# EDGAR Filing Document

**Accession Number:** 0001620533
**File Stem:** 0001620533-25-000072
**Filing Date:** 2025-10
**Character Count:** 54573
**Document Hash:** 29de5c0b68d97c5babce79a20066ecef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001620533-25-000072.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001620533-25-000072

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Shake Shack Inc.
- **CENTRAL INDEX KEY:** 0001620533
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 471941186
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36823
- **FILM NUMBER:** 251432147

**BUSINESS ADDRESS:**
- **STREET 1:** 225 VARICK STREET
- **STREET 2:** SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014
- **BUSINESS PHONE:** (646) 747-7200

**MAIL ADDRESS:**
- **STREET 1:** 225 VARICK STREET
- **STREET 2:** SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014

?xml version='1.0' encoding='ASCII'? shak-20251030

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**October 30, 2025**

Date of Report (Date of earliest event reported)

![shak-img_shakeshacklogoa16.jpg](shak-20251030_g1.jpg)

**SHAKE SHACK INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36823** | **47-1941186** |
| (State or other jurisdiction of<br>incorporation or organization) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **225 Varick Street** | **225 Varick Street** | **225 Varick Street** | **225 Varick Street** |
| **Suite 301** | **Suite 301** | **Suite 301** | **Suite 301** |
| | **New York,** | **New York** | **10014** |
| | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**(646) 747-7200** 

(Registrant's telephone number, including area code)

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Class A Common Stock, par value $0.001 | SHAK | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On October 30, 2025, Shake Shack Inc. (the "Company") issued a press release and shareholder letter announcing its financial results for the fiscal third quarter ended September 24, 2025. The full text of the press release and shareholder letter are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

**Item 7.01 Regulation FD Disclosure.**

On October 30, 2025, in addition to issuing a press release, the Company issued a shareholder letter for its fiscal third quarter ended September 24, 2025 on its website at investor.shakeshack.com. The shareholder letter is furnished as Exhibit 99.2 to this Current Report on Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits.</u>

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| <u>[99.1](shak-20251030_exhibit991.htm)</u> | <u>[Press release dated October 30, 2025 announcing financial results for the fiscal](shak-20251030_exhibit991.htm)[third](shak-20251030_exhibit991.htm)[quarter ended September 24, 2025.](shak-20251030_exhibit991.htm)</u> (furnished only) |
| <u>[99.2](a3q25shareholderletter-f.htm)</u> | <u>[Shareholder letter dated October 30, 2025.](a3q25shareholderletter-f.htm)</u> (furnished only) |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Shake Shack Inc.** | **Shake Shack Inc.** |
| | (Registrant) | (Registrant) |
| | By: | /s/ Katherine I. Fogertey |
| | | Katherine I. Fogertey |
| Date: October 30, 2025 |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![shak-img_shakeshacklogoa16a.jpg](shak-img_shakeshacklogoa16a.jpg)

**Shake Shack Announces Third Quarter 2025 Financial Results**

**▪ Total revenue** of $367.4 million, up 15.9% versus 2024, including $352.8 million of **Shack sales** and $14.6 million of **Licensing revenue.**

**▪ System-wide sales** of $571.5 million, up 15.4% versus 2024.

**▪ Same-Shack sales** up 4.9% versus 2024.

**▪ Operating income** of $18.5 million versus operating loss of $18.0 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Restaurant-level profit**<sup>(1)</sup> of $80.6 million, or 22.8% of Shack sales.

**▪ Net income** of $13.7 million versus net loss of $11.1 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA**<sup>(1)</sup> of $54.1 million, up 18.2% versus 2024.

**▪ Net income attributable to Shake Shack Inc.** of $12.5 million, or earnings of $0.30 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted pro forma net income**<sup>(1)</sup> of $15.9 million, or earnings of $0.36 per fully exchanged and diluted share.

▪ Opened 13 new Company-operated Shacks and seven new licensed Shacks.

NEW YORK, NY (Business Wire) — October 30, 2025 — **Shake Shack Inc.** ("Shake Shack" or the "Company") (NYSE: SHAK) has posted its results for the third quarter of 2025 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: <u>[Q](a3q25shareholderletter-f.htm)[3](a3q25shareholderletter-f.htm)[2025 Shake Shack Shareholder Letter](a3q25shareholderletter-f.htm)[.](a3q25shareholderletter-f.htm)</u>

Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Robert Lynch, Chief Executive Officer, and Katherine Fogertey, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until November 6, 2025 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13756073.

The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.

*(1)Restaurant-level profit, Adjusted EBITDA and Adjusted pro forma net income are non-GAAP measures. A reconciliation to the most directly comparable financial measures presented in accordance with GAAP is set forth in the schedules accompanying this release. See "Non-GAAP Financial Measures" below.* 

------

**Exhibit 99.1**

**About Shake Shack**

Shake Shack serves elevated versions of American classics using only the best ingredients. It's known for its delicious made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal. Shake Shack's purpose is to Stand For Something Good®, from its premium ingredients and employee development, to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC's Madison Square Park, the Company has expanded to over 630 locations system-wide, including over 405 in 34 U.S. States and the District of Columbia, and over 225 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

Skip the line with the **Shack App**, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android.

**Media:**

Meg Davis, Shake Shack

mcastranova@shakeshack.com

**Investor Relations:**

Alison Sternberg, Head of Investor Relations

(844) SHACK-04 (844-742-2504)

investor@shakeshack.com

**Definitions**

The following definitions apply to these terms as used in this release:

"Shack sales" is defined as the aggregate sales of food, beverages, gift card breakage income and Shake Shack branded merchandise at Company-operated Shacks and excludes sales from licensed Shacks.

"System-wide sales" is an operating measure and consists of sales from Company-operated Shacks and licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from licensed Shacks, as well as certain up-front fees, such as territory fees, opening fees, and termination fees.

"Same-Shack sales" represents Shack sales for the comparable Shack base, which is defined as the number of Company-operated Shacks open for 24 full fiscal months or longer. For consecutive days that Shacks were temporarily closed, the comparative period was also adjusted.

"Restaurant-level profit," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.

"Restaurant-level profit margin," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses as a percentage of Shack sales.

"EBITDA," a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense, and Depreciation and amortization expense.

"Adjusted EBITDA," a non-GAAP measure, is defined as EBITDA (as defined above), excluding equity-based compensation expense, Impairments, loss on disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.

"Adjusted pro forma net income," a non-GAAP measure, represents Net income attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly reflected to its core operations and may not be indicative of its recurring business operations.

------

**Exhibit 99.1**

**SHAKE SHACK INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
| | **September 24<br>2025** | **December 25<br>2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| Cash and cash equivalents | $357757 | $320714 |
| Accounts receivable, net | 20612 | 19687 |
| Inventories | 6311 | 6014 |
| Prepaid expenses and other current assets | 30097 | 21801 |
| Total current assets | 414777 | 368216 |
| Property and equipment, net of accumulated depreciation of $529,577 and $457,186, respectively. | 598092 | 551600 |
| Operating lease assets | 468087 | 424611 |
| Deferred income taxes, net | 334978 | 341586 |
| Other assets | 11251 | 10958 |
| **TOTAL ASSETS** | $1827185 | $1696971 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $23562 | $23609 |
| Accrued expenses | 93945 | 63005 |
| Accrued wages and related liabilities | 25946 | 25422 |
| Operating lease liabilities, current | 60671 | 55739 |
| Other current liabilities | 21226 | 19538 |
| Total current liabilities | 225350 | 187313 |
| Long-term debt | 247469 | 246683 |
| Long-term operating lease liabilities | 540248 | 494499 |
| Liabilities under tax receivable agreement, net of current portion | 247825 | 247017 |
| Other long-term liabilities | 31056 | 27833 |
| Total liabilities | 1291948 | 1203345 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of September 24, 2025 and December 25, 2024. |  |  |
| Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,253,444 and <br>40,068,068 shares issued and outstanding as of September 24, 2025 and December 25, 2024, respectively. | 40 | 40 |
| Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,434,789 and <br>2,455,713 shares issued and outstanding as of September 24, 2025 and December 25, 2024, respectively. | 2 | 2 |
| Additional paid-in capital | 448096 | 442993 |
| Retained earnings | 60878 | 26984 |
| Accumulated other comprehensive loss | (1) | (1) |
| Total stockholders' equity attributable to Shake Shack Inc. | 509015 | 470018 |
| Non-controlling interests | 26222 | 23608 |
| Total equity | 535237 | 493626 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $1827185 | $1696971 |

---

------

**Exhibit 99.1**

**SHAKE SHACK INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)** 

**(UNAUDITED)**

(in thousands, except per share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
| | **September 24<br>2025** | **September 24<br>2025** | **September 25<br>2024** | **September 25<br>2024** | **September 24<br>2025** | **September 24<br>2025** | **September 25<br>2024** | **September 25<br>2024** |
| Shack sales | $352846 | 96.0% | $304897 | 96.2% | $1005908 | 96.3% | $890929 | 96.4% |
| Licensing revenue | 14565 | 4.0% | 12027 | 3.8% | 38867 | 3.7% | 32995 | 3.6% |
| **TOTAL REVENUE** | 367411 | 100.0% | 316924 | 100.0% | 1044775 | 100.0% | 923924 | 100.0% |
| Shack-level operating expenses<sup>(1)</sup>: |  |  |  |  |  |  |  |  |
| Food and paper costs | 103461 | 29.3% | 86056 | 28.2% | 286119 | 28.4% | 251362 | 28.2% |
| Labor and related expenses | 88033 | 24.9% | 85523 | 28.0% | 262759 | 26.1% | 253646 | 28.5% |
| Other operating expenses | 53779 | 15.2% | 45564 | 14.9% | 152809 | 15.2% | 131373 | 14.7% |
| Occupancy and related expenses | 26995 | 7.7% | 23608 | 7.7% | 77219 | 7.7% | 69022 | 7.7% |
| General and administrative expenses | 44381 | 12.1% | 35691 | 11.3% | 125692 | 12.0% | 107948 | 11.7% |
| Depreciation and amortization expense | 27079 | 7.4% | 25722 | 8.1% | 80167 | 7.7% | 76659 | 8.3% |
| Pre-opening costs | 4625 | 1.3% | 3662 | 1.2% | 12798 | 1.2% | 10429 | 1.1% |
| Impairments, loss on disposal of assets, and Shack closures | 510 | 0.1% | 29086 | 9.2% | 3448 | 0.3% | 30657 | 3.3% |
| **TOTAL EXPENSES** | 348863 | 95.0% | 334912 | 105.7% | 1001011 | 95.8% | 931096 | 100.8% |
| **INCOME (LOSS) FROM OPERATIONS** | 18548 | 5.0% | (17988) | (5.7)% | 43764 | 4.2% | (7172) | (0.8)% |
| Other income, net | 3103 | 0.8% | 3504 | 1.1% | 8924 | 0.9% | 10010 | 1.1% |
| Interest expense | (504) | (0.1)% | (498) | (0.2)% | (1615) | (0.2)% | (1533) | (0.2)% |
| **INCOME (LOSS) BEFORE INCOME TAXES** | 21147 | 5.8% | (14982) | (4.7)% | 51073 | 4.9% | 1305 | 0.1% |
| Income tax expense (benefit) | 7436 | 2.0% | (3873) | (1.2)% | 14366 | 1.4% | (182) | —% |
| **NET INCOME (LOSS)** | 13711 | 3.7% | (11109) | (3.5)% | 36707 | 3.5% | 1487 | 0.2% |
| Less: Net income (loss) attributable to non-controlling interests | 1210 | 0.3% | (898) | (0.3)% | 2813 | 0.3% | (10) | —% |
| **NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC.** | $12501 | 3.4% | $(10211) | (3.2)% | $33894 | 3.2% | $1497 | 0.2% |
| Earnings (Loss) per share of Class A common stock: |  |  |  |  |  |  |  |  |
| Basic | $0.31 |  | $(0.26) |  | $0.84 |  | $0.04 |  |
| Diluted | $0.30 |  | $(0.26) |  | $0.81 |  | $0.03 |  |
| Weighted-average shares of Class A common stock outstanding: |  |  |  |  |  |  |  |  |
| Basic | 40250 |  | 40010 |  | 40199 |  | 39758 |  |
| Diluted | 41874 |  | 40010 |  | 41852 |  | 44163 |  |

---

*(1)As a percentage of Shack sales.*

------

**Exhibit 99.1**

**SHAKE SHACK INC.** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
| | **September 24<br>2025** | **September 25<br>2024** |
| **OPERATING ACTIVITIES** | | |
| Net income (including amounts attributable to non-controlling interests) | $36707 | $1487 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation and amortization expense | 80167 | 76659 |
| Amortization of debt issuance costs | 786 | 786 |
| Amortization of cloud computing assets | 1676 | 1577 |
| Non-cash operating lease cost | 64489 | 57484 |
| Equity-based compensation | 14173 | 11539 |
| Deferred income taxes | 9238 | (4122) |
| Non-cash interest | 31 | (123) |
| Net amortization of discount on held-to-maturity securities |  | (440) |
| Impairments, loss on disposal of assets, and Shack closures | 3448 | 28703 |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | (925) | 104 |
| Inventories | (297) | 258 |
| Prepaid expenses and other current assets | (4134) | (3781) |
| Other assets | (4634) | (2489) |
| Accounts payable | (610) | (3907) |
| Accrued expenses | 22078 | 10123 |
| Accrued wages and related liabilities | 524 | 1016 |
| Other current liabilities | (1377) | (1385) |
| Operating lease liabilities | (65713) | (49159) |
| Other long-term liabilities | 3592 | 1742 |
| **NET CASH PROVIDED BY OPERATING ACTIVITIES** | 159219 | 126072 |
| **INVESTING ACTIVITIES** |  |  |
| Purchases of property and equipment | (106697) | (100801) |
| Maturities of held-to-maturity marketable securities |  | 69420 |
| **NET CASH USED IN INVESTING ACTIVITIES** | (106697) | (31381) |
| **FINANCING ACTIVITIES** |  |  |
| Payments on principal of finance leases | (4013) | (2921) |
| Deferred financing costs | (10) |  |
| Distributions paid to non-controlling interest holders | (1758) | (208) |
| Payments under tax receivable agreement | (37) |  |
| Net proceeds from stock option exercises | 123 | 795 |
| Employee withholding taxes related to net settled equity awards | (9784) | (6146) |
| **NET CASH USED IN FINANCING ACTIVITIES** | (15479) | (8480) |
| Effect of exchange rate changes on cash and cash equivalents |  | 1 |
| **INCREASE IN CASH AND CASH EQUIVALENTS** | 37043 | 86212 |
| **CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD** | 320714 | 224653 |
| **CASH AND CASH EQUIVALENTS AT END OF PERIOD** | $357757 | $310865 |

---

------

**Exhibit 99.1**

**SHAKE SHACK INC.**

**NON-GAAP FINANCIAL MEASURES**

**(UNAUDITED)**

To supplement the condensed consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company uses the following non-GAAP financial measures: Restaurant-level profit, Restaurant-level profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share (collectively the "non-GAAP financial measures").

**Restaurant-Level Profit**

Restaurant-level profit is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.

***How This Measure Is Useful***

When used in conjunction with GAAP financial measures, Restaurant-level profit and Restaurant-level profit margin are supplemental measures of operating performance that the Company believes are useful measures to evaluate the performance and profitability of its Shacks. Additionally, Restaurant-level profit and Restaurant-level profit margin are key metrics used internally by management to develop internal budgets and forecasts, as well as assess the performance of its Shacks relative to budget and against prior periods. It is also used to evaluate employee compensation as it serves as a metric in certain performance-based employee bonus arrangements. The Company believes presentation of Restaurant-level profit and Restaurant-level profit margin provides investors with a supplemental view of its operating performance that can provide meaningful insights to the underlying operating performance of the Shacks, as these measures depict the operating results that are directly impacted by the Shacks and exclude items that may not be indicative of, or are unrelated to, the ongoing operations of the Shacks. It may also assist investors to evaluate the Company's performance relative to peers of various sizes and maturities and provides greater transparency with respect to how management evaluates the business, as well as the financial and operational decision-making.

***Limitations of the Usefulness of this Measure***

Restaurant-level profit and Restaurant-level profit margin may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Restaurant-level profit and Restaurant-level profit margin is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Restaurant-level profit excludes certain costs, such as General and administrative expenses and Pre-opening costs, which are considered normal, recurring cash operating expenses and are essential to support the operation and development of the Company's Shacks. Therefore, this measure may not provide a complete understanding of the Company's operating results as a whole and Restaurant-level profit and Restaurant-level profit margin should be reviewed in conjunction with the Company's GAAP financial results.

------

**Exhibit 99.1**

A reconciliation of Restaurant-level profit to Income (loss) from operations, the most directly comparable GAAP financial measure, is set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
|<br>*(dollar amounts in thousands)* | **September 24<br>2025** | **September 25<br>2024** | **September 24<br>2025** | **September 25<br>2024** |
| Income (loss) from operations | $18548 | $(17988) | $43764 | $(7172) |
| Less: |  |  |  |  |
| Licensing revenue | 14565 | 12027 | 38867 | 32995 |
| Add: |  |  |  |  |
| General and administrative expenses | 44381 | 35691 | 125692 | 107948 |
| Depreciation and amortization expense | 27079 | 25722 | 80167 | 76659 |
| Pre-opening costs | 4625 | 3662 | 12798 | 10429 |
| Impairments, loss on disposal of assets, and Shack closures | 510 | 29086 | 3448 | 30657 |
| Adjustment: |  |  |  |  |
| Employee benefit charges<sup>(1)</sup> |  | 8 |  | 453 |
| Restaurant-level profit | $80578 | $64154 | $227002 | $185979 |
| Total revenue | $367411 | $316924 | $1044775 | $923924 |
| Less: Licensing revenue | 14565 | 12027 | 38867 | 32995 |
| Shack sales | $352846 | $304897 | $1005908 | $890929 |
| Restaurant-level profit margin<sup>(2)</sup> | 22.8% | 21.0% | 22.6% | 20.9% |

---

*(1)Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.*

*(2)As a percentage of Shack sales.*

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**Exhibit 99.1**

**SHAKE SHACK INC.**

**NON-GAAP FINANCIAL MEASURES**

**(UNAUDITED)**

**EBITDA and Adjusted EBITDA**

EBITDA, a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense and Depreciation and amortization expense. Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA excluding equity-based compensation expense, Impairments, loss on the disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.

**How These Measures Are Useful**

When used in conjunction with GAAP financial measures, EBITDA and adjusted EBITDA are supplemental measures of operating performance that the Company believes are useful measures to facilitate comparisons to historical performance and competitors' operating results. Adjusted EBITDA is a key metric used internally by management to develop internal budgets and forecasts and also serves as a metric in its performance-based equity incentive programs and certain bonus arrangements. The Company believes presentation of EBITDA and adjusted EBITDA provides investors with a supplemental view of the Company's operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company's ongoing operating performance.

**Limitations of the Usefulness of These Measures**

EBITDA and adjusted EBITDA may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of EBITDA and adjusted EBITDA is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company's performance and should be reviewed in conjunction with the GAAP financial measures.

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**Exhibit 99.1**

A reconciliation of EBITDA and adjusted EBITDA to Net income (loss), the most directly comparable GAAP measure, is set forth below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
|<br>*(dollar amounts in thousands)* | **September 24<br>2025** | **September 24<br>2025** | **September 25<br>2024** | **September 24<br>2025** | **September 25<br>2024** |
| Net income (loss) | $| 13711 | (11109) | 36707 | 1487 |
| Depreciation and amortization expense | 27079 | 27079 | 25722 | 80167 | 76659 |
| Interest expense, net | 472 | 472 | 442 | 1495 | 810 |
| Income tax expense (benefit) | 7436 | 7436 | (3873) | 14366 | (182) |
| **EBITDA** | $| 48698 | 11182 | 132735 | 78774 |
| Equity-based compensation | 4423 | 4423 | 4158 | 14173 | 11539 |
| Amortization of cloud-based software implementation costs | 510 | 510 | 529 | 1676 | 1577 |
| Impairments, loss on disposal of assets, and Shack closures | 510 | 510 | 29086 | 3448 | 30657 |
| Legal settlements<sup>(1)</sup> |  |  |  | 983 |  |
| Severance |  |  |  | 379 |  |
| Restatement costs<sup>(2)</sup> |  |  | 1 | 354 | 1600 |
| CEO transition costs |  |  | 53 | 35 | 641 |
| Employee benefit charges<sup>(3)</sup> |  |  | 8 |  | 453 |
| Other<sup>(4)</sup> |  |  | 774 | 3 | 3644 |
| **Adjusted EBITDA** | $| 54141 | 45791 | 153786 | 128885 |
| **Adjusted EBITDA margin**<sup>(5)</sup> | 14.7% | 14.7% | 14.4% | 14.7% | 13.9% |

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*(1)Expenses incurred to establish accruals related to the settlements of legal matters.*

*(2)Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.*

*(3)Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.*

*(4)Expenses incurred for professional fees related to non-recurring matters.*

*(5)Calculated as a percentage of Total revenue, which was $367.4 million and $1,044.8 million for the thirteen and thirty-nine weeks ended September 24, 2025, respectively, and $316.9 million and $923.9 million for the thirteen and thirty-nine weeks ended September 25, 2024, respectively.*

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**Exhibit 99.1**

**SHAKE SHACK INC.**

**NON-GAAP FINANCIAL MEASURES**

**(UNAUDITED)**

***Adjusted Pro Forma Net Income and Adjusted Pro Forma Earnings Per Fully Exchanged and Diluted Share***

Adjusted pro forma net income represents Net income (loss) attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly related to its core operations and may not be indicative of recurring business operations. Adjusted pro forma earnings per fully exchanged and diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Interests, after giving effect to the dilutive effect of outstanding equity-based awards.

***How These Measures Are Useful***

When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding LLC Interests, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in Net income (loss) attributable to Shake Shack Inc. driven by increases in its ownership of SSE Holdings, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.

***Limitations of the Usefulness of These Measures***

Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should not be considered alternatives to Net income (loss) and earnings (loss) per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the Net income (loss) attributable to Shake Shack Inc. Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should be evaluated in conjunction with GAAP financial results.

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**Exhibit 99.1**

A reconciliation of adjusted pro forma net income to Net income (loss) attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully exchanged and diluted share are set forth below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
|<br>*(in thousands, except per share amounts)* | **September 24<br>2025** | **September 25<br>2024** | **September 24<br>2025** | **September 25<br>2024** |
| Numerator: |  |  |  |  |
| Net income (loss) attributable to Shake Shack Inc. | $12501 | $(10211) | $33894 | $1497 |
| Adjustments: |  |  |  |  |
| Reallocation of Net income (loss) attributable to non-controlling interests from the assumed exchange of LLC Interests<sup>(1)</sup> | 1210 | (898) | 2813 | (10) |
| Impairment charge and Shack closures<sup>(2)</sup> | (44) | 28157 | 1904 | 28157 |
| Legal settlements<sup>(3)</sup> |  |  | 983 |  |
| Severance |  |  | 379 |  |
| Restatement costs<sup>(4)</sup> |  | 1 | 354 | 1600 |
| CEO transition costs |  | 53 | 35 | 641 |
| Employee benefit charges<sup>(5)</sup> |  | 8 |  | 453 |
| Other<sup>(6)</sup> |  | 774 | 3 | 3644 |
| Tax impact of above adjustments<sup>(7)</sup> | 2187 | (6725) | 1363 | (7054) |
| Adjusted pro forma net income | $15854 | $11159 | $41728 | $28928 |
| Denominator: |  |  |  |  |
| Weighted average shares of Class A common stock outstanding—diluted | 41874 | 40010 | 41852 | 44163 |
| Adjustments: |  |  |  |  |
| Assumed exchange of weighted average LLC Interests for shares of Class A common stock<sup>(1)</sup> | 2437 | 2466 | 2443 |  |
| Dilutive effect of equity awards |  | 278 |  |  |
| Dilutive effect of convertible notes |  | 1467 |  |  |
| Adjusted pro forma fully exchanged weighted average shares of Class A common stock outstanding—diluted | 44311 | 44221 | 44295 | 44163 |
| Adjusted pro forma earnings per fully exchanged share—diluted | $0.36 | $0.25 | $0.94 | $0.66 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
| | **September 24<br>2025** | **September 25<br>2024** | **September 24<br>2025** | **September 25<br>2024** |
| Earnings (loss) per share of Class A common stock—diluted | $0.30 | $(0.26) | $0.81 | $0.03 |
| Assumed exchange of weighted average LLC Interests for shares of Class A common stock<sup>(1)</sup> | 0.01 |  | 0.02 |  |
| Non-GAAP adjustments<sup>(8)</sup> | 0.05 | 0.52 | 0.11 | 0.63 |
| Dilutive effect of convertible notes |  | (0.01) |  |  |
| Adjusted pro forma earnings per fully exchanged share—diluted | $0.36 | $0.25 | $0.94 | $0.66 |

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*(1)Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income (loss) attributable to non-controlling interests.*

*(2)Expenses incurred related to Shack closures during fiscal 2024 and fiscal 2025 and impairment expenses incurred during fiscal 2025.*

*(3)Expenses incurred to establish accruals related to the settlements of legal matters.*

*(4)Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.*

*(5)Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.*

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**Exhibit 99.1**

*(6)Expenses incurred for professional fees related to non-recurring matters.*

*(7)Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 24.9% and 23.8% for the thirteen and thirty-nine weeks ended September 24, 2025, respectively, and 20.4% and 19.2% for the thirteen and thirty-nine weeks ended September 25, 2024, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction.*

*(8)Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above, for additional information.*

## Exhibit 99.2

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• • • • • • • • • • • • • • (6) INVEST IN OUR FUTURE & LONG-TERM STRATEGIC CAPABILITIES (5) ACCELERATE OUR LICENSED BUSINESS (4) BUILD AND OPERATE OUR SHACKS WITH BEST-IN-CLASS RETURNS (3) DRIVE COMP SALES BY INCREASING GUEST FREQUENCY (1) BUILD A CULTURE OF LEADERS (2) OPTIMIZE RESTAURANT OPERATIONS

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Location Type Opening Date Atlanta, GA — The Battery Company-operated 6/28/2025 Reston, VA — Reston Town Center Company-operated 7/15/2025 Tel Aviv, Israel — Port Licensed 7/16/2025 New York, NY — Rockefeller Center Company-operated 7/17/2025 Bangkok, Thailand — Suvarnabhumi Airport Licensed 7/18/2025 Osaka, Japan — Rinku Premium Outlet Licensed 7/21/2025 Barnstable, MA — Hyannis Company-operated 7/29/2025 Irvine, CA — Tustin Market Place Company-operated 8/7/2025 Selangor, Malaysia — Kuala Lumpur International Airport, Terminal 2 Licensed 8/8/2025 Orlando, FL — Waterford Lakes Company-operated 8/12/2025 Bronx, NY — Broadway Plaza Riverdale Company-operated 8/14/2025 Mississauga, Canada — Square One Licensed 8/19/2025 Manila, Philippines — Green Hills Licensed 9/1/2025 Narita, Japan — Narita Airport T1 Licensed 9/11/2025 Fairfax, VA — Kamp Washington Company-operated 9/16/2025 Short Pump, VA — Short Pump Company-operated 9/16/2025 Rochester, NY — Greece Company-operated 9/17/2025 Jacksonville Beach, FL — South Beach Regional Company-operated 9/23/2025 Merriam, KS — Merriam Grand Station Company-operated 9/23/2025 Sunnyside, NY — Sunnyside Company-operated 9/24/2025 September 24, 2025 September 25, 2024 Shacks in the comparable base 268 227 Shack counts (at the end of the period) System-wide total 630 552 Company-operated 359 310 Licensed total 271 242 Domestic Licensed 46 42 International Licensed 225 200 Thirteen Weeks Ended

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September 24, December 25, 2025 2024 ASSETS Current assets: Cash and cash equivalents 357,757$320,714$ Accounts receivable, net 20,612 19,687 Inventories 6,311 6,014 Prepaid expenses and other current assets 30,097 21,801 Total current assets 414,777 368,216 Property and equipment, net of accumulated depreciation of $529,577 and $457,186 respectively. 598,092 551,600 Operating lease assets 468,087 424,611 Deferred income taxes, net 334,978 341,586 Other assets 11,251 10,958 TOTAL ASSETS 1,827,185$1,696,971$ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 23,562$23,609$ Accrued expenses 93,945 63,005 Accrued wages and related liabilities 25,946 25,422 Operating lease liabilities, current 60,671 55,739 Other current liabilities 21,226 19,538 Total current liabilities 225,350 187,313 Long-term debt 247,469 246,683 Long-term operating lease liabilities 540,248 494,499 Liabilities under tax receivable agreement, net of current portion 247,825 247,017 Other long-term liabilities 31,056 27,833 Total liabilities 1,291,948 1,203,345 Commitments and contingencies Stockholders' equity: Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of September 24, 2025 and December 25, 2024. - - Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,253,444 and 40,068,068 shares issued and outstanding as of September 24, 2025 and December 25, 2024, respectively. 40 40 Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,434,789 and 2,455,713 shares issued and outstanding as of September 24, 2025 and December 25, 2024, respectively. 2 2 Additional paid-in capital 448,096 442,993 Retained earnings 60,878 26,984 Accumulated other comprehensive loss (1) (1) Total stockholders' equity attributable to Shake Shack, Inc. 509,015 470,018 Non-controlling interests 26,222 23,608 Total equity 535,237 493,626 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,827,185$1,696,971$(in thousands, except share and per share amounts)

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Shack sales 352,846$96.0% 304,897$96.2% 1,005,908$96.3% 890,929$96.4% Licensing revenue 14,565 4.0% 12,027 3.8% 38,867 3.7% 32,995 3.6% TOTAL REVENUE 367,411 100.0% 316,924 100.0% 1,044,775 100.0% 923,924 100.0% Shack-level operating expenses(1): Food and paper costs 103,461 29.3% 86,056 28.2% 286,119 28.4% 251,362 28.2% Labor and related expenses 88,033 24.9% 85,523 28.0% 262,759 26.1% 253,646 28.5% Other operating expenses 53,779 15.2% 45,564 14.9% 152,809 15.2% 131,373 14.7% Occupancy and related expenses 26,995 7.7% 23,608 7.7% 77,219 7.7% 69,022 7.7% General and administrative expenses 44,381 12.1% 35,691 11.3% 125,692 12.0% 107,948 11.7% Depreciation and amortization expense 27,079 7.4% 25,722 8.1% 80,167 7.7% 76,659 8.3% Pre-opening costs 4,625 1.3% 3,662 1.2% 12,798 1.2% 10,429 1.1% Impairments, loss on disposal of assets, and Shack closures 510 0.1% 29,086 9.2% 3,448 0.3% 30,657 3.3% TOTAL EXPENSES 348,863 95.0% 334,912 105.7% 1,001,011 95.8% 931,096 100.8% INCOME (LOSS) FROM OPERATIONS 18,548 5.0% (17,988) (5.7)% 43,764 4.2% (7,172) (0.8)% Other income, net 3,103 0.8% 3,504 1.1% 8,924 0.9% 10,010 1.1% Interest expense (504) (0.1)% (498) (0.2)% (1,615) (0.2)% (1,533) (0.2)% INCOME (LOSS) BEFORE INCOME TAXES 21,147 5.8% (14,982) (4.7)% 51,073 4.9% 1,305 0.1% Income tax expense (benefit) 7,436 2.0% (3,873) (1.2)% 14,366 1.4% (182) 0.0% NET INCOME (LOSS) 13,711 3.7% (11,109) (3.5)% 36,707 3.5% 1,487 0.2% Less: Net income (loss) attributable to non-controlling interests 1,210 0.3% (898) (0.3)% 2,813 0.3% (10) 0.0% NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC. 12,501$3.4% (10,211)$(3.2)% 33,894$3.2% 1,497$0.2% Earnings (Loss) per share of Class A common stock: Basic $0.31 $(0.26) $0.84 $0.04 Diluted $0.30 $(0.26) $0.81 $0.03 Weighted-average shares of Class A common stock outstanding: Basic 40,250 40,010 40,199 39,758 Diluted 41,874 40,010 41,852 44,163 _______________ September 25, September 25, Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands, except per share amounts) 2025 2024 2025 2024 (1) As a percentage of Shack sales. September 24, September 24,

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September 24, September 25, 2025 2024 OPERATING ACTIVITIES Net income (including amounts attributable to non-controlling interests) 36,707$1,487$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 80,167 76,659 Amortization of debt issuance costs 786 786 Amortization of cloud computing assets 1,676 1,577 Non-cash operating lease cost 64,489 57,484 Equity-based compensation 14,173 11,539 Deferred income taxes 9,238 (4,122) Non-cash interest 31 (123) Net amortization of discount on held-to-maturity securities - (440) Impairment, loss on disposal of assets, and Shack closures 3,448 28,703 Changes in operating assets and liabilities: Accounts receivable (925) 104 Inventories (297) 258 Prepaid expenses and other current assets (4,134) (3,781) Other assets (4,634) (2,489) Accounts payable (610) (3,907) Accrued expenses 22,078 10,123 Accrued wages and related liabilities 524 1,016 Other current liabilities (1,377) (1,385) Operating lease liabilities (65,713) (49,159) Other long-term liabilities 3,592 1,742 NET CASH PROVIDED BY OPERATING ACTIVITIES 159,219 126,072 INVESTING ACTIVITIES Purchases of property and equipment (106,697) (100,801) Maturities of held-to-maturity marketable securities - 69,420 NET CASH USED IN INVESTING ACTIVITIES (106,697) (31,381) FINANCING ACTIVITIES Payments on principal of financing leases (4,013) (2,921) Deferred financing costs (10) - Distributions paid to non-controlling interest holders (1,758) (208) Payments under Tax Receivable Agreement (37) - Net proceeds from stock option exercises 123 795 Employee withholding taxes related to net settled equity awards (9,784) (6,146) NET CASH USED IN FINANCING ACTIVITIES (15,479) (8,480) Effect of exchange rate changes on cash and cash equivalents - 1 INCREASE IN CASH AND CASH EQUIVALENTS 37,043 86,212 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 320,714 224,653 CASH AND CASH EQUIVALENTS AT END OF PERIOD 357,757$310,865$ Thirty-Nine Weeks Ended

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(dollar amounts in thousands) September 24, 2025 September 25, 2024 September 24, 2025 September 25, 2024 Income (loss) from operations 18,548$(17,988)$43,764$(7,172)$ Less: Licensing revenue 14,565 12,027 38,867 32,995 Add: General and administrative expenses 44,381 35,691 125,692 107,948 Depreciation and amortization expense 27,079 25,722 80,167 76,659 Pre-opening costs 4,625 3,662 12,798 10,429 Impairments, loss on disposal of assets, and Shack closures 510 29,086 3,448 30,657 Adjustment: Employee benefit charges(1) - 8 - 453 Restaurant-level profit 80,578$64,154$227,002$185,979$ Total revenue 367,411$316,924$1,044,775$923,924$ Less: Licensing revenue 14,565 12,027 38,867 32,995 Shack sales 352,846$304,897$1,005,908$890,929$ Restaurant-level profit margin(2) 22.8% 21.0% 22.6% 20.9% (1) (2) As a percentage of Shack sales. Thirteen Weeks Ended Thirty-Nine Weeks Ended Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.

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(dollar amounts in thousands) September 24, 2025 September 25, 2024 September 24, 2025 September 25, 2024 Net income (loss) 13,711$(11,109)$36,707$1,487$ Depreciation and amortization expense 27,079 25,722 80,167 76,659 Interest expense, net 472 442 1,495 810 Income tax expense (benefit) 7,436 (3,873) 14,366 (182) EBITDA 48,698$11,182$132,735$78,774$ Equity-based compensation 4,423 4,158 14,173 11,539 Amortization of cloud-based software implementation costs 510 529 1,676 1,577 Impairments, loss on disposal of assets, and Shack closures 510 29,086 3,448 30,657 Legal settlements(1) - - 983 - Severance - - 379 - Restatement costs(2) - 1 354 1,600 CEO transition costs - 53 35 641 Employee benefit charges(3) - 8 - 453 Other(4) - 774 3 3,644 Adjusted EBITDA 54,141$45,791$153,786$128,885$ Adjusted EBITDA margin (5) 14.7% 14.4% 14.7% 13.9% (1) (2) (3) (4) (5) Calculated as a percentage of Total revenue, which was $367.4 million and $1,044.8 million for the thirteen and thirty-nine weeks ended September 24, 2025, respectively, and $316.9 million and $923.9 million for the thirteen and thirty-nine weeks ended September 25, 2024, respectively. Expenses incurred for professional fees related to non-recurring matters. Thirteen Weeks Ended Thirty-Nine Weeks Ended Expenses incurred to establish accruals related to the settlements of legal matters. Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K. Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.

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(in thousands, except per share amounts) September 24, 2025 September 25, 2024 September 24, 2025 September 25, 2024 Numerator: Net income (loss) attributable to Shake Shack Inc. 12,501$(10,211)$33,894$1,497$ Adjustments: Reallocation of Net income attributable to non-controlling interests from the assumed exchange of LLC Interests(1) 1,210 (898) 2,813 (10) Impairment charge and Shack closures(2) (44) 28,157 1,904 28,157 Legal settlements(3) - - 983 - Severance - - 379 - Restatement costs(4) - 1 354 1,600 CEO transition costs - 53 35 641 Employee benefit charges(5) - 8 - 453 Other(6) - 774 3 3,644 Tax impact of above adjustments(7) 2,187 (6,725) 1,363 (7,054) Adjusted pro forma net income 15,854$11,159$41,728$28,928$ Denominator: Weighted-average shares of Class A common stock outstanding—diluted 41,874 40,010 41,852 44,163 Adjustments: Assumed exchange of LLC Interests for shares of Class A common stock(1) 2,437 2,466 2,443 - Dilutive effect of equity awards - 278 - - Dilutive effect of convertible notes - 1,467 - - 44,311 44,221 44,295 44,163 Adjusted pro forma earnings per fully exchanged share—diluted 0.36$0.25$0.94$0.66$ September 24, 2025 September 25, 2024 September 24, 2025 September 25, 2024 Earnings (loss) per share of Class A common stock—diluted 0.30$(0.26)$0.81$0.03$ Assumed exchange of LLC Interests for shares of Class A common stock(1) 0.01 - 0.02 - Non-GAAP adjustments(8) 0.05 0.52 0.11 0.63 Dilutive effect of convertible notes - (0.01) - - Adjusted pro forma earnings per fully exchanged share—diluted 0.36$0.25$0.94$0.66$(1) (2) (3) (4) (5) (6) (7) (8) Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 24.9% and 23.8% for the thirteen and thirty-nine weeks ended September 24, 2025, respectively, and 20.4% and 19.2% for the thirteen and thirty-nine weeks ended September 25, 2024, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction. Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K. Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above, for additional information. Thirteen Weeks Ended Thirty-Nine Weeks Ended Expenses incurred for professional fees related to non-recurring matters. Adjusted pro forma fully exchanged weighted-average shares of Class A common stock outstanding—diluted Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income (loss) attributable to non-controlling interests. Thirteen Weeks Ended Thirty-Nine Weeks Ended Expenses incurred related to Shack closures during fiscal 2024 and fiscal 2025 and impairment expenses incurred during fiscal 2025. Expenses incurred to establish accruals related to the settlements of legal matters. Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.

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(dollar amounts in thousands) Income Tax Expense (Benefit) Income (Loss) Before Income Taxes Effective Tax Rate Income Tax Expense (Benefit) Income Before Income Taxes Effective Tax Rate As reported 7,436$21,147$35.2% 14,366$51,073$28.1% Non-GAAP adjustments (before tax): Legal settlements - - - - 983 - Severance - - - - 379 - Impairment charge and Shack closures - (44) - - 1,904 - CEO transition costs - - - - 35 - Restatement costs - - - - 354 - Other Adjustments - - - - 3 - Tax effect of non-GAAP adjustments and assumed exchange of outstanding LLC Interests (2,187) - - (1,363) - - Adjusted pro forma 5,249$21,103$24.9% 13,003$54,731$23.8% Less: Net tax impact from stock-based compensation 42 - - 566 - - Adjusted pro forma (excluding windfall tax benefits) 5,291$21,103$25.1% 13,569$54,731$24.8% Thirteen Weeks Ended Thirty-Nine Weeks Ended September 24, 2025 September 24, 2025 (dollar amounts in thousands) Income Tax Expense (Benefit) Income (Loss) Before Income Taxes Effective Tax Rate Income Tax Expense (Benefit) Income (Loss) Before Income Taxes Effective Tax Rate As reported (3,873)$(14,982)$25.9% (182)$1,305$(13.9)% Non-GAAP adjustments (before tax): Impairment charge and Shack closures - 28,157 - - 28,157 - CEO transition costs - 53 - - 641 - Professional Fees for a non-recurring matter - 774 - - 3,644 - Restatement costs - 1 - - 1,600 - Employee benefit charges - 8 - - 453 - Tax effect of non-GAAP adjustments and assumed exchange of outstanding LLC Interests 6,725 - - 7,054 - - Adjusted pro forma 2,852$14,011$20.4% 6,872$35,800$19.2% Less: Net tax impact from stock-based compensation 213 - - 1,160 - - Adjusted pro forma (excluding windfall tax benefits) 3,065$14,011$21.9% 8,032$35,800$22.4% September 25, 2024 September 25, 2024 Thirteen Weeks Ended Thirty-Nine Weeks Ended

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