Filing Flows › Shake Shack (SHAK) › Q2 2025
Shake Shack (SHAK) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Shake Shack (SHAK) reported revenue of $356M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +11% from the quarter before. Operating margin was 6.3%, net earnings $17.1M (4.8% of revenue).
Shake Shack, Q2 2025: revenue $356M (+13% year over year), operating margin 6.3%, net earnings $17.1M, operating cash flow $65.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $356M | +11% | +13% |
| Operating profit | $22.4M | +687% | +108% |
| Net earnings | $17.1M | +304% | +77% |
| Operating cash flow | $65.0M | +108% | +21% |
| Free cash flow | $26.9M | 14× | +31% |
What changed
Revenue was $356.5M in Q2 2025, up 13% year over year and up 11% from the previous quarter. Shack sales was the largest line at 96% of revenue. Shack sales added $37.7M year over year (up 12%), 94% of the total change.
Operating profit was $22.4M, a 6.3% margin (up 2.9 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 3% margin then. Total costs grew 9% against revenue growth of 13%. The fastest-growing cost line was General & admin (+12%). Net earnings were $17.1M, up 77% year over year. The effective tax rate was 25.1%.
Operating cash flow was $65.0M (up 21% year over year), 352% of net income including minority interests. Non-cash charges added back $26.5M of depreciation and amortization and $5.2M of share-based compensation. Working capital and other items added $14.8M. Capital expenditures of $38.1M left free cash flow of $26.9M.
Questions
What was Shake Shack's revenue in the second quarter 2025?
Shake Shack (SHAK) reported revenue of $356M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +11% from the quarter before.
Was Shake Shack profitable in the second quarter 2025?
Operating profit was $22.4M (6.3% of revenue) and net earnings $17.1M.
Source: Shake Shack 10-Q on SEC EDGAR.