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What does Shake Shack do and what are its main business segments?

- **Revenue & Profit Growth**: 15.4% revenue growth to $1.45 billion, 19.5% EBITDA expansion to $210 million, and 120 bps margin expansion.
- **Operational Efficiency**: 150 bps labor cost improvement, 40% team member tenure increase, and 6-minute wait time reduction.
- **Innovation Success**: $1/$3/$5 app promotion drove 50% app downloads, and Dubai Chocolate Shake/ onion rings core menu additions.
- **Expansion Momentum**: 85 new Shacks opened in 2025, 55-60 planned for 2026, and 26.4% licensed sales growth.
- **2026 Outlook**: Q1 same-Shack sales +4.3% YoY, targeting 3-5% Q1 growth and 50 bps annual margin expansion.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue increased 15.4% YoY to $1.45 billion, driven by 2.3% same-Shack sales growth and 85 new Shacks opened system-wide. Adjusted EBITDA rose 19.5% to $210 million.
- **Operational Excellence**: Restaurant-level margin expanded 120 bps to 22.6% through labor optimization (90%+ labor guide attainment) and supply chain savings. Wait times improved to under 6 minutes, and team member tenure increased 40% YoY.
- **Menu Innovation**: Successful launches of Dubai Chocolate Shake, onion rings (now core menu), and Korean-inspired menu items. App-based $1/$3/$5 promotions drove 50% app download growth.
- **Global Expansion**: Opened 45 company-operated Shacks in 2025 (e.g., Buffalo, Oklahoma City) with 2026 pipeline of 55-60 new Shacks. Licensed business grew 26.4% YoY, with 40 new openings in 2025.
- **2026 Outlook**: Focus on 6 priorities: leadership culture, operational efficiency, culinary innovation, unit economics, licensed growth, and strategic investments. Q1 2026 same-Shack sales +4.3% YoY despite weather headwinds.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Total revenue $400.5 million (+21.9% YoY), with $385.3 million in Shack sales (+21.7% YoY). Restaurant-level profit margin 22.7%, offsetting 12.7% food/paper cost inflation.
- **Cost Management**: Labor expenses improved 150 bps YoY to 25.4% of Shack sales. Preopening costs down 14% YoY, with $360.1 million cash on hand.
- **2026 Guidance**: Q1 revenue $366-370 million, same-Shack sales +3-5%, and 3% menu price increase. Full-year targets: low-teens revenue growth, 50 bps margin expansion, and low-to-high teens EBITDA growth.
- **Long-Term Leverage**: G&A to grow slower than sales post-2026, with 2027+ margin expansion from reduced capital spend.

**【Q&A Highlights】**
- **Kitchen Equipment**: New fryers reduced cold fries complaints from 30% to <10%. Optimized kitchen designs to roll out in 2027, targeting 6-minute wait time reduction.
- **Build Costs**: 20% YoY reduction in net build costs to <$2 million, with 2026 pipeline of 34 Shacks under construction.
- **Loyalty Program**: App downloads +50% YoY, with loyalty launch in late 2026. $1/$3/$5 promotions drove incremental traffic without margin dilution.
- **Northeast Challenges**: Weather headwinds in Q4 and Q1 2026, but 2026 development focused on non-Northeast markets (e.g., Midwest, Southwest) to diversify risk.
- **Commodity Risk**: Beef inflation mid-teens in 2025, mitigated by supplier diversification. 2026 inflation expected low single-digit with 3% menu price increase.

Shake Shack Inc. (SHAK) Q4 2025 Earnings Call Transcript

- **Revenue Growth Acceleration**: 15.9% YoY to $367.4M, driven by 4.9% same-store sales growth and 13 new Shacks.
- **Operational Efficiency**: Labor costs down 310bps, service time reduced to 5:50, and restaurant margin up 180bps to 22.8%.
- **Digital & Value Play**: App downloads +50%, 1,3,5 pricing strategy driving 85% traffic surge in Q4.
- **Supply Chain Resilience**: Mid-single digit food cost inflation offset by diversification and equipment savings.
- **2026 Growth Engine**: 55-60 new Shacks, loyalty program launch, and equipment-driven margin expansion.

**【CEO Summary Section】**
- Shake Shack achieved 15.9% year-over-year revenue growth to $367.4 million, driven by strong same-store sales growth of 4.9% and new Shack openings. 
- Operational efficiency improvements reduced labor costs by 310 basis points year-over-year, with average service time down to 5 minutes and 50 seconds.
- Culinary innovation (e.g., Dubai Chocolate Shake) and value platforms (1,3,5 pricing strategy) are driving traffic and check growth.
- Supply chain diversification and equipment investments are mitigating beef inflation through cost savings and efficiency gains.

**【CFO Financial Commentary】**
- Restaurant-level profit margin expanded 180 basis points to 22.8%, with adjusted EBITDA up 18.2% to $54.1 million.
- Food and paper costs as a percentage of sales stabilized at mid-single digits after mid-teens beef inflation, supported by supply chain strategies.
- G&A expenses increased 24.3% year-over-year to $44.4 million, reflecting marketing and talent investments in paid media and loyalty platform development.

**【Q&A Highlights】**
- **Supply Chain Resilience**: New suppliers and equipment innovations (e.g., fry holding technology) are reducing labor dependency while maintaining quality.
- **Digital Growth**: App downloads up 50% year-over-year, with in-app promotions driving 85% traffic growth in Q4.
- **Macroeconomic Adaptation**: Balancing premium innovation (French Onion Burger) with value offerings to offset D.C. and NYC macro pressures.
- **2026 Outlook**: 55-60 new Shacks planned, with focus on cost-saving equipment rollouts and loyalty program launch to drive frequency and retention.

Shake Shack Inc. (SHAK) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 total revenue $356.5M (+13.7% system-wide), with 1.8% same-Shack sales growth. July sales improved to 3.2%.
- **Margin Expansion**: Restaurant-level margin 23.9% (190 bps YoY), highest in 6 years. Adjusted EBITDA $58.9M (+24.8% YoY).
- **Strategic Moves**: Launched first paid media campaigns, opened 13 new Shacks, and introduced 18-month culinary calendar.
- **Operational Efficiency**: Labor costs down 270 bps YoY, with 2025 build cost reduction target of 10%.
- **Guidance**: Full-year adjusted EBITDA $210-220M, 80-90 system-wide openings, and low single-digit same-Shack sales growth.

**【CEO Summary Section】**
- **Q2 Performance**: Delivered 1.8% same-Shack sales growth, driven by culinary innovation (e.g., Dubai Chocolate Pistachio Shake) and operational improvements. July sales improved to 3.2% growth.
- **Culinary & Marketing**: Introduced paid media campaigns for the first time, testing Dubai Shake and Dollar Soda promotions. Media investments aim to drive traffic and frequency, with initial results showing strong check averages.
- **Expansion**: Opened 13 new domestic Shacks in Q2, on track for 45-50 openings in 2025. Notable expansion includes a cocktail-focused Shack at The Battery in Atlanta.
- **Labor Efficiency**: Achieved 270 basis point improvement in labor costs year-over-year, driven by new labor guides and operational excellence.
- **New Initiatives**: Launched a 18-month culinary calendar with 4 main platforms/year. Opened a second support center in Atlanta to enhance innovation and scalability.

**【CFO Financial Commentary】**
- **Revenue**: Total Q2 revenue $356.5M, up 13.7% system-wide. Company-operated sales grew 12.4% to $343.2M, with 1.8% same-Shack growth.
- **Margins**: Restaurant-level profit margin reached 23.9% (190 bps YoY improvement). Adjusted EBITDA $58.9M, up 24.8% YoY, highest on record.
- **Costs**: Food/paper costs 28.2% of sales (up 40 bps YoY due to beef inflation). Labor costs 25.7% (down 270 bps YoY). G&A guided to 11.5-12% of revenue.
- **Guidance**: Full-year adjusted EBITDA $210-220M (20-25% growth). Q3 same-Shack sales expected low single-digit growth. 2025 system-wide openings 80-90.

**【Q&A Highlights】**
- **Margin Expansion**: CFO noted 100-150 bps Q3 margin improvement YoY, driven by sales leverage and operational efficiency. Media investments not yet factored into guidance but expected to enhance growth.
- **Kitchen Innovation**: New equipment at The Battery Shack reduced wait times and improved throughput, with plans to roll out prototypes.
- **Traffic Trends**: July traffic improved sequentially, with July sales up 3.2%. Media campaigns for Dubai Shake and Dollar Soda showing early success.
- **Commodity Risk**: Beef costs up mid-teens YoY, but supply chain optimizations and menu mix offset inflation.
- **Long-Term Strategy**: 3-year targets include low-teens revenue growth, 50 bps annual margin expansion, and low-teens EBITDA growth. Focus on disciplined marketing, culinary innovation, and Shack openings.

Shake Shack (SHAK)-31 Jul 25-2025 Q2 Earnings call transcript

- **Record Growth**: 45-50 new Shacks in 2025 (highest on record) and 10%+ cost-to-build savings.
- **Profitability Boost**: 120bps margin expansion in Q1 (20.7% margin) with 50bps+ annual target for next 3 years.
- **Innovation Success**: Dubai Shake sold out within minutes, combo testing reduced order times by 30%, and Q2 comps expected to improve with new LTOs.
- **Resilience in Chaos**: +120bps margin expansion despite 400bps traffic headwinds, driven by labor productivity and supply chain efficiency.
- **Digital Momentum**: Social media influencers generated viral growth for Dubai Shake, with targeted loyalty programs for repeat visits.


**【CEO Strategic Overview】**
- **2025 Transformation Goals**: Aims to grow company-operated Shacks to 1,500+ units, with 45-50 openings in 2025 (highest on record). 
- **Operational Excellence**: Delivered 120bps restaurant-level margin expansion in Q1 (20.7% margin, highest since 2019) despite 4.6% traffic decline.
- **Culinary Innovation**: Launched successful Dubai Chocolate Pistachio Shake in 30+ Shacks, testing new drive-thru combo menus, and planning summer barbecue LTOs.
- **Cost Control**: Reduced operating expenses through agile labor models, waste reduction, and 10%+ cost-to-build savings.

**【CFO Financial Highlights】**
- **Q1 2025 Results**: 
  - Total Revenue: $320.9M (+10.5% YoY)
  - Restaurant-Level Profit: $64.2M (+17.3% YoY)
  - Adjusted EBITDA: $40.7M (+13.5% YoY)
- **Margin Guidance**: 2025 restaurant-level margin target of 22.5% (vs. prior 22%), with 50bps+ annual expansion for next 3 years.
- **Commodity Outlook**: 2-3% food cost inflation, 3% wage inflation, and $312.9M cash balance.

**【Q&A Key Takeaways】**
- **Traffic Drivers**: Dubai Shake LTO sold out within minutes, combo testing reduced order times by 30%, and Q2 comps expected to improve with new menu launches.
- **Macroeconomic Resilience**: Outperformed peers with +120bps margin expansion despite 400bps traffic headwinds, driven by labor productivity and supply chain efficiency.
- **Expansion Strategy**: 75% of new Shacks in high-growth Southeast/Southwest, with 50%+ of openings featuring drive-thrus.
- **Digital Engagement**: Leveraging social media influencers (e.g., Dubai Shake) to generate organic viral momentum, with targeted multi-visit loyalty programs.


Shake Shack (SHAK)-1 May 25-2025 Q1 Earnings call transcript

- **Record Q4 Growth**: 14.8% revenue rise, 22.7% restaurant margins, and 49% EBITDA surge highlight 2024 success.
- **Ambitious 2025 Targets**: 22%+ restaurant margins, 1,500+ U.S. Shacks, and $205M-$215M EBITDA driven by labor efficiency and menu innovation.
- **Resilient Sales**: Q1 same-Shack +3.7% YoY despite weather, signaling strong consumer demand.
- **Cost Control Excellence**: 80 basis points labor savings and flat food costs offset inflationary pressures.
- **Tech-Driven Expansion**: Atlanta kitchen lab and digital loyalty tools to accelerate growth and profitability.

**【CEO Summary Section】**
- **2024 Year-End Performance**: Q4 revenue grew 14.8% YoY, driven by 4.3% same-Shack sales and 43 new company-operated Shacks. Restaurant-level margins expanded 290 basis points to 22.7%, and adjusted EBITDA increased 49% YoY.
- **Long-Term Vision**: Targeting 1,500+ company-operated Shacks in the U.S., with 3-year financial goals of low-teens revenue growth, 22%+ restaurant-level margins, and EBITDA growth outpacing top-line metrics.
- **Strategic Priorities**: 
  1. **Culture & Leadership**: Shift Up program retained 100% of 2024 graduates, promoting 1/3 to manager roles. 2025 goal: 10% internal promotion increase.
  2. **Operations Optimization**: New labor model reduced labor costs by 80 basis points in Q4. Kitchen innovation lab to accelerate process testing.
  3. **Sales Growth**: 2024 same-Shack sales +3.6% despite macro headwinds. 2025 focus on menu innovation (e.g., Fish Sandwich in Hong Kong) and guest recognition tech.
  4. **Expansion**: 2024 licensed Shacks +33 to 250 global. 2025 target: 35-40 new licensed Shacks, including Delta in-flight partnerships.

**【CFO Financial Commentary】**
- **Q4 Financials**: 
  - Total revenue: $328.7M (+15% YoY)
  - Adjusted EBITDA: $46.7M (+49% YoY)
  - Free cash flow: $36M (record high)
- **Cost Management**: 
  - Food/paper costs flat YoY (mid-single-digit savings offset beef inflation)
  - Labor efficiency: 80 basis points benefit from new scheduling model
  - Supply chain savings offset 30 basis points of inflation
- **2025 Outlook**: 
  - Adjusted EBITDA: $205M-$215M (+17%-22% YoY)
  - Restaurant-level margins: ~22% (60 basis points expansion YoY)
  - Pricing: 2% in-Shack, 3% blended

**【Q&A Highlights】**
- **Margin Expansion**: 60 basis points of 2025 margin growth driven by labor efficiency and supply chain savings. Atlanta kitchen lab to accelerate innovation.
- **Sales Resilience**: Q1 same-Shack sales +3.7% YoY despite 150-200 basis points weather impact, showing strong underlying demand.
- **Loyalty Strategy**: Focus on targeted digital incentives vs. traditional points-based programs. 2025 testing of menu bundling and in-Shack recognition tech.
- **Commodity Risk**: 25%-30% of food basket exposed to beef price volatility. Diversified sourcing and new suppliers mitigate risk.
- **Licensing Growth**: 2025 target: 35-40 new licensed Shacks, with expansion into Israel, Malaysia, and U.S. airports.


Actual											0.02	-0.45	-0.11	-0.03	0.04	0.05	-0.05	-0.11	-0.19	0	-0.06	-0.06	-0.01	0.18	0.17	0.02	0.13	0.27	0.25	0.26	0.14	0.44	0.36	0.35
Forecast											-0.0059	-0.3611	-0.2146	-0.1138	-0.086	-0.0745	-0.0582	-0.1722	-0.2252	-0.0208	-0.0631	-0.1075	-0.0869	0.1091	0.0947	0.0066	0.0989	0.268	0.1944	0.2483	0.162	0.3753	0.3201	0.3448	0.1179
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+438.98%	-24.62%	+48.74%	+73.64%	+146.51%	+167.11%	+14.09%	+36.12%	+15.63%	+100.00%	+4.91%	+44.19%	+88.49%	+64.99%	+79.51%	+203.03%	+31.45%	+0.75%	+28.60%	+4.71%	-13.58%	+17.24%	+12.46%	+1.51%	0.00%

SHAK

SHAK fundamentals

SHAK Q1 2026 Earnings Preview

Earnings Call

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SHAK

SHAK fundamentals

SHAK Q1 2026 Earnings Preview

Earnings Call

SHAK Earnings Call Summary for Q1/2026Upcoming8:00 AM on May 7, 2026

SHAK Earnings Call Summary for Q4/20258:00 AM on Feb 26, 2026

SHAK Earnings Call Summary for Q3/20258:00 AM on Oct 30, 2025

SHAK Earnings Call Summary for Q2/20258:00 AM on Jul 31, 2025

SHAK Earnings Call Summary for Q1/20258:00 AM on May 1, 2025

You can ask Aime