Filing Flows › Shake Shack (SHAK) › Q4 2025
Shake Shack (SHAK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Shake Shack (SHAK) reported revenue of $401M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +9% from the quarter before. Operating margin was 4.7%, net earnings $11.8M (3.0% of revenue).
Shake Shack, Q4 2025: revenue $401M (+22% year over year), operating margin 4.7%, net earnings $11.8M, operating cash flow $63.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $401M | +9% | +22% |
| Operating profit | $18.7M | +1% | +84% |
| Net earnings | $11.8M | -5% | +36% |
| Operating cash flow | $63.1M | +0.2% | +40% |
| Free cash flow | $4.0M | -83% | -62% |
What changed
Revenue was $400.5M in Q4 2025, up 22% year over year and up 9% from the previous quarter. Shack sales was the largest line at 96% of revenue.
Operating profit was $18.7M, a 4.7% margin (up 1.6 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 3% margin then. Total costs grew 20% against revenue growth of 22%. The fastest-growing cost line was General & admin (+23%). Net earnings were $11.8M, up 36% year over year. The effective tax rate was 39.6%.
Operating cash flow was $63.1M (up 40% year over year), 486% of net income including minority interests. Non-cash charges added back $26.4M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items added $18.4M. Capital expenditures of $59.2M left free cash flow of $4.0M.
Questions
What was Shake Shack's revenue in the fourth quarter 2025?
Shake Shack (SHAK) reported revenue of $401M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +9% from the quarter before.
Was Shake Shack profitable in the fourth quarter 2025?
Operating profit was $18.7M (4.7% of revenue) and net earnings $11.8M.
Source: Shake Shack 10-K on SEC EDGAR.