Company profile
SEC EDGAR ↗- Industry
- Retail-Eating & Drinking Places
- Listed
- NYSE: SHAK
- Headquarters
- New York, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $1.45B
- Net income
- $49.7M
- Total assets
- $1.90B
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Positioning Play · Business Model
Shake Shack Sells a $9 Burger With Fine-Dining DNA. It Still Barely Makes a Dime.
Shake Shack invented its own category — 'fine casual' — and built a $1.25B business on it. But in FY2024 it earned just $3.0M in operating income on that revenue. The premium positioning captured the sales. It hasn't yet captured the margin.
7 min
The Market-Entry Gambit · Growth & Portfolio
Shake Shack Engineered Scarcity and Civic Legitimacy From One Kiosk in Madison Square Park
The folk story is a humble hot dog cart that accidentally became a chain. The real move was sharper: a single kiosk inside Madison Square Park, licensed through a nonprofit conservancy — scarcity and civic legitimacy engineered before the chain was ever admitted to.
7 min
The Market-Entry Gambit · Growth & Portfolio
Shake Shack's Famous Slow-Growth Strategy Was an Accident. Then It Became a Strategy.
The legend says Shake Shack was built density-first, on purpose, to make scarcity sell burgers. The founder says otherwise: expansion 'had not dawned' on him for nearly five years. The restraint was happenstance — and the company has been monetizing the myth of it ever since, on the way to 1,500 stores.
7 min
The Moat Anatomy · Moat & Competition
Shake Shack's Money-Losing Cart Banked the Goodwill Behind a $1.6 Billion IPO Debut
The cart in Madison Square Park lost money for all three years it ran — Danny Meyer later admitted the famous $7,500 profit was made up. Yet by its 2015 IPO the company closed its first day worth $1.6 billion. The moat wasn't the burger. It was the goodwill banked before anyone bought one.
8 min