Capital investment and capacitymixed · 5 filings
“The change was primarily driven by an increase of $37.5 million of capital expenditures related to our larger development pipeline, compared to the prior year.”10-Q · Aug 5, 2026 ↗
Shake Shack Inc.
SHAK
Market read
Shake Shack Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
What changed
- Revenue increased 17.2% versus the comparable filing period.
- Operating margin fell 1.3 percentage points.
Company-2.1% todayVolume comparison unavailable
Market group0 of 15 activeMixed Risk Exposure · unavailable
Disclosed network0 of 5 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Shake Shack increased capital spending by $37.5 million year over year as its development pipeline expanded and 61 company-operated Shacks opened.
- Company reports a $17.8 million increase in capital expenditures driven by a larger development pipeline versus prior year.
Invalidation: The isolated read changes if SHAK's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 17.2% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 1.3 percentage points.
- Net margin fell 1.1 percentage points.
What would clarify the read
- Shake Shack increased capital spending by $37.5 million year over year as its development pipeline expanded and 61 company-operated Shacks opened.
- Company reports a $17.8 million increase in capital expenditures driven by a larger development pipeline versus prior year.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements207
Verified relationships5
Evidence supporting the case
- Latest annual revenue changed +15.4% year over year.
- Operating margin changed +4.1 percentage points in the latest annual period.
- Net margin changed +2.3 percentage points in the latest annual period.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
- P/E is 56% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 27% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
61.686m-33.4%12m-37.3%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-29$739.9M+41.5%$-0.12+5.3%
2022-12-28$900.5M+21.7%$-0.54+0.4%
2023-12-27$1.1B+20.8%$0.48+11.9%
2024-12-25$1.3B+15.2%$0.24+0.7%
2025-12-31$1.4B+15.4%$1.09-5.3%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 5 filings
“Thirteen Weeks Ended Twenty-Six Weeks Ended Classification July 1 2026 June 25 2025 July 1 2026 June 25 2025 Amortization expense on Convertible Notes Interest expense $ 262 $ 262 $ 524 $ 524 July 1 2026 December 31 2025 Convertible Notes $ 250,000 $ 250,000…”10-Q · Aug 5, 2026 ↗
Energy and commodity pricesmixed · 4 filings
“As a percentage of Shack sales, the increases in Food and paper costs for the thirteen and twenty-six weeks ended were primarily driven by unfavorable menu mix and increased commodity costs, mainly beef, and marketing promotions, partially offset by increased…”10-Q · Aug 5, 2026 ↗
Restructuring and cost reductionsnegative · 2 filings
“During fiscal 2025, the Company closed one Shack due to a change in ownership of the property and subsequent termination of the lease by the landlord, which resulted in a non-cash impairment charge of $1,179.”10-K · Feb 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.8× · EV/sales 1.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
61.68-2.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for SHAK. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing presents a mixed picture
10-Q filed 2026-08-05 against the comparable filing from 2025-07-31.
OperationsmixedEvidence score +1
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Investment load increased
Capital spending consumed more revenue while free-cash-flow margin declined.
- Capital spending YoY
- +55.6%
- Capital spending / revenue
- +13.4%
- Free-cash-flow margin
- -5.0%
- FCF margin change
- -9.3 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 17.2% versus the comparable filing period.
What weakened
- Operating margin fell 1.3 percentage points.
- Net margin fell 1.1 percentage points.
Filing receipts
“As a percentage of Shack sales, the increases in Food and paper costs for the thirteen and twenty-six weeks ended were primarily driven by unfavorable menu mix and increased commodity costs, mainly beef, and marketing promotions, partially offset by increased menu prices.”
“As a percentage of Shack sales, the increase in Other operating expenses for the twenty-six weeks ended July 1, 2026 was primarily due to increased facilities cost, mainly the timing of repairs and maintenance, and increased transaction costs associated with higher sales.”
“The decrease for the twenty-six weeks ended July 1, 2026 was primarily due to a decrease in finance lease charges related to new financing equipment leases with lower lease liability balances, partially offset by an increase in various sales tax audit assessment charges.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind SHAK
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
DALDelta Air Lines, Inc.partnerFeb 26, 2026 ▾
“Our partnership with Delta Air Lines grew meaningfully in 2025, with Shake Shack now served in select routes across flights originating from 13 domestic airports via First Class pre select and supported by strong guest feedback.”
DASHDoorDash, Inc.distributorFeb 26, 2026 ▾
“We also continue to offer third-party delivery through Uber Eats, DoorDash, Grubhub and other third-party delivery providers.”
Depended on by
PENNPENN Entertainment, Inc.partnerApr 29, 2026 ▾
“We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business lines, and through partnerships with third-party partners, s…”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
SHAK is currently a Participant in the organic co-movement group Mixed Risk Exposure. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for SHAK; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.