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
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $1.45B | $49.7M | $1.90B |
| FY2024 | $1.25B | $10.8M | $1.70B |
| FY2023 | $1.09B | $21.0M | $1.61B |
| FY2022 | $900.5M | −$23.1M | $1.51B |
| FY2021 | $739.9M | −$6.02M | $1.47B |
| FY2020 | $522.9M | −$42.2M | $1.15B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
One verified Decision Record on Shake Shack, and the casebook each one belongs to.
| Fork date | Decision type | What Shake Shack chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2008 | Market-Entry Gambit | Open a second location | raised full-year guidance to 60–65 new company-operated units toward a roughly 1,500-restaurant U.S. target (2026) | Read the story → | Market-Entry Gambit Casebook → |
Run one of these yourself
The decisions Shake Shack faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Market EntryHow fast can this actually be done?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →Business ModelThe Pricing Model ChangeWhat does changing how you charge cost before it starts paying?See the pack →
The analyses
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
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