Filing Flows › Consumer Discretionary › Shake Shack (SHAK)
Shake Shack (SHAK) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Shake Shack (SHAK) Q3 2026 earnings results →
Q3 2026 Revenue up 15% year over year to $423M · 4¢ of every $1 of revenue kept as net profit · operating margin 5.1%
Shake Shack made $423M in Q3 2026 (+15% Y/Y): Shack sales $408M, Licensing revenue $15.2M. Operating margin 5.1%, net earnings $16.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $423.3M in Q3 2026, up 15% year over year and up 1% from the previous quarter. Shack sales was the largest line at 96% of revenue. Shack sales added $55.2M year over year (up 16%), 99% of the total change.
Operating profit was $21.5M, a 5.1% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 5% reached operating profit, above the 5% margin then. Total costs grew 15% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $16.5M, up 32% year over year. The effective tax rate was 24.0%.
Operating cash flow was $70.6M (up 12% year over year), 397% of net income including minority interests. Non-cash charges added back $32.9M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $14.9M. Capital expenditures of $57.5M left free cash flow of $13.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $423M | +15% | 5.1% | $16.5M | $70.6M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $418M | +17% | 5.0% | $15.7M | $57.0M |
| Q1 2026 | 10-Q | May 7, 2026 | $367M | +14% | -0.7% | −$294K | $8.5M |
| Q4 2025 | 10-K | Feb 26, 2026 | $401M | +22% | 4.7% | $11.8M | $63.1M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $367M | +16% | 5.0% | $12.5M | $63.0M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $356M | +13% | 6.3% | $17.1M | $65.0M |
| Q1 2025 | 10-Q | May 1, 2025 | $321M | +10% | 0.9% | $4.2M | $31.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Shake Shack
Shake Shack Inc. was formed on September 23, 2014 as a Delaware corporation for the purpose of facilitating an initial public offering and other related transactions in order to carry on the business of SSE Holdings, LLC and its subsidiaries ("SSE Holdings"). Shake Shack Inc. is the sole managing member of SSE Holdings and, as sole managing member, it operates and controls all of the business and affairs of SSE Holdings. As a result, Shake Shack Inc. consolidates the financial results of SSE Holdings and reports a non-controlling interest representing the economic interest in SSE Holdings held by the other members of SSE Holdings. Shake Shack Inc. Class A common stock trades on the New York Stock Exchange under the symbol "SHAK." Unless the context otherwise requires, "we," "us," "our," "Shake Shack," the "Company" and other similar references refer to Shake Shack Inc.
In its own words, from its 10-K, filed Feb 26, 2026.
Shake Shack against its Retail-Eating & Drinking Places peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +15% against the peers' median +15%. Operating margin: 5.1% against the peers' median 6.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SHAK Shake Shack | Q3 2026 | $423M | +15% | 5.1% |
| SBUX Starbucks | Q4 FY26 | $9.1B | -4% | 10.8% |
| BROS Dutch Bros | Q3 2026 | $550M | +30% | 9.6% |
| WEN Wendy's | Q3 2026 | $547M | -0.5% | 10.2% |
| SDOT Sadot Group | Q2 2025 | $114M | — | 1.5% |
| CNNE Cannae Holdings | Q2 2026 | $102M | -7% | -55.6% |
| BRCB Black Rock Coffee Bar | Q2 2026 | $63.0M | +25% | 6.5% |
Source: Shake Shack 10-Q on SEC EDGAR · CIK 1620533 · Retail-Eating & Drinking Places
Guidance and outlook
13F: who owns SHAK and who is buying
More on SHAK
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results