter icon 4/29/2026 Letter Continued (Full PDF)
 • stockholder letter icon 5/19/2023 SHAK Stockholder Letter
 • stockholder letter icon 4/25/2024 SHAK Stockholder Letter
 • stockholder letter icon 4/24/2025 SHAK Stockholder Letter
 • stockholder letter icon More "Hotels" Category Stockholder Letters
 • Benford's Law Stocks icon SHAK Benford's Law Stock Score = 32


SHAK Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

FULL YEAR 2025 RESULTS
$1,445.3M
$2,228.8M
Total Revenue
System-wide Sales1
+ 15.4% growth year-over-year
+ 15.9% growth year-over-year
TOTAL REVENUE
+ 15.4% growth year-over-year
$1,445M
$1,253M
$1,088M
$900M
$704M
$523M
GAAP Profitability Metrics:
$62.5M
$49.7M
Operating Income
Net Income
2020
2021
2022
2023
2024
2025
SYSTEM-WIDE SALES
+ 15.9% growth year-over-year
Non-GAAP Profitability Metrics:
$314.5M
$209.9M
Restaurant Level Profit  
Adjusted EBITDA3
22.6% of Sales
14.5% of Total Revenue
+ 21.9% growth year-over-year
+ 19.5% growth year-over-year
$2,229M
$1,923M
$1,702M
$1,378M
$1,123M
$779M
2020
2021
2022
2023
2024
2025
1.    System-wide sales    is an operating measure and consists of sales from Company-operated Shacks and licensed Shacks. The Company does not recognize the
sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from licensed Shacks, as well as
certain up-front fees, such as territory fees and opening fees.
2.    Restaurant-level profit,    a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including food and paper costs, labor and
related expenses, other operating expenses and occupancy and related expenses. A reconciliation to the most directly comparable financial measure presented
in accordance with GAAP is set forth in the Non-GAAP Financial Measures section within Item 7 of the Form 10-K for the fiscal year ended December 31, 2025.
2
3.    Adjusted EBITDA,    a non-GAAP measure, is defined as EBITDA excluding equity-based compensation expense, Impairments, loss on disposal of assets, and
Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that we do not believe directly reflect our
core operations and may not be indicative of our recurring business operations. A reconciliation to the most directly comparable financial measure presented in
accordance with GAAP is set forth in the Non-GAAP Financial Measures section within Item 7 of the Form 10-K for the fiscal year ended December 31, 2025.

2025 BUSINESS HIGHLIGHTS
AWS
Weekly Sales (AWS)1,2
Average
Total YoY Shack Sales Growth (Decline)
AWS
Total YoY Shack Sales Growth (Decline)
15%
15%
AWS
AWS
10%
10%
12%
22%
16%
22%
16%
12%
15%
15%
$76K
$72K
$78K
$78K
$77K
$76K
Full
Year
2025
First
Quarter
2025
Second
Quarter
2025
Third
Quarter
2025
Fourth
Quarter
2025
Full
Year
2025
$76K
Full
Year
2025
$72K
First
Quarter
2025
$78K
$78K
Second
Quarter
2025
$77K
Third
Quarter
2025
Fourth
Quarter
2025
AWS was flat in 2025 versus 2024.
We maintained our AWS levels through
ongoing marketing initiatives and
culinary innovation.
$76K
Full
Year
2025
Same-Shack sales (SSS) grew 2.3% in
2025 versus 2024 driven by continued
traction in our in-app value platform,
increased hours of operations in our
Shacks, and the launch of compelling
culinary innovation.
System-wide Shack Sales %2
Fourth
Quater
2024
First
Quarter
2025
Second
Quarter
2025
3%
2%
1%
0%
AWS
Fourth
Quarter
2025
5%
4%
5%
5%
4%
Third
Quarter
2025
(1%)
2%
2%
1%
(1%)
(5%)
Total SSS%
Traffic %
Price Mix%
System-wide Shack Count
+13.8%
Domestic Company - Operated
Domestic Licensed
International Licensed
659
579
518
206
436
184
369
311
106
22
126
25
149
33
183
218
254
2020
2021
2022
44
239
47
39
295
2023
329
373
2024
2025
System-wide Shack count grew 13.8%
in 2025 versus 2024.
We opened a record of 45 new
Company-operated Shacks, along with
40 new licensed Shacks.
1. Average Weekly Sales (AWS) is calculated by dividing total Shack sales by the number of operating weeks for all Shacks in operation during the period. For Shacks
that are not open for the entire period, fractional adjustments are made to the number of operating weeks such that it corresponds to the period of associated sales.
2 .For fiscal fourth quarter and fiscal year ended December 31, 2025, same-Shack sales and average weekly sales were calculated excluding the 53rd week.
3

WE STAND FOR SOMETHING GOOD
We Stand For Something Good   in everything we do.
That means sourcing premium ingredients from partners with the same dedication
to quality; thoughtful, well-crafted, responsible design; and a deep commitment to
community support through donations, events, and volunteering. This year, we will
be sharing our progress and what   s ahead in our 2025 Stand For Something Good
Summary. It will be made available at investor.shakeshack.com in the Corporate
Governance section. We will highlight our status on matters from social impact to
environmental responsibility and governance. In creating this summary, we will
engage stakeholders, collect impact data, work with our leadership team to ensure
alignment, highlight suppliers    focus on quality ingredients, and identify areas for
progress in the future.

OUR 2026
STRATEGIC
PRIORITIES
BUILDING ON MOMENTUM
SHARPENING IMPACT IN 2026.
1
BUILD
a culture of
leaders
3
DRIVE
2
OPTIMIZE
restaurant + supply
chain operations
4
BUILD +
OPERATE
comp sales behind
culinary, marketing +
digital innovation
Shacks with
best-in-class returns
5
ACCELERATE
6
INVEST
our licensed
business
in long term
strategic capabilities
OUR
PURPOSE
WHY WE DO
WHAT WE DO
STAND FOR
SOMETHING GOOD:
We will nurture the world   s
communities by delivering
exceptional FOOD and
HOSPITALITY.
Everything we do is in service of our
TEAM MEMBERS, GUESTS, and
COMMUNITIES.
Our prosperity is a means to an end,
with the end being IMPROVING
THE WORLD in which we work,
live, and play.
OUR
MISSION
WHAT WE ASPIRE
TO ACCOMPLISH
To bring the world   s BEST fine casual
experience to as many guests, team
members, and communities
as possible.
In doing so, we will bring PRIDE
to everyone in our company and
deliver a strong financial benefit for
our team members and shareholders.


shareholder letter icon 4/29/2026 Letter Continued (Full PDF)
 

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