Filing Flows › Shake Shack (SHAK) › Q1 2025
Shake Shack (SHAK) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Shake Shack (SHAK) reported revenue of $321M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -2% from the quarter before. Operating margin was 0.9%, net earnings $4.2M (1.3% of revenue).
Shake Shack, Q1 2025: revenue $321M (+10% year over year), operating margin 0.9%, net earnings $4.2M, operating cash flow $31.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $321M | -2% | +10% |
| Operating profit | $2.8M | -72% | 84× |
| Net earnings | $4.2M | -51% | +108% |
| Operating cash flow | $31.2M | -31% | +2% |
| Free cash flow | $1.9M | -82% | — |
What changed
Revenue was $320.9M in Q1 2025, up 10% year over year and down 2% from the previous quarter. Shack sales was the largest line at 97% of revenue. Shack sales added $29.3M year over year (up 10%), 96% of the total change.
Operating profit was $2.8M, a 0.9% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, above the 0% margin then. Total costs grew 9% against revenue growth of 10%. The fastest-growing cost line was General & admin (+13%). Net earnings were $4.2M, up 108% year over year. The effective tax rate was 14.0%. Non-operating items added $2.4M, 46% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $31.2M (up 2% year over year), 692% of net income including minority interests. Non-cash charges added back $26.5M of depreciation and amortization and $4.5M of share-based compensation. Working capital and other items used $4.4M. Capital expenditures of $29.4M left free cash flow of $1.9M.
Questions
What was Shake Shack's revenue in the first quarter 2025?
Shake Shack (SHAK) reported revenue of $321M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -2% from the quarter before.
Was Shake Shack profitable in the first quarter 2025?
Operating profit was $2.8M (0.9% of revenue) and net earnings $4.2M.
Source: Shake Shack 10-Q on SEC EDGAR.