Filing Flows › Shake Shack (SHAK) › Q1 2026
Shake Shack (SHAK) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Shake Shack (SHAK) reported revenue of $367M for the first quarter 2026 (Q1 2026), +14% from a year earlier and -8% from the quarter before. Operating margin was -0.7%, net loss $294K (0.1% of revenue).
Shake Shack, Q1 2026: revenue $367M (+14% year over year), operating margin -0.7%, net loss $294K, operating cash flow $8.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $367M | -8% | +14% |
| Operating profit | −$2.6M | -114% | -193% |
| Net earnings | −$294K | -102% | -107% |
| Operating cash flow | $8.5M | -87% | -73% |
What changed
Revenue was $366.7M in Q1 2026, up 14% year over year and down 8% from the previous quarter. Shack sales was the largest line at 97% of revenue. Shack sales added $44.2M year over year (up 14%), 96% of the total change.
Operating costs exceeded revenue by $2.6M, an operating margin of -0.7%. Total costs grew 16% against revenue growth of 14%. The fastest-growing cost line was General & admin (+32%). The quarter ended with a net loss of $294K, after a profit of $13.0M the previous quarter. Non-operating items added $2.2M, -500% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $8.5M (down 73% year over year). Non-cash charges added back $29.1M of depreciation and amortization and $5.2M of share-based compensation. Working capital and other items used $25.5M. Capital expenditures of $47.2M exceeded it, leaving free cash flow of −$38.7M.
Questions
What was Shake Shack's revenue in the first quarter 2026?
Shake Shack (SHAK) reported revenue of $367M for the first quarter 2026 (Q1 2026), +14% from a year earlier and -8% from the quarter before.
Was Shake Shack profitable in the first quarter 2026?
Operating loss was $2.6M (-0.7% of revenue) and net loss $294K.
Source: Shake Shack 10-Q on SEC EDGAR.