Filing Flows › Shake Shack (SHAK) › Q2 2026 › vs Q2 2025
Shake Shack (SHAK) Q2 2026 vs Q2 2025 (year over year)
Shake Shack's revenue rose $61.2M (+17%) from $356M in Q2 2025 to $418M in Q2 2026. The biggest changes: Shack sales +$60.2M (+18%); Licensing revenue +$939K (+7%); Initial territory, opening, and termination fees −$9K (-1%). Operating margin 5.0% against 6.3% (-1.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 5.0% | 6.3% | -1.3 pts |
| Net margin | 3.8% | 4.8% | -1.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Shack sales | $403M | $343M | $60.2M | +18% |
| Licensing revenue | $14.2M | $13.2M | $939K | +7% |
| Initial territory, opening, and termination fees | $620K | $629K | −$9K | -1% |
| Revenue | $418M | $356M | $61.2M | +17% |
| Other income, net | $2.0M | $2.3M | −$253K | -11% |
| Operating profit | $20.7M | $22.4M | −$1.6M | -7% |
| Costs & expenses | $397M | $334M | $62.8M | +19% |
| Pre-tax earnings | $22.8M | $24.7M | −$1.9M | -8% |
| General & admin | $48.3M | $40.7M | $7.7M | +19% |
| Other operating costs | $349M | $293M | $55.1M | +19% |
| Net earnings | $15.7M | $17.1M | −$1.5M | -9% |
| Minority interests | $1.2M | $1.3M | −$133K | -10% |
| Income tax | $5.9M | $6.2M | −$280K | -5% |
| Depreciation & amortization | $30.7M | $26.5M | $4.2M | +16% |
| Share-based compensation | $3.9M | $5.2M | −$1.3M | -25% |
| Working capital & other | $6.7M | $16.1M | −$9.4M | -59% |
| Operating cash flow | $57.0M | $65.0M | −$8.0M | -12% |
| Capital expenditures | $57.7M | $38.1M | $19.6M | +52% |
| Negative free cash flow (OCF − capex) | $736K | −$26.9M | $27.6M | — |
Questions
How much did Shake Shack's revenue grow year over year in Q2 2026?
Shake Shack's revenue rose $61.2M (+17%) from $356M in Q2 2025 to $418M in Q2 2026.
What drove Shake Shack's revenue change in Q2 2026?
Shack sales +$60.2M (+18%); Licensing revenue +$939K (+7%); Initial territory, opening, and termination fees −$9K (-1%).