Filing Flows › Shake Shack (SHAK) › How it makes money
How Shake Shack (SHAK) makes money
Shake Shack (SHAK) made $423M of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Shack sales brought in $408M (96%); Licensing revenue brought in $15.2M (4%). Of every dollar of revenue, 5¢ was left as operating profit, 4¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Shack sales | $408M | 96.4% | +1% | +16% |
| Licensing revenue | $15.2M | 3.6% | +8% | +5% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $423M | 100.0% |
| Operating profit | $21.5M | 5.1% |
| Income tax | $5.6M | 1.3% |
| Net earnings | $16.5M | 3.9% |
| Operating cash flow | $70.6M | 16.7% |
| Free cash flow | $13.1M | 3.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $423M | +15% |
| Q2 2026 | $418M | +17% |
| Q1 2026 | $367M | +14% |
| Q4 2025 | $401M | +22% |
| Q3 2025 | $367M | +16% |
| Q2 2025 | $356M | +13% |
| Q1 2025 | $321M | +10% |
From Shake Shack's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Shake Shack make money?
Shake Shack (SHAK) made $423M of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Shack sales brought in $408M (96%); Licensing revenue brought in $15.2M (4%). Of every dollar of revenue, 5¢ was left as operating profit, 4¢ was left as net earnings.
What is Shake Shack's biggest business?
Shack sales: $408M in the third quarter 2026, 96% of revenue, +16% from a year earlier.
What is Shake Shack's profit margin?
Net earnings were $16.5M, 3.9% of revenue, in the third quarter 2026; the operating margin was 5.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.