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Shake Shack Inc
(NYSE:SHAK) 

SHAK stock logo

Shake Shack Inc. owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. As of December 30, 2020, it operated 311 Shacks, includ...

Founded: 2004
IPO Price: $21 (Jan 30, 2015)
Full Time Employees: 7,603
Sector: Consumer Cyclical
Industry: Restaurants
Consumer CyclicalRestaurants
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At a glance:
  • Steady Same-Store Sales and Traffic as Key Near-Term Driver: Shake Shack’s quarterly performance is highly sensitive to same-store sales trends, including guest traffic versus price/mix. Investors typically watch whether growth is coming from higher volumes or continued pricing actions.
  • Margin Expansion Depends on Labor, Beef Costs, and Operational Efficiency: Restaurant-level operating margin and overall profitability are influenced by wage inflation, beef and other commodity costs, and throughput improvements. Incremental margin gains often hinge on staffing productivity and menu/operational simplification.
  • Unit Growth and New Store Economics Remain Central to the Thesis: Expansion of company-operated Shacks and licensed locations is a major long-term value driver. Store-level returns, payback periods, and site selection quality can materially impact profitability and cash generation over time.
  • Digital and Delivery Mix Impacts Sales Quality and Profitability: Mobile ordering, loyalty engagement, and delivery partnerships can lift convenience and frequency, but delivery commissions and channel mix can pressure margins. The balance between in-Shack, pickup, and delivery continues to shape earnings power.
  • Free Cash Flow Sensitivity to Capex and Growth Pace: Cash flow is influenced by the cadence of new unit openings and related capital expenditures. Faster growth can pressure near-term free cash flow, while improving store-level margins and disciplined capex can support longer-term cash generation.
Bull Thesis:
  • Strong Brand Equity and Premium Positioning: Shake Shack maintains a strong brand reputation for high-quality ingredients and a premium fast-casual experience. This allows for pricing power, fosters customer loyalty, and differentiates it from competitors, making it resilient even in challenging economic environments.
  • Significant Unit Expansion Runway: Despite its growth, Shake Shack still has substantial white space for new restaurant openings, both domestically and internationally. The company's strategic expansion plans, including new market entries and continued growth in existing areas, suggest a long runway for revenue growth through increased unit count.
  • Digital and Omnichannel Growth Initiatives: Investments in its digital platform, including its mobile app, loyalty program, and partnerships with third-party delivery services, continue to drive a growing portion of sales. This omnichannel approach enhances customer convenience, expands reach, and provides valuable data for personalized marketing.
  • Menu Innovation and Diversification: Shake Shack consistently introduces new menu items, limited-time offers (LTOs), and explores diversification beyond its core burger offerings (e.g., chicken sandwiches, breakfast items in select locations). This innovation keeps the brand fresh, attracts new customers, and encourages repeat visits, driving same-store sales growth.
Bear Thesis:
  • Premium Valuation and Profitability Challenges: Shake Shack often trades at a high valuation multiple compared to its peers, which may not be fully justified by its current profitability. The company has struggled with consistent net income generation and achieving robust free cash flow, raising questions about its ability to grow into its valuation.
  • Intense Competition in the Fast-Casual Segment: The 'better burger' and broader fast-casual restaurant markets are highly competitive, with numerous established players and new entrants vying for market share. This intense competition can limit pricing power, increase marketing costs, and make it challenging to maintain customer loyalty.
  • Inflationary Pressures on Input Costs and Labor: Shake Shack's reliance on high-quality ingredients (e.g., premium beef) and its commitment to competitive wages make it particularly susceptible to rising food and labor costs. These inflationary pressures can significantly squeeze restaurant-level operating margins and impact overall profitability.
  • Slower Maturation and High Initial Costs of New Units: While there's a long runway for expansion, new Shake Shack locations can be expensive to build and may take longer to reach maturity and profitability compared to some competitors. This can put a drag on overall company margins and cash flow in the short to medium term as the company continues its aggressive growth strategy.
Main Competitors:
  • Five Guys (Burgers, fries, hot dogs), A direct competitor in the premium fast-casual burger segment, Five Guys emphasizes customizable, fresh, never-frozen burgers and hand-cut fries. It competes with Shake Shack for customers seeking a high-quality, made-to-order burger experience, often at a similar price point, though with a more no-frills, classic diner aesthetic compared to Shake Shack's modern, curated vibe.
  • In-N-Out Burger (Burgers, fries, shakes), Primarily a regional competitor (West Coast), In-N-Out Burger boasts a cult-like following due to its simple menu, fresh ingredients, and consistent quality. It competes with Shake Shack by offering a high-quality, value-driven burger experience that appeals to customers looking for a classic, well-executed burger, often at a slightly lower price point than Shake Shack.
  • Smashburger (Burgers, chicken sandwiches, fries), Another significant player in the fast-casual burger space, Smashburger offers 'smashed' burgers made from fresh, never-frozen beef, along with a diverse menu including chicken sandwiches and unique sides. It directly competes with Shake Shack for customers seeking an elevated burger experience beyond traditional fast food, focusing on flavor and ingredient quality.
  • Chipotle Mexican Grill ($CMG) (Burritos, bowls, tacos), While offering a different cuisine, Chipotle is a major competitor in the broader fast-casual dining segment. It competes with Shake Shack for the same customer dollar, targeting diners who prioritize fresh, high-quality ingredients, customization, and a relatively quick service experience in a modern setting, representing a strong alternative for lunch or dinner.
Moat:
Shake Shack operates in a highly competitive and fragmented fast-casual dining market. Its primary moat lies in its strong brand identity, which is associated with premium quality ingredients, a modern 'fine-casual' dining experience, and strategic urban locations. This allows it to command higher price points and foster a loyal customer base. However, competition is intense, coming from direct fast-casual burger rivals like Five Guys and Smashburger, regional cult favorites such as In-N-Out, and broader fast-casual chains like Chipotle that vie for the same customer seeking quality, speed, and convenience. Additionally, Shake Shack faces pressure from traditional fast-food chains that are increasingly offering premium menu items, as well as independent restaurants and the growing influence of third-party delivery services that broaden consumer choices. Sustaining growth requires continuous menu innovation, maintaining brand relevance, and efficient operational execution in a crowded marketplace.
Income Statements:
Quarterly
Annual
    Unit: USD2026-04-01 2025-12-31 2025-09-24 2025-06-25 2025-03-26 2024-12-25 2024-09-25 2024-06-26 2024-03-27 2023-12-27 2023-09-27 2023-06-28 2023-03-29 2022-12-28 2022-09-28 2022-06-29 2022-03-30 2021-12-29 2021-09-29 2021-06-30 2021-03-31 2020-12-30 2020-09-23 2020-06-24 2020-03-25 2019-12-25 2019-09-25 2019-06-26 2019-03-27 2018-12-26 2018-09-26 2018-06-27 2018-03-28 2017-12-27 2017-09-27 2017-06-28 2017-03-29 2016-12-28 2016-09-28 2016-06-29 2016-03-30 2015-12-30 2015-09-30 2015-07-01 2015-04-01 2014-12-31 
                                                  
      shack sales
    		354,047,000 385,258,000 352,846,000 343,224,000 309,838,000 316,632,000 304,897,000 305,480,000 280,552,000 275,775,000 264,980,000 261,810,000 244,254,000 229,924,000 219,501,000 223,054,000 196,791,000 195,879,000 186,972,000 181,470,000 150,668,000 152,484,000 126,288,000 89,519,000 138,048,000 145,814,000 152,366,000 147,876,000 128,569,000 120,720,000 115,882,000 112,898,000 96,089,000 93,130,000 91,100,000 88,003,000 74,155,000 70,920,000 71,871,000 64,406,000  49,314,000 51,275,000 46,583,000 36,047,000  
      licensing revenue
    		12,690,000 15,273,000 14,565,000 13,242,000 11,060,000 12,052,000 12,027,000 11,016,000 9,952,000 10,468,000 11,227,000 9,995,000 9,024,000 8,605,000 8,313,000 7,698,000 6,600,000 7,377,000 6,923,000 5,990,000 4,614,000 5,026,000 4,113,000 2,267,000 5,122,000 5,621,000 5,396,000 4,837,000 4,040,000 3,545,000 3,765,000 3,384,000 3,027,000 3,006,000 3,509,000 3,313,000 2,594,000 2,351,000 2,696,000 2,066,000  1,747,000 1,998,000 1,867,000 1,761,000  
      total revenue
    		366,737,000 400,531,000 367,411,000 356,466,000 320,898,000 328,684,000 316,924,000 316,496,000 290,504,000 286,243,000 276,207,000 271,805,000 253,278,000 238,529,000 227,814,000 230,752,000 203,391,000 203,256,000 193,895,000 187,460,000 155,282,000 157,510,000 130,401,000 91,786,000 143,170,000 151,435,000 157,762,000 152,713,000 132,609,000 124,265,000 119,647,000 116,282,000 99,116,000 96,136,000 94,609,000 91,316,000 76,749,000 73,271,000 74,567,000 66,472,000  51,061,000 53,273,000 48,450,000 37,808,000  
      yoy
    		14.28% 21.86% 15.93% 12.63% 10.46% 14.83% 14.74% 16.44% 14.70% 20.00% 21.24% 17.79% 24.53% 17.35% 17.49% 23.09% 30.98% 29.04% 48.69% 104.24% 8.46% 4.01% -17.34% -39.90% 7.96% 21.86% 31.86% 31.33% 33.79% 29.26% 26.46% 27.34% 29.14% 31.21% 26.88% 37.38%  43.50% 39.97% 37.20%       
      qoq
    		-8.44% 9.01% 3.07% 11.08% -2.37% 3.71% 0.14% 8.95% 1.49% 3.63% 1.62% 7.31% 6.18% 4.70% -1.27% 13.45% 0.07% 4.83% 3.43% 20.72% -1.41% 20.79% 42.07% -35.89% -5.46% -4.01% 3.31% 15.16% 6.71% 3.86% 2.89% 17.32% 3.10% 1.61% 3.61% 18.98% 4.75% -1.74% 12.18%   -4.15% 9.95% 28.15%   
      shack-level operating expenses:
    		                                              
      food and paper costs
    		100,023,000 110,595,000 103,461,000 96,621,000 86,037,000 88,578,000 86,056,000 85,053,000 80,253,000 80,289,000 77,180,000 75,800,000 71,772,000 67,939,000 67,774,000 65,987,000 59,884,000 60,790,000 57,925,000 54,917,000 44,630,000 45,841,000 37,903,000 30,027,000 39,564,000 43,127,000 44,159,000 42,899,000 37,991,000 34,760,000 32,703,000 31,678,000 26,955,000 26,691,000 25,760,000 24,712,000 21,174,000 20,223,000 20,393,000 18,104,000  14,429,000 14,929,000 13,717,000 11,004,000  
      labor and related expenses
    		92,717,000 97,934,000 88,033,000 88,058,000 86,668,000 85,104,000 85,523,000 86,614,000 81,509,000 78,599,000 76,233,000 75,158,000 74,264,000 66,404,000 64,638,000 65,851,000 60,465,000 57,893,000 58,208,000 52,631,000 46,382,000 46,217,000 37,898,000 30,933,000 41,766,000 41,920,000 41,601,000 40,197,000 37,093,000 34,443,000 31,232,000 29,732,000 26,687,000 25,048,000 23,806,000 22,426,000 20,460,000 18,900,000 18,216,000 15,262,000  12,307,000 12,176,000 11,168,000 9,101,000  
      other operating expenses
    		57,512,000 59,868,000 53,779,000 50,768,000 48,262,000 47,008,000 45,564,000 43,953,000 41,856,000 41,097,000 37,307,000 36,109,000 34,936,000 34,103,000 33,966,000 32,563,000 30,237,000 29,200,000 26,613,000 24,275,000 23,144,000 22,394,000 18,743,000 14,304,000 17,779,000 17,899,000 18,947,000 16,755,000 15,568,000 15,247,000 13,496,000 12,281,000 10,759,000 10,425,000 9,229,000 8,486,000 7,665,000 7,471,000 6,577,000 5,979,000  4,728,000 4,376,000 3,723,000 3,480,000  
      occupancy and related expenses
    		28,654,000 29,413,000 26,995,000 25,593,000 24,631,000 24,047,000 23,608,000 23,226,000 22,188,000 21,162,000 20,300,000 19,801,000 18,583,000 18,238,000 17,337,000 16,657,000 16,276,000 15,801,000 14,640,000 14,876,000 13,911,000 13,618,000 13,093,000 12,323,000 12,558,000 13,142,000 12,537,000 11,873,000 10,899,000 9,089,000 8,545,000 7,401,000 7,675,000 7,456,000 7,522,000 7,043,000 6,176,000 6,279,000 6,009,000 5,209,000  3,959,000 4,206,000 3,859,000 3,183,000  
      general and administrative expenses
    		53,608,000 50,541,000 44,381,000 40,671,000 40,640,000 41,099,000 35,691,000 36,313,000 35,944,000 35,816,000 30,939,000 31,476,000 31,311,000 31,750,000 26,645,000 29,075,000 31,320,000 25,561,000 20,504,000 20,366,000 19,565,000 19,080,000 14,962,000 14,017,000 16,191,000 19,229,000 17,090,000 15,393,000 13,937,000 15,173,000 13,151,000 12,587,000 11,809,000 11,651,000 9,204,000 9,678,000 8,470,000 8,291,000 7,885,000 7,496,000  7,660,000 5,728,000 6,052,000 18,385,000  
      depreciation and amortization expense
    		29,120,000 26,433,000 27,079,000 26,545,000 26,543,000 25,809,000 25,722,000 25,496,000 25,441,000 24,538,000 23,130,000 22,252,000 21,322,000 19,207,000 18,647,000 18,087,000 16,855,000 15,610,000 15,183,000 14,472,000 13,726,000                          
      pre-opening costs
    		6,870,000 5,203,000 4,625,000 4,955,000 3,218,000 5,118,000 3,662,000 4,014,000 2,753,000 5,128,000 4,969,000 5,577,000 3,557,000 6,474,000 3,041,000 2,823,000 2,712,000 4,524,000 2,933,000 2,258,000 3,576,000 2,781,000 1,822,000 1,734,000 2,243,000 4,156,000 4,487,000 3,549,000 2,642,000 4,248,000 3,581,000 2,421,000 2,029,000 2,642,000 2,670,000 1,876,000 2,415,000 2,812,000 2,598,000 2,085,000  1,376,000 1,401,000 1,240,000 1,413,000  
      impairments, loss on disposal of assets, and shack closures
    		867,000 1,800,000 510,000 881,000 2,057,000 1,711,000 29,086,000                                        
      total expenses
    		369,371,000 381,787,000 348,863,000 334,092,000 318,056,000 318,474,000 334,912,000 305,714,000 290,470,000 287,538,000 270,550,000 267,057,000 256,467,000 244,843,000 232,640,000 231,571,000 218,326,000 209,749,000 196,541,000 184,153,000 165,303,000 169,726,000 137,199,000 115,861,000 143,957,000 150,947,000 149,598,000 140,842,000 127,447,000 121,429,000 110,304,000 103,264,000 92,602,000 90,298,000 83,999,000 79,579,000 71,121,000 68,283,000 65,397,000 57,539,000  47,407,000 45,469,000 42,206,000 48,757,000  
      income from operations
    		-2,634,000 18,744,000 18,548,000 22,374,000 2,842,000 10,210,000 -17,988,000 10,782,000 34,000 -1,295,000 5,657,000 4,748,000 -3,189,000 -6,314,000 -4,826,000 -819,000 -14,935,000 -6,493,000 -2,646,000                            
      yoy
    		-192.68% 83.58% -203.11% 107.51% 8258.82% -888.42% -417.98% 127.09% -101.07% -79.49% -217.22% -679.73% -78.65% -2.76% 82.39%                                
      qoq
    		-114.05% 1.06% -17.10% 687.26% -72.16% -156.76% -266.83% 31611.76% -102.63% -122.89% 19.14% -248.89% -49.49% 30.83% 489.26% -94.52% 130.02% 145.39%                             
      operating margin %
    		-0.72% 4.68% 5.05% 6.28% 0.89% 3.11% -5.68% 3.41% 0.01% -0.45% 2.05% 1.75% -1.26% -2.65% -2.12% -0.35% -7.34% -3.19% -1.36% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% NaN% 0% 0% 0% 0%  
      other income
    		2,743,000 3,336,000 3,103,000 2,850,000 2,971,000 3,241,000 3,504,000 3,300,000 3,206,000 3,271,000 3,441,000 3,227,000 2,837,000 2,396,000 1,482,000 538,000 -289,000 -62,000 18,000 108,000 31,000 -1,121,000 34,000 394,000  1,004,000 248,000 447,000 564,000 444,000 436,000 406,000 228,000 127,501,000 229,000 198,000 195,000 868,000 151,000        
      interest expense
    		-548,000 -544,000 -504,000 -548,000 -563,000 -512,000 -498,000 -527,000 -508,000 -476,000 -433,000 -405,000 -403,000 -373,000 -475,000 -315,000 -355,000 -353,000 -350,000 -359,000 -515,000 -118,000 -143,000 -442,000                68,000  80,000 83,000 84,000 78,000  
      income before income taxes
    		-439,000 21,536,000 21,147,000 24,676,000 5,250,000 12,939,000 -14,982,000 13,555,000 2,732,000 1,500,000 8,665,000 7,570,000 -755,000 -4,291,000 -3,819,000 -596,000 -15,579,000 -6,908,000 -2,978,000 3,056,000 -10,505,000 -13,455,000 -6,907,000 -24,123,000  1,360,000 8,279,000 12,221,000 5,654,000 2,635,000 9,187,000 12,811,000 6,177,000 132,840,000 10,364,000 11,569,000 5,520,000 5,749,000 9,232,000 8,865,000  3,574,000 7,721,000 6,160,000 -11,027,000  
      income tax expense
    		-145,000 8,537,000 7,436,000 6,193,000 737,000 3,606,000 -3,873,000 3,173,000 518,000 435,750 529,000 347,000    707,000    991,000 -11,080,000   -6,092,000 87,000   1,050,000 2,047,000 3,183,000 2,241,000 2,240,000 1,198,000 143,872,000 2,494,000 3,385,000 1,658,000 292,000 2,443,000 2,316,000  528,000 1,528,000 1,015,000 233,000  
      net income
    		-294,000 12,999,000 13,711,000 18,483,000 4,513,000 9,333,000 -11,109,000 10,382,000 2,214,000 7,253,000 8,136,000 7,223,000 -1,622,000 -11,071,000 -2,311,000 -1,303,000 -11,282,000 -10,349,000 -2,402,000 2,065,000 575,000 -20,314,000 -6,110,000 -18,031,000  -2,073,000 11,423,000 11,171,000 3,607,000 -548,000 6,946,000 10,571,000 4,979,000 -11,032,000 7,870,000 8,184,000 3,862,000 5,457,000 6,789,000 6,549,000  3,046,000 6,193,000 5,145,000 -11,260,000  
      yoy
    		-106.51% 39.28% -223.42% 78.03% 103.84% 28.68% -236.54% 43.74% -236.50% -165.51% -452.06% -654.34% -85.62% 6.98% -3.79% -163.10% -2062.09% -49.05% -60.69% -111.45%  879.93% -153.49% -261.41%  278.28% 64.45% 5.68% -27.56% -95.03% -11.74% 29.17% 28.92% -302.16% 15.92% 24.97%  79.15% 9.62% 27.29%       
      qoq
    		-102.26% -5.19% -25.82% 309.55% -51.64% -184.01% -207.00% 368.93% -69.47% -10.85% 12.64% -545.31% -85.35% 379.06% 77.36% -88.45% 9.02% 330.85% -216.32% 259.13% -102.83% 232.47% -66.11%   -118.15% 2.26% 209.70% -758.21% -107.89% -34.29% 112.31% -145.13% -240.18% -3.84% 111.91% -29.23% -19.62% 3.66%   -50.82% 20.37% -145.69%   
      net income margin %
    		-0.08% 3.25% 3.73% 5.19% 1.41% 2.84% -3.51% 3.28% 0.76% 2.53% 2.95% 2.66% -0.64% -4.64% -1.01% -0.56% -5.55% -5.09% -1.24% 1.10% 0.37% -12.90% -4.69% -19.64% 0% -1.37% 7.24% 7.32% 2.72% -0.44% 5.81% 9.09% 5.02% -11.48% 8.32% 8.96% 5.03% 7.45% 9.10% 9.85% NaN% 5.97% 11.63% 10.62% -29.78%  
      less: net income attributable to non-controlling interests
    		-4,000 1,168,000 1,210,000 1,335,000 268,000 623,000 -898,000 714,000 174,000 30,000 509,000 275,000 -88,000   -115,000    121,000  -886,000 -551,000 -1,820,000  20,000 1,079,000 2,141,000 1,061,000 410,000 1,921,000 2,967,000 1,471,000 1,431,000 2,873,000 3,305,000 1,595,000 1,537,000 3,023,000 3,251,000  1,800,000 4,665,000 4,027,000 -1,408,000  
      net income attributable to shake shack inc.
    		-290,000 11,831,000 12,501,000 17,148,000 4,245,000 8,710,000 -10,211,000 9,668,000 2,040,000 7,223,000 7,627,000 6,948,000 -1,534,000 -3,343,500 -2,024,000 -1,188,000 -10,162,000 -9,730,000 -2,178,000 1,944,000 1,309,000 -19,428,000 -5,559,000 -16,211,000 -960,000 -2,093,000 10,344,000 9,030,000 2,546,000 -958,000 5,025,000 7,604,000 3,508,000 -12,463,000 4,997,000 4,879,000 2,267,000 3,920,000 3,766,000 3,298,000  1,246,000 1,528,000 1,118,000 -12,668,000  
      earnings per share of class a common stock:
    		                                              
      basic
    		-0.01 0.3 0.31 0.43 0.11 0.22 -0.26 0.24 0.05 0.18 0.19 0.18  -0.085 -0.05 -0.03 -0.26 -0.25 -0.06 0.05 0.03 -0.52 -0.15 -0.43 -0.03 -0.09 0.32 0.3 0.09 -0.04 0.17 0.27 0.13 -0.48 0.19 0.19 0.09 0.16 0.16 0.15  0.15 0.11 0.09 -1.06  
      diluted
    		-0.01 0.28 0.3 0.41 0.1 0.21 -0.26 0.23 0.05 0.17 0.19 0.16  -0.085 -0.05 -0.03 -0.26 -0.23 -0.06 0.05 0.01 -0.52 -0.15 -0.43 -0.03 -0.09 0.31 0.29 0.08 -0.04 0.17 0.26 0.13 -0.47 0.19 0.19 0.09 0.16 0.15 0.14  0.15 0.1 0.08 -1.06  
      weighted-average shares of class a common stock outstanding:
    		                                              
      basic
    		40,289 40,212 40,250 40,226 40,120 39,830 40,010 39,750 39,515 39,419 39,460 39,416 39,332 39,237 39,274 39,227 39,163 39,085 39,137 39,114 38,948 37,129 38,251 37,309 34,444 31,381 31,961 30,122 29,563 28,299 28,954 27,796 27,039 25,876 26,024 25,798 25,376 22,956 24,023 22,553  13,588 13,757 12,058 11,953  
      diluted
    		40,289 41,847 41,874 41,819 41,864 44,203 40,010 41,480 41,259 43,899 43,978 43,886 39,332 39,237 39,274 39,227 39,163 39,085 39,137 43,789 42,789 37,129 38,251 37,309 34,444 32,251 32,916 31,015 30,392 29,179 29,883 28,754 27,822 25,876 26,477 26,312 25,955 23,449 24,554 23,050  13,588 14,785 13,339 11,953  
      impairment and loss on disposal of assets
    		       1,045,000 526,000 909,000 492,000 884,000 722,000 728,000 592,000 528,000 577,000 370,000 535,000 358,000 369,000 7,227,000 402,000 434,000 2,088,000                      
      income tax benefit
    		            867,000                                  
      loss per share of class a common stock:
    		                                              
      basic
    		            -0.04                                  
      diluted
    		            -0.04                                  
      benefit from income taxes
    		             -1,274,500 -1,508,000  -4,297,000 -2,666,250 -576,000   -1,700,500 -797,000                        
      less: net loss attributable to non-controlling interests
    		             -354,000 -287,000  -1,120,000 -209,250 -224,000  -734,000                          
      operating income
    		                   3,307,000 -10,021,000 -12,216,000 -6,798,000 -24,075,000  488,000 8,164,000 11,871,000 5,162,000 2,836,000 9,343,000 13,018,000 6,514,000 5,838,000 10,610,000 11,737,000 5,628,000 4,988,000 9,170,000 8,933,000  3,654,000 7,804,000 6,244,000 -10,949,000  
      depreciation expense
    		                     12,568,000 12,376,000 12,089,000 11,768,000 11,153,000 10,474,000 9,799,000 8,966,000 8,095,000 7,439,000 6,968,000 6,498,000 6,094,000 5,604,000 5,258,000 4,748,000 4,273,000 3,719,000 3,404,000  2,948,000 2,636,000 2,447,000 2,191,000  
      loss on disposal of property and equipment
    		                         321,000 303,000 377,000 351,000 374,000 157,000 196,000 190,000 291,000 204,000 100,000 13,000      17,000    
      pro forma income tax expense
    		                                         29     
      pro forma net income attributable to shake shack inc.
    		                                         1,746   -10,922  
      pro forma earnings per share of class a common stock
    		                                              
      basic
    		                                         0.13   -0.91  
      diluted
    		                                         0.12   -0.91  
      pro forma income tax benefit
    		                                            -1,513  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-04-01 2025-12-31 2025-09-24 2025-03-26 2024-12-25 2024-09-25 2024-06-26 2024-03-27 2023-12-27 2023-09-27 2023-06-28 2023-03-29 2022-12-28 2022-09-28 2022-06-29 2022-03-30 2021-12-29 2021-09-29 2021-06-30 2021-03-31 2020-12-30 2020-09-23 2020-06-24 2020-03-25 2019-12-25 2019-09-25 2019-06-26 2019-03-27 2018-12-26 2018-09-26 2018-06-27 2018-03-28 2017-12-27 2017-09-27 2017-06-28 2017-03-29 2016-12-28 2016-09-28 2016-06-29 2016-03-30 2015-12-30 2015-09-30 2015-07-01 2015-04-01 2014-12-31 
                                                   
        assets
      		                                             
        current assets:
      		                                             
        cash and cash equivalents
      		313,650,000 360,123,000 357,757,000 312,921,000 320,714,000 310,865,000 301,838,000 260,203,000 224,653,000 190,020,000 203,697,000 293,430,000 230,521,000 256,998,000 278,332,000 279,251,000 302,406,000 321,421,000 340,103,000 374,999,000 146,873,000 174,883,000 173,984,000 87,806,000 37,099,000 44,505,000 29,733,000 31,897,000 24,750,000 29,295,000 30,879,000 26,624,000 21,507,000 26,887,000 22,436,000 15,711,000 11,607,000 12,227,000 68,371,000 65,855,000      
        accounts receivable
      		29,171,000 32,962,000 20,612,000 18,284,000 19,687,000 16,743,000 15,914,000 14,458,000 16,847,000 13,889,000 14,332,000 14,175,000 13,877,000 11,800,000 11,936,000 11,755,000 13,657,000 11,311,000 11,703,000 8,838,000 9,464,000 7,729,000 8,291,000 6,820,000 9,970,000 15,094,000 13,661,000 8,862,000 10,523,000 9,325,000 7,110,000 5,033,000 5,641,000 5,139,000 5,078,000 5,044,000 6,006,000 4,488,000 3,040,000 3,337,000  3,135,000 4,003,000 2,842,000  
        inventories
      		6,610,000 7,182,000 6,311,000 5,312,000 6,014,000 5,146,000 5,194,000 5,073,000 5,404,000 4,608,000 4,674,000 4,394,000 4,184,000 3,996,000 3,955,000 3,780,000 3,850,000 3,525,000 3,560,000 2,734,000 2,888,000 2,383,000 2,346,000 2,045,000 2,221,000 1,782,000 1,692,000 1,626,000 1,749,000 1,378,000 1,238,000 1,175,000 1,258,000 1,127,000 968,000 903,000 806,000 828,000 635,000 621,000  607,000 482,000 404,000  
        prepaid expenses and other current assets
      		44,438,000 30,080,000 30,097,000 28,086,000 21,801,000 21,262,000 20,160,000 21,885,000 18,967,000 19,762,000 15,278,000 18,075,000 14,699,000 14,246,000 13,727,000 12,155,000 9,763,000 2,841,000 2,690,000 7,805,000 7,074,000 2,636,000 2,622,000 2,316,000 1,877,000 1,723,000 5,698,000 2,312,000 1,984,000 2,119,000 1,474,000 1,689,000 1,757,000 2,057,000 1,591,000 4,302,000 3,485,000 3,057,000 3,872,000 3,600,000  2,243,000 2,246,000 2,040,000  
        total current assets
      		393,869,000 430,347,000 414,777,000 364,603,000 368,216,000 354,016,000 345,680,000 326,189,000 334,432,000 323,236,000 329,518,000 330,074,000 343,988,000 367,055,000 387,575,000 386,617,000 409,676,000 419,180,000 438,161,000 435,290,000 203,186,000 204,510,000 204,076,000 115,410,000 87,675,000 99,440,000 86,865,000 92,356,000 101,119,000 103,917,000 102,100,000 95,649,000 93,199,000 98,509,000 93,179,000 83,800,000 83,944,000 81,948,000 75,918,000 73,413,000 1,050,000     
        property and equipment
      		649,245,000 625,851,000 598,092,000 562,286,000 551,600,000 544,902,000 545,225,000 537,621,000 530,995,000 525,557,000 500,085,000 479,617,000 467,031,000 441,870,000 411,018,000 398,971,000 389,386,000 370,016,000 356,202,000 348,580,000 336,541,000 326,526,000 322,162,000 329,039,000 314,862,000 304,350,000 285,892,000 265,016,000 261,854,000 241,702,000 216,763,000 199,878,000 187,095,000 174,689,000 160,383,000 147,485,000 136,264,000 123,073,000 111,296,000 102,279,000  87,977,000 81,076,000 75,704,000  
        operating lease assets
      		539,238,000 507,253,000 468,087,000 442,678,000 424,611,000 419,586,000 419,527,000 410,254,000 398,296,000 397,870,000 385,386,000 379,475,000 367,488,000 370,536,000 361,522,000 346,128,000 347,277,000 338,886,000 326,744,000 312,087,000 306,317,000 305,133,000 298,602,000 302,216,000 274,426,000 279,975,000 257,969,000 239,555,000                  
        deferred income taxes
      		325,179,000 322,385,000 334,978,000 345,696,000 341,586,000 344,479,000 338,538,000 329,956,000 326,208,000 302,156,000 302,025,000 301,538,000 300,538,000 306,976,000 305,230,000 304,166,000 298,668,000 300,818,000 299,535,000 299,838,000 287,007,000 288,995,000 286,887,000 281,285,000 279,817,000 268,855,000 258,132,000 243,033,000 242,533,000 243,021,000 214,037,000 200,622,000 185,914,000 322,224,000 320,015,000  313,207,000 301,654,000 274,625,000 241,466,000 201,614,000 20,000 20,000 20,000  
        other assets
      		10,101,000 10,373,000 11,251,000 12,201,000 10,958,000 12,436,000 12,788,000 14,812,000 15,926,000 16,037,000 15,802,000 16,211,000 15,817,000 15,330,000 14,735,000 13,846,000 12,563,000 11,402,000 11,625,000 11,794,000 12,297,000 12,038,000 12,208,000 12,058,000 11,488,000 10,652,000 9,386,000 7,008,000 5,026,000 3,682,000 3,835,000 4,145,000 4,398,000 4,515,000 4,679,000 4,613,000 4,779,000 5,269,000 5,528,000 5,352,000  3,414,000 3,223,000 2,972,000  
        total assets
      		1,917,632,000 1,896,209,000 1,827,185,000 1,727,464,000 1,696,971,000 1,675,419,000 1,661,758,000 1,618,832,000 1,605,857,000 1,564,856,000 1,532,816,000 1,506,915,000 1,494,862,000 1,501,767,000 1,480,080,000 1,449,728,000 1,457,570,000 1,440,302,000 1,432,267,000 1,407,589,000 1,145,348,000 1,137,202,000 1,123,935,000 1,040,008,000 968,268,000 963,272,000 898,244,000 846,968,000 610,532,000 592,322,000 536,735,000 500,294,000 470,606,000 599,937,000 578,256,000 555,428,000 538,194,000 511,944,000 467,367,000 422,510,000 274,453,000 274,782,000 161,996,000 150,903,000 82,962,000 
        liabilities and stockholders' equity
      		                                             
        current liabilities:
      		                                             
        accounts payable
      		27,017,000 24,747,000 23,562,000 20,678,000 23,609,000 15,765,000 18,576,000 15,163,000 22,273,000 21,251,000 17,005,000 16,002,000 20,407,000 17,210,000 16,420,000 13,395,000 19,947,000 17,841,000 26,292,000 24,307,000 23,487,000 22,354,000 20,735,000 15,330,000 14,300,000 15,865,000 3,828,000 12,655,000 12,467,000 9,654,000 8,344,000 6,738,000 8,210,000 8,639,000 9,482,000 5,663,000 6,921,000 5,845,000 5,219,000 6,035,000  5,336,000 5,690,000 4,618,000  
        accrued expenses
      		95,488,000 103,354,000 93,945,000 70,864,000 63,005,000 65,822,000 56,376,000 57,366,000 54,742,000 47,630,000 50,588,000 45,677,000 47,945,000 49,387,000 40,013,000 38,997,000 36,892,000 34,165,000 32,759,000 28,774,000 25,920,000 25,236,000 19,807,000 24,228,000 24,140,000 27,977,000 25,567,000 20,462,000 22,799,000 22,759,000 15,988,000 13,202,000 11,649,000 13,181,000 8,615,000 7,699,000 8,538,000 8,228,000 6,615,000 5,442,000 59,000 6,471,000 4,781,000 4,201,000  
        accrued wages and related liabilities
      		21,151,000 25,481,000 25,946,000 20,548,000 25,422,000 21,961,000 22,584,000 19,249,000 20,945,000 18,164,000 18,221,000 18,678,000 17,576,000 17,758,000 18,440,000 16,032,000 14,638,000 14,169,000 14,864,000 13,306,000 10,441,000 9,237,000 7,649,000 6,338,000 11,451,000 9,737,000 9,381,000 7,627,000 10,652,000 7,996,000 6,815,000 5,728,000 6,228,000 5,127,000 4,758,000 4,027,000 6,084,000 5,311,000 4,401,000 3,718,000  4,752,000 3,716,000 2,583,000  
        operating lease liabilities, current
      		65,195,000 63,553,000 60,671,000 57,538,000 55,739,000 55,227,000 53,140,000 50,780,000 49,004,000 47,610,000 46,490,000 44,578,000 42,238,000 40,690,000 38,775,000 36,951,000 35,519,000 38,811,000 36,677,000 37,275,000 35,657,000 34,859,000 37,082,000 43,197,000 30,002,000 26,441,000 24,139,000 22,280,000                  
        other current liabilities
      		23,761,000 27,783,000 21,226,000 21,004,000 19,538,000 17,058,000 17,412,000 18,525,000 17,103,000 17,522,000 17,881,000 18,117,000 19,552,000 19,497,000 20,261,000 20,586,000 14,501,000 13,273,000 13,899,000 15,087,000 14,200,000 12,580,000 11,400,000 13,735,000 19,499,000 15,951,000 16,097,000 16,153,000 14,030,000 8,391,000 7,655,000 7,789,000 7,937,000 9,817,000 10,252,000 11,427,000 10,173,000 6,741,000 5,840,000 5,026,000  3,401,000 2,432,000 2,267,000  
        total current liabilities
      		232,612,000 244,918,000 225,350,000 190,632,000 187,313,000 175,833,000 168,088,000 161,083,000 164,067,000 152,177,000 150,185,000 143,052,000 147,718,000 144,542,000 133,909,000 125,961,000 121,497,000 118,259,000 124,491,000 118,749,000 109,705,000 104,266,000 96,673,000 102,828,000 99,392,000 95,971,000 79,012,000 79,177,000 59,948,000 48,800,000 38,802,000 33,457,000 34,024,000 36,764,000 33,107,000 28,816,000 31,716,000 26,125,000 22,075,000 20,221,000 2,905,000     
        long-term debt
      		247,993,000 247,731,000 247,469,000 246,945,000 246,683,000 246,422,000 246,160,000 245,898,000 245,636,000 245,375,000 245,113,000 244,851,000 244,589,000 244,328,000 244,066,000 243,804,000 243,542,000 243,280,000 243,019,000 242,875,000    50,000,000                      
        long-term operating lease liabilities
      		608,605,000 575,138,000 540,248,000 514,637,000 494,499,000 499,228,000 487,600,000 476,704,000 464,533,000 463,370,000 448,580,000 441,554,000 427,227,000 429,165,000 418,010,000 399,487,000 400,113,000 378,686,000 363,482,000 349,670,000 343,736,000 336,149,000 332,751,000 322,191,000 304,914,000 316,161,000 292,643,000 269,367,000                  
        liabilities under tax receivable agreement, net of current portion
      		244,613,000 244,463,000 247,825,000 247,421,000 247,017,000 247,824,000 246,878,000 236,728,000 235,613,000 235,614,000 235,361,000 235,361,000 234,893,000 234,892,000 234,862,000 234,273,000 234,045,000 234,048,000 234,049,000 234,048,000 232,954,000 228,197,000 228,096,000 226,959,000 226,649,000 217,935,000 212,302,000 199,544,000 197,921,000 201,077,000 176,427,000 171,116,000 158,436,000 280,820,000 277,316,000 274,259,000 267,902,000 261,902,000 236,289,000 205,851,000 170,933,000     
        other long-term liabilities
      		29,220,000 30,210,000 31,056,000 30,324,000 27,833,000 27,057,000 26,667,000 26,126,000 26,638,000 26,322,000 22,218,000 22,192,000 20,687,000 20,588,000 21,597,000 20,944,000 22,773,000 22,750,000 23,694,000 22,297,000 24,460,000 21,828,000 15,130,000 15,424,000 15,328,000 14,910,000 13,614,000 13,142,000 10,498,000 7,522,000 7,256,000 6,097,000 2,553,000 2,633,000 2,145,000 1,512,000 4,109,000 4,132,000 4,155,000 4,326,000  3,754,000 8,762,000 8,893,000  
        total liabilities
      		1,363,043,000 1,342,460,000 1,291,948,000 1,229,959,000 1,203,345,000 1,196,364,000 1,175,393,000 1,146,539,000 1,136,487,000 1,122,858,000 1,101,457,000 1,087,010,000 1,075,114,000 1,073,515,000 1,052,444,000 1,024,469,000 1,021,970,000 997,023,000 988,735,000 967,639,000 710,855,000 690,440,000 672,650,000 717,402,000 646,283,000 644,977,000 597,571,000 561,230,000 337,077,000 320,742,000 280,288,000 267,161,000 246,127,000 368,159,000 357,258,000 343,957,000 336,841,000 320,522,000 288,738,000 255,092,000 173,838,000 136,655,000 46,642,000 41,872,000  
        commitments and contingencies
      		                                             
        stockholders' equity:
      		                                             
        additional paid-in capital
      		453,457,000 452,577,000 448,096,000 442,047,000 442,993,000 437,788,000 433,877,000 427,530,000 426,601,000 423,811,000 421,356,000 417,451,000 415,611,000 413,274,000 410,520,000 406,981,000 405,940,000 403,535,000 401,567,000 400,371,000 395,067,000 386,011,000 384,338,000 246,970,000 244,410,000 234,118,000 208,866,000 199,315,000 195,633,000 192,760,000 177,650,000 163,372,000 153,105,000 147,890,000 145,102,000 141,940,000 135,448,000 129,650,000 119,415,000 107,590,000 96,311,000 129,584,000 112,227,000 111,049,000  
        retained earnings
      		72,419,000 72,709,000 60,878,000 31,229,000 26,984,000 18,274,000 28,485,000 18,817,000 16,777,000    -20,537,000 -9,820,000 -7,796,000 -6,608,000 3,554,000 13,284,000 15,462,000 13,518,000 12,209,000 31,637,000 37,196,000 53,407,000 54,367,000 56,460,000 46,116,000 37,086,000 30,404,000 31,362,000 26,337,000 18,733,000 16,399,000 28,862,000 23,865,000 18,986,000 16,719,000 12,799,000 9,033,000 5,735,000 4,273,000 1,749,000 221,000   
        accumulated other comprehensive loss
      		-6,000 -1,000 -1,000 -2,000 -1,000 -2,000 -4,000 -4,000 -3,000 -3,000 -4,000 -4,000                                  
        total stockholders' equity attributable to shake shack inc.
      		525,912,000 525,327,000 509,015,000 473,316,000 470,018,000 456,102,000 462,400,000 446,386,000 443,417,000 416,354,000 406,271,000 395,418,000 395,116,000 403,495,000 402,765,000 400,415,000 409,537,000 416,862,000 417,073,000 413,933,000 407,321,000 417,692,000 421,578,000 300,418,000 298,817,000 290,616,000 255,020,000 236,439,000 226,075,000 224,159,000 204,024,000 182,142,000 169,492,000 176,819,000 168,987,000 160,944,000 152,188,000 142,470,000 128,474,000 113,355,000      
        non-controlling interests
      		28,677,000 28,422,000 26,222,000 24,189,000 23,608,000 22,953,000 23,965,000 25,907,000 25,953,000 25,644,000 25,088,000 24,487,000 24,632,000 24,757,000 24,871,000 24,844,000 26,063,000 26,417,000 26,459,000 26,017,000 27,172,000 29,070,000 29,707,000 22,188,000 23,168,000 27,679,000 45,653,000 49,299,000 47,380,000 47,421,000 52,423,000 50,991,000 54,987,000 54,959,000 52,011,000 50,527,000 49,165,000 48,952,000 50,155,000 54,063,000  6,758,000 2,870,000 -1,157,000  
        total equity
      		554,589,000 553,749,000 535,237,000 497,505,000 493,626,000 479,055,000 486,365,000 472,293,000 469,370,000 441,998,000 431,359,000 419,905,000 419,748,000 428,252,000 427,636,000 425,259,000 435,600,000 443,279,000 443,532,000 439,950,000 434,493,000 446,762,000 451,285,000 322,606,000 321,985,000 318,295,000 300,673,000 285,738,000 273,455,000 271,580,000 256,447,000 233,133,000 224,479,000 231,778,000 220,998,000 211,471,000 201,353,000 191,422,000 178,629,000 167,418,000  138,127,000 115,354,000 109,031,000  
        total liabilities and stockholders' equity
      		1,917,632,000 1,896,209,000 1,827,185,000 1,727,464,000 1,696,971,000 1,675,419,000 1,661,758,000 1,618,832,000 1,605,857,000 1,564,856,000 1,532,816,000 1,506,915,000 1,494,862,000 1,501,767,000 1,480,080,000 1,449,728,000 1,457,570,000 1,440,302,000 1,432,267,000 1,407,589,000 1,145,348,000 1,137,202,000 1,123,935,000 1,040,008,000 968,268,000 963,272,000 898,244,000 846,968,000 610,532,000 592,322,000 536,735,000 500,294,000 470,606,000 599,937,000 578,256,000 555,428,000  511,944,000 467,367,000 422,510,000 274,453,000     
        accumulated deficit
      		         -7,496,000 -15,123,000 -22,071,000                                -897,000  
        accumulated other comprehensive income
      		             -1,000 -1,000  1,000 1,000 2,000 2,000 3,000 3,000 3,000 3,000 2,000         30,000            
        deemed landlord financing
      		                            20,846,000 19,867,000 18,340,000 17,030,000 14,518,000 13,162,000 11,166,000 8,016,000 2,007,000         
        deferred rent
      		                            47,864,000 43,476,000 39,463,000 39,461,000 36,596,000 34,780,000 33,524,000 31,354,000 31,107,000 28,363,000 26,219,000 24,381,000  21,317,000 20,948,000 18,997,000  
        deferred tax asset, non-current
      		                                   319,530,000          
        note payable
      		                                       313,000      
        total liabilities and stockholders'
      		                                    538,194,000         
        cash
      		                                        422,000 69,821,000 64,919,000 60,834,000 2,677,000 
        prepaid expenses
      		                                        628,000     
        due form sse holdings
      		                                        3,979,000     
        investment in subsidiaries
      		                                        67,810,000     
        current liabilities
      		                                             
        income taxes payable
      		                                        689,000     
        current portion of liabilities under tax receivable agreement
      		                                        2,157,000     
        total stockholders' equity
      		                                        100,615,000     
        current assets
      		                                             
        liabilities and stockholders' / members' equity
      		                                             
        short-term borrowings
      		                                            32,000,000 
        notes payable
      		                                         313,000 313,000 313,000  
        liability under tax receivable agreement
      		                                         91,311,000    
        stockholders' / members' equity
      		                                             
        members' equity
      		                                             
        total liabilities and stockholders' / members' equity
      		                                         274,782,000 161,996,000 150,903,000  
        liabilities
      		                                             
        stockholders' equity
      		                                             
        common stock
      		                                             
        liabilities and members' equity
      		                                             
        total liabilities and members' equity
      		                                            82,962,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-04-01 2025-12-31 2025-03-26 2024-12-25 2024-09-25 2024-06-26 2024-03-27 2023-12-27 2023-09-27 2023-06-28 2023-03-29 2022-12-28 2022-09-28 2022-06-29 2022-03-30 2021-12-29 2021-09-29 2021-06-30 2021-03-31 2020-12-30 2020-09-23 2020-06-24 2020-03-25 2019-12-25 2019-09-25 2019-06-26 2019-03-27 2018-12-26 2018-09-26 2018-06-27 2018-03-28 2017-12-27 2017-09-27 2017-06-28 2017-03-29 2016-12-28 2016-09-28 2016-06-29 2016-03-30 2015-12-30 2015-09-30 2015-07-01 2015-04-01 
                                                   
          operating activities
        		                                           
          net income
        		-294,000 12,999,000 4,513,000 9,333,000 -11,109,000 10,382,000 2,214,000 7,253,000 8,136,000    -2,311,000 -1,303,000 -11,282,000 -10,349,000 -2,402,000 2,065,000 575,000 -20,314,000 -6,110,000 -18,031,000 -1,079,000 -2,073,000 11,423,000 11,171,000 3,607,000 -548,000 6,946,000 10,571,000 4,979,000 -11,032,000 7,870,000 8,184,000 3,862,000 5,457,000 6,789,000 6,549,000 3,351,000 3,046,000 6,193,000 5,145,000 -11,260,000 
          adjustments to reconcile net income to net cash from operating activities:
        		                                           
          depreciation and amortization expense
        		29,120,000 26,433,000 26,543,000 25,809,000 25,722,000 25,496,000 25,441,000 24,538,000 23,130,000 22,252,000 21,322,000 19,207,000 18,647,000 18,087,000 16,855,000 15,610,000 15,183,000 14,472,000 13,726,000                         
          amortization of debt issuance costs
        		262,000 262,000 262,000 261,000 262,000 262,000 262,000 261,000 262,000 262,000 262,000 261,000 262,000 262,000 262,000 262,000 261,000 258,000 86,000                         
          amortization of cloud computing assets
        		512,000 512,000 606,000 561,000 529,000                                       
          non-cash operating lease cost
        		24,687,000 24,360,000 20,674,000 19,948,000 19,829,000 19,165,000 18,490,000 18,006,000 17,177,000 16,523,000 16,075,000 15,642,000 15,149,000 14,329,000 13,681,000 13,675,000 12,497,000 12,386,000 12,330,000 11,184,000 11,506,000 11,478,000 10,742,000 10,739,000 10,564,000                   
          equity-based compensation
        		5,160,000 5,330,000 4,541,000 4,376,000 4,158,000 3,739,000 3,642,000 3,668,000 3,486,000 3,932,000 3,802,000 3,171,000 3,515,000 3,452,000 3,188,000 2,740,000 2,324,000 1,958,000 1,681,000 1,502,000 1,339,000 1,419,000 1,300,000 1,754,000 1,879,000 2,180,000 1,692,000 1,673,000 1,636,000 1,397,000 1,437,000 1,800,000 1,289,000 1,285,000 1,249,000 1,537,000 1,577,000 1,210,000 1,030,000 1,172,000 1,172,000 1,178,000 13,159,000 
          deferred income taxes
        		-1,590,000 7,378,000 -644,000 3,068,000 -5,433,000 1,442,000 -131,000 -16,166,000 4,359,000 816,000 1,917,000 -15,572,000 3,823,000 2,673,000 5,719,000 -20,087,000 3,443,000 7,788,000 -1,523,000 -10,036,000 -2,545,000 7,450,000 3,775,000   222,000 95,000 -1,208,000 1,191,000   143,278,000 495,000      3,000     
          non-cash interest
        		26,000 14,000 33,000 21,000 5,000 36,000 -164,000                                     
          impairments, loss on disposal of assets, and shack closures
        		867,000 1,800,000 2,057,000 3,665,000                                        
          changes in operating assets and liabilities:
        		                                           
          net cash from operating activities
        		8,489,000 63,136,000 31,222,000 45,083,000 41,862,000 53,545,000 30,665,000 41,548,000 28,400,000 42,371,000 19,820,000 22,408,000 19,171,000 27,193,000 7,969,000 14,662,000 6,735,000 27,054,000 9,951,000 8,852,000 10,505,000 10,509,000 7,484,000 16,814,000 37,152,000 18,692,000 17,199,000 22,610,000 21,911,000 21,741,000 19,133,000 16,907,000 20,241,000 24,051,000 9,679,000 13,763,000 16,086,000 15,958,000 8,478,000 10,315,000 13,311,000 12,456,000 5,176,000 
          capital expenditures
        		-47,192,000 -59,152,000 -29,352,000 -34,698,000 -34,809,000 -32,938,000 -33,054,000 -33,134,000 -38,278,000 -40,429,000 -34,326,000 -47,762,000 -39,529,000 -27,294,000 -27,974,000 -32,643,000 -24,143,000 -21,554,000 -23,155,000 -22,036,000 -9,365,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -8,398,000 -8,371,000 -8,558,000 
          free cash flows
        		-38,703,000 3,984,000 1,870,000 10,385,000 7,053,000 20,607,000 -2,389,000 8,414,000 -9,878,000 1,942,000 -14,506,000 -25,354,000 -20,358,000 -101,000 -20,005,000 -17,981,000 -17,408,000 5,500,000 -13,204,000 -13,184,000 1,140,000 10,509,000 7,484,000 16,814,000 37,152,000 18,692,000 17,199,000 22,610,000 21,911,000 21,741,000 19,133,000 16,907,000 20,241,000 24,051,000 9,679,000 13,763,000 16,086,000 15,958,000 8,478,000 10,315,000 4,913,000 4,085,000 -3,382,000 
          investing activities
        		                                           
          purchases of property and equipment
        		-47,192,000 -59,152,000 -29,352,000 -34,698,000 -34,809,000 -32,938,000 -33,054,000 -33,134,000 -38,278,000 -40,429,000 -34,326,000 -47,762,000 -39,529,000 -27,294,000 -27,974,000 -32,643,000 -24,143,000 -21,554,000 -23,155,000 -22,036,000 -9,365,000                    -8,398,000 -8,371,000 -8,558,000 
          net cash from investing activities
        		-47,192,000 -59,152,000 -29,352,000 -34,698,000 -31,809,000 -10,879,000 11,307,000 -6,056,000 -40,849,000 -131,877,000 46,462,000 -48,212,000 -39,758,000 -27,403,000 -28,051,000 -32,721,000 -24,200,000 -60,741,000 -27,228,000 -42,081,000 -9,411,000 -18,554,000 649,000                  -8,398,000 -8,371,000 -8,558,000 
          financing activities
        		                                           
          payments on principal of finance leases
        		-1,591,000 -1,498,000 -1,290,000 -1,043,000 -1,003,000 -1,008,000 -910,000 -889,000 -879,000 -697,000 -807,000 -714,000 -747,000 -766,000 -747,000 -712,000 -710,000 -670,000 -602,000 -536,000 -520,000                       
          distributions paid to non-controlling interest holders
        		-12,000 -84,000 -21,000 -274,000 -63,000 0 -145,000 -31,000 -79,000 -3,000 -49,000 -21,000 -65,000 -22,000 -302,000 -90,000 -172,000 -239,000 -467,000 0 -164,000                       
          payments under tax receivable agreement, including interest
        		-977,000                                           
          net proceeds from stock option exercises
        		69,000 0 123,000 832,000 243,000 78,000 474,000                                     
          employee withholding taxes related to net settled equity awards
        		-5,254,000 -36,000 -8,450,000 -52,000 -205,000 -101,000 -5,840,000 -52,000 -272,000 -44,000 -2,626,000 -28,000 -94,000 -12,000 -2,108,000 -44,000 -110,000 -390,000 -3,010,000 -39,000 -10,000      25,000              0 0 -4,636,000 
          net cash from financing activities
        		-7,765,000 -1,618,000 -9,662,000 -537,000 -1,028,000 -1,031,000 -6,421,000 -859,000 -1,229,000 -227,000 -3,369,000 -673,000 -747,000 -709,000 -3,073,000 -956,000 -1,217,000 -1,209,000 245,403,000 5,219,000 -195,000 94,223,000 42,574,000 1,592,000   322,000 539,000 625,000 1,453,000 1,835,000 -1,799,000 314,000 -277,000 2,727,000 1,042,000   656,000 -100,000 -11,000 0 61,539,000 
          effect of exchange rate changes on cash and cash equivalents
        		-5,000  -1,000 1,000 2,000 0 -1,000 0 1,000 0 -4,000                                 
          decrease in cash and cash equivalents
        		-46,473,000        -13,677,000                                   
          cash and cash equivalents at beginning of period
        		360,123,000 0 320,714,000 0 0 0 224,653,000 0 0 0 230,521,000 0 0 0 302,406,000 0 0 0 146,873,000 0 0 0 37,099,000 0 0 0 24,750,000 0 0 0 21,507,000 0 0 0 11,607,000 0 0       
          cash and cash equivalents at end of period
        		313,650,000 2,366,000 312,921,000 9,849,000 9,027,000 41,635,000 260,203,000 34,633,000 -13,677,000 -89,733,000 293,430,000 -26,477,000 -21,334,000 -919,000 279,251,000 -19,015,000 -18,682,000 -34,896,000 374,999,000 -28,010,000 899,000 86,178,000 87,806,000 -7,406,000 14,772,000 -2,164,000 31,897,000 -4,545,000 -1,584,000 4,255,000 26,624,000 -5,380,000 4,451,000 6,725,000 15,711,000 -620,000 -56,144,000       
          gain on sale of equity securities
        		        0 0 -81,000                                 
          net amortization of discount on held-to-maturity securities
        		   0 -6,000 -64,000 -370,000 -681,000 -850,000                                   
          purchases of held-to-maturity securities
        		       0 -2,571,000                                   
          maturities of held-to-maturity marketable securities
        		   0 3,000,000 22,059,000 44,361,000                                     
          purchases of equity securities
        		       0 0                                   
          sales of equity securities
        		       0 0                                   
          deferred financing costs
        		 0              -46,000 -22,000 -31,000 -70,000 0 0                    -11,000 0 -92,000 
          payments under tax receivable agreement
        		 0 -24,000                 0 0                       
          increase in cash and cash equivalents
        		 2,366,000 -7,793,000 9,849,000 9,027,000 41,635,000 35,550,000    62,909,000                                 
          unrealized loss on equity securities
        		           -242,000 -161,000 161,000 400,000 160,000 80,000                           
          impairment and loss on disposal of assets
        		     1,045,000 526,000 909,000 492,000 884,000 722,000 728,000 592,000 528,000 577,000 370,000 535,000 358,000 369,000 7,227,000 402,000 434,000 2,088,000                     
          amortization of cloud computing asset
        		      518,000 478,000 440,000 441,000 439,000 420,000 397,000 351,000 332,000 310,000 308,000 314,000 313,000 358,000 458,000 368,000 260,000 205,000                    
          non-cash interest expense
        		       22,000 -5,000 41,000 58,000 37,000 153,000 23,000 5,000 5,000 5,000 6,000 337,000 18,000 32,000 -53,000 69,000 85,000    0 0 0 72,000 72,000 91,000 83,000 71,000 93,000 70,000 71,000 70,000 70,000 68,000 69,000 66,000 
          other non-cash income
        		            0 -1,000 -1,000                             
          maturities of held-to-maturity securities
        		                                           
          proceeds from issuance of convertible notes, net of discount
        		               0 0 0 243,750,000                         
          debt issuance costs
        		               -107,000 -281,000 -38,000 -649,000                         
          adjustments to reconcile net income to net cash from operating activities
        		                                           
          proceeds from stock option exercises
        		        1,000 517,000 113,000  159,000 91,000 84,000  78,000 159,000 6,451,000  499,000 708,000 1,032,000 2,112,000 3,662,000 1,975,000 1,452,000 369,000 1,537,000 2,090,000 1,476,000 1,018,000 380,000 1,891,000 4,296,000 1,122,000 502,000 942,000 628,000     
          net loss
        		          -1,622,000                                 
          adjustments to reconcile net loss to net cash from operating activities
        		                                           
          purchases of marketable securities
        		          -690,000 -450,000 -229,000 -109,000 -77,000 -78,000 -57,000 -43,191,000 -4,073,000 -20,045,000 -46,000                       
          sales of marketable securities
        		          81,478,000     0 0   0 0 0 20,000,000 0 0 12,000,000 15,000,000 0 0 0 2,144,000 1,052,000 771,000 473,000 5,155,000 440,000 176,000       
          adjustments to reconcile net loss to net cash from operating activities:
        		                                           
          other non-cash expense
        		               -2,000 -1,000 0 -1,000 1,031,000 9,000 714,000 183,000  0 0 2,000                 
          proceeds from revolving credit facility
        		                   0 0 0 50,000,000                 0 0 0 4,000,000 
          payments on revolving credit facility
        		                   0 0                    0 0 -36,000,000 
          proceeds from issuance of class a common stock sold in equity offerings, net of underwriting discounts, commissions and offering costs
        		                   0 0                       
          net increase in cash and cash equivalents
        		            -21,334,000 -919,000 -23,155,000  -18,682,000 -34,896,000 228,126,000  899,000 86,178,000 50,707,000  14,772,000 -2,164,000 7,147,000  -1,584,000 4,255,000 5,117,000  4,451,000 6,725,000 4,104,000         
          unrealized loss on available-for-sale securities
        		                  46,000  0 -334,000 356,000       23,000 38,000             
          depreciation expense
        		                   12,568,000 12,376,000 12,089,000 11,768,000 11,153,000 10,474,000 9,799,000 8,966,000 8,095,000 7,439,000 6,968,000 6,498,000 6,094,000 5,604,000 5,258,000 4,748,000 4,273,000 3,719,000 3,404,000 3,106,000 2,948,000 2,636,000 2,447,000 2,191,000 
          net loss on sublease
        		                           0 0 0 672,000             
          proceeds from deemed landlord financing
        		                           589,000 234,000 38,000 521,000 653,000 0 237,000 293,000         
          payments on deemed landlord financing
        		                                           
          loss on disposal of property and equipment
        		                       321,000 303,000 377,000 351,000 374,000 157,000 196,000 190,000 291,000 204,000 100,000 13,000     0    
          unrealized gain on available-for-sale securities
        		                                           
          amortization of operating lease assets
        		                          8,911,000                 
          excess tax benefits on equity-based compensation
        		                                           
          payments on promissory note
        		                                           
          excess tax benefits from equity-based compensation
        		                                   -2,000 0 7,000 28,000     
          proceeds from issuance of class a common stock sold in initial public offering, net of underwriting discounts, commissions and offering costs
        		                                           
          proceeds from issuance of class b common stock
        		                                       0 0 0 30,000 
          distributions paid to members prior to the initial public offering
        		                                           
          member distributions
        		                                        0 0 -11,125,000 
          increase in cash
        		                                        4,902,000 4,085,000 58,157,000 
          cash at beginning of period
        		                                      70,849,000  0 0 2,677,000 
          cash at end of period
        		                                      65,855,000  4,902,000 4,085,000 60,834,000 
          promissory note
        		                                           
          proceeds from issuance of class a common stock sold in initial public offering, net of underwriting discounts and offering costs
        		                                        0 0 109,362,000 
          decrease in cash
        		                                           
          selected statement of income data:
        		                                           
          shack sales
        		                                           
          licensing revenue
        		                                           
          shack-level operating expenses
        		                                           
          general and administrative expenses
        		                                           
          pre-opening costs
        		                                           
          operating income
        		                                           
          per share data2:
        		                                           
          pro-forma earnings per unit—basic
        		                                           
          pro-forma earnings per unit—diluted
        		                                           
          selected balance sheet data:
        		                                           
          cash and cash equivalents
        		                                           
          total current assets
        		                                           
          total assets
        		                                           
          total current liabilities
        		                                           
          total debt
        		                                           
          total liabilities
        		                                           
          total members' equity
        		                                           
          selected cash flow data: