Filing Flows › Shake Shack (SHAK) › Q3 2025
Shake Shack (SHAK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Shake Shack (SHAK) reported revenue of $367M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +3% from the quarter before. Operating margin was 5.0%, net earnings $12.5M (3.4% of revenue).
Shake Shack, Q3 2025: revenue $367M (+16% year over year), operating margin 5.0%, net earnings $12.5M, operating cash flow $63.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $367M | +3% | +16% |
| Operating profit | $18.5M | -17% | — |
| Net earnings | $12.5M | -27% | — |
| Operating cash flow | $63.0M | -3% | +50% |
| Free cash flow | $23.7M | -12% | +237% |
What changed
Revenue was $367.4M in Q3 2025, up 16% year over year and up 3% from the previous quarter. Shack sales was the largest line at 96% of revenue. Shack sales added $47.9M year over year (up 16%), 95% of the total change.
Operating profit was $18.5M, a 5.0% margin (up 10.7 points year over year). Total costs grew 4% against revenue growth of 16%. The fastest-growing cost line was General & admin (+24%). Net earnings were $12.5M. The effective tax rate was 35.2%.
Operating cash flow was $63.0M (up 50% year over year), 459% of net income including minority interests. Non-cash charges added back $27.1M of depreciation and amortization and $4.4M of share-based compensation. Working capital and other items added $17.8M. Capital expenditures of $39.3M left free cash flow of $23.7M.
Questions
What was Shake Shack's revenue in the third quarter 2025?
Shake Shack (SHAK) reported revenue of $367M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +3% from the quarter before.
Was Shake Shack profitable in the third quarter 2025?
Operating profit was $18.5M (5.0% of revenue) and net earnings $12.5M.
Source: Shake Shack 10-Q on SEC EDGAR.