Filing Flows › Shake Shack (SHAK) › Q2 2026 › vs Q1 2026
Shake Shack (SHAK) Q2 2026 vs Q1 2026 (quarter over quarter)
Shake Shack's revenue rose $50.9M (+14%) from $367M in Q1 2026 to $418M in Q2 2026. The biggest changes: Shack sales +$49.4M (+14%); Licensing revenue +$1.5M (+12%); Initial territory, opening, and termination fees +$83K (+15%). Operating margin 5.0% against -0.7% (+5.7 pts).
Shake Shack, Q2 2026: revenue $418M (+17% year over year), operating margin 5.0%, net earnings $15.7M, operating cash flow $57.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 5.0% | -0.7% | +5.7 pts |
| Net margin | 3.8% | -0.1% | +3.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Shack sales | $403M | $354M | $49.4M | +14% |
| Licensing revenue | $14.2M | $12.7M | $1.5M | +12% |
| Initial territory, opening, and termination fees | $620K | $537K | $83K | +15% |
| Revenue | $418M | $367M | $50.9M | +14% |
| Other income, net | $2.0M | $2.2M | −$146K | -7% |
| Operating profit | $20.7M | −$2.6M | $23.4M | — |
| Costs & expenses | $397M | $369M | $27.5M | +7% |
| Pre-tax earnings | $22.8M | −$439K | $23.2M | — |
| General & admin | $48.3M | $53.6M | −$5.3M | -10% |
| Other operating costs | $349M | $316M | $32.8M | +10% |
| Net earnings | $15.7M | −$290K | $16.0M | — |
| Minority interests | $1.2M | −$4K | $1.2M | — |
| Income tax | $5.9M | −$145K | $6.1M | — |
| Depreciation & amortization | $30.7M | $29.1M | $1.6M | +5% |
| Share-based compensation | $3.9M | $5.2M | −$1.2M | -24% |
| Working capital & other | $6.7M | −$25.5M | $32.2M | — |
| Operating cash flow | $57.0M | $8.5M | $48.5M | +571% |
| Capital expenditures | $57.7M | $47.2M | $10.5M | +22% |
| Negative free cash flow (OCF − capex) | $736K | $38.7M | −$38.0M | -98% |
Questions
How much did Shake Shack's revenue grow quarter over quarter in Q2 2026?
Shake Shack's revenue rose $50.9M (+14%) from $367M in Q1 2026 to $418M in Q2 2026.
What drove Shake Shack's revenue change in Q2 2026?
Shack sales +$49.4M (+14%); Licensing revenue +$1.5M (+12%); Initial territory, opening, and termination fees +$83K (+15%).