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Shake Shack cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$13.1M in Q3 2026 · −$22.4M over twelve months

Operating cash flow$70.6M
Capital spending−$57.5M
Free cash flow+$13.1M
Cash / net income4.0×

Analysis

In Q3 2026, Shake Shack generated $70.6M of operating cash flow and spent $57.5M on capital projects, leaving free cash flow of $13.1M.

Over the twelve months to Sep 30, 2026, operating cash flow was $199M; the largest uses were capital spending ($222M), net borrowing (+) / repaid (−) ($6.5M), taxes on employees’ shares ($5.9M); besides operations, cash came from shares issued ($69K); the cash balance fell by $38.8M.

Operating cash flow was $70.6M against net income of $17.8M — 4.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$32.9M, prepaid and other assets +$5.5M, accrued liabilities −$5.0M.

Free cash flow

Shake Shack: free cash flow by quarterShake Shack: free cash flow by quarter$10.4MQ4 2024$1.9MQ1 2025$26.9MQ2 2025$23.7MQ3 2025$4.0MQ4 2025−$38.7MQ1 2026−$736KQ2 2026$13.1MQ3 2026
Operating cash flow less capital spending.
Shake Shack: operating cash flow against capital spendingShake Shack: operating cash flow against capital spendingOperating cash flowCapital spending$45.1M$34.7MQ4 2024$31.2M$29.4MQ1 2025$65.0M$38.1MQ2 2025$63.0M$39.3MQ3 2025$63.1M$59.2MQ4 2025$8.5M$47.2MQ1 2026$57.0M$57.7MQ2 2026$70.6M$57.5MQ3 2026
Latest (Q3 2026): Operating cash flow $70.6M, Capital spending $57.5M.

Capital allocation, year by year

Shake Shack: where the cash came from (up) and went (down), by fiscal yearShake Shack: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $58.4MFY2021: Net borrowing −$2.7MFY2021: Shares issued $250MFY2021: Capital spending −$101M$309MFY2021FY2022: Operating cash flow $76.7MFY2022: Net borrowing −$3.0MFY2022: Shares issued $424KFY2022: Capital spending −$143M$77.2MFY2022FY2023: Operating cash flow $132MFY2023: Net borrowing −$3.3MFY2023: Shares issued $744KFY2023: Capital spending −$146M$133MFY2023FY2024: Operating cash flow $171MFY2024: Net borrowing −$4.0MFY2024: Shares issued $1.6MFY2024: Capital spending −$135M$173MFY2024FY2025: Operating cash flow $222MFY2025: Net borrowing −$5.5MFY2025: Shares issued $123KFY2025: Capital spending −$166M$222MFY2025
Over these 5 years operating cash flow totalled $661M; the largest uses were capital spending ($692M) and net borrowing ($18.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$319M
Debt$249M
Net cash$70.5M

Shake Shack's operations bring cash in ($199M over twelve months), and it spends more than that on capital projects: a gap of $22.4M funded from its $319M of cash and investments and from borrowing ($249M of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Shake Shack: sources (+) and uses (−) of cash, Q3 2026Shake Shack: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$70.6MCapital spending−$57.5MCash drawn (+) / kept (−)−$11.0MNet borrowing (+) / repaid (−)−$1.7MTaxes on employees’ shares−$165KPartners−$114K
Shake Shack: sources (+) and uses (−) of cash, TTM to Q3 2026Shake Shack: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$222MOperating cash flow$199MCash drawn (+) / kept (−)$38.8MNet borrowing (+) / repaid (−)−$6.5MTaxes on employees’ shares−$5.9MPartners−$3.0MOther financing−$977KShares issued$69KExchange rates−$5K

From profit to cash

Shake Shack: net income to operating cash flow, Q3 2026Shake Shack: net income to operating cash flow, Q3 2026Net income$17.8MDepreciation & amortization$32.9MStock-based pay$5.0MDeferred taxes$4.5MReceivables$4.1MInventory−$203KPayables−$600KAccrued liabilities−$5.0MEmployee-related liabilities$1.2MDeferred revenue$605KPrepaid and other assets$5.5MOther liabilities−$1.4MOperating cash flow$70.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$70.6M−$57.5M−$1.7M—−$11.0M$13.1M
Q2 2026$57.0M−$57.7M−$1.7M—$5.7M−$736K
Q1 2026$8.5M−$47.2M−$1.6M$69K$46.5M−$38.7M
Q4 2025$63.1M−$59.2M−$1.5M—−$2.4M$4.0M
Q3 2025$63.0M−$39.3M−$1.4M—−$21.0M$23.7M
Q2 2025$65.0M−$38.1M−$1.3M—−$23.9M$26.9M
Q1 2025$31.2M−$29.4M−$1.3M$123K$7.8M$1.9M
Q4 2024$45.1M−$34.7M−$1.0M$832K−$9.8M$10.4M

Shake Shack: income statement and cash flow

Shake Shack, Q3 2026: revenue $423M (+15% year over year), operating margin 5.1%. The chart follows the revenue to costs, profit and cash.

Shake Shack: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.