Company data sheet · Shake Shack
Shake Shack: growth far beyond its economy.
- Industry
- Eating & Drinking Places
- Headquarters
- United States
- Ticker
- SHAK (NYSE)
- Sources
- SEC filings (2014–2026), Stratrix's verified Decision Cases, market data and official economic statistics for the United States
- Data as of
- October 18, 2026
- From profit to three straight losses. Shake Shack earned $0 billion in 2018–2019. Then it lost money every year from 2020 to 2022: $0.1 billion in all. 2023 was its first profit in four years: $0 billion.
- It outgrew its own economy many times over. Revenue rose from $0.3 billion in 2016 to $1.4 billion in 2025: 5.4 times as much. The US economy, counted the same way in money terms, grew about 60%. Whatever drove it, the economy around it does not account for growth of that size.
- The cycle hit it too. The losses began in 2020, when the US economy shrank 2.1%. Part of the damage came from outside; the test is whether it recovered when the economy did.
- Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 439% in US dollars; the median among 117 large retailers grew 63%. It outgrew 97% of them.
- Leaders came and went. Shake Shack filed 29 leadership changes since 2016, more than 75% of large retailers (the median is 21). The day after each, its shares moved a median 0.3 points against its sector. The news was rarely news.
Financial results
| Fiscal year | Revenue | Net income | |
|---|---|---|---|
| 2016 | $0.3 billion | $0 billion | |
| 2017 | $0.4 billion | −$0 billion | |
| 2018 | $0.5 billion | $0 billion | |
| 2019 | $0.6 billion | $0 billion | |
| 2020 | $0.5 billion | −$0 billion | |
| 2021 | $0.7 billion | −$0 billion | |
| 2022 | $0.9 billion | −$0 billion | |
| 2023 | $1.1 billion | $0 billion | |
| 2024 | $1.3 billion | $0 billion | |
| 2025 | $1.4 billion | $0 billion |
As reported in its annual filings. Losses in red.
Stratrix Decision Cases
The full data sheet · Data Plan
Everything behind these findings, ready for your board deck.
- Market reaction to disclosed decisions: 40 decision filings since 2016, each linked to the SEC, with the share return against its sector and the S&P 500 the next day and the next year (33 with market data).
- Economic context: 7 measures for the United States, every year since 2016, from the official sources.
- Peer comparison: against 224 companies of its size in its sector.
- Financial results: ten years of revenue, operating and net income, and every annual report, linked.
- Methods and sources, so each number can be checked and cited.
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