SHAKE SHACK INC., 10-K filed on 2/26/2026
Annual Report
v3.25.4
COVER PAGE - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 18, 2026
Jun. 25, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-36823    
Entity Registrant Name SHAKE SHACK INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 47-1941186    
Entity Address, Address Line One 225 Varick Street    
Entity Address, Address Line Two Suite 301    
Entity Address, City or Town New York,    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10014    
City Area Code 646    
Local Phone Number 747-7200    
Title of 12(b) Security Class A Common Stock, par value $0.001    
Trading Symbol SHAK    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 5,163,677,020
Documents Incorporated by Reference DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant’s definitive Proxy Statement for its 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001620533    
Class A Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   40,257,722  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   2,434,789  
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Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location New York, New York
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Current assets:    
Cash and cash equivalents $ 360,123 $ 320,714
Accounts receivable, net 32,962 19,687
Inventories 7,182 6,014
Prepaid expenses and other current assets 30,080 21,801
Total current assets 430,347 368,216
Property and equipment, net of accumulated depreciation of $551,004 and $457,186, respectively. 625,851 551,600
Operating lease assets 507,253 424,611
Deferred income taxes, net 322,385 341,586
Other assets 10,373 10,958
TOTAL ASSETS 1,896,209 1,696,971
Current liabilities:    
Accounts payable 24,747 23,609
Accrued expenses 103,354 63,005
Accrued wages and related liabilities 25,481 25,422
Operating lease liabilities, current 63,553 55,739
Other current liabilities 27,783 19,538
Total current liabilities 244,918 187,313
Long-term debt 247,731 246,683
Long-term operating lease liabilities 575,138 494,499
Liabilities under tax receivable agreement, net of current portion 244,463 247,017
Other long-term liabilities 30,210 27,833
Total liabilities 1,342,460 1,203,345
Commitments and contingencies (Note 17)
Stockholders' equity:    
Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of September 27, 2023 and December 28, 2022. 0 0
Additional paid-in capital 452,577 442,993
Retained earnings 72,709 26,984
Accumulated other comprehensive loss (1) (1)
Total stockholders' equity attributable to Shake Shack Inc. 525,327 470,018
Non-controlling interests 28,422 23,608
Total equity 553,749 493,626
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,896,209 1,696,971
Class A Common Stock    
Stockholders' equity:    
Common stock 40 40
Class B Common Stock    
Stockholders' equity:    
Common stock $ 2 $ 2
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
TOTAL REVENUE $ 1,445,306 $ 1,252,608 $ 1,087,533
Shack-level operating expenses:      
Food and paper costs 396,714 339,940 305,041
Labor and related expenses 360,693 338,750 304,254
Other operating expenses 212,677 178,381 149,449
Occupancy and related expenses 106,632 93,069 79,846
General and administrative expenses 176,233 149,047 129,542
Depreciation and amortization expense 106,600 102,468 91,242
Pre-opening costs 18,001 15,547 19,231
Impairments, loss on disposal of assets, and Shack closures 5,248 32,368 3,007
TOTAL EXPENSES 1,382,798 1,249,570 1,081,612
INCOME FROM OPERATIONS 62,508 3,038 5,921
Other income, net 12,260 13,251 12,776
Interest expense (2,159) (2,045) (1,717)
INCOME BEFORE INCOME TAXES 72,609 14,244 16,980
Income tax expense (benefit) 22,903 3,424 (4,010)
NET INCOME 49,706 10,820 20,990
Less: Net income attributable to non-controlling interests 3,981 613 726
Net income attributable to Shake Shack Inc.—basic $ 45,725 $ 10,207 $ 20,264
Earnings per share of Class A common stock:      
Basic (in dollars per share) $ 1.14 $ 0.26 $ 0.51
Diluted (in dollars per share) $ 1.09 $ 0.24 $ 0.48
Weighted average shares of Class A common stock outstanding:      
Basic (in shares) 40,212 39,830 39,419
Diluted (in shares) 41,847 44,203 43,899
Shack sales      
TOTAL REVENUE $ 1,391,166 $ 1,207,561 $ 1,046,819
Licensing revenue      
TOTAL REVENUE $ 54,140 $ 45,047 $ 40,714
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 49,706 $ 10,820 $ 20,990
Other comprehensive income (loss), net of tax:      
Change in foreign currency translation adjustment 0 2 (3)
OTHER COMPREHENSIVE INCOME (LOSS) 0 2 (3)
COMPREHENSIVE INCOME 49,706 10,822 20,987
Less: Comprehensive income attributable to non-controlling interests 3,981 613 726
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHAKE SHACK INC. $ 45,725 $ 10,209 $ 20,261
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Statement of Comprehensive Income [Abstract]      
Income tax benefit [1] $ 0 $ 0 $ 0
[1] Net of tax benefit of $0 for fiscal years ended December 31, 2025, December 25, 2024 and December 27, 2023.
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Class A Common Stock
Class B Common Stock
Common stock
Class A Common Stock
Common stock
Class B Common Stock
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Loss
Non- Controlling Interest
Beginning balance (shares) at Dec. 28, 2022       39,284,998 2,869,513        
Beginning balance at Dec. 28, 2022 $ 436,836     $ 39 $ 3 $ 415,649 $ (3,487) $ 0 $ 24,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 20,990           20,264   726
Other comprehensive income (loss):                  
Change in foreign currency translation adjustment (3)             (3)  
Equity-based compensation 15,174         15,174      
Activity under stock compensation plans (in shares)       154,317          
Activity under stock compensation plan (2,249)         (3,271)     1,022
Redemption of LLC interests (in shares)       35,000 (35,000)        
Redemption of LLC interests 0         265     (265)
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis (1,216)         (1,216)      
Distributions paid to non-controlling interest holders (162)               (162)
Ending balance (shares) at Dec. 27, 2023       39,474,315 2,834,513        
Ending balance at Dec. 27, 2023 469,370     $ 39 $ 3 426,601 16,777 (3) 25,953
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 10,820           10,207   613
Other comprehensive income (loss):                  
Change in foreign currency translation adjustment 2             2  
Equity-based compensation 16,286         16,286      
Activity under stock compensation plans (in shares)       214,953          
Activity under stock compensation plan (4,573)     $ 1   (5,614)     1,040
Redemption of LLC interests (in shares)       378,800 (378,800)        
Redemption of LLC interests 0       $ (1) 3,517     (3,516)
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis 2,203         2,203      
Distributions paid to non-controlling interest holders (482)               (482)
Ending balance (shares) at Dec. 25, 2024   40,068,068 2,455,713 40,068,068 2,455,713        
Ending balance at Dec. 25, 2024 493,626     $ 40 $ 2 442,993 26,984 (1) 23,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 49,706           45,725   3,981
Other comprehensive income (loss):                  
Change in foreign currency translation adjustment 0             0  
Equity-based compensation 19,953         19,953      
Activity under stock compensation plans (in shares)       165,289          
Activity under stock compensation plan (9,697)         (12,101)     2,404
Redemption of LLC interests (in shares)       20,924 (20,924)        
Redemption of LLC interests 0         (271)     271
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis 2,003         2,003      
Distributions paid to non-controlling interest holders (1,842)               (1,842)
Ending balance (shares) at Dec. 31, 2025   40,254,281 2,434,789 40,254,281 2,434,789        
Ending balance at Dec. 31, 2025 $ 553,749     $ 40 $ 2 $ 452,577 $ 72,709 $ (1) $ 28,422
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
OPERATING ACTIVITIES      
Net income (including amounts attributable to non-controlling interests) $ 49,706 $ 10,820 $ 20,990
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 106,600 102,468 91,242
Amortization of debt issuance costs 1,048 1,047 1,047
Amortization of cloud computing assets 2,188 2,138 1,798
Non-cash operating lease cost 88,849 77,432 67,781
Equity-based compensation 19,503 15,915 14,888
Deferred income taxes 16,616 (1,054) (9,074)
Non-cash interest 45 (102) 116
Gain on sale of equity securities 0 0 (81)
Net amortization of discount on held-to-maturity securities 0 440 1,620
Impairments, loss on disposal of assets, and Shack closures 5,248 32,368 3,007
Changes in operating assets and liabilities:      
Accounts receivable (9,546) (2,839) (2,970)
Inventories (1,168) (610) (1,220)
Prepaid expenses and other current assets (3,115) (2,629) (2,253)
Other assets (5,959) (2,896) (6,307)
Accounts payable (1,527) 3,356 687
Accrued expenses 29,902 6,644 9,513
Accrued wages and related liabilities 59 4,477 3,328
Other current liabilities 3,436 (712) (2,809)
Operating lease liabilities (82,683) (77,167) (58,216)
Other long-term liabilities 3,153 2,939 2,292
NET CASH PROVIDED BY OPERATING ACTIVITIES 222,355 171,155 132,139
INVESTING ACTIVITIES      
Purchases of property and equipment (165,849) (135,499) (146,167)
Purchases of held-to-maturity securities 0 0 (94,019)
Maturities of held-to-maturity marketable securities 0 69,420 27,078
Purchases of equity securities 0 0 (690)
Sales of equity securities 0 0 81,478
NET CASH USED IN INVESTING ACTIVITIES (165,849) (66,079) (132,320)
FINANCING ACTIVITIES      
Payments on principal of finance leases (5,511) (3,964) (3,272)
Deferred financing costs (10) 0 0
Distributions paid to non-controlling interest holders (1,842) (482) (162)
Payments under tax receivable agreement (37) 0 0
Net proceeds from stock option exercises 123 1,627 744
Employee withholding taxes related to net settled equity awards (9,820) (6,198) (2,994)
NET CASH USED IN FINANCING ACTIVITIES (17,097) (9,017) (5,684)
Effect of exchange rate changes on cash and cash equivalents 0 2 (3)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 39,409 96,061 (5,868)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 320,714 224,653 230,521
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 360,123 $ 320,714 $ 224,653
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Property and equipment, net of accumulated depreciation $ 551,004 $ 457,186
Preferred stock, par value (in dollars per share) $ 0 $ 0
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares, issued (in shares) 40,254,281 40,068,068
Common stock, shares, outstanding (in shares) 40,254,281 40,068,068
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 35,000,000 35,000,000
Common stock, shares, issued (in shares) 2,434,789 2,455,713
Common stock, shares, outstanding (in shares) 2,434,789 2,455,713
v3.25.4
NATURE OF OPERATIONS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS NATURE OF OPERATIONS
Shake Shack Inc. was formed on September 23, 2014 as a Delaware corporation for the purpose of facilitating an initial public offering and other related transactions in order to carry on the business of SSE Holdings, LLC and its subsidiaries ("SSE Holdings"). Shake Shack Inc. is the sole managing member of SSE Holdings and, as sole managing member, the Company operates and controls all of the business and affairs of SSE Holdings. As a result, the Company consolidates the financial results of SSE Holdings and reports a non-controlling interest representing the economic interest in SSE Holdings held by the other members of SSE Holdings. As of December 31, 2025 the Company owned 94.3% of SSE Holdings. Unless the context otherwise requires, "we," "us," "our," "Shake Shack," the "Company" and other similar references, refer to Shake Shack Inc. and, unless otherwise stated, all of its subsidiaries, including SSE Holdings.
The Company operates and licenses Shake Shack restaurants ("Shacks"), which serve burgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine and more. As of December 31, 2025, there were 659 Shacks in operation, system wide, of which 373 were Company-operated Shacks and 286 were licensed Shacks.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of Shake Shack Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current year presentation.
SSE Holdings is considered a variable interest entity. Shake Shack Inc. is the primary beneficiary as the Company has the majority economic interest in SSE Holdings and, as the sole managing member, has decision making authority that significantly affects the economic performance of the entity, while the limited partners have no substantive kick-out or participating rights. As a result, the Company consolidates SSE Holdings. The assets and liabilities of SSE Holdings represent substantially all of the Company's consolidated assets and liabilities with the exception of certain deferred taxes and liabilities under the Tax Receivable Agreement. As of December 31, 2025 and December 25, 2024, the net assets of SSE Holdings were $500,732 and $413,793, respectively. The assets of SSE Holdings are subject to certain restrictions in SSE Holdings' revolving credit agreement. Refer to Note 8, Debt, and Note 14, Income Taxes, for additional information.
Fiscal Year
The Company operates on a 52/53 week fiscal year ending on the last Wednesday of December. Fiscal 2025 contained 53 weeks and ended on December 31, 2025 ("fiscal 2025"). Fiscal 2024 contained 52 weeks and ended on December 25, 2024 ("fiscal 2024"). Fiscal 2023 contained 52 weeks and ended on December 27, 2023 ("fiscal 2023"). Unless otherwise stated, references to years in this report relate to fiscal years.
Use of Estimates
The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurements
The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Assets and liabilities are categorized based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy as set forth below.
▪Level 1 — Quoted prices in active markets for identical assets or liabilities.
▪Level 2 — Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
▪Level 3 — Inputs that are both unobservable and significant to the overall fair value measurements reflecting an entity's estimates of assumptions that market participants would use in pricing the asset or liability.
Cash and Cash Equivalents
Cash and cash equivalents consist primarily of cash on hand, deposits with banks, money market funds and short-term, highly liquid investments that have original maturities of three months or less. Cash equivalents are stated at cost, which approximates fair value.
Marketable Securities
In fiscal 2023 and 2024, the Company had marketable securities classified as held-to-maturity securities, which consisted of U.S. Treasuries for which the Company had the ability and intent to hold to maturity and were reported at amortized cost, net of a valuation allowance for credit losses. As of December 31, 2025 and December 25, 2024, the Company did not have any investments in marketable securities. Interest income and the amortization of discounts and premiums are recorded in Other income, net on the Consolidated Statements of Income.
Accounts Receivable, Net
Accounts receivable, net consist primarily of receivables from our licensees for licensing revenue and related reimbursements, credit card receivables and vendor rebates. The collectability of accounts receivable is evaluated based on a variety of factors, including historical experience, current economic conditions and other factors.
Inventories
Inventories, which primarily consist of food, paper goods, beverages, and retail merchandise, are valued at the lower of weighted average cost or net realizable value. No adjustment is deemed necessary to reduce inventory to net realizable value due to the rapid turnover and high utilization of inventory.
Property and Equipment, Net
Property and equipment, net is stated at historical cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which generally range from five to seven years for equipment, furniture and fixtures, and two to five years for computer equipment and software. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the related lease terms.
Costs incurred when constructing Shacks are capitalized. The cost of repairs and maintenance are expensed when incurred. Costs for refurbishments and improvements that significantly increase the productive capacity or extend the useful life of the assets are capitalized. When assets are disposed, the resulting gain or loss is recognized in Impairments, loss on disposal of assets, and Shack closures on the Consolidated Statements of Income.
Valuation of Long-lived Assets
The Company assesses potential impairments to its long-lived assets, which include property and equipment and operating and finance lease right-of-use assets, whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. The recoverability evaluation is first performed at the market service area level ("MSA"). If the carrying value of the MSA exceeds its estimated undiscounted future cash flows, a secondary recoverability test is performed for all individual Shacks within the identified MSA. An impairment charge is recognized when the carrying amount of the asset exceeds the fair value of the asset, considering external market participant assumptions, and is allocated across all assets of the impaired Shack. Since
the determination of future cash flows is an estimate of future performance, there may be future impairments in the event that future cash flows do not meet expectations. Refer to Note 4, Fair Value Measurements, for additional information.
Deferred Financing Costs
Deferred financing costs incurred in connection with the issuance of long-term debt and establishing credit facilities are capitalized and amortized in Interest expense on the Consolidated Statements of Income based on the related debt agreements. Deferred financing costs are included in Other assets on the Consolidated Balance Sheets.
Other Assets
Other assets consist primarily of capitalized implementation costs from cloud computing arrangements, certain custom pre-ordered furniture, fixtures and equipment for future and existing Shacks, transferable liquor licenses, and security deposits.
Implementation costs associated with cloud computing arrangements hosted by third-party vendors are capitalized when incurred during the application development phase. Amortization is calculated on a straight-line basis over the contractual term of the cloud computing arrangement and is recorded within General and administrative expenses on the Consolidated Statements of Income. As of December 31, 2025 and December 25, 2024, capitalized implementation costs from cloud computing arrangements totaled $2,376 and $4,051, respectively, net of accumulated amortization.
The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets. Annual liquor license renewal fees, for both types of licenses, are expensed over the renewal term. As of December 31, 2025 and December 25, 2024, indefinite-lived intangible assets relating to transferable liquor licenses totaled $2,038. Indefinite-lived intangible assets are evaluated for impairment at least annually during the fourth quarter, and whenever events or circumstances indicate that an impairment may exist. When evaluating intangible assets for impairment, the Company first performs a qualitative assessment to determine whether it is more likely than not that an intangible asset group is impaired. If determined that it is more likely than not that the carrying value of the intangible asset group exceeds its fair value, the Company performs a quantitative assessment to derive the fair value of the intangible asset group. If the carrying value of the intangible asset group exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value. In addition, the Company continuously monitors and may revise the useful lives of intangible assets when facts and circumstances change.
Revenue Recognition
Shack Sales
Revenue from Shack sales is recognized when payment is tendered at the point of sale, net of discounts, as the performance obligation has been satisfied at that time. Sales tax collected from guests is excluded from Shack sales and the obligation is included in Other current liabilities on the Consolidated Balance Sheets until the taxes are remitted to the appropriate taxing authorities.
Delivery services are fulfilled by third-party delivery partners whether ordered through the Shack app, website (collectively, "Company-owned platforms") or through third-party delivery platforms. Revenue from orders through Company-owned platforms includes delivery fees and is recognized when the delivery partner transfers the order to the guest as the Company controls the delivery. For these sales, the Company receives payment directly from the guest at the time of sale. Revenue from orders through third-party delivery platforms is recognized when the order is transferred to the third-party delivery partner and excludes delivery fees collected by the delivery partner as the Company does not control the delivery. The Company receives payment from the delivery partner subsequent to the transfer of the order and the payment terms are short-term in nature. For all delivery sales, the Company is considered the principal and recognizes revenue on a gross basis.
The Company sells gift cards which do not have expiration dates. Revenue from gift cards is recognized when gift cards are redeemed by the guest or, in the event a gift card is not expected to be redeemed, in proportion to actual redemptions of gift cards ("gift card breakage"). The gift card breakage rate is determined from historical gift card redemption patterns. Gift card breakage income for fiscal 2025, 2024, and 2023 was $525, $413 and $327, respectively. Gift card breakage income is included in Shack sales on the Consolidated Statements of Income.
Licensing Revenue
Licensing revenue includes initial territory fees, Shack opening fees, termination fees and ongoing sales-based royalty fees from licensed Shacks. Generally, the licenses granted to develop, open and operate each Shack in a specified territory are the predominant good or service transferred to the licensee and represent distinct performance obligations. Ancillary promised services, such as training and assistance during the initial opening of a Shack, are typically combined with the license and considered one performance obligation per Shack.
The Company determines the transaction price for each contract, which requires judgment as the transaction price is comprised of the initial territory fee and an estimate of the total Shack opening fees based on the estimated number of Shacks the Company expects the licensee to open. The transaction price is then allocated equally to each Shack expected to open. The performance obligation is satisfied over time, starting when a Shack opens through the end of the license term for the related Shack, therefore revenue is recognized on a straight-line basis over the license term.
Generally, payment for the initial territory fee is received upon execution of the license agreement and payment for the Shack opening fees is received either in advance of or upon opening the related Shack. These payments are initially deferred and recognized in revenue as the performance obligations are satisfied. Revenue from sales-based royalties is recognized as the related sales occur.
Equity-based Compensation
Equity-based compensation expense is measured based on the grant-date fair value of the awards. For awards with graded-vesting features and a combination of service and performance conditions, compensation expense is recognized using a graded-vesting attribution method over the vesting period. For awards with cliff vesting features and a combination of service and performance conditions, compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award based on the most probable outcome of the performance conditions. For awards that contain a market condition, a Monte Carlo simulation valuation model is used to calculate the grant-date fair value. The assumptions used in the valuation include expected term, volatility, risk-free interest rate, and closing price as of the valuation date. Compensation expense for awards containing a market condition is recognized ratably over the performance period regardless of whether the market condition and requisite service period are met. Actual distributed shares are calculated upon conclusion of the service and performance periods. Forfeitures are recognized as they occur for all equity awards. Equity-based compensation expense is included in General and administrative expenses and Labor and related expenses on the Consolidated Statements of Income.
Advertising
Most advertising costs are expensed as incurred, with the exception of advertising production costs, which are expensed at the time the advertising first takes place. Advertising costs totaled $34,138, $22,169 and $12,437 in fiscal 2025, fiscal 2024 and fiscal 2023, respectively, and are included in General and administrative expense and Other operating expenses on the Consolidated Statements of Income.
Leases
Shake Shack currently leases all of its Company-operated Shacks, Shack Support Centers and certain equipment under various non-cancelable lease agreements that expire on various dates through 2045. The Company evaluates contracts entered into to determine whether the contract involves the use of property or equipment, which is either explicitly or implicitly identified in the contract. The Company evaluates whether it controls the use of the asset, which is determined by assessing whether substantially all economic benefit from the use of the asset is obtained, and whether the Company has the right to direct the use of the asset. If these criteria are met, the Company has identified a lease, within the contract, and therefore a right-of-use asset and lease liability are recorded on the Consolidated Balance Sheets. Upon possession of a leased asset, the Company
determines whether the lease is an operating or finance lease. All of the Company's real estate leases are classified as operating leases and most equipment leases are classified as finance leases.
Generally, real estate leases have initial terms ranging from ten to fifteen years and typically include two five-year renewal options. Renewal options are generally not recognized as part of the right-of-use assets and lease liabilities as it is not reasonably certain at commencement date that the Company would exercise the renewal options. Real estate leases typically contain fixed minimum rent payments and/or contingent rent payments which are based upon sales in excess of specified thresholds. When the achievement of such sales thresholds are deemed to be probable, contingent rent is accrued in proportion to the sales recognized during the period.
For operating leases, fixed lease payments are recognized as operating lease costs on a straight-line basis over the lease term and are included in specific line items on the Consolidated Statements of Income. Lease expense incurred before a Shack opens is recorded in Pre-opening costs. Once a Company-operated Shack opens, the straight-line lease expense and contingent rent, if applicable, are included in Occupancy and related expenses. Many of these leases also require the Company to pay real estate taxes, common area maintenance costs and other occupancy costs which are included in Occupancy and related expenses. Finance leases are recognized in depreciation expense on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liabilities.
For both operating and finance leases that contain lease and non-lease components, the components are combined and accounted for as a single lease component. Variable lease costs for both operating and finance leases, if any, are recognized as incurred. Leases with a term of 12 months or less are deemed short-term and are not recognized on the Consolidated Balance Sheets. Fixed lease payments for short-term leases are recognized on a straight-line basis over the lease term on the Consolidated Statements of Income.
The Company calculates operating lease right-of-use assets and lease liabilities as the present value of fixed lease payments over the reasonably certain lease term beginning at the commencement date. The Company uses its incremental borrowing rate (“IBR”) in determining the present value of future lease payments as there are no explicit rates provided in the leases. The IBR used to measure the lease liability is derived from the average of the yield curves obtained from using the notching method and the recovery rate method. The most significant assumption in calculating the IBR is the Company's credit rating and is subject to judgment. The credit rating used to develop the IBR is determined by utilizing the credit ratings of other public companies with similar financial information as SSE Holdings.
The Company expends cash for leasehold improvements to build out and equip leased properties. Generally, a portion of the leasehold improvements and building costs are reimbursed by the landlords through landlord incentives pursuant to agreed-upon terms in the lease agreements. Landlord incentives usually take the form of cash, full or partial credits against future minimum or contingent rents otherwise payable by the Company, or a combination thereof. In most cases, landlord incentives are received after the Company takes possession of the property and as milestones are met during the construction of the property. The Company includes these amounts in the measurement of the initial operating lease liability and right-of-use asset.
Pre-opening Costs
Pre-opening costs are expensed as incurred and consist primarily of occupancy, manager and team member wages, cookware, travel and lodging costs for the opening training team and other supporting team members, marketing expenses, legal fees, and inventory costs incurred prior to the opening of a Company-operated Shack.
Income Taxes
Income taxes are accounted for pursuant to the asset and liability method which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying values and tax bases of assets and liabilities based on enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in Income tax expense on the Consolidated Statements of Income in the period of enactment. A valuation allowance is recognized if the Company determines it is more likely than not that all or a portion of a deferred tax asset will not be recognized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent and expected future results of operations.
Recently Adopted Accounting Pronouncements     
The Company adopted the Accounting Standards Update ("ASU") summarized below in fiscal 2025.
ASUDescription
Date Adopted
Income Taxes (Topic 740): Improvements to Income Tax Disclosures

(ASU 2023-09)
This ASU requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures.

December 31, 2025
Recently Issued Accounting Pronouncements     
ASUs applicable to the Company that were recently issued are summarized below.
ASUDescriptionEffective Date
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

(ASU 2024-03)
This ASU requires that an entity disaggregate relevant expense captions presented on the face of the income statement into natural expense categories within the footnotes of the financial statements. In addition, a separate disclosure of selling expenses is required to be presented. The ASU is intended to allow stakeholders to better understand the components of an entity's expenses.

Early adoption is permitted. The Company is evaluating the impact this standard will have on its Consolidated Financial Statements and related disclosures.
Fiscal years beginning after December 15, 2026
All other ASUs issued but not yet effective are not applicable or not expected to have a material impact on the Company’s future Consolidated Financial Statements.
v3.25.4
REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue Recognition
Revenue disaggregated by type was as follows:
202520242023
Shack sales$1,391,166 $1,207,561 $1,046,819 
Licensing revenue:
Sales-based royalties51,532 43,487 39,853 
Initial territory, opening, and termination fees
2,608 1,560 861 
Total revenue$1,445,306 $1,252,608 $1,087,533 
The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied as of December 31, 2025 was $27,308. The Company expects to recognize this amount as revenue over a long-term period, as the majority of license terms for each Shack range from ten to twenty years. This amount excludes any variable consideration related to sales-based royalties.
Contract Balances
Contract liabilities and receivables from contracts with customers were as follows:
December 31
2025		December 25
2024
Shack sales receivables$13,397 $10,699 
Licensing receivables, net of allowance for doubtful accounts7,507 5,735 
Gift card liability3,711 2,584 
Deferred revenue, current1,928 1,666 
Deferred revenue, long-term19,154 17,060 
Revenue recognized that was included in the respective liability balances at the beginning of the period was as follows:
20252024
Gift card liability
$869 $776 
Deferred revenue2,123 1,461 
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The carrying values of the Company's Cash and cash equivalents, Accounts receivable, net, Accounts payable and Accrued expenses approximate fair value due to the short-term nature of these financial instruments. Refer to Note 8, Debt, for additional information relating to the fair value of the Company's outstanding debt instruments.
A summary of other income from marketable securities was as follows:
202520242023
Income from marketable securities
$— $640 $2,885 
Realized gain on sale of equity securities— — 81 
Total$— $640 $2,966 
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Assets and liabilities measured at fair value on a non-recurring basis include long-lived assets, operating lease right-of-use assets and indefinite-lived intangible assets. The Company performs its impairment analysis at least annually or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable.
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 related to right-of-use assets, and property, plant and equipment. The Company also recorded a gain on lease termination partially offset by miscellaneous Shack closure expense which totaled $(87). Additionally in fiscal 2025, the Company recognized miscellaneous Shack closure expense of $1,687 and a non-cash impairment charge of $170 related to the nine Shack closures in fiscal 2024.
During fiscal 2024, the Company recognized a non-cash impairment charge of $27,633 and miscellaneous Shack closure expense of $1,715 related to the closure of nine underperforming Company-operated Shacks in California, Ohio and Texas. No impairment charges were recognized during fiscal 2023.
The fair values of assets were determined using an income-based approach and are classified as Level 3 within the fair value hierarchy. Significant inputs include projections of future cash flows, Shack sales, profitability, discount rates, and sublease income. These impairment charges were included in Impairments, loss on disposal of assets, and Shack closures on the Consolidated Statements of Income.
v3.25.4
ACCOUNTS RECEIVABLE, NET
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET ACCOUNTS RECEIVABLE, NET
The components of Accounts receivable, net were as follows:
December 31
2025		December 25
2024
Licensing receivables, net of allowance for doubtful accounts
$7,507 $5,735 
Credit card receivables7,143 5,856 
Delivery receivables5,187 4,225 
Vendor rebates
5,175 796 
Other receivables7,950 3,075 
Accounts receivable, net$32,962 $19,687 
v3.25.4
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
The components of Property and equipment, net were as follows:

December 31
2025		December 25
2024
Leasehold improvements$757,035 $676,098 
Equipment136,900 116,561 
Furniture and fixtures38,233 34,057 
Computer equipment and software137,933 122,406 
Financing equipment lease right-of-use assets25,373 19,630 
Construction in progress81,381 40,034 
Property and equipment, gross1,176,855 1,008,786 
Less: accumulated depreciation(551,004)(457,186)
Property and equipment, net$625,851 $551,600 
Depreciation expense was $106,574, $102,442 and $91,216 for fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
v3.25.4
SUPPLEMENTAL BALANCE SHEET INFORMATION
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL BALANCE SHEET INFORMATION SUPPLEMENTAL BALANCE SHEET INFORMATION
The components of Prepaid expenses and other current assets were as follows:
December 31
2025		December 25
2024
Prepaid expenses
$11,162 $8,196 
Tenant allowance receivables
17,924 12,761 
Other
994 844 
Prepaid expenses and other current assets
$30,080 $21,801 
The components of Other current liabilities were as follows:
December 31
2025		December 25
2024
Sales tax payable$10,080 $6,999 
Current portion of financing equipment lease liabilities5,959 4,086 
Gift card liability3,711 2,584 
Other8,033 5,869 
Other current liabilities$27,783 $19,538 
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Convertible Notes
The Company's $250,000 aggregate principal amount of 0% Convertible Senior Notes due 2028 (“Convertible Notes”) will mature on March 1, 2028, unless earlier converted, redeemed or repurchased in certain circumstances. Upon conversion, the Company pays or delivers, as the case may be, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at the Company's election.
The Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding December 1, 2027, only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on June 30, 2021 (and only during such fiscal quarter), if the last reported sale price of the Company's Class A common stock, par value $0.001 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the Convertible Notes on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per one thousand dollar principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Class A common stock and the conversion rate for the Convertible Notes on each such trading day; (3) if the Company calls such Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the Convertible Notes called (or deemed called) for redemption; and (4) upon the occurrence of specified corporate events as set forth in the Indenture. On or after December 1, 2027, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert all or any portion of their Convertible Notes at any time, regardless of the foregoing circumstances.
The Convertible Notes had an initial conversion rate of 5.8679 shares of Class A common stock per one thousand dollar principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $170.42 per share of Class A
common stock. The fair value of the Convertible Notes was approximately $236,875 and $256,900, respectively, as of December 31, 2025 and December 25, 2024, based on external pricing data, including available quoted market prices of these instruments, and consideration of comparable debt instruments with similar interest rates and trading frequency, among other factors, and is classified as a Level 2 measurement within the fair value hierarchy.
On or after March 6, 2025, the Company may redeem for cash all or any portion of the Convertible Notes, at the Company's option, if the last reported sale price of Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date. The Convertible Notes were not redeemable by the Company prior to March 6, 2025.
In addition, if Shake Shack undergoes a fundamental change (as defined in the indenture governing the Convertible Notes), subject to certain conditions, holders may require it to repurchase for cash all or any portion of their Convertible Notes at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date of the Convertible Notes or if the Company delivers a notice of redemption in respect of some or all of the Convertible Notes, the Company will, in certain circumstances, increase the conversion rate of the Convertible Notes for a holder who elects to convert the Convertible Notes in connection with such a corporate event or convert the Convertible Notes called (or deemed called) for redemption during the related redemption period, as the case may be.
Contemporaneously with the issuance of the Convertible Notes, Shake Shack Inc. entered into an intercompany note with SSE Holdings (“Intercompany Note”). SSE Holdings promises to pay Shake Shack Inc., for value received, the principal amount with interest of the Intercompany Note in March 2028. Shake Shack Inc. will exercise its right to convert the Intercompany Note to maintain at all times a one-to-one ratio between the number of common units, directly or indirectly, held by Shake Shack Inc. and the aggregate number of outstanding shares of common stock.
Classification202520242023
Amortization expense on Convertible NotesInterest expense$1,048 $1,047 $1,047 
December 31
2025		December 25
2024
Convertible Notes
$250,000 $250,000 
Discount and debt issuance costs, net of amortization(2,269)(3,317)
Long-term debt
$247,731 $246,683 
Revolving Credit Facility
The Company maintains a revolving credit facility agreement ("Revolving Credit Facility") which permits borrowings up to $50,000 with the ability to increase available borrowings up to an additional $100,000, subject to satisfaction of certain conditions.
In July 2025, the Company entered into the sixth amendment to the Revolving Credit Facility ("Sixth Amendment"), which, among other things, extends the maturity date until the earlier of (a) February 28, 2028, or (b) the date that is 91 days prior to the scheduled maturity date of any Convertible Notes outstanding at any time.
Outstanding borrowings under the Revolving Credit Facility bear interest at either: (i) the base rate plus applicable margin ranging from 0.0% to 1.5% or (ii) the Secured Overnight Financing Rate (“SOFR”) plus applicable margin ranging from 1.0% to 2.5%, in each case dependent upon the net lease adjusted leverage ratio. As of December 31, 2025 and December 25, 2024, no amounts were outstanding under the Revolving Credit Facility.
The obligations under the Revolving Credit Facility are secured by a first-priority security interest in substantially all of the assets of SSE Holdings and the guarantors. The obligations under the Revolving Credit Facility are guaranteed by each of SSE Holdings' direct and indirect subsidiaries, with certain exceptions. The Revolving Credit Facility requires the Company to comply with maximum net lease adjusted leverage and minimum fixed charge coverage ratios, as well as other customary affirmative and negative covenants. As of December 31, 2025, the Company was in compliance with all covenants.
The Revolving Credit Facility also permits the issuance of letters of credit upon our request of up to $15,000. As of December 31, 2025 and December 25, 2024, the Company had outstanding letters of credit of $4,839 and $3,894, respectively, in connection with the Revolving Credit Facility.
Classification202520242023
Interest expense on Revolving Credit FacilityInterest expense$61 $67 $74 

ClassificationDecember 31
2025		December 25
2024
Unamortized deferred financing costs on Revolving Credit FacilityOther assets$19 $23 
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
A summary of operating and finance right-of-use assets and lease liabilities were as follows:
ClassificationDecember 31
2025		December 25
2024
Operating leasesOperating lease assets$507,253 $424,611 
Finance leasesProperty and equipment, net15,056 12,225 
Total right-of-use assets$522,309 $436,836 
Operating leases:
Operating lease liabilities, current$63,553 $55,739 
Long-term operating lease liabilities575,138 494,499 
Finance leases:
Other current liabilities5,959 4,086 
Other long-term liabilities9,745 8,616 
Total lease liabilities$654,395 $562,940 
The components of lease expense were as follows:
Classification202520242023
Operating lease cost
Occupancy and related expenses
Pre-opening costs
General and administrative expenses
$88,849 $77,432 $67,781 
Finance lease cost:
Amortization of right-of-use assetsDepreciation and amortization expense5,721 4,181 3,324 
Interest on lease liabilitiesInterest expense920 770 476 
Variable lease costOccupancy and related expenses
Pre-opening costs
General and administrative expenses		25,128 21,694 18,305 
Short-term lease costOccupancy and related expenses665 840 938 
Total lease cost$121,283 $104,917 $90,824 

As of December 31, 2025, future minimum lease payments for operating and finance leases consisted of the following:
Operating LeasesFinance Leases
2026¹$82,229 $6,674 
2027106,097 6,086 
2028103,001 3,308 
202995,959 500 
203083,522 284 
Thereafter349,842 96 
Total minimum payments820,650 16,948 
Less: imputed interest199,883 1,245 
Total lease liabilities$620,767 $15,703 
(1)Operating leases are net of certain tenant allowance receivables that were reclassified to Other current assets as of December 31, 2025.

As of December 31, 2025, the Company had additional operating lease commitments of $222,129 for non-cancelable leases without a possession date, which commence in 2026 or later. The terms of these lease commitments are materially consistent with leases recognized on the Consolidated Balance Sheets.
A summary of lease terms and discount rates for operating and finance leases were as follows:
December 31
2025		December 25
2024
Weighted average remaining lease term (years):
Operating leases8.68.7
Finance leases2.83.3
Weighted average discount rate:
Operating leases6.3 %6.2 %
Finance leases5.8 %6.1 %
Supplemental cash flow information related to leases was as follows:
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$100,328 $91,783 $72,128 
Operating cash flows from finance leases920 770 476 
Financing cash flows from finance leases5,511 3,964 3,272 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases136,882 84,887 72,403 
Finance leases9,553 4,792 8,972 
LEASES LEASES
A summary of operating and finance right-of-use assets and lease liabilities were as follows:
ClassificationDecember 31
2025		December 25
2024
Operating leasesOperating lease assets$507,253 $424,611 
Finance leasesProperty and equipment, net15,056 12,225 
Total right-of-use assets$522,309 $436,836 
Operating leases:
Operating lease liabilities, current$63,553 $55,739 
Long-term operating lease liabilities575,138 494,499 
Finance leases:
Other current liabilities5,959 4,086 
Other long-term liabilities9,745 8,616 
Total lease liabilities$654,395 $562,940 
The components of lease expense were as follows:
Classification202520242023
Operating lease cost
Occupancy and related expenses
Pre-opening costs
General and administrative expenses
$88,849 $77,432 $67,781 
Finance lease cost:
Amortization of right-of-use assetsDepreciation and amortization expense5,721 4,181 3,324 
Interest on lease liabilitiesInterest expense920 770 476 
Variable lease costOccupancy and related expenses
Pre-opening costs
General and administrative expenses		25,128 21,694 18,305 
Short-term lease costOccupancy and related expenses665 840 938 
Total lease cost$121,283 $104,917 $90,824 

As of December 31, 2025, future minimum lease payments for operating and finance leases consisted of the following:
Operating LeasesFinance Leases
2026¹$82,229 $6,674 
2027106,097 6,086 
2028103,001 3,308 
202995,959 500 
203083,522 284 
Thereafter349,842 96 
Total minimum payments820,650 16,948 
Less: imputed interest199,883 1,245 
Total lease liabilities$620,767 $15,703 
(1)Operating leases are net of certain tenant allowance receivables that were reclassified to Other current assets as of December 31, 2025.

As of December 31, 2025, the Company had additional operating lease commitments of $222,129 for non-cancelable leases without a possession date, which commence in 2026 or later. The terms of these lease commitments are materially consistent with leases recognized on the Consolidated Balance Sheets.
A summary of lease terms and discount rates for operating and finance leases were as follows:
December 31
2025		December 25
2024
Weighted average remaining lease term (years):
Operating leases8.68.7
Finance leases2.83.3
Weighted average discount rate:
Operating leases6.3 %6.2 %
Finance leases5.8 %6.1 %
Supplemental cash flow information related to leases was as follows:
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$100,328 $91,783 $72,128 
Operating cash flows from finance leases920 770 476 
Financing cash flows from finance leases5,511 3,964 3,272 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases136,882 84,887 72,403 
Finance leases9,553 4,792 8,972 
v3.25.4
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Compensation Related Costs [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Defined Contribution Plan
Team members who have completed 90 days of continuous employment and are 21 years or older are eligible to participate in a defined contribution savings plan maintained by Shake Shack. The plan is funded by participant and employer contributions. Employer contributions, made at the Company's discretion, are paid directly to the third-party trustee and match a portion of certain participants' contributions. The Company matches 100% of certain participants' contributions for the first 3% of eligible compensation contributed and 50% of contributions made in excess of 3% of eligible compensation up to 5% of eligible compensation. Employer contributions totaled $2,497, $2,319 and $1,888, respectively, for fiscal 2025, fiscal 2024 and fiscal 2023.
v3.25.4
STOCKHOLDER'S EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
STOCKHOLDER'S EQUITY STOCKHOLDERS' EQUITY
LLC Interests
The SSE Holdings LLC Agreement provides that holders of LLC Interests may, from time to time, require SSE Holdings to redeem all or a portion of their LLC Interests for newly-issued shares of Class A common stock on a one-for-one basis. In connection with any redemption or exchange, the Company receives a corresponding number of LLC Interests, increasing its total ownership interest in SSE Holdings. Simultaneously, and in connection with a redemption, the corresponding number of shares of Class B common stock are surrendered and cancelled. Refer to Note 12, Non-Controlling Interests, for additional information related to LLC Interests activity.
Dividend Restrictions
Shake Shack Inc. is a holding company with no direct operations. As a result, its ability to pay cash dividends on its common stock, if any, is dependent upon cash dividends, distributions or other transfers from SSE Holdings. The amounts available to pay cash dividends are subject to certain covenants and restrictions set forth in the Revolving Credit Facility. As of December 31, 2025, essentially all of the net assets of SSE Holdings were restricted.
v3.25.4
NON-CONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
NON-CONTROLLING INTERESTS NON-CONTROLLING INTERESTS
Shake Shack is the primary beneficiary and sole managing member of SSE Holdings and, as a result, consolidates the financial results of SSE Holdings. The Company reports a non-controlling interest representing the economic interest held by the other members of SSE Holdings. The Third Amended and Restated Limited Liability Company Agreement, as further amended, (the
"LLC Agreement") of SSE Holdings provides that holders of SSE Holdings, LLC membership interests ("LLC Interests") may, from time to time, require SSE Holdings to redeem all or a portion of their LLC Interests for newly-issued shares of Class A common stock on a one-for-one basis. In connection with any redemption or exchange, the Company will receive a corresponding number of LLC Interests, increasing the total ownership interest in SSE Holdings. Changes in the ownership interest in SSE Holdings while the Company retains its controlling interest in SSE Holdings will be accounted for as equity transactions. As such, future redemptions or direct exchanges of LLC Interests in SSE Holdings by the other members of SSE Holdings will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in capital.
The following table summarizes the ownership interest in SSE Holdings:
20252024
LLC InterestsOwnership %LLC InterestsOwnership %
Number of LLC Interests held by Shake Shack Inc.40,254,281 94.3 %40,068,068 94.2 %
Number of LLC Interests held by non-controlling interest holders2,434,789 5.7 %2,455,713 5.8 %
Total LLC Interests outstanding42,689,070 100.0 %42,523,781 100.0 %
The weighted average ownership percentages for the applicable reporting periods are used to attribute Net income and Other comprehensive income to the non-controlling interest holders and were as follows:
202520242023
Non-controlling interest holders' weighted average ownership percentages5.7 %6.2 %6.7 %
The following table summarizes the effects of changes in ownership of SSE Holdings on the Company's equity:
202520242023
Net income attributable to Shake Shack Inc.$45,725 $10,207 $20,264 
Other comprehensive income (loss):
Unrealized holding income (loss) on foreign currency translation adjustment— 2 (3)
Transfers (to) from non-controlling interests:
Increase (decrease) in additional paid-in capital as a result of the redemption of LLC Interests(271)3,517 265 
Decrease in additional paid-in capital as a result of activity under the stock-based compensation plan(12,101)(5,614)(3,271)
Total effect of changes in ownership interest on equity attributable to Shake Shack Inc.$33,353 $8,112 $17,255 
The following table summarizes the LLC Interests activity:
202520242023
LLC Interests activity under the Company's stock-based compensation plan
Number of LLC Interests received by Shake Shack Inc.165,289 214,953 154,317 
Redemption and acquisition of LLC Interests
Number of LLC Interests redeemed by non-controlling interest holders20,924 378,800 35,000 
Number of LLC Interests received by Shake Shack Inc.20,924 378,800 35,000 
Issuance of Class A common stock
Shares of Class A common stock issued in connection with redemptions of LLC Interests20,924 378,800 35,000 
Cancellation of Class B common stock
Shares of Class B common stock surrendered and canceled20,924 378,800 35,000 
v3.25.4
EQUITY-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
A summary of equity-based compensation expense by award type was as follows:
202520242023
Performance stock units$4,520 $2,611 $3,149 
Restricted stock units14,983 13,304 11,739 
Equity-based compensation expense$19,503 $15,915 $14,888 
Total income tax benefit recognized related to equity-based compensation$496 $396 $391 
Equity-based compensation expense recognized was as follows:
202520242023
General and administrative expenses$17,514 $14,339 $13,587 
Labor and related expenses1,989 1,576 1,301 
Equity-based compensation expense$19,503 $15,915 $14,888 
The Company capitalized $450, $371 and $286 of equity-based compensation expense associated with the construction cost of our Shacks and certain digital and technology projects, during fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
Restricted Stock Units
The Company is authorized to grant up to 6,707,843 restricted stock units and other equity-based awards to team members, directors and officers under the 2025 Incentive Award Plan (the “2025 Plan”). The restricted stock units granted generally vest equally over periods ranging from one to five years. The fair value of restricted stock units is determined based on the closing market price of our Class A common stock on the date of grant. Compensation expense related to the restricted stock units is recognized using a straight-line attribution method over the vesting period.
A summary of restricted stock unit activity was as follows:
Restricted
Stock
Units
Weighted
Average
Grant Date Fair Value
Outstanding and unvested as of December 28, 2022
395,853 $76.82 
Granted326,692 58.26 
Vested(147,163)70.29 
Forfeited(63,838)68.94 
Outstanding and unvested as of December 27, 2023
511,544 67.82 
Granted199,345 102.77 
Vested(185,649)70.31 
Forfeited(82,436)73.41 
Outstanding and unvested as of December 25, 2024442,804 81.47 
Granted201,723 109.32 
Vested(162,408)81.80 
Forfeited(86,337)86.81 
Outstanding and unvested as of December 31, 2025395,782 $94.37 
The total fair value of shares vested during fiscal 2025, fiscal 2024 and fiscal 2023 was $13,285, $13,021 and $10,382, respectively. As of December 31, 2025, total unrecognized compensation expense related to unvested restricted stock units was $25,071, which is expected to be recognized over a weighted average period of 2.0 years.
Performance Stock Units
Under the 2025 Plan, the Company may grant performance stock units and other types of performance-based equity awards that vest based on the outcome of certain performance criteria that are established and approved by the Compensation Committee of the Board of Directors. The actual number of equity awards earned is based on the level of performance achieved over a predetermined performance period, relative to established financial goals.
Performance stock units granted during fiscal 2025 are subject to a requisite service period and the awards cliff vest over three years. The amount of awards that can be earned ranges from 0% to 200% of the number of performance stock units granted, based on the achievement of approved financial goals over a three-year performance period. Performance stock units granted during fiscal 2024 are subject to a requisite service period and the awards vest ratably over four years or cliff vest over three years. The amount of awards that can be earned ranges from 0% to 200% of the number of performance stock units granted, based on the achievement of approved financial goals over a one-year or three-year performance period. No performance stock units were granted during fiscal 2023.
Performance stock units containing market conditions are based on a Monte Carlo simulation, and related compensation expense is recognized using a graded attribution method over the vesting period and does not change regardless of the amount of shares received by the recipient based on achievement of the awards. The fair value of performance stock units not containing a market condition is determined based on the closing market price of the Company's Class A common stock on the date of grant. Compensation expense related to the performance stock units not containing a market condition is recognized using either a graded-vesting attribution method or straight-line over the vesting period based on the most probable outcome of the performance conditions.
A summary of performance stock unit activity was as follows:
Performance
Stock
Units
Weighted
Average
Grant Date Fair Value
Outstanding and unvested as of December 28, 2022
159,822 $92.22 
Vested(25,494)91.36 
Forfeited(12,903)88.70 
Outstanding and unvested as of December 27, 2023
121,425 92.77 
Granted95,624 103.98 
Vested(10,646)129.68 
Forfeited(33,957)91.73 
Outstanding and unvested as of December 25, 2024172,446 96.82 
Granted73,057 106.87 
Performance achievement(1)
3,093 107.25 
Vested(85,408)89.85 
Forfeited(9,225)107.84 
Outstanding and unvested as of December 31, 2025153,963 $105.00 
(1)Represents the incremental awards earned and/or awards forfeited based on the achievement of performance conditions.

The total fair value of awards that vested during fiscal 2025, fiscal 2024 and fiscal 2023 was $9,136, $1,104 and $1,441, respectively. The weighted average grant date fair value of performance stock units granted during fiscal 2023 was nil. As of December 31, 2025, total unrecognized compensation expense related to unvested performance stock units was $8,471, which is expected to be recognized over a weighted average period of 2.0 years.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Shake Shack is the sole managing member of SSE Holdings, which is classified as a partnership for U.S federal and most applicable state and local income tax purposes. As the managing member, the Company consolidates SSE Holdings financial results. As a partnership, SSE Holdings is not subject to U.S. federal and certain state and local income taxes. Instead, any taxable income or loss generated by SSE Holdings is allocated to its members, including the Company, on a pro rata basis. The Company is subject to U.S. federal, state and local income taxes with respect to its allocable share of taxable income or loss from SSE Holdings, as well as any stand-alone income or loss generated by Shake Shack Inc. The Company is also subject to withholding taxes in foreign jurisdictions.
Income Tax Expense
The components of Income before income taxes were as follows:
202520242023
Domestic$18,469 $(18,247)$(13,427)
Foreign54,140 32,491 30,407 
Income before income taxes$72,609 $14,244 $16,980 
The components of Income tax expense (benefit) were as follows:
202520242023
Current income taxes:
State and local$3,155 $554 $1,271 
Foreign3,132 3,924 3,793 
Total current income taxes6,287 4,478 5,064 
Deferred income taxes:
Federal10,237 (2,731)(12,427)
State and local6,379 1,677 3,353 
Total deferred income taxes16,616 (1,054)(9,074)
Income tax expense (benefit)$22,903 $3,424 $(4,010)
A reconciliation of Income tax expense (benefit) computed at the U.S. federal statutory income tax rate to the recognized Income tax expense (benefit) and the U.S. statutory income tax rate to our effective tax rate after the adoption of ASU 2023-09 was as follows:
2025
Expected U.S. federal income taxes at statutory rate$15,248 21.0 %
State and local income taxes, net of federal benefit (1)
8,216 11.3 %
Foreign Tax Effects:
Foreign withholding taxes3,052 4.2 %
Tax credits:
Federal employer tip credit
(2,613)(3.6)%
Other credits
(1,490)(2.1)%
Non-taxable or non-deductible items:
Non-deductible compensation
926 1.3 %
Equity-based compensation
(1,461)(2.0)%
Other
1,341 1.8 %
Changes in unrecognized tax benefits
14 — %
Other(330)(0.4)%
Income tax expense (benefit)
$22,903 31.5 %
(1)For fiscal 2025, the states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York State and City.
Reconciliations of Income tax expense (benefit) computed at the U.S. federal statutory income tax rate to the recognized Income tax expense (benefit) and the U.S. statutory income tax rate to our effective tax rates before the adoption of ASU 2023-09 were as follows:
20242023
Expected U.S. federal income taxes at statutory rate$2,991 21.0 %$3,565 21.0 %
State and local income taxes, net of federal benefit2,166 15.2 %2,090 12.3 %
Foreign withholding taxes3,924 27.6 %3,792 22.3 %
Tax credits(7,033)(49.4)%(7,060)(41.6)%
Non-controlling interest(166)(1.2)%(196)(1.2)%
Non-deductible expenses2,240 15.7 %1,169 6.9 %
Reserve for uncertain tax positions
— — %154 0.9 %
Remeasurement of deferred tax assets in connection with other tax rate changes392 2.8 %1,547 9.1 %
Return to provision adjustment
(650)(4.6)%(519)(3.0)%
Change in valuation allowance(97)(0.7)%(9,195)(54.1)%
Other(343)(2.4)%643 3.8 %
Income tax expense (benefit)
$3,424 24.0 %$(4,010)(23.6)%
Shake Shack's effective income tax rates for fiscal 2025, fiscal 2024 and fiscal 2023 were 31.5%, 24.0% and (23.6)%, respectively. The increase in the effective income tax rate from fiscal 2024 to fiscal 2025 was primarily driven by foreign tax credits that are not expected to be realized and the remeasurement of deferred tax assets following the filing of the Company’s 2024 tax returns.
The following table sets forth the total income taxes paid, net of refunds after the adoption of ASU 2023-09:
2025
U.S. state and local:
New York
$609 
Tennessee
282 
Other
237 
Total U.S. state and local
1,128 
Foreign:
China
511 
Mexico
327 
Philippines
220 
Singapore
220 
South Korea
737 
Other
1,117 
Total foreign
3,132 
Total
$4,260 

Before to the adoption of ASU 2023-09, income taxes paid, net of refunds for fiscal 2024 and fiscal 2023 were $6,531 and $4,056, respectively.
Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows:
December 31
2025		December 25
2024
Deferred tax assets:
Investment in partnership$74,094 $89,397 
Tax Receivable Agreement66,053 67,192 
Operating lease liability6,281 5,264 
Financing lease liability159 124 
Deferred revenue251 209 
Equity-based compensation423 357 
Net operating loss carryforwards146,137 148,700 
Tax credits34,731 33,643 
Other assets1,117 1,772 
Total gross deferred tax assets329,246 346,658 
Valuation allowance(980)(260)
Total deferred tax assets, net of valuation allowance328,266 346,398 
Deferred tax liabilities:
Property and equipment(652)(537)
Operating lease right-of-use asset (5,064)(4,147)
Financing lease right-of-use asset (152)(119)
Other liabilities(13)(9)
Total gross deferred tax liabilities(5,881)(4,812)
Net deferred tax assets$322,385 $341,586 
As of December 31, 2025, the Company's federal and state net operating loss carryforwards for income tax purposes were $606,837 and $370,203, respectively. Of the federal net operating loss carryforwards, $554,970 can be carried forward indefinitely, while the remaining $51,867 will begin to expire in 2035. Similarly, of the state net operating loss carryforwards, $48,536 can be carried forward indefinitely, while the remaining $321,667 will begin to expire in 2026. As of December 31, 2025, the Company had federal tax credit carryforwards, including a capital loss carryforward of $33,871, which will begin to expire in 2026 and gross state tax credit carryforwards of $1,175, which will begin to expire in 2030.
As described in Note 12, Non-controlling Interests, the Company acquired a total of 186,213 LLC Interests during fiscal 2025 through LLC Interest redemptions and stock-based compensation plan activity. Upon acquiring these LLC Interests, the Company recognized a deferred tax asset of $1,279 related to the basis difference in its investment in SSE Holdings. As of December 31, 2025, the total deferred tax asset associated with the basis difference was $74,094.
The Company evaluates the realizability of its deferred tax assets on a quarterly basis and establishes valuation allowances when it is more likely than not that all or a portion of a deferred tax asset may not be realized. As of December 31, 2025, the Company concluded, based on the valuation of all available positive and negative evidence, that all of its deferred tax assets are more likely than not to be realized, except certain state credits and state net operating losses that are not expected to be utilized before expiration. Accordingly, the Company maintained a valuation allowance of $980. The net change in valuation allowance for fiscal 2025 was an increase of $720.
New Tax Legislation
On July 4, 2025, bill H.R. 1, commonly referred to as the "One Big Beautiful Bill Act" or "OBBBA," was signed into law, with certain provisions effective in 2025 and others in 2026. The Act provides for changes to U.S. federal tax law, including the
expensing of U.S. research expenditures and certain eligible capital expenditures, among other provisions. We have recognized the effects of the OBBBA provisions in our financial results to the extent they are applicable to the 2025 tax year.
Uncertain Tax Positions
Pursuant to ASC 740, the Company provides for uncertain tax positions based upon our assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. In 2025, no new uncertain tax positions were identified. Reconciliations of the beginning to the ending accounts of gross unrecognized tax benefits for fiscal 2025, fiscal 2024, and fiscal 2023 were as follows:

202520242023
Beginning balance
$147 $147 $— 
Additions for tax positions of prior years
— — 263 
Settlements
— — (116)
Ending balance
$147 $147 $147 
The Company files U.S. federal, state and local, and foreign tax returns. Generally, the Company's state and local income tax returns from 2018 to 2024 remain open to examination. The Company’s foreign income tax returns generally remain open to examination for the 2019 through 2024 tax years. Statutes of limitation in the United States and various state and foreign jurisdictions are generally three to six years from the date of filing but may be extended in certain circumstances, including when tax attributes such as net operating losses and tax credit carryforwards are involved. Tax authorities may also review returns for years otherwise closed by statute to adjust related tax attributes arising in prior years.
Tax Receivable Agreement
Pursuant to the Company's election under Section 754 of the Internal Revenue Code (the "Code"), the Company expects to obtain an increase in its share of the tax basis in the net assets of SSE Holdings when LLC Interests are redeemed or exchanged by the other members of SSE Holdings. The Company plans to make an election under Section 754 of the Code for each taxable year in which a redemption or exchange of LLC Interest occurs. The Company intends to treat any redemptions and exchanges of LLC Interests as direct purchases of LLC Interests for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that would otherwise be paid in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.
On February 4, 2015, the Company entered into a tax receivable agreement with certain then-existing non-controlling members of SSE Holdings (the "Tax Receivable Agreement"). This agreement obligates the Company to pay the non-controlling interest holders 85% of any tax benefits that the Company may actually realize, or deemed to realize, from (i) increases in the Company's share of the tax basis of SSE Holdings due to redemptions or exchanges of LLC Interests, (ii) tax basis increases resulting from payments made under the Tax Receivable Agreement, and (iii) deductions from imputed interest under the agreement (the "TRA Payments"). The Company expects to benefit from the remaining 15% of any realized tax benefits. The TRA Payments are not conditioned upon any continued ownership interest in SSE Holdings or us. Additionally, the rights of each non-controlling interest holder under the Tax Receivable Agreement, are assignable to transferees of its LLC Interests.
During fiscal 2025, the Company acquired a total of 20,924 LLC Interests in connection with the redemption of LLC Interests, which led to an increase in the tax basis of its investment in SSE Holdings subject to the provisions of the Tax Receivable Agreement. The Company recognized an additional asset of $1,279 for the TRA Payments due to the redeeming members, representing 85% of the aggregate tax benefits the Company expects to realize from the tax basis increases related to the redemption of LLC Interests. This estimate was based on our conclusion that it was probable that such TRA Payments would be made, considering our projections of future taxable income. During fiscal 2025 payments of $37, inclusive of interest, were made to the members of SSE Holdings pursuant to the Tax Receivable Agreement. No payments were made to the members of SSE Holdings pursuant to the Tax Receivable Agreement in fiscal 2024. As of December 31, 2025, the total amount of TRA Payments due under the Tax Receivable Agreement was $246,835, of which $2,372 amount was included in Other current liabilities on the Consolidated Balance Sheets.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share of Class A common stock is computed by dividing Net income attributable to Shake Shack Inc. by the weighted average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing Net income attributable to Shake Shack Inc. by the weighted average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (in thousands, except per share amounts):
202520242023
Numerator:
Net income attributable to Shake Shack Inc.—basic$45,725 $10,207 $20,264 
Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B shares— 613 726 
Net income attributable to Shake Shack Inc.—diluted$45,725 $10,820 $20,990 
Denominator:
Weighted average shares of Class A common stock outstanding—basic40,212 39,830 39,419 
Effect of dilutive securities:
Stock options2 52 75 
Performance stock units35 69 11 
Restricted stock units131 173 85 
Convertible Notes1,467 1,467 1,467 
Shares of Class B common stock— 2,612 2,842 
Weighted average shares of Class A common stock outstanding—diluted41,847 44,203 43,899 
Earnings per share of Class A common stock—basic$1.14 $0.26 $0.51 
Earnings per share of Class A common stock—diluted$1.09 $0.24 $0.48 
The effect of potential share settlement of the Convertible Notes outstanding for the period is included as potentially dilutive shares of Class A common stock under application of the if-converted method in the computation of diluted earnings per share, except when the effect would be anti-dilutive. Refer to Note 8, Debt, for additional information.
Shares of Class B common stock do not share in the earnings or losses of Shake Shack and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented. However, shares of Class B common stock outstanding for the period are considered potentially dilutive shares of Class A common stock under application of the if-converted method and are included in the computation of diluted earnings per share, except when the effect would be anti-dilutive.
The following table presents potentially dilutive securities excluded from the computations of diluted earnings per share of Class A common stock:
202520242023
Performance stock units120,706 (1)50,556 (1)99,718 (1)
Shares of Class B common stock2,434,789 (2)— — 
(1)Number of securities outstanding at the end of the period that were excluded from the computation of diluted earnings per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.
(2)Number of securities outstanding at the end of the period that were excluded from the computation of diluted earnings per share of Class A common stock because the effect would have been anti-dilutive.
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
The following table sets forth supplemental cash flow information:
202520242023
Cash paid for:
Income taxes, net of refunds$4,260 $6,531 $4,056 
Interest, net of amounts capitalized820 882 537 
Non-cash investing activities:
Accrued purchases of property and equipment34,727 19,226 24,999 
Capitalized equity-based compensation208 217 181 
Non-cash financing activities:
Establishment of liabilities under Tax Receivable Agreement
861 12,121 720 
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Lease Commitments
The Company is obligated under various operating leases for Shacks and Shack Support Centers, expiring in various years through 2045. Under certain of these leases, the Company is liable for contingent rent based on a percentage of sales in excess of specified thresholds and typically responsible for its proportionate share of real estate taxes, common area maintenance costs and other occupancy costs. Refer to Note 9, Leases, for additional information.
Certain leases require the Company to obtain letters of credit. As of December 31, 2025, the Company held three letters of credit totaling $695.
Purchase Commitments
Purchase obligations include legally binding contracts, including commitments for the purchase, construction or remodeling of real estate and facilities, firm minimum commitments for inventory purchases, equipment purchases, marketing-related contracts, software acquisition/license commitments and service contracts. These obligations are generally short-term in nature and are recorded as liabilities when the related goods are received or services rendered. The Company also enters into long-term, exclusive contracts with certain vendors to supply food, beverages and paper goods, obligating the Company to purchase specified quantities.
Legal Contingencies
The Company is subject to various legal proceedings, claims and liabilities, involving employees and guests alike, which arise in the ordinary course of business and are generally covered by insurance. As of December 31, 2025, the amount of the ultimate liability with respect to these matters was not material.
Liabilities under Tax Receivable Agreement
The Company is a party to the Tax Receivable Agreement under which it is contractually committed to pay certain of the members of SSE Holdings 85% of the amount of any tax benefits that are actually realized, or in some cases are deemed to realize, as a result of certain transactions. The Company is not obligated to make any payments under the Tax Receivable Agreement until the tax benefits associated with the transactions that gave rise to the payments are realized. Refer to Note 14, Income Taxes, for additional information relating to the Tax Receivable Agreement.
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Madison Square Park Conservancy
The Chairman of the Board of Directors serves as a director of the Madison Square Park Conservancy ("MSP Conservancy"), with which Shake Shack has a license agreement and pays license fees to operate the Madison Square Park Shack. No amounts were due to MSP Conservancy as of December 31, 2025 and December 25, 2024.
Classification202520242023
Amounts paid to MSP Conservancy
Occupancy and related expenses
$945 $937 $898 
Olo, Inc.
The Chairman of the Board of Directors served as a director of Olo, Inc., a platform the Company uses in connection with its mobile ordering application through September 2025.
Classification202520242023
Amounts paid to Olo, Inc.Other operating expenses$1,142 $838 $595 
ClassificationDecember 31
2025		December 25
2024
Amounts due to Olo, Inc.
Accounts payable
Accrued expenses
$334 $227 
Tax Receivable Agreement
The Company entered into a Tax Receivable Agreement that provides for the payment by the Company of 85% of the amount of any tax benefits that are actually realized, or in some cases are deemed to realize, as a result of certain transactions. Refer to Note 14, Income Taxes, for additional information.
Classification202520242023
Amounts paid under the Tax Receivable Agreement
Other current liabilities
$37 $— $— 
ClassificationDecember 31
2025		December 25
2024
Amounts due under the Tax Receivable AgreementOther current liabilities
Liabilities under Tax Receivable Agreement, net of current portion		$246,835 $247,734 
Distributions to Members of SSE Holdings
Under the terms of the SSE Holdings LLC Agreement, SSE Holdings is obligated to make tax distributions to its members. No tax distributions were payable to non-controlling interest holders as of December 31, 2025 and December 25, 2024, respectively.
Classification202520242023
Amounts paid to non-controlling interest holdersNon-controlling interests$1,842 $482 $162 
v3.25.4
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Shake Shack operates and licenses Shake Shack restaurants, which serve burgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine and more. The Company operates Shacks in the United States and has both domestic and international licensed Shacks.
The chief operating decision maker (the "CODM") is the Chief Executive Officer. The Company determined it has one operating segment and one reportable segment, as the CODM regularly reviews Shack operations and financial performance at a consolidated level. The CODM also allocates resources at a consolidated level.
The CODM uses net income to allocate resources (including labor, technology, and capital resources) for the single segment to make decisions regarding annual budget, new Shack openings, entering new geographic markets, landlord and vendor negotiations, marketing decisions, pursuing new business ventures, and driving the Company's mission.
202520242023
Segment revenue(1)
$1,445,306 $1,252,608 $1,087,533 
Less:
Food and paper costs396,714 339,940 305,041 
Labor and related expenses360,693 338,750 304,254 
Other operating expenses(2)
212,677 178,381 149,449 
Occupancy and related expenses106,632 93,069 79,846 
General and administrative expenses
176,233 149,047 129,542 
Depreciation and amortization expense106,600 102,468 91,242 
Pre-opening costs18,001 15,547 19,231 
Impairments, loss on disposal of assets, and Shack closures5,248 32,368 3,007 
Interest expense2,159 2,045 1,717 
Income tax expense (benefit)22,903 3,424 (4,010)

Other (income) loss, net(3)
(12,260)(13,251)(12,776)
Segment income (loss)
49,706 10,820 20,990 
Reconciliation of profit or loss:
Adjustments and reconciling items— — — 
Consolidated net income (loss)
$49,706 $10,820 $20,990 
December 31
2025		December 25
2024
Total Assets$1,896,209 $1,696,971 
(1)Refer to Note 20, for geographic information and breakdown of revenue and long-lived assets by geographic area.
(2)Other operating expenses consist of delivery commissions, Shack-level marketing expenses, repairs and maintenance, utilities, and other operating expenses incidental to operating our Company-operated Shacks, such as non-perishable supplies, credit card fees, and property insurance.
(3)Other (income) loss, net primarily includes interest and dividend income, adjustments to liabilities under the Tax Receivable Agreement, and net unrealized and realized gains and losses from marketable securities. Interest income was $165, $761 and $2,443, respectively in fiscal 2025, 2024 and 2023.
GEOGRAPHIC INFORMATION
Revenues by geographic area were as follows:
202520242023
United States$1,407,094 $1,219,356 $1,056,753 
Other countries38,212 33,252 30,780 
Total revenue$1,445,306 $1,252,608 $1,087,533 
Revenues are shown based on the geographic location of the Company's customers and licensees. The Company's long-lived assets are primarily located in the United States.
v3.25.4
GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
GEOGRAPHIC INFORMATION SEGMENT REPORTING
Shake Shack operates and licenses Shake Shack restaurants, which serve burgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine and more. The Company operates Shacks in the United States and has both domestic and international licensed Shacks.
The chief operating decision maker (the "CODM") is the Chief Executive Officer. The Company determined it has one operating segment and one reportable segment, as the CODM regularly reviews Shack operations and financial performance at a consolidated level. The CODM also allocates resources at a consolidated level.
The CODM uses net income to allocate resources (including labor, technology, and capital resources) for the single segment to make decisions regarding annual budget, new Shack openings, entering new geographic markets, landlord and vendor negotiations, marketing decisions, pursuing new business ventures, and driving the Company's mission.
202520242023
Segment revenue(1)
$1,445,306 $1,252,608 $1,087,533 
Less:
Food and paper costs396,714 339,940 305,041 
Labor and related expenses360,693 338,750 304,254 
Other operating expenses(2)
212,677 178,381 149,449 
Occupancy and related expenses106,632 93,069 79,846 
General and administrative expenses
176,233 149,047 129,542 
Depreciation and amortization expense106,600 102,468 91,242 
Pre-opening costs18,001 15,547 19,231 
Impairments, loss on disposal of assets, and Shack closures5,248 32,368 3,007 
Interest expense2,159 2,045 1,717 
Income tax expense (benefit)22,903 3,424 (4,010)

Other (income) loss, net(3)
(12,260)(13,251)(12,776)
Segment income (loss)
49,706 10,820 20,990 
Reconciliation of profit or loss:
Adjustments and reconciling items— — — 
Consolidated net income (loss)
$49,706 $10,820 $20,990 
December 31
2025		December 25
2024
Total Assets$1,896,209 $1,696,971 
(1)Refer to Note 20, for geographic information and breakdown of revenue and long-lived assets by geographic area.
(2)Other operating expenses consist of delivery commissions, Shack-level marketing expenses, repairs and maintenance, utilities, and other operating expenses incidental to operating our Company-operated Shacks, such as non-perishable supplies, credit card fees, and property insurance.
(3)Other (income) loss, net primarily includes interest and dividend income, adjustments to liabilities under the Tax Receivable Agreement, and net unrealized and realized gains and losses from marketable securities. Interest income was $165, $761 and $2,443, respectively in fiscal 2025, 2024 and 2023.
GEOGRAPHIC INFORMATION
Revenues by geographic area were as follows:
202520242023
United States$1,407,094 $1,219,356 $1,056,753 
Other countries38,212 33,252 30,780 
Total revenue$1,445,306 $1,252,608 $1,087,533 
Revenues are shown based on the geographic location of the Company's customers and licensees. The Company's long-lived assets are primarily located in the United States.
v3.25.4
SCHEDULE I: CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I: CONDENSED FINANCIAL INFORMATION OF REGISTRANT
SHAKE SHACK INC.
CONDENSED BALANCE SHEETS
(PARENT COMPANY ONLY)
(in thousands, except share and per share amounts)
December 31
2025		December 25
2024
ASSETS
Current assets:
Cash$8,553 $9,271 
Accounts receivable3,728 — 
Prepaid expenses954 1,405 
Total current assets13,235 10,676 
Deferred income taxes, net322,788 336,588 
Investment in SSE Holdings472,310 390,184 
Note receivable from SSE Holdings 232,812 224,879 
Note receivable - conversion option7,000 33,500 
Due from SSE Holdings9,927 9,695 
TOTAL ASSETS$1,058,072 $1,005,522 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable2 — 
Accrued expenses1,371 87 
Due to SSE Holdings42,611 32,482 
Other current liabilities
2,372 717 
Total current liabilities46,356 33,286 
Long-term debt247,731 246,683 
Liabilities under tax receivable agreement, net of current portion244,463 247,017 
Total liabilities538,550 526,986 
Commitments and contingencies
Stockholders' equity:
Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and December 25, 2024.— — 
Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,254,281 and 40,068,068 shares issued and outstanding as of December 31, 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 December 31, 2025 and December 25, 2024, respectively.2 2 
Additional paid-in capital452,577 442,993 
Retained earnings66,904 35,502 
Accumulated other comprehensive loss
(1)(1)
Total stockholders' equity519,522 478,536 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,058,072 $1,005,522 
See accompanying Notes to Condensed Financial Statements.
SHAKE SHACK INC.
CONDENSED STATEMENTS OF INCOME
(PARENT COMPANY ONLY)
(in thousands)
Fiscal Year Ended
December 31
2025		December 25
2024		December 27
2023
Intercompany revenue$3,674 $6,476 $7,971 
TOTAL REVENUE3,674 6,476 7,971 
General and administrative expenses2,832 5,647 6,663 
Intercompany expenses3,192 45 54 
TOTAL EXPENSES6,024 5,692 6,717 
INCOME (LOSS) FROM OPERATIONS(2,350)784 1,254 
Equity in net income from SSE Holdings65,672 8,558 10,091 
Other income (expense), net(18,557)28,533 14,533 
Interest expense(1,048)(1,047)(1,047)
INCOME BEFORE INCOME TAXES43,717 36,828 24,831 
Income tax expense (benefit)12,315 6,603 (5,203)
NET INCOME$31,402 $30,225 $30,034 
See accompanying Notes to Condensed Financial Statements.
SHAKE SHACK INC.
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(PARENT COMPANY ONLY)
(in thousands)
Fiscal Year Ended
December 31
2025		December 25
2024		December 27
2023
Net income$31,402 $30,225 $30,034 
Other comprehensive income (loss), net of tax(1):
Change in foreign currency translation adjustment— 2 (3)
OTHER COMPREHENSIVE INCOME (LOSS)— 2 (3)
COMPREHENSIVE INCOME$31,402 $30,227 $30,031 
(1)Net of tax benefit of $0 for fiscal years ended December 31, 2025, December 25, 2024 and December 27, 2023.
See accompanying Notes to Condensed Financial Statements.
SHAKE SHACK INC.
CONDENSED STATEMENTS OF CASH FLOWS
(PARENT COMPANY ONLY)
(in thousands)
Fiscal Year Ended
December 31
2025		December 25
2024		December 27
2023
OPERATING ACTIVITIES
Net income$31,402 $30,225 $30,034 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net income from SSE Holdings(65,672)(8,558)(10,091)
Amortization of debt issuance costs1,048 1,047 1,047 
Equity-based compensation1,152 920 894 
Deferred income taxes11,170 6,606 (5,249)
(Gain) loss on note receivable - conversion option26,500 (20,600)(6,600)
Other non-cash income(7,933)(7,933)(7,933)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets312 (1,342)(1)
Due (to) from SSE Holdings(179)1,153 (3,944)
Accounts payable2 (146)107 
Accrued expenses1,328 (395)515 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES(870)977 (1,221)
INVESTING ACTIVITIES
Purchases of LLC Interests from SSE Holdings(28,040)(27,618)(11,731)
NET CASH USED IN INVESTING ACTIVITIES(28,040)(27,618)(11,731)
FINANCING ACTIVITIES
Proceeds from issuance of Class A common stock to SSE Holdings upon settlement of equity awards28,040 27,618 11,731 
Proceeds from stock option exercises189 1,620 744 
Payments under tax receivable agreement(37)— — 
NET CASH PROVIDED BY FINANCING ACTIVITIES28,192 29,238 12,475 
Effect of exchange rate changes on cash and cash equivalents
— 2 (3)
INCREASE (DECREASE) IN CASH(718)2,599 (480)
CASH AT BEGINNING OF PERIOD9,271 6,672 7,152 
CASH AT END OF PERIOD$8,553 $9,271 $6,672 
See accompanying Notes to Condensed Financial Statements.
NOTE 1: ORGANIZATION
Shake Shack Inc. (the "Parent Company") was formed on September 23, 2014 as a Delaware corporation and is a holding company with no direct operations. The Parent Company's assets consist primarily of its equity interest in SSE Holdings, LLC ("SSE Holdings"), certain deferred tax assets and its note receivable from SSE Holdings.
The Parent Company's cash inflows are primarily from cash dividends or distributions and other transfers from SSE Holdings. The amounts available to the Parent Company to fulfill cash commitments and pay cash dividends on its common stock are subject to certain restrictions in SSE Holdings' Revolving Credit Facility. Refer to Note 8, Debt, in the accompanying Consolidated Financial Statements, for additional information.
BASIS OF PRESENTATION
These Condensed Parent Company financial statements should be read in conjunction with the Consolidated Financial Statements of Shake Shack Inc. and the accompanying notes thereto, included in Part II, Item 8. For purposes of these condensed financial statements, the Parent Company's interest in SSE Holdings is recorded based upon its proportionate share of SSE Holdings' net assets (similar to presenting them on the equity method).
The Parent Company is the sole managing member of SSE Holdings, and pursuant to the Third Amended and Restated LLC Agreement of SSE Holdings (the “SSE Holdings LLC Agreement”), receives compensation in the form of reimbursements for all costs associated with being a public company and maintaining its existence. Intercompany revenue consists of these reimbursement payments and is recognized when the corresponding expense to which it relates is recognized. Certain intercompany balances presented in these Condensed Parent Company financial statements are eliminated in the Company's Consolidated Financial Statements.
The following table presents amounts in the Parent Company's Condensed Balance Sheets that were eliminated in consolidation:
December 31
2025		December 25
2024
Assets
Due from SSE Holdings$9,927 $9,695 
Deferred income taxes, net2,114 (3,177)
Note receivable from SSE Holdings232,812 224,879 
Note receivable - conversion option7,000 33,500 
Liabilities
Due to SSE Holdings42,611 32,482 

Related party amounts that were not eliminated in the Company's Consolidated Financial Statements include the Parent Company's liabilities under the tax receivable agreement, which totaled $246,835 and $247,734, respectively as of December 31, 2025 and December 25, 2024.
The following table presents amounts in the Parent Company's Condensed Statements of Income that were eliminated in consolidation:
202520242023
Intercompany revenue$3,674 $6,476 $7,971 
Intercompany expenses
3,192 45 54 
Equity in net income from SSE Holdings
65,672 8,558 10,091 
Other income (expense), net18,566 28,533 14,533 
Income tax expense (benefit)
(5,291)7,466 3,715 
NOTE RECEIVABLE FROM SSE HOLDINGS
In March 2021, contemporaneously with the issuance of the Convertible Notes described in Note 4, Debt, below, the Parent Company entered into a $250,000 intercompany note with SSE Holdings (the "Intercompany Note"). The Intercompany Note will mature in March 2028 unless the Parent Company exercises its right to convert the Intercompany Note to maintain at all times a one-to-one ratio between the number of common units, directly or indirectly, held by the Parent Company and the aggregate number of outstanding shares of Class A common stock. As of December 31, 2025 and December 25, 2024, the balance of the Note receivable from SSE Holdings was $232,812 and $224,879, respectively, net of accretion.
The Parent Company's right to convert the Intercompany Note into common units of SSE Holdings (the "Conversion Option") is required to be bifurcated from the Intercompany Note and shown separately on the Parent Company's Condensed Balance Sheets. The Conversion Option is to be recorded at fair value and remeasured at each subsequent reporting date. As of December 31, 2025 and December 25, 2024, the fair value of the Conversion Option was $7,000 and $33,500, respectively.
The following table presents amounts in the Parent Company's Condensed Statements of Income related to the change in value and accretion on the Conversion Option:
Classification202520242023
Unrealized gain (loss)
Other income (expense), net
$(26,500)$20,600 $6,600 
Interest income
Other income (expense), net
$7,933 $7,933 $7,933 
DEBT
In March 2021, the Parent Company issued $250,000 aggregate principal amount of 0% Convertible Senior Notes (“Convertible Notes”) which will mature on March 1, 2028, unless earlier converted, redeemed or repurchased in certain circumstances. Upon conversion, the Parent Company pays or delivers, as the case may be, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at the Company's election. Refer to Note 8, Debt, in the accompanying Consolidated Financial Statements, for additional information.
COMMITMENTS AND CONTINGENCIES
On February 4, 2015, the Parent Company entered into a tax receivable agreement with the non-controlling interest holders that provides for payments to the non-controlling interest holders of 85% of the amount of any tax benefits that the Parent Company actually realizes, or in some cases is deemed to realize, as a result of certain transactions. Refer to Note 14, Income Taxes,in the accompanying Consolidated Financial Statements, for additional information relating to the Parent Company's Tax Receivable Agreement. As described in Note 14, Income Taxes, in the accompanying Consolidated Financial Statements, the Company is obligated to pay the non-controlling interest holders 85% of any tax benefits that the Company may actually realize, or deemed to realize, from (i) increases in the Company's share of the tax basis of SSE Holdings due to redemptions or exchanges of LLC Interests, (ii) tax basis increases resulting from payments made under the Tax Receivable Agreement, and (iii) deductions from imputed interest under the agreement (the "TRA Payments"). As of December 31, 2025 and December 25, 2024, liabilities under the Tax Receivable Agreement totaled $246,835 and $247,734, respectively.
SUPPLEMENTAL CASH FLOW INFORMATION
The following table sets forth supplemental cash flow information:
202520242023
Cash paid for:
Income taxes$163 $832 $9 
Non-cash investing activities:
Accrued contribution related to stock option exercises189 1,625 744 
Class A common stock issued in connection with the acquisition of LLC Interests upon redemption by the non-controlling interest holders(271)3,517 265 
Non-cash contribution made in connection with equity awards granted to employees of SSE Holdings27,041 20,406 10,305 
Non-cash financing activities:
Establishment of liabilities under tax receivable agreement861 12,121 720 
The following table sets forth the total income taxes paid, net of refunds received after the adoption of ASU 2023-09:
2025
U.S. state and local:
New York
$97 
Florida
45 
Other
21 
Total U.S. state and local
$163 
v3.25.4
SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS
Schedule II: Valuation and Qualifying Accounts
Balance at beginning of periodAdditionsBalance at end of period
(in thousands)
Charged to costs and expenses(1)
Charged to other accounts
Deferred tax asset valuation allowance:
Fiscal year ended December 27, 2023$9,560 $(9,203)$— $357 
Fiscal year ended December 25, 2024$357 $(97)$— $260 
Fiscal year ended December 31, 2025$260 $720 $— $980 
(1)Amount relates to a valuation allowance established on deferred tax assets related to our investment in SSE Holdings.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Pursuant to Item 408(a) of Regulation S-K, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, terminated, or modified a “Rule 10b5-1 trading arrangement” in the fiscal quarter ended December 31, 2025 as follows:
Name
Position
Action
Adoption Date
Expiration Date
Aggregate Numbers of Class A Common Stock to be Purchased/Sold
Daniel MeyerChairman of the Board of DirectorsAdoption11/6/20258/31/2026
100,000 shares to be sold
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Daniel Meyer [Member]  
Trading Arrangements, by Individual  
Name Daniel Meyer
Title Chairman of the Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date 11/6/2025
Expiration Date 8/31/2026
Arrangement Duration 298 days
Aggregate Available 100,000
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
Our cybersecurity risk management program is informed by the National Institute of Standards and Technology (‘NIST’) Cybersecurity Framework (‘CSF’) and incorporates its principles in assessing, identifying, and managing cybersecurity risks relevant to our business. While we leverage the NIST CSF as a foundational guide, our program is tailored to our specific operational and risk environment.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Our cybersecurity risk management program includes:
▪Risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;
▪A security team led by our Chief Information and Technology Officer principally responsible for managing our (1) cybersecurity risk assessment processes, (2) security controls, and (3) response to cybersecurity incidents;
▪The use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls and designed to anticipate cyber-attacks and prevent breaches;
▪Cybersecurity awareness training of our employees, incident response personnel, and senior management;
▪A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
▪A structured third-party risk management program that includes due diligence, contractual security requirements, and continuous monitoring for service providers, suppliers, and vendors to mitigate risks associated with external partnerships.
Cybersecurity risks are actively monitored through continuous security assessments, real-time threat intelligence, and adaptive security controls, which enable proactive adjustments to our security program as threats evolve. As part of our ongoing cybersecurity risk management program, we have from time-to-time identified risks or threats to our digital and corporate systems, including attempts to obtain team member credentials through bot and phishing attacks or through social engineering. While these risks and threats, as well as others we identify, require active and ongoing efforts to mitigate, we have not currently
identified any prior cybersecurity incidents that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
Our cybersecurity risk management program is informed by the National Institute of Standards and Technology (‘NIST’) Cybersecurity Framework (‘CSF’) and incorporates its principles in assessing, identifying, and managing cybersecurity risks relevant to our business. While we leverage the NIST CSF as a foundational guide, our program is tailored to our specific operational and risk environment.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program, including reviewing risk assessments from management with respect to our information technology systems and procedures, and overseeing our cybersecurity risk management processes.
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding cybersecurity incidents, that we may experience.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information and Technology Officer ("CITO"), who has been designated as our Chief Information Security Officer ("CISO"), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program, including reviewing risk assessments from management with respect to our information technology systems and procedures, and overseeing our cybersecurity risk management processes.
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding cybersecurity incidents, that we may experience.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information and Technology Officer ("CITO"), who has been designated as our Chief Information Security Officer ("CISO"), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding cybersecurity incidents, that we may experience.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information and Technology Officer ("CITO"), who has been designated as our Chief Information Security Officer ("CISO"), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]
Our management team, including our CITO, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our cybersecurity risk management is led by our CITO, who has extensive experience in cybersecurity, information risk management, digital innovation, technology transformation, operations, and regulatory compliance. The CITO is supported by dedicated security professionals and external advisors to ensure a comprehensive and adaptive security strategy.
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including our CITO, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our cybersecurity risk management is led by our CITO, who has extensive experience in cybersecurity, information risk management, digital innovation, technology transformation, operations, and regulatory compliance. The CITO is supported by dedicated security professionals and external advisors to ensure a comprehensive and adaptive security strategy.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity risk management is led by our CITO, who has extensive experience in cybersecurity, information risk management, digital innovation, technology transformation, operations, and regulatory compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding cybersecurity incidents, that we may experience.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information and Technology Officer ("CITO"), who has been designated as our Chief Information Security Officer ("CISO"), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of Shake Shack Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current year presentation.
SSE Holdings is considered a variable interest entity. Shake Shack Inc. is the primary beneficiary as the Company has the majority economic interest in SSE Holdings and, as the sole managing member, has decision making authority that significantly affects the economic performance of the entity, while the limited partners have no substantive kick-out or participating rights. As a result, the Company consolidates SSE Holdings. The assets and liabilities of SSE Holdings represent substantially all of the Company's consolidated assets and liabilities with the exception of certain deferred taxes and liabilities under the Tax Receivable Agreement. As of December 31, 2025 and December 25, 2024, the net assets of SSE Holdings were $500,732 and $413,793, respectively. The assets of SSE Holdings are subject to certain restrictions in SSE Holdings' revolving credit agreement. Refer to Note 8, Debt, and Note 14, Income Taxes, for additional information.
Fiscal Year
Fiscal Year
The Company operates on a 52/53 week fiscal year ending on the last Wednesday of December. Fiscal 2025 contained 53 weeks and ended on December 31, 2025 ("fiscal 2025"). Fiscal 2024 contained 52 weeks and ended on December 25, 2024 ("fiscal 2024"). Fiscal 2023 contained 52 weeks and ended on December 27, 2023 ("fiscal 2023"). Unless otherwise stated, references to years in this report relate to fiscal years.
Use of Estimates
Use of Estimates
The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurements
Fair Value Measurements
The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Assets and liabilities are categorized based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy as set forth below.
▪Level 1 — Quoted prices in active markets for identical assets or liabilities.
▪Level 2 — Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
▪Level 3 — Inputs that are both unobservable and significant to the overall fair value measurements reflecting an entity's estimates of assumptions that market participants would use in pricing the asset or liability.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist primarily of cash on hand, deposits with banks, money market funds and short-term, highly liquid investments that have original maturities of three months or less. Cash equivalents are stated at cost, which approximates fair value.
Marketable Securities
Marketable Securities
In fiscal 2023 and 2024, the Company had marketable securities classified as held-to-maturity securities, which consisted of U.S. Treasuries for which the Company had the ability and intent to hold to maturity and were reported at amortized cost, net of a valuation allowance for credit losses. As of December 31, 2025 and December 25, 2024, the Company did not have any investments in marketable securities. Interest income and the amortization of discounts and premiums are recorded in Other income, net on the Consolidated Statements of Income.
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable, net consist primarily of receivables from our licensees for licensing revenue and related reimbursements, credit card receivables and vendor rebates. The collectability of accounts receivable is evaluated based on a variety of factors, including historical experience, current economic conditions and other factors.
Inventories
Inventories
Inventories, which primarily consist of food, paper goods, beverages, and retail merchandise, are valued at the lower of weighted average cost or net realizable value. No adjustment is deemed necessary to reduce inventory to net realizable value due to the rapid turnover and high utilization of inventory.
Property and Equipment, Net And Valuation of Long-lived Assets
Property and Equipment, Net
Property and equipment, net is stated at historical cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which generally range from five to seven years for equipment, furniture and fixtures, and two to five years for computer equipment and software. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the related lease terms.
Costs incurred when constructing Shacks are capitalized. The cost of repairs and maintenance are expensed when incurred. Costs for refurbishments and improvements that significantly increase the productive capacity or extend the useful life of the assets are capitalized. When assets are disposed, the resulting gain or loss is recognized in Impairments, loss on disposal of assets, and Shack closures on the Consolidated Statements of Income.
Valuation of Long-lived Assets
The Company assesses potential impairments to its long-lived assets, which include property and equipment and operating and finance lease right-of-use assets, whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. The recoverability evaluation is first performed at the market service area level ("MSA"). If the carrying value of the MSA exceeds its estimated undiscounted future cash flows, a secondary recoverability test is performed for all individual Shacks within the identified MSA. An impairment charge is recognized when the carrying amount of the asset exceeds the fair value of the asset, considering external market participant assumptions, and is allocated across all assets of the impaired Shack. Since
the determination of future cash flows is an estimate of future performance, there may be future impairments in the event that future cash flows do not meet expectations.
Deferred Financing Costs
Deferred Financing Costs
Deferred financing costs incurred in connection with the issuance of long-term debt and establishing credit facilities are capitalized and amortized in Interest expense on the Consolidated Statements of Income based on the related debt agreements. Deferred financing costs are included in Other assets on the Consolidated Balance Sheets.
Other Assets
Other Assets
Other assets consist primarily of capitalized implementation costs from cloud computing arrangements, certain custom pre-ordered furniture, fixtures and equipment for future and existing Shacks, transferable liquor licenses, and security deposits.
Implementation costs associated with cloud computing arrangements hosted by third-party vendors are capitalized when incurred during the application development phase. Amortization is calculated on a straight-line basis over the contractual term of the cloud computing arrangement and is recorded within General and administrative expenses on the Consolidated Statements of Income. As of December 31, 2025 and December 25, 2024, capitalized implementation costs from cloud computing arrangements totaled $2,376 and $4,051, respectively, net of accumulated amortization.
The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets. Annual liquor license renewal fees, for both types of licenses, are expensed over the renewal term. As of December 31, 2025 and December 25, 2024, indefinite-lived intangible assets relating to transferable liquor licenses totaled $2,038. Indefinite-lived intangible assets are evaluated for impairment at least annually during the fourth quarter, and whenever events or circumstances indicate that an impairment may exist. When evaluating intangible assets for impairment, the Company first performs a qualitative assessment to determine whether it is more likely than not that an intangible asset group is impaired. If determined that it is more likely than not that the carrying value of the intangible asset group exceeds its fair value, the Company performs a quantitative assessment to derive the fair value of the intangible asset group. If the carrying value of the intangible asset group exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value. In addition, the Company continuously monitors and may revise the useful lives of intangible assets when facts and circumstances change.
Revenue Recognition
Revenue Recognition
Shack Sales
Revenue from Shack sales is recognized when payment is tendered at the point of sale, net of discounts, as the performance obligation has been satisfied at that time. Sales tax collected from guests is excluded from Shack sales and the obligation is included in Other current liabilities on the Consolidated Balance Sheets until the taxes are remitted to the appropriate taxing authorities.
Delivery services are fulfilled by third-party delivery partners whether ordered through the Shack app, website (collectively, "Company-owned platforms") or through third-party delivery platforms. Revenue from orders through Company-owned platforms includes delivery fees and is recognized when the delivery partner transfers the order to the guest as the Company controls the delivery. For these sales, the Company receives payment directly from the guest at the time of sale. Revenue from orders through third-party delivery platforms is recognized when the order is transferred to the third-party delivery partner and excludes delivery fees collected by the delivery partner as the Company does not control the delivery. The Company receives payment from the delivery partner subsequent to the transfer of the order and the payment terms are short-term in nature. For all delivery sales, the Company is considered the principal and recognizes revenue on a gross basis.
The Company sells gift cards which do not have expiration dates. Revenue from gift cards is recognized when gift cards are redeemed by the guest or, in the event a gift card is not expected to be redeemed, in proportion to actual redemptions of gift cards ("gift card breakage"). The gift card breakage rate is determined from historical gift card redemption patterns. Gift card breakage income for fiscal 2025, 2024, and 2023 was $525, $413 and $327, respectively. Gift card breakage income is included in Shack sales on the Consolidated Statements of Income.
Licensing Revenue
Licensing revenue includes initial territory fees, Shack opening fees, termination fees and ongoing sales-based royalty fees from licensed Shacks. Generally, the licenses granted to develop, open and operate each Shack in a specified territory are the predominant good or service transferred to the licensee and represent distinct performance obligations. Ancillary promised services, such as training and assistance during the initial opening of a Shack, are typically combined with the license and considered one performance obligation per Shack.
The Company determines the transaction price for each contract, which requires judgment as the transaction price is comprised of the initial territory fee and an estimate of the total Shack opening fees based on the estimated number of Shacks the Company expects the licensee to open. The transaction price is then allocated equally to each Shack expected to open. The performance obligation is satisfied over time, starting when a Shack opens through the end of the license term for the related Shack, therefore revenue is recognized on a straight-line basis over the license term.
Generally, payment for the initial territory fee is received upon execution of the license agreement and payment for the Shack opening fees is received either in advance of or upon opening the related Shack. These payments are initially deferred and recognized in revenue as the performance obligations are satisfied. Revenue from sales-based royalties is recognized as the related sales occur.
Equity-based Compensation
Equity-based Compensation
Equity-based compensation expense is measured based on the grant-date fair value of the awards. For awards with graded-vesting features and a combination of service and performance conditions, compensation expense is recognized using a graded-vesting attribution method over the vesting period. For awards with cliff vesting features and a combination of service and performance conditions, compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award based on the most probable outcome of the performance conditions. For awards that contain a market condition, a Monte Carlo simulation valuation model is used to calculate the grant-date fair value. The assumptions used in the valuation include expected term, volatility, risk-free interest rate, and closing price as of the valuation date. Compensation expense for awards containing a market condition is recognized ratably over the performance period regardless of whether the market condition and requisite service period are met. Actual distributed shares are calculated upon conclusion of the service and performance periods. Forfeitures are recognized as they occur for all equity awards. Equity-based compensation expense is included in General and administrative expenses and Labor and related expenses on the Consolidated Statements of Income.
Leases
Leases
Shake Shack currently leases all of its Company-operated Shacks, Shack Support Centers and certain equipment under various non-cancelable lease agreements that expire on various dates through 2045. The Company evaluates contracts entered into to determine whether the contract involves the use of property or equipment, which is either explicitly or implicitly identified in the contract. The Company evaluates whether it controls the use of the asset, which is determined by assessing whether substantially all economic benefit from the use of the asset is obtained, and whether the Company has the right to direct the use of the asset. If these criteria are met, the Company has identified a lease, within the contract, and therefore a right-of-use asset and lease liability are recorded on the Consolidated Balance Sheets. Upon possession of a leased asset, the Company
determines whether the lease is an operating or finance lease. All of the Company's real estate leases are classified as operating leases and most equipment leases are classified as finance leases.
Generally, real estate leases have initial terms ranging from ten to fifteen years and typically include two five-year renewal options. Renewal options are generally not recognized as part of the right-of-use assets and lease liabilities as it is not reasonably certain at commencement date that the Company would exercise the renewal options. Real estate leases typically contain fixed minimum rent payments and/or contingent rent payments which are based upon sales in excess of specified thresholds. When the achievement of such sales thresholds are deemed to be probable, contingent rent is accrued in proportion to the sales recognized during the period.
For operating leases, fixed lease payments are recognized as operating lease costs on a straight-line basis over the lease term and are included in specific line items on the Consolidated Statements of Income. Lease expense incurred before a Shack opens is recorded in Pre-opening costs. Once a Company-operated Shack opens, the straight-line lease expense and contingent rent, if applicable, are included in Occupancy and related expenses. Many of these leases also require the Company to pay real estate taxes, common area maintenance costs and other occupancy costs which are included in Occupancy and related expenses. Finance leases are recognized in depreciation expense on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liabilities.
For both operating and finance leases that contain lease and non-lease components, the components are combined and accounted for as a single lease component. Variable lease costs for both operating and finance leases, if any, are recognized as incurred. Leases with a term of 12 months or less are deemed short-term and are not recognized on the Consolidated Balance Sheets. Fixed lease payments for short-term leases are recognized on a straight-line basis over the lease term on the Consolidated Statements of Income.
The Company calculates operating lease right-of-use assets and lease liabilities as the present value of fixed lease payments over the reasonably certain lease term beginning at the commencement date. The Company uses its incremental borrowing rate (“IBR”) in determining the present value of future lease payments as there are no explicit rates provided in the leases. The IBR used to measure the lease liability is derived from the average of the yield curves obtained from using the notching method and the recovery rate method. The most significant assumption in calculating the IBR is the Company's credit rating and is subject to judgment. The credit rating used to develop the IBR is determined by utilizing the credit ratings of other public companies with similar financial information as SSE Holdings.
The Company expends cash for leasehold improvements to build out and equip leased properties. Generally, a portion of the leasehold improvements and building costs are reimbursed by the landlords through landlord incentives pursuant to agreed-upon terms in the lease agreements. Landlord incentives usually take the form of cash, full or partial credits against future minimum or contingent rents otherwise payable by the Company, or a combination thereof. In most cases, landlord incentives are received after the Company takes possession of the property and as milestones are met during the construction of the property. The Company includes these amounts in the measurement of the initial operating lease liability and right-of-use asset.
Pre-opening Costs
Pre-opening Costs
Pre-opening costs are expensed as incurred and consist primarily of occupancy, manager and team member wages, cookware, travel and lodging costs for the opening training team and other supporting team members, marketing expenses, legal fees, and inventory costs incurred prior to the opening of a Company-operated Shack.
Income Taxes
Income Taxes
Income taxes are accounted for pursuant to the asset and liability method which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying values and tax bases of assets and liabilities based on enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in Income tax expense on the Consolidated Statements of Income in the period of enactment. A valuation allowance is recognized if the Company determines it is more likely than not that all or a portion of a deferred tax asset will not be recognized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent and expected future results of operations.
Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements     
The Company adopted the Accounting Standards Update ("ASU") summarized below in fiscal 2025.
ASUDescription
Date Adopted
Income Taxes (Topic 740): Improvements to Income Tax Disclosures

(ASU 2023-09)
This ASU requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures.

December 31, 2025
Recently Issued Accounting Pronouncements     
ASUs applicable to the Company that were recently issued are summarized below.
ASUDescriptionEffective Date
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

(ASU 2024-03)
This ASU requires that an entity disaggregate relevant expense captions presented on the face of the income statement into natural expense categories within the footnotes of the financial statements. In addition, a separate disclosure of selling expenses is required to be presented. The ASU is intended to allow stakeholders to better understand the components of an entity's expenses.

Early adoption is permitted. The Company is evaluating the impact this standard will have on its Consolidated Financial Statements and related disclosures.
Fiscal years beginning after December 15, 2026
All other ASUs issued but not yet effective are not applicable or not expected to have a material impact on the Company’s future Consolidated Financial Statements.
v3.25.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenue disaggregated by type was as follows:
202520242023
Shack sales$1,391,166 $1,207,561 $1,046,819 
Licensing revenue:
Sales-based royalties51,532 43,487 39,853 
Initial territory, opening, and termination fees
2,608 1,560 861 
Total revenue$1,445,306 $1,252,608 $1,087,533 
Schedule of Contract with Customer, Asset and Liability
Contract liabilities and receivables from contracts with customers were as follows:
December 31
2025		December 25
2024
Shack sales receivables$13,397 $10,699 
Licensing receivables, net of allowance for doubtful accounts7,507 5,735 
Gift card liability3,711 2,584 
Deferred revenue, current1,928 1,666 
Deferred revenue, long-term19,154 17,060 
Revenue recognized that was included in the respective liability balances at the beginning of the period was as follows:
20252024
Gift card liability
$869 $776 
Deferred revenue2,123 1,461 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Other Income From Available for Sale Securities
A summary of other income from marketable securities was as follows:
202520242023
Income from marketable securities
$— $640 $2,885 
Realized gain on sale of equity securities— — 81 
Total$— $640 $2,966 
v3.25.4
ACCOUNTS RECEIVABLE (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Accounts Receivable
The components of Accounts receivable, net were as follows:
December 31
2025		December 25
2024
Licensing receivables, net of allowance for doubtful accounts
$7,507 $5,735 
Credit card receivables7,143 5,856 
Delivery receivables5,187 4,225 
Vendor rebates
5,175 796 
Other receivables7,950 3,075 
Accounts receivable, net$32,962 $19,687 
v3.25.4
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The components of Property and equipment, net were as follows:

December 31
2025		December 25
2024
Leasehold improvements$757,035 $676,098 
Equipment136,900 116,561 
Furniture and fixtures38,233 34,057 
Computer equipment and software137,933 122,406 
Financing equipment lease right-of-use assets25,373 19,630 
Construction in progress81,381 40,034 
Property and equipment, gross1,176,855 1,008,786 
Less: accumulated depreciation(551,004)(457,186)
Property and equipment, net$625,851 $551,600 
v3.25.4
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
The components of Prepaid expenses and other current assets were as follows:
December 31
2025		December 25
2024
Prepaid expenses
$11,162 $8,196 
Tenant allowance receivables
17,924 12,761 
Other
994 844 
Prepaid expenses and other current assets
$30,080 $21,801 
Other Current Liabilities
The components of Other current liabilities were as follows:
December 31
2025		December 25
2024
Sales tax payable$10,080 $6,999 
Current portion of financing equipment lease liabilities5,959 4,086 
Gift card liability3,711 2,584 
Other8,033 5,869 
Other current liabilities$27,783 $19,538 
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Classification202520242023
Amortization expense on Convertible NotesInterest expense$1,048 $1,047 $1,047 
December 31
2025		December 25
2024
Convertible Notes
$250,000 $250,000 
Discount and debt issuance costs, net of amortization(2,269)(3,317)
Long-term debt
$247,731 $246,683 
Classification202520242023
Interest expense on Revolving Credit FacilityInterest expense$61 $67 $74 

ClassificationDecember 31
2025		December 25
2024
Unamortized deferred financing costs on Revolving Credit FacilityOther assets$19 $23 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease, Cost
A summary of operating and finance right-of-use assets and lease liabilities were as follows:
ClassificationDecember 31
2025		December 25
2024
Operating leasesOperating lease assets$507,253 $424,611 
Finance leasesProperty and equipment, net15,056 12,225 
Total right-of-use assets$522,309 $436,836 
Operating leases:
Operating lease liabilities, current$63,553 $55,739 
Long-term operating lease liabilities575,138 494,499 
Finance leases:
Other current liabilities5,959 4,086 
Other long-term liabilities9,745 8,616 
Total lease liabilities$654,395 $562,940 
The components of lease expense were as follows:
Classification202520242023
Operating lease cost
Occupancy and related expenses
Pre-opening costs
General and administrative expenses
$88,849 $77,432 $67,781 
Finance lease cost:
Amortization of right-of-use assetsDepreciation and amortization expense5,721 4,181 3,324 
Interest on lease liabilitiesInterest expense920 770 476 
Variable lease costOccupancy and related expenses
Pre-opening costs
General and administrative expenses		25,128 21,694 18,305 
Short-term lease costOccupancy and related expenses665 840 938 
Total lease cost$121,283 $104,917 $90,824 
A summary of lease terms and discount rates for operating and finance leases were as follows:
December 31
2025		December 25
2024
Weighted average remaining lease term (years):
Operating leases8.68.7
Finance leases2.83.3
Weighted average discount rate:
Operating leases6.3 %6.2 %
Finance leases5.8 %6.1 %
Supplemental cash flow information related to leases was as follows:
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$100,328 $91,783 $72,128 
Operating cash flows from finance leases920 770 476 
Financing cash flows from finance leases5,511 3,964 3,272 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases136,882 84,887 72,403 
Finance leases9,553 4,792 8,972 
Lessee, Operating Lease, Liability, Maturity
As of December 31, 2025, future minimum lease payments for operating and finance leases consisted of the following:
Operating LeasesFinance Leases
2026¹$82,229 $6,674 
2027106,097 6,086 
2028103,001 3,308 
202995,959 500 
203083,522 284 
Thereafter349,842 96 
Total minimum payments820,650 16,948 
Less: imputed interest199,883 1,245 
Total lease liabilities$620,767 $15,703 
(1)Operating leases are net of certain tenant allowance receivables that were reclassified to Other current assets as of December 31, 2025.
Finance Lease, Liability, Maturity
As of December 31, 2025, future minimum lease payments for operating and finance leases consisted of the following:
Operating LeasesFinance Leases
2026¹$82,229 $6,674 
2027106,097 6,086 
2028103,001 3,308 
202995,959 500 
203083,522 284 
Thereafter349,842 96 
Total minimum payments820,650 16,948 
Less: imputed interest199,883 1,245 
Total lease liabilities$620,767 $15,703 
(1)Operating leases are net of certain tenant allowance receivables that were reclassified to Other current assets as of December 31, 2025.
v3.25.4
NON-CONTROLLING INTERESTS (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Ownership Interests in SSE Holdings
The following table summarizes the ownership interest in SSE Holdings:
20252024
LLC InterestsOwnership %LLC InterestsOwnership %
Number of LLC Interests held by Shake Shack Inc.40,254,281 94.3 %40,068,068 94.2 %
Number of LLC Interests held by non-controlling interest holders2,434,789 5.7 %2,455,713 5.8 %
Total LLC Interests outstanding42,689,070 100.0 %42,523,781 100.0 %
Noncontrolling Interest, Ownership Percentages
The weighted average ownership percentages for the applicable reporting periods are used to attribute Net income and Other comprehensive income to the non-controlling interest holders and were as follows:
202520242023
Non-controlling interest holders' weighted average ownership percentages5.7 %6.2 %6.7 %
Schedule of Non-Controlling Interest
The following table summarizes the effects of changes in ownership of SSE Holdings on the Company's equity:
202520242023
Net income attributable to Shake Shack Inc.$45,725 $10,207 $20,264 
Other comprehensive income (loss):
Unrealized holding income (loss) on foreign currency translation adjustment— 2 (3)
Transfers (to) from non-controlling interests:
Increase (decrease) in additional paid-in capital as a result of the redemption of LLC Interests(271)3,517 265 
Decrease in additional paid-in capital as a result of activity under the stock-based compensation plan(12,101)(5,614)(3,271)
Total effect of changes in ownership interest on equity attributable to Shake Shack Inc.$33,353 $8,112 $17,255 
Redemption of LLC Interests
The following table summarizes the LLC Interests activity:
202520242023
LLC Interests activity under the Company's stock-based compensation plan
Number of LLC Interests received by Shake Shack Inc.165,289 214,953 154,317 
Redemption and acquisition of LLC Interests
Number of LLC Interests redeemed by non-controlling interest holders20,924 378,800 35,000 
Number of LLC Interests received by Shake Shack Inc.20,924 378,800 35,000 
Issuance of Class A common stock
Shares of Class A common stock issued in connection with redemptions of LLC Interests20,924 378,800 35,000 
Cancellation of Class B common stock
Shares of Class B common stock surrendered and canceled20,924 378,800 35,000 
v3.25.4
EQUITY-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity-Based Compensation Expense Recognized
A summary of equity-based compensation expense by award type was as follows:
202520242023
Performance stock units$4,520 $2,611 $3,149 
Restricted stock units14,983 13,304 11,739 
Equity-based compensation expense$19,503 $15,915 $14,888 
Total income tax benefit recognized related to equity-based compensation$496 $396 $391 
Equity-based compensation expense recognized was as follows:
202520242023
General and administrative expenses$17,514 $14,339 $13,587 
Labor and related expenses1,989 1,576 1,301 
Equity-based compensation expense$19,503 $15,915 $14,888 
Summary of Restricted Stock Unit Activity
A summary of restricted stock unit activity was as follows:
Restricted
Stock
Units
Weighted
Average
Grant Date Fair Value
Outstanding and unvested as of December 28, 2022
395,853 $76.82 
Granted326,692 58.26 
Vested(147,163)70.29 
Forfeited(63,838)68.94 
Outstanding and unvested as of December 27, 2023
511,544 67.82 
Granted199,345 102.77 
Vested(185,649)70.31 
Forfeited(82,436)73.41 
Outstanding and unvested as of December 25, 2024442,804 81.47 
Granted201,723 109.32 
Vested(162,408)81.80 
Forfeited(86,337)86.81 
Outstanding and unvested as of December 31, 2025395,782 $94.37 
Share-Based Payment Arrangement, Activity
A summary of performance stock unit activity was as follows:
Performance
Stock
Units
Weighted
Average
Grant Date Fair Value
Outstanding and unvested as of December 28, 2022
159,822 $92.22 
Vested(25,494)91.36 
Forfeited(12,903)88.70 
Outstanding and unvested as of December 27, 2023
121,425 92.77 
Granted95,624 103.98 
Vested(10,646)129.68 
Forfeited(33,957)91.73 
Outstanding and unvested as of December 25, 2024172,446 96.82 
Granted73,057 106.87 
Performance achievement(1)
3,093 107.25 
Vested(85,408)89.85 
Forfeited(9,225)107.84 
Outstanding and unvested as of December 31, 2025153,963 $105.00 
(1)Represents the incremental awards earned and/or awards forfeited based on the achievement of performance conditions.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of Income before income taxes were as follows:
202520242023
Domestic$18,469 $(18,247)$(13,427)
Foreign54,140 32,491 30,407 
Income before income taxes$72,609 $14,244 $16,980 
Schedule of Components of Income Tax Expense
The components of Income tax expense (benefit) were as follows:
202520242023
Current income taxes:
State and local$3,155 $554 $1,271 
Foreign3,132 3,924 3,793 
Total current income taxes6,287 4,478 5,064 
Deferred income taxes:
Federal10,237 (2,731)(12,427)
State and local6,379 1,677 3,353 
Total deferred income taxes16,616 (1,054)(9,074)
Income tax expense (benefit)$22,903 $3,424 $(4,010)
Reconciliation of Income Tax Expense, US Income Tax Rate
A reconciliation of Income tax expense (benefit) computed at the U.S. federal statutory income tax rate to the recognized Income tax expense (benefit) and the U.S. statutory income tax rate to our effective tax rate after the adoption of ASU 2023-09 was as follows:
2025
Expected U.S. federal income taxes at statutory rate$15,248 21.0 %
State and local income taxes, net of federal benefit (1)
8,216 11.3 %
Foreign Tax Effects:
Foreign withholding taxes3,052 4.2 %
Tax credits:
Federal employer tip credit
(2,613)(3.6)%
Other credits
(1,490)(2.1)%
Non-taxable or non-deductible items:
Non-deductible compensation
926 1.3 %
Equity-based compensation
(1,461)(2.0)%
Other
1,341 1.8 %
Changes in unrecognized tax benefits
14 — %
Other(330)(0.4)%
Income tax expense (benefit)
$22,903 31.5 %
(1)For fiscal 2025, the states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York State and City.
Reconciliations of Income tax expense (benefit) computed at the U.S. federal statutory income tax rate to the recognized Income tax expense (benefit) and the U.S. statutory income tax rate to our effective tax rates before the adoption of ASU 2023-09 were as follows:
20242023
Expected U.S. federal income taxes at statutory rate$2,991 21.0 %$3,565 21.0 %
State and local income taxes, net of federal benefit2,166 15.2 %2,090 12.3 %
Foreign withholding taxes3,924 27.6 %3,792 22.3 %
Tax credits(7,033)(49.4)%(7,060)(41.6)%
Non-controlling interest(166)(1.2)%(196)(1.2)%
Non-deductible expenses2,240 15.7 %1,169 6.9 %
Reserve for uncertain tax positions
— — %154 0.9 %
Remeasurement of deferred tax assets in connection with other tax rate changes392 2.8 %1,547 9.1 %
Return to provision adjustment
(650)(4.6)%(519)(3.0)%
Change in valuation allowance(97)(0.7)%(9,195)(54.1)%
Other(343)(2.4)%643 3.8 %
Income tax expense (benefit)
$3,424 24.0 %$(4,010)(23.6)%
Schedule of Cash Flow Information
The following table sets forth the total income taxes paid, net of refunds after the adoption of ASU 2023-09:
2025
U.S. state and local:
New York
$609 
Tennessee
282 
Other
237 
Total U.S. state and local
1,128 
Foreign:
China
511 
Mexico
327 
Philippines
220 
Singapore
220 
South Korea
737 
Other
1,117 
Total foreign
3,132 
Total
$4,260 

Before to the adoption of ASU 2023-09, income taxes paid, net of refunds for fiscal 2024 and fiscal 2023 were $6,531 and $4,056, respectively.
The following table sets forth supplemental cash flow information:
202520242023
Cash paid for:
Income taxes, net of refunds$4,260 $6,531 $4,056 
Interest, net of amounts capitalized820 882 537 
Non-cash investing activities:
Accrued purchases of property and equipment34,727 19,226 24,999 
Capitalized equity-based compensation208 217 181 
Non-cash financing activities:
Establishment of liabilities under Tax Receivable Agreement
861 12,121 720 
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows:
December 31
2025		December 25
2024
Deferred tax assets:
Investment in partnership$74,094 $89,397 
Tax Receivable Agreement66,053 67,192 
Operating lease liability6,281 5,264 
Financing lease liability159 124 
Deferred revenue251 209 
Equity-based compensation423 357 
Net operating loss carryforwards146,137 148,700 
Tax credits34,731 33,643 
Other assets1,117 1,772 
Total gross deferred tax assets329,246 346,658 
Valuation allowance(980)(260)
Total deferred tax assets, net of valuation allowance328,266 346,398 
Deferred tax liabilities:
Property and equipment(652)(537)
Operating lease right-of-use asset (5,064)(4,147)
Financing lease right-of-use asset (152)(119)
Other liabilities(13)(9)
Total gross deferred tax liabilities(5,881)(4,812)
Net deferred tax assets$322,385 $341,586 
Schedule of Unrecognized Tax Benefits Roll Forward
202520242023
Beginning balance
$147 $147 $— 
Additions for tax positions of prior years
— — 263 
Settlements
— — (116)
Ending balance
$147 $147 $147 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (in thousands, except per share amounts):
202520242023
Numerator:
Net income attributable to Shake Shack Inc.—basic$45,725 $10,207 $20,264 
Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B shares— 613 726 
Net income attributable to Shake Shack Inc.—diluted$45,725 $10,820 $20,990 
Denominator:
Weighted average shares of Class A common stock outstanding—basic40,212 39,830 39,419 
Effect of dilutive securities:
Stock options2 52 75 
Performance stock units35 69 11 
Restricted stock units131 173 85 
Convertible Notes1,467 1,467 1,467 
Shares of Class B common stock— 2,612 2,842 
Weighted average shares of Class A common stock outstanding—diluted41,847 44,203 43,899 
Earnings per share of Class A common stock—basic$1.14 $0.26 $0.51 
Earnings per share of Class A common stock—diluted$1.09 $0.24 $0.48 
Schedule of Antidilutive Securities
The following table presents potentially dilutive securities excluded from the computations of diluted earnings per share of Class A common stock:
202520242023
Performance stock units120,706 (1)50,556 (1)99,718 (1)
Shares of Class B common stock2,434,789 (2)— — 
(1)Number of securities outstanding at the end of the period that were excluded from the computation of diluted earnings per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.
(2)Number of securities outstanding at the end of the period that were excluded from the computation of diluted earnings per share of Class A common stock because the effect would have been anti-dilutive.
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash Flow Information
The following table sets forth the total income taxes paid, net of refunds after the adoption of ASU 2023-09:
2025
U.S. state and local:
New York
$609 
Tennessee
282 
Other
237 
Total U.S. state and local
1,128 
Foreign:
China
511 
Mexico
327 
Philippines
220 
Singapore
220 
South Korea
737 
Other
1,117 
Total foreign
3,132 
Total
$4,260 

Before to the adoption of ASU 2023-09, income taxes paid, net of refunds for fiscal 2024 and fiscal 2023 were $6,531 and $4,056, respectively.
The following table sets forth supplemental cash flow information:
202520242023
Cash paid for:
Income taxes, net of refunds$4,260 $6,531 $4,056 
Interest, net of amounts capitalized820 882 537 
Non-cash investing activities:
Accrued purchases of property and equipment34,727 19,226 24,999 
Capitalized equity-based compensation208 217 181 
Non-cash financing activities:
Establishment of liabilities under Tax Receivable Agreement
861 12,121 720 
v3.25.4
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Classification202520242023
Amounts paid to MSP Conservancy
Occupancy and related expenses
$945 $937 $898 
Classification202520242023
Amounts paid to Olo, Inc.Other operating expenses$1,142 $838 $595 
ClassificationDecember 31
2025		December 25
2024
Amounts due to Olo, Inc.
Accounts payable
Accrued expenses
$334 $227 
Classification202520242023
Amounts paid under the Tax Receivable Agreement
Other current liabilities
$37 $— $— 
ClassificationDecember 31
2025		December 25
2024
Amounts due under the Tax Receivable AgreementOther current liabilities
Liabilities under Tax Receivable Agreement, net of current portion		$246,835 $247,734 
Classification202520242023
Amounts paid to non-controlling interest holdersNon-controlling interests$1,842 $482 $162 
v3.25.4
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
202520242023
Segment revenue(1)
$1,445,306 $1,252,608 $1,087,533 
Less:
Food and paper costs396,714 339,940 305,041 
Labor and related expenses360,693 338,750 304,254 
Other operating expenses(2)
212,677 178,381 149,449 
Occupancy and related expenses106,632 93,069 79,846 
General and administrative expenses
176,233 149,047 129,542 
Depreciation and amortization expense106,600 102,468 91,242 
Pre-opening costs18,001 15,547 19,231 
Impairments, loss on disposal of assets, and Shack closures5,248 32,368 3,007 
Interest expense2,159 2,045 1,717 
Income tax expense (benefit)22,903 3,424 (4,010)

Other (income) loss, net(3)
(12,260)(13,251)(12,776)
Segment income (loss)
49,706 10,820 20,990 
Reconciliation of profit or loss:
Adjustments and reconciling items— — — 
Consolidated net income (loss)
$49,706 $10,820 $20,990 
December 31
2025		December 25
2024
Total Assets$1,896,209 $1,696,971 
(1)Refer to Note 20, for geographic information and breakdown of revenue and long-lived assets by geographic area.
(2)Other operating expenses consist of delivery commissions, Shack-level marketing expenses, repairs and maintenance, utilities, and other operating expenses incidental to operating our Company-operated Shacks, such as non-perishable supplies, credit card fees, and property insurance.
(3)Other (income) loss, net primarily includes interest and dividend income, adjustments to liabilities under the Tax Receivable Agreement, and net unrealized and realized gains and losses from marketable securities. Interest income was $165, $761 and $2,443, respectively in fiscal 2025, 2024 and 2023.
v3.25.4
GEOGRAPHIC INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Revenue from Customers by Geographic Areas
Revenues by geographic area were as follows:
202520242023
United States$1,407,094 $1,219,356 $1,056,753 
Other countries38,212 33,252 30,780 
Total revenue$1,445,306 $1,252,608 $1,087,533 
v3.25.4
NATURE OF OPERATIONS (Details) - Restaurant
Dec. 31, 2025
Dec. 25, 2024
Class of Stock [Line Items]    
Number of restaurants 659  
Shake Shack Inc.    
Class of Stock [Line Items]    
Ownership percent of noncontrolling interest 94.30% 94.20%
United States | Company-operated    
Class of Stock [Line Items]    
Number of restaurants 373  
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
renewal_option
Dec. 25, 2024
USD ($)
Dec. 27, 2023
USD ($)
Variable Interest Entity [Line Items]      
Capitalized implementation costs $ 2,376 $ 4,051  
Indefinite-lived intangible assets 2,038 2,038  
Gift card breakage income 525 413 $ 327
Advertising and promotions $ 34,138 22,169 $ 12,437
Number of renewal options | renewal_option 2    
Period of renewal term 5 years    
Maximum      
Variable Interest Entity [Line Items]      
Terms of lease contract (in years) 15 years    
Maximum | Furniture and fixtures      
Variable Interest Entity [Line Items]      
Useful life of property and equipment (in years) 7 years    
Maximum | Equipment      
Variable Interest Entity [Line Items]      
Useful life of property and equipment (in years) 7 years    
Maximum | Computer equipment and software      
Variable Interest Entity [Line Items]      
Useful life of property and equipment (in years) 5 years    
Minimum      
Variable Interest Entity [Line Items]      
Terms of lease contract (in years) 10 years    
Minimum | Furniture and fixtures      
Variable Interest Entity [Line Items]      
Useful life of property and equipment (in years) 5 years    
Minimum | Equipment      
Variable Interest Entity [Line Items]      
Useful life of property and equipment (in years) 5 years    
Minimum | Computer equipment and software      
Variable Interest Entity [Line Items]      
Useful life of property and equipment (in years) 2 years    
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Net assets of SSE Holdings $ 500,732 $ 413,793  
v3.25.4
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 1,445,306 $ 1,252,608 $ 1,087,533
Shack sales      
Disaggregation of Revenue [Line Items]      
Total revenue 1,391,166 1,207,561 1,046,819
Sales-based royalties      
Disaggregation of Revenue [Line Items]      
Total revenue 51,532 43,487 39,853
Initial territory, opening, and termination fees      
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,608 $ 1,560 $ 861
v3.25.4
REVENUE - Narrative (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation $ 27,308
Maximum  
Disaggregation of Revenue [Line Items]  
License term 20 years
Minimum  
Disaggregation of Revenue [Line Items]  
License term 10 years
v3.25.4
REVENUE - Schedule of Respective Liability Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Disaggregation of Revenue [Line Items]    
Gift card liability $ 3,711 $ 2,584
Deferred revenue, current 1,928 1,666
Deferred revenue, long-term 19,154 17,060
Shack sales    
Disaggregation of Revenue [Line Items]    
Contract with customer, asset, net 13,397 10,699
Licensing receivables, net of allowance for doubtful accounts    
Disaggregation of Revenue [Line Items]    
Contract with customer, asset, net $ 7,507 $ 5,735
v3.25.4
REVENUE - Liability Balance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Revenue from Contract with Customer [Abstract]    
Gift card liability $ 869 $ 776
Deferred revenue $ 2,123 $ 1,461
v3.25.4
FAIR VALUE MEASUREMENTS - Other Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Fair Value Disclosures [Abstract]      
Income from marketable securities $ 0 $ 640 $ 2,885
Realized gain on sale of equity securities 0 0 81
Total $ 0 $ 640 $ 2,966
v3.25.4
FAIR VALUE MEASUREMENTS - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
numberOfFacilities
Dec. 25, 2024
USD ($)
numberOfFacilities
Dec. 27, 2023
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Asset impairment charges     $ 0
2025 Facility Closing      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of restaurants closed | numberOfFacilities 1    
Asset impairment charges $ 1,179,000    
Miscellaneous closure expense 87,000    
2024 Facility Closing      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of restaurants closed | numberOfFacilities   9  
Asset impairment charges 170,000 $ 27,633,000  
Miscellaneous closure expense $ 1,687,000 $ 1,715,000  
v3.25.4
ACCOUNTS RECEIVABLE - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Receivables [Abstract]    
Licensing receivables, net of allowance for doubtful accounts $ 7,507 $ 5,735
Credit card receivables 7,143 5,856
Delivery receivables 5,187 4,225
Vendor rebates 5,175 796
Other receivables 7,950 3,075
Accounts receivable, net $ 32,962 $ 19,687
v3.25.4
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 1,176,855 $ 1,008,786  
Less: accumulated depreciation (551,004) (457,186)  
Property and equipment, net 625,851 551,600  
Depreciation 106,574 102,442 $ 91,216
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 757,035 676,098  
Equipment      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 136,900 116,561  
Furniture and fixtures      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 38,233 34,057  
Computer equipment and software      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 137,933 122,406  
Financing equipment lease right-of-use assets      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 25,373 19,630  
Construction in progress      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 81,381 $ 40,034  
v3.25.4
SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 11,162 $ 8,196
Tenant allowance receivables 17,924 12,761
Other 994 844
Prepaid expenses and other current assets $ 30,080 $ 21,801
v3.25.4
SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Other Liabilities, Current    
Sales tax payable $ 10,080 $ 6,999
Current portion of financing equipment lease liabilities $ 5,959 $ 4,086
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Gift card liability $ 3,711 $ 2,584
Other 8,033 5,869
Other current liabilities $ 27,783 $ 19,538
v3.25.4
DEBT - Convertible Notes (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended
Mar. 31, 2021
USD ($)
d
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
Dec. 25, 2024
USD ($)
$ / shares
Class A Common Stock      
Debt Instrument [Line Items]      
Common stock, par value (in dollars per share) | $ / shares   $ 0.001 $ 0.001
0% Convertible Senior Notes Due 2028 | Senior Notes | Private Placement      
Debt Instrument [Line Items]      
Aggregate principal amount | $ $ 250,000    
Interest rate (in percent) 0.00%    
Conversion rate | shares 5,867.9000    
Conversion price (in dollars per share) | $ / shares $ 170,420    
Fair value of convertible notes | $   $ 236,875 $ 256,900
0% Convertible Senior Notes Due 2028 | Senior Notes | Private Placement | Debt Instrument, Redemption, Period One      
Debt Instrument [Line Items]      
Threshold trading days 20    
Threshold consecutive trading days 30    
Threshold percentage of stock price trigger (in percent) 130.00%    
Redemption price (in percent) 100.00%    
0% Convertible Senior Notes Due 2028 | Senior Notes | Private Placement | Debt Instrument, Redemption, Period Two      
Debt Instrument [Line Items]      
Redemption price (in percent) 100.00%    
0% Convertible Senior Notes Due 2028 | Senior Notes | Private Placement | Debt Conversion, Condition One      
Debt Instrument [Line Items]      
Threshold trading days 20    
Threshold consecutive trading days 30    
Threshold percentage of stock price trigger (in percent) 130.00%    
0% Convertible Senior Notes Due 2028 | Senior Notes | Private Placement | Debt Conversion, Condition One | Class A Common Stock      
Debt Instrument [Line Items]      
Common stock, par value (in dollars per share) | $ / shares $ 0.001    
0% Convertible Senior Notes Due 2028 | Senior Notes | Private Placement | Debt Conversion, Condition Two      
Debt Instrument [Line Items]      
Threshold consecutive trading days 10    
Threshold percentage of stock price trigger (in percent) 98.00%    
Threshold business days 5    
v3.25.4
DEBT - Convertible Notes Classification (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Debt Instrument [Line Items]      
Amortization expense on Convertible Notes $ 1,048 $ 1,047 $ 1,047
Long-term debt 247,731 246,683  
0% Convertible Senior Notes Due 2028 | Senior Notes | Private Placement      
Debt Instrument [Line Items]      
Amortization expense on Convertible Notes 1,048 1,047 $ 1,047
Convertible Notes 250,000 250,000  
Discount and debt issuance costs, net of amortization (2,269) (3,317)  
Long-term debt $ 247,731 $ 246,683  
v3.25.4
DEBT - Revolving Credit Facility (Details) - Revolving Credit Facility - Line of Credit - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 50,000,000  
Incremental borrowing capacity 100,000,000  
Outstanding amount under credit facility 0 $ 0
Third Amendment and Restated Credit Arrangement    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 15,000,000  
Letters of credit outstanding $ 4,839,000 $ 3,894,000
Minimum | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (in percent) 0.00%  
Minimum | Secured Overnight Financing Rate (SOFR)    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (in percent) 1.00%  
Maximum | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (in percent) 1.50%  
Maximum | Secured Overnight Financing Rate (SOFR)    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (in percent) 2.50%  
v3.25.4
DEBT - Revolving Credit Facility Classification (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Debt Instrument [Line Items]      
Interest expense $ 2,159 $ 2,045 $ 1,717
Revolving Credit Facility | Line of Credit      
Debt Instrument [Line Items]      
Interest expense 61 67 $ 74
Unamortized debt issuance cost $ 19 $ 23  
v3.25.4
LEASES - Narrative (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
Operating lease for non-cancellable leases $ 222,129
v3.25.4
LEASES - Balance Sheet Clasification (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Leases [Abstract]    
Operating lease assets $ 507,253 $ 424,611
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Operating lease assets Operating lease assets
Finance lease right-of-use asset $ 15,056 $ 12,225
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net of accumulated depreciation of $551,004 and $457,186, respectively. Property and equipment, net of accumulated depreciation of $551,004 and $457,186, respectively.
Total right-of-use assets $ 522,309 $ 436,836
Operating leases:    
Operating lease liabilities, current 63,553 55,739
Long-term operating lease liabilities 575,138 494,499
Finance leases:    
Other current liabilities 5,959 4,086
Other long-term liabilities $ 9,745 $ 8,616
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Total lease liabilities $ 654,395 $ 562,940
v3.25.4
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Total lease cost      
Operating lease cost $ 88,849 $ 77,432 $ 67,781
Amortization of right-of-use assets 5,721 4,181 3,324
Interest on lease liabilities 920 770 476
Variable lease cost 25,128 21,694 18,305
Short-term lease cost 665 840 938
Total lease cost $ 121,283 $ 104,917 $ 90,824
v3.25.4
LEASES - Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating Leases  
2026 $ 82,229
2027 106,097
2028 103,001
2029 95,959
2030 83,522
Thereafter 349,842
Total minimum payments 820,650
Less: imputed interest 199,883
Total lease liabilities 620,767
Finance Leases  
2026 6,674
2027 6,086
2028 3,308
2029 500
2030 284
Thereafter 96
Total minimum payments 16,948
Less: imputed interest 1,245
Total lease liabilities $ 15,703
v3.25.4
LEASES - Lease Terms and Discount Rates (Details)
Dec. 31, 2025
Dec. 25, 2024
Weighted average remaining lease term (years):    
Operating leases 8 years 7 months 6 days 8 years 8 months 12 days
Finance leases 2 years 9 months 18 days 3 years 3 months 18 days
Weighted average discount rate:    
Operating leases 6.30% 6.20%
Finance leases 5.80% 6.10%
v3.25.4
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 100,328 $ 91,783 $ 72,128
Operating cash flows from finance leases 920 770 476
Financing cash flows from finance leases 5,511 3,964 3,272
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases 136,882 84,887 72,403
Finance leases $ 9,553 $ 4,792 $ 8,972
v3.25.4
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions $ 2,497 $ 2,319 $ 1,888
Defined Contribution Plan, Initial Contribution      
Defined Benefit Plan Disclosure [Line Items]      
Employer matching contribution percentage 100.00%    
Employer matching contribution as a percent of employees' gross pay 3.00%    
Defined Contribution Plan, Additional Contribution      
Defined Benefit Plan Disclosure [Line Items]      
Employer matching contribution percentage 50.00%    
Employer matching contribution as a percent of employees' gross pay 3.00%    
Defined Contribution Plan, Additional Contribution | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Employer matching contribution as a percent of employees' gross pay 5.00%    
v3.25.4
STOCKHOLDER'S EQUITY - Narrative (Details)
Feb. 04, 2015
Class A Common Stock  
Class of Stock [Line Items]  
Ratio of common stock to limited liability company interest 1
v3.25.4
NON-CONTROLLING INTERESTS - Narrative (Details)
Feb. 04, 2015
Class A Common Stock  
Noncontrolling Interest [Line Items]  
Ratio of common stock to limited liability company interest 1
v3.25.4
NON-CONTROLLING INTERESTS - Ownership Interest in SSE Holdings (Details) - shares
Dec. 31, 2025
Dec. 25, 2024
Noncontrolling Interest [Line Items]    
Number of LLC Interests held by Shake Shack Inc. (in shares) 40,254,281 40,068,068
Number of LLC Interests held by non-controlling interest holders (in shares) 2,434,789 2,455,713
Total LLC Interests outstanding (in shares) 42,689,070 42,523,781
Total LLC Interests outstanding (as a percentage) 100.00% 100.00%
Shake Shack Inc.    
Noncontrolling Interest [Line Items]    
Number of LLC Interests held by Shake Shack Inc. (as a percentage) 94.30% 94.20%
Non-Controlling Interest Holders    
Noncontrolling Interest [Line Items]    
Number of LLC Interests held by non-controlling interest holders (as a percentage) 5.70% 5.80%
v3.25.4
NON-CONTROLLING INTERESTS - Weighted Average Ownership Percentages (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Noncontrolling Interest [Abstract]      
Non-controlling interest holders' weighted average ownership percentages 5.70% 6.20% 6.70%
v3.25.4
NON-CONTROLLING INTERESTS - Changes in Ownership Interests in SSE Holdings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Noncontrolling Interest [Line Items]      
Net income attributable to Shake Shack Inc. $ 45,725 $ 10,207 $ 20,264
Other comprehensive income (loss):      
Unrealized holding income (loss) on foreign currency translation adjustment 0 2 (3)
Transfers (to) from non-controlling interests:      
Total effect of changes in ownership interest on equity attributable to Shake Shack Inc. 33,353 8,112 17,255
Unrealized holding income (loss) on foreign currency translation adjustment      
Other comprehensive income (loss):      
Unrealized holding income (loss) on foreign currency translation adjustment 0 2 (3)
Additional Paid-In Capital | Redemption or Exchange of Units      
Transfers (to) from non-controlling interests:      
Increase (decrease) in additional paid-in capital (271) 3,517 265
Additional Paid-In Capital | Employee Stock Option      
Transfers (to) from non-controlling interests:      
Increase (decrease) in additional paid-in capital $ (12,101) $ (5,614) $ (3,271)
v3.25.4
NON-CONTROLLING INTERESTS - Redemption of LLC Interests (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Limited Liability Company      
Class of Stock [Line Items]      
Number of LLC Interests received by Shake Shack Inc. (in shares) 186,213    
Number of units redeemed (in shares) 20,924 378,800 35,000
Stock options      
Class of Stock [Line Items]      
Number of LLC Interests received by Shake Shack Inc. (in shares) 165,289 214,953 154,317
Redemptions by NCI Holders | Limited Liability Company      
Class of Stock [Line Items]      
Number of units redeemed (in shares) 20,924 378,800 35,000
Common stock | Class A Common Stock      
Class of Stock [Line Items]      
Shares of Class A common stock issued in connection with redemptions of LLC Interests (in shares) 20,924 378,800 35,000
Common stock | Class B Common Stock      
Class of Stock [Line Items]      
Shares of Class A common stock issued in connection with redemptions of LLC Interests (in shares) (20,924) (378,800) (35,000)
Shares of Class B common stock surrendered and canceled (in shares) 20,924 378,800 35,000
v3.25.4
EQUITY-BASED COMPENSATION - Schedule Of Compensation Expense Recognized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense $ 19,503 $ 15,915 $ 14,888
Total income tax benefit recognized related to equity-based compensation 496 396 391
Performance stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense 4,520 2,611 3,149
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense 14,983 13,304 11,739
General and administrative expenses      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense 17,514 14,339 13,587
Labor and related expenses      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense $ 1,989 $ 1,576 $ 1,301
v3.25.4
EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Capitalized equity-based compensation expense associated with construction cost $ 450 $ 371 $ 286
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares available for grant (in shares) 6,707,843    
Fair value of restricted stock units vested $ 13,285 $ 13,021 $ 10,382
Unrecognized compensation expense $ 25,071    
Weighted-average period for recognition compensation expense 2 years    
Granted (in shares) 201,723,000 199,345,000 326,692,000
Granted (in USD per share) $ 109.32 $ 102.77 $ 58.26
Restricted stock units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 1 year    
Restricted stock units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 5 years    
Performance stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average period for recognition compensation expense 2 years    
Requisite service period, cliff vest option 3 years 3 years  
Performance period 3 years    
Granted (in shares) 73,057 95,624 0
Fair value of stock options vested $ 9,136 $ 1,104 $ 1,441
Granted (in USD per share) $ 106.87 $ 103.98 $ 0
Shares expected to be recognized $ 8,471    
Performance stock units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Range of awards 0.00% 0.00%  
Performance period   1 year  
Performance stock units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Range of awards 200.00% 200.00%  
Performance period   3 years  
v3.25.4
EQUITY-BASED COMPENSATION - Performance and Restricted Stock Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Dec. 28, 2022
Restricted stock units        
Performance and Restricted Stock Units        
Outstanding and unvested at beginning of period (in shares) 395,782,000 442,804,000 511,544,000 395,853,000
Granted (in shares) 201,723,000 199,345,000 326,692,000  
Vested (in shares) (162,408,000) (185,649,000) (147,163,000)  
Forfeited (in shares) (86,337,000) (82,436,000) (63,838,000)  
Outstanding and unvested at end of period (in shares) 395,782,000 442,804,000 511,544,000  
Weighted Average Grant Date Fair Value        
Outstanding and unvested at beginning of period (in USD per share) $ 81.47 $ 67.82 $ 76.82  
Granted (in USD per share) 109.32 102.77 58.26  
Vested (in USD per share) 81.80 70.31 70.29  
Forfeited (in USD per share) 86.81 73.41 68.94  
Outstanding and unvested at end of period (in USD per share) $ 94.37 $ 81.47 $ 67.82  
Performance stock units        
Performance and Restricted Stock Units        
Outstanding and unvested at beginning of period (in shares) 153,963 172,446 121,425 159,822
Granted (in shares) 73,057 95,624 0  
Vested (in shares) (85,408) (10,646) (25,494)  
Forfeited (in shares) (9,225) (33,957) (12,903)  
Outstanding and unvested at end of period (in shares) 153,963 172,446 121,425  
Weighted Average Grant Date Fair Value        
Outstanding and unvested at beginning of period (in USD per share) $ 96.82 $ 92.77 $ 92.22  
Granted (in USD per share) 106.87 103.98 0  
Vested (in USD per share) 89.85 129.68 91.36  
Forfeited (in USD per share) 107.84 91.73 88.70  
Outstanding and unvested at end of period (in USD per share) $ 105.00 $ 96.82 $ 92.77  
Performance stock units | 2015 Incentive Award Plan        
Performance and Restricted Stock Units        
Performance achievement (in shares) 3,093      
Weighted Average Grant Date Fair Value        
Performance achievement (in USD per share) $ 107.25      
v3.25.4
INCOME TAXES - Schedule of Components of Income before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 18,469 $ (18,247) $ (13,427)
Foreign 54,140 32,491 30,407
INCOME BEFORE INCOME TAXES $ 72,609 $ 14,244 $ 16,980
v3.25.4
INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Current income taxes:      
State and local $ 3,155 $ 554 $ 1,271
Foreign 3,132 3,924 3,793
Total current income taxes 6,287 4,478 5,064
Deferred income taxes:      
Federal 10,237 (2,731) (12,427)
State and local 6,379 1,677 3,353
Total deferred income taxes 16,616 (1,054) (9,074)
Income tax expense (benefit) $ 22,903 $ 3,424 $ (4,010)
v3.25.4
INCOME TAXES - Reconciliation of Income Tax Expense (Benefit), After Adoption Of ASU 2023-09 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Expected U.S. federal income taxes at statutory rate $ 15,248 $ 2,991 $ 3,565
State and local income taxes, net of federal benefit 8,216 2,166 2,090
Foreign withholding taxes 3,052 3,924 3,792
Federal employer tip credit (2,613)    
Other credits (1,490)    
Non-deductible compensation 926    
Equity-based compensation (1,461)    
Other 1,341    
Changes in unrecognized tax benefits 14    
Other (330) (343) 643
Income tax expense (benefit) $ 22,903 $ 3,424 $ (4,010)
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Expected U.S. federal income taxes at statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit 11.30% 15.20% 12.30%
Foreign withholding taxes 4.20% 27.60% 22.30%
Federal employer tip credit (3.60%)    
Other credits (2.10%)    
Non-deductible compensation 1.30%    
Equity-based compensation (2.00%)    
Other 1.80%    
Changes in unrecognized tax benefits 0.00%    
Other (0.40%) (2.40%) 3.80%
Income tax expense (benefit) 31.50% 24.00% (23.60%)
v3.25.4
INCOME TAXES - Reconciliation of Income Tax Expense (Benefit), Before Adoption Of ASU 2023-09 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Expected U.S. federal income taxes at statutory rate $ 15,248 $ 2,991 $ 3,565
State and local income taxes, net of federal benefit 8,216 2,166 2,090
Foreign withholding taxes 3,052 3,924 3,792
Tax credits   (7,033) (7,060)
Non-controlling interest   (166) (196)
Non-deductible expenses   2,240 1,169
Reserve for uncertain tax positions   0 154
Remeasurement of deferred tax assets in connection with other tax rate changes   392 1,547
Return to provision adjustment   (650) (519)
Change in valuation allowance   (97) (9,195)
Other (330) (343) 643
Income tax expense (benefit) $ 22,903 $ 3,424 $ (4,010)
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Expected U.S. federal income taxes at statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit 11.30% 15.20% 12.30%
Foreign withholding taxes 4.20% 27.60% 22.30%
Tax credits   (49.40%) (41.60%)
Non-controlling interest   (1.20%) (1.20%)
Non-deductible expenses   15.70% 6.90%
Reserve for uncertain tax positions   0.00% 0.90%
Remeasurement of deferred tax assets in connection with other tax rate changes   2.80% 9.10%
Return to provision adjustment   (4.60%) (3.00%)
Change in valuation allowance   (0.70%) (54.10%)
Other (0.40%) (2.40%) 3.80%
Income tax expense (benefit) 31.50% 24.00% (23.60%)
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Income Tax Contingency [Line Items]      
Effective income tax rate (percent) 31.50% 24.00% (23.60%)
Deferred tax assets, carryforwards, federal $ 606,837,000    
Deferred tax assets, carryforwards, state and local 370,203,000    
Basis difference in investment 1,279,000    
Investment in partnership 74,094,000 $ 89,397,000  
Valuation allowance (980,000) (260,000)  
Increase (decrease) in valuation allowance $ 720,000    
Percentage of tax benefits due to equity owners 85.00%    
Remaining percentage of tax benefits due to equity owners 15.00%    
Additional deferred tax asset recognized, investment in partnership $ 1,279,000    
Amounts paid under the Tax Receivable Agreement 37,000 $ 0 $ 0
Tax receivable liability 246,835,000    
Other Current Liabilities      
Income Tax Contingency [Line Items]      
Tax receivable liability $ 2,372,000    
Limited Liability Company      
Income Tax Contingency [Line Items]      
LLC interests acquired (in shares) 186,213    
Investment in partnership $ 74,094,000    
Number of units redeemed (in shares) 20,924 378,800 35,000
Limited Liability Company | Redemptions by NCI Holders      
Income Tax Contingency [Line Items]      
Number of units redeemed (in shares) 20,924 378,800 35,000
Domestic Tax Jurisdiction      
Income Tax Contingency [Line Items]      
Operating loss carryforwards that can be carried forward indefinitely $ 554,970,000    
Operating loss carryforward with expiration date 51,867,000    
Domestic Tax Jurisdiction | Capital Loss Carryforward      
Income Tax Contingency [Line Items]      
Tax credit carryforwards 33,871,000    
State and Local Jurisdiction      
Income Tax Contingency [Line Items]      
Operating loss carryforwards that can be carried forward indefinitely 48,536,000    
Operating loss carryforward with expiration date 321,667,000    
Tax credit carryforwards $ 1,175,000    
v3.25.4
INCOME TAXES - Income Taxes Paid (Net Of Refunds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total U.S. state and local $ 1,128    
Total foreign 3,132    
Income taxes, net of refunds 4,260 $ 6,531 $ 4,056
New York      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total U.S. state and local 609    
Tennessee      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total U.S. state and local 282    
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total U.S. state and local 237    
China      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 511    
Mexico      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 327    
Philippines      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 220    
Singapore      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 220    
South Korea      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 737    
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign $ 1,117    
v3.25.4
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Deferred tax assets:    
Investment in partnership $ 74,094 $ 89,397
Tax Receivable Agreement 66,053 67,192
Operating lease liability 6,281 5,264
Financing lease liability 159 124
Deferred revenue 251 209
Equity-based compensation 423 357
Net operating loss carryforwards 146,137 148,700
Tax credits 34,731 33,643
Other assets 1,117 1,772
Total gross deferred tax assets 329,246 346,658
Valuation allowance (980) (260)
Total deferred tax assets, net of valuation allowance 328,266 346,398
Deferred tax liabilities:    
Property and equipment (652) (537)
Operating lease right-of-use asset (5,064) (4,147)
Financing lease right-of-use asset (152) (119)
Other liabilities (13) (9)
Total gross deferred tax liabilities (5,881) (4,812)
Net deferred tax assets $ 322,385 $ 341,586
v3.25.4
INCOME TAXES - Reconciliations Of Uncertain Tax Positions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 147 $ 147 $ 0
Additions for tax positions of prior years 0 0 263
Settlements 0 0 (116)
Ending balance $ 147 $ 147 $ 147
v3.25.4
EARNINGS PER SHARE - Schedule of Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Numerator:      
Net income attributable to Shake Shack Inc.—basic $ 45,725 $ 10,207 $ 20,264
Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B shares 3,981 613 726
Net income attributable to Shake Shack Inc.—diluted $ 45,725 $ 10,820 $ 20,990
Denominator:      
Weighted average shares of Class A common stock outstanding—basic 40,212 39,830 39,419
Effect of dilutive securities:      
Weighted average shares of Class A common stock outstanding—diluted 41,847 44,203 43,899
Earnings per share of Class A common stock—basic (in dollars per share) $ 1.14 $ 0.26 $ 0.51
Earnings per share of Class A common stock—diluted (in dollars per share) $ 1.09 $ 0.24 $ 0.48
Performance stock units      
Effect of dilutive securities:      
Incremental common shares (in shares) 35 69 11
Restricted stock units      
Effect of dilutive securities:      
Incremental common shares (in shares) 131 173 85
Convertible Notes      
Effect of dilutive securities:      
Incremental common shares (in shares) 1,467 1,467 1,467
Class B Common Stock      
Numerator:      
Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B shares $ 0 $ 613 $ 726
Effect of dilutive securities:      
Incremental common shares (in shares) 0 2,612 2,842
Stock options      
Effect of dilutive securities:      
Incremental common shares (in shares) 2 52 75
v3.25.4
EARNINGS PER SHARE - Antidilutive Securities (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Performance stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 120,706 50,556 99,718
Class B Common Stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares (in shares) 2,434,789 0 0
v3.25.4
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Cash paid for:      
Income taxes, net of refunds $ 4,260 $ 6,531 $ 4,056
Interest, net of amounts capitalized 820 882 537
Non-cash investing activities:      
Accrued purchases of property and equipment 34,727 19,226 24,999
Capitalized equity-based compensation 208 217 181
Non-cash financing activities:      
Establishment of liabilities under Tax Receivable Agreement $ 861 $ 12,121 $ 720
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Loss Contingencies [Line Items]  
Percentage of tax benefits due to equity owners 85.00%
Letter of Credit  
Loss Contingencies [Line Items]  
Letters of credit outstanding $ 695
v3.25.4
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)
Dec. 31, 2025
Dec. 25, 2024
Related Party Transaction [Line Items]    
Accounts payable $ 24,747,000 $ 23,609,000
Percentage of tax benefits due to equity owners 85.00%  
Madison Square Park Conservancy ("MSP Conservancy") | Related Party    
Related Party Transaction [Line Items]    
Accounts payable $ 0 $ 0
v3.25.4
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Related Party Transaction [Line Items]      
Occupancy and related expenses $ 106,632,000 $ 93,069,000 $ 79,846,000
Other operating expenses 212,677,000 178,381,000 149,449,000
Accounts payable 24,747,000 23,609,000  
Madison Square Park Conservancy ("MSP Conservancy") | Related Party      
Related Party Transaction [Line Items]      
Occupancy and related expenses 945,000 937,000 898,000
Accounts payable 0 0  
Olo, Inc. | Related Party      
Related Party Transaction [Line Items]      
Other operating expenses 1,142,000 838,000 $ 595,000
Accounts payable $ 334,000 $ 227,000  
v3.25.4
RELATED PARTY TRANSACTIONS - Tax Receivable Agreement (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Related Party Transactions [Abstract]      
Amounts paid under the Tax Receivable Agreement $ 37,000 $ 0 $ 0
Amounts due under the Tax Receivable Agreement $ 246,835,000 $ 247,734,000  
v3.25.4
RELATED PARTY TRANSACTIONS - Distributions to Members of SSE Holdings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Related Party Transactions [Abstract]      
Amounts paid to non-controlling interest holders $ 1,842 $ 482 $ 162
v3.25.4
SEGMENT REPORTING - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.4
SEGMENT REPORTING - Schedule of Segment Reporting (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Segment Reporting Information [Line Items]      
Total revenue $ 1,445,306 $ 1,252,608 $ 1,087,533
Less:      
Food and paper costs 396,714 339,940 305,041
Labor and related expenses 360,693 338,750 304,254
Other operating expenses 212,677 178,381 149,449
Occupancy and related expenses 106,632 93,069 79,846
General and administrative expenses 176,233 149,047 129,542
Depreciation and amortization expense 106,600 102,468 91,242
Pre-opening costs 18,001 15,547 19,231
Impairments, loss on disposal of assets, and Shack closures 5,248 32,368 3,007
Interest expense 2,159 2,045 1,717
Income tax expense (benefit) 22,903 3,424 (4,010)
Other income, net 12,260 13,251 12,776
NET INCOME 49,706 10,820 20,990
TOTAL ASSETS 1,896,209 1,696,971  
Interest income 165 761 2,443
Reportable Segment      
Less:      
TOTAL ASSETS 1,896,209 1,696,971  
Reportable Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenue 1,445,306 1,252,608 1,087,533
Less:      
Food and paper costs 396,714 339,940 305,041
Labor and related expenses 360,693 338,750 304,254
Other operating expenses 212,677 178,381 149,449
Occupancy and related expenses 106,632 93,069 79,846
General and administrative expenses 176,233 149,047 129,542
Depreciation and amortization expense 106,600 102,468 91,242
Pre-opening costs 18,001 15,547 19,231
Impairments, loss on disposal of assets, and Shack closures 5,248 32,368 3,007
Interest expense 2,159 2,045 1,717
Income tax expense (benefit) 22,903 3,424 (4,010)
Other income, net (12,260) (13,251) (12,776)
NET INCOME 49,706 10,820 20,990
Reportable Segment | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment      
Less:      
NET INCOME $ 0 $ 0 $ 0
v3.25.4
GEOGRAPHIC INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 1,445,306 $ 1,252,608 $ 1,087,533
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 1,407,094 1,219,356 1,056,753
Other countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 38,212 $ 33,252 $ 30,780
v3.25.4
SCHEDULE I: CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONDENSED BALANCE SHEET (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Dec. 28, 2022
Current assets:        
Accounts receivable, net $ 32,962 $ 19,687    
Prepaid expenses 11,162 8,196    
Total current assets 430,347 368,216    
Deferred income taxes, net 322,385 341,586    
TOTAL ASSETS 1,896,209 1,696,971    
Current liabilities:        
Accounts payable 24,747 23,609    
Accrued expenses 103,354 63,005    
Other current liabilities 27,783 19,538    
Total current liabilities 244,918 187,313    
Long-term debt 247,731 246,683    
Liabilities under tax receivable agreement, net of current portion 244,463 247,017    
Total liabilities 1,342,460 1,203,345    
Commitments and contingencies    
Stockholders' equity:        
Preferred stock 0 0    
Additional paid-in capital 452,577 442,993    
Retained earnings 72,709 26,984    
Accumulated other comprehensive loss (1) (1)    
Total stockholders' equity 553,749 493,626 $ 469,370 $ 436,836
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,896,209 $ 1,696,971    
Preferred stock, par value (in dollars per share) $ 0 $ 0    
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000    
Preferred stock, shares issued (in shares) 0 0    
Preferred stock, shares outstanding (in shares) 0 0    
Class A Common Stock        
Stockholders' equity:        
Common stock $ 40 $ 40    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001    
Common stock, shares authorized (in shares) 200,000,000 200,000,000    
Common stock, shares, issued (in shares) 40,254,281 40,068,068    
Common stock, shares, outstanding (in shares) 40,254,281 40,068,068    
Class B Common Stock        
Stockholders' equity:        
Common stock $ 2 $ 2    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001    
Common stock, shares authorized (in shares) 35,000,000 35,000,000    
Common stock, shares, issued (in shares) 2,434,789 2,455,713    
Common stock, shares, outstanding (in shares) 2,434,789 2,455,713    
Parent Company        
Current assets:        
Cash $ 8,553 $ 9,271    
Accounts receivable, net 3,728 0    
Prepaid expenses 954 1,405    
Total current assets 13,235 10,676    
Deferred income taxes, net 322,788 336,588    
Investment in SSE Holdings 472,310 390,184    
TOTAL ASSETS 1,058,072 1,005,522    
Current liabilities:        
Accounts payable 2 0    
Accrued expenses 1,371 87    
Other current liabilities 2,372 717    
Total current liabilities 46,356 33,286    
Long-term debt 247,731 246,683    
Liabilities under tax receivable agreement, net of current portion 244,463 247,017    
Total liabilities 538,550 526,986    
Commitments and contingencies    
Stockholders' equity:        
Preferred stock 0 0    
Additional paid-in capital 452,577 442,993    
Retained earnings 66,904 35,502    
Accumulated other comprehensive loss (1) (1)    
Total stockholders' equity 519,522 478,536    
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,058,072 $ 1,005,522    
Preferred stock, par value (in dollars per share) $ 0 $ 0    
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000    
Preferred stock, shares issued (in shares) 0 0    
Preferred stock, shares outstanding (in shares) 0 0    
Parent Company | Affiliated Entity        
Current assets:        
Notes receivable $ 232,812 $ 224,879    
Parent Company | Affiliated Entity | Conversion Option        
Current assets:        
Notes receivable 7,000 33,500    
Parent Company | Related Party        
Current assets:        
Notes receivable 9,927 9,695    
Current liabilities:        
Other current liabilities 42,611 32,482    
Parent Company | Class A Common Stock        
Stockholders' equity:        
Common stock $ 40 $ 40    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001    
Common stock, shares authorized (in shares) 200,000,000 200,000,000    
Common stock, shares, issued (in shares) 39,284,998 39,142,397    
Common stock, shares, outstanding (in shares) 39,284,998 39,142,397    
Parent Company | Class B Common Stock        
Stockholders' equity:        
Common stock $ 2 $ 2    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001    
Common stock, shares authorized (in shares) 35,000,000 35,000,000    
Common stock, shares, issued (in shares) 2,869,513 2,921,587    
Common stock, shares, outstanding (in shares) 2,869,513 2,921,587    
v3.25.4
SCHEDULE I: CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONDENSED STATEMENTS OF INCOME (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Condensed Income Statements, Captions [Line Items]      
TOTAL REVENUE $ 1,445,306 $ 1,252,608 $ 1,087,533
General and administrative expenses 176,233 149,047 129,542
TOTAL EXPENSES 1,382,798 1,249,570 1,081,612
INCOME FROM OPERATIONS 62,508 3,038 5,921
Other income (expense), net 12,260 13,251 12,776
Interest expense (2,159) (2,045) (1,717)
INCOME BEFORE INCOME TAXES 72,609 14,244 16,980
Income tax expense (benefit) 22,903 3,424 (4,010)
NET INCOME 49,706 10,820 20,990
Parent Company      
Condensed Income Statements, Captions [Line Items]      
Intercompany revenue 3,674 6,476 7,971
TOTAL REVENUE 3,674 6,476 7,971
General and administrative expenses 2,832 5,647 6,663
Intercompany expenses 3,192 45 54
TOTAL EXPENSES 6,024 5,692 6,717
INCOME FROM OPERATIONS (2,350) 784 1,254
Equity in net income from SSE Holdings 65,672 8,558 10,091
Other income (expense), net (18,557) 28,533 14,533
Interest expense (1,048) (1,047) (1,047)
INCOME BEFORE INCOME TAXES 43,717 36,828 24,831
Income tax expense (benefit) 12,315 6,603 (5,203)
NET INCOME $ 31,402 $ 30,225 $ 30,034
v3.25.4
SCHEDULE I: CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Condensed Statement of Income Captions [Line Items]      
Net income $ 49,706,000 $ 10,820,000 $ 20,990,000
Other comprehensive income (loss), net of tax:      
Change in foreign currency translation adjustment 0 2,000 (3,000)
OTHER COMPREHENSIVE INCOME (LOSS) 0 2,000 (3,000)
COMPREHENSIVE INCOME 49,706,000 10,822,000 20,987,000
Income tax benefit [1] 0 0 0
Parent Company      
Condensed Statement of Income Captions [Line Items]      
Net income 31,402,000 30,225,000 30,034,000
Other comprehensive income (loss), net of tax:      
Change in foreign currency translation adjustment 0 2,000 (3,000)
OTHER COMPREHENSIVE INCOME (LOSS) 0 2,000 (3,000)
COMPREHENSIVE INCOME $ 31,402,000 $ 30,227,000 $ 30,031,000
[1] Net of tax benefit of $0 for fiscal years ended December 31, 2025, December 25, 2024 and December 27, 2023.
v3.25.4
SCHEDULE I: CONDENSED FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF CASH FLOWS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
OPERATING ACTIVITIES      
Net income $ 49,706 $ 10,820 $ 20,990
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Amortization of debt issuance costs (1,048) (1,047) (1,047)
Equity-based compensation 19,503 15,915 14,888
Deferred income taxes 16,616 (1,054) (9,074)
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (3,115) (2,629) (2,253)
Accounts payable (1,527) 3,356 687
Accrued expenses 29,902 6,644 9,513
NET CASH PROVIDED BY OPERATING ACTIVITIES 222,355 171,155 132,139
INVESTING ACTIVITIES      
NET CASH USED IN INVESTING ACTIVITIES (165,849) (66,079) (132,320)
FINANCING ACTIVITIES      
Proceeds from stock option exercises 123 1,627 744
Payments under tax receivable agreement (37) 0 0
NET CASH USED IN FINANCING ACTIVITIES (17,097) (9,017) (5,684)
Effect of exchange rate changes on cash and cash equivalents 0 2 (3)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 39,409 96,061 (5,868)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 320,714    
CASH AND CASH EQUIVALENTS AT END OF PERIOD 360,123 320,714  
Parent Company      
OPERATING ACTIVITIES      
Net income 31,402 30,225 30,034
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Equity in net income from SSE Holdings (65,672) (8,558) (10,091)
Amortization of debt issuance costs 1,048 1,047 1,047
Equity-based compensation 1,152 920 894
Deferred income taxes 11,170 6,606 (5,249)
Unrealized loss on equity securities 26,500 (20,600) (6,600)
Other non-cash income (7,933) (7,933) (7,933)
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 312 (1,342) (1)
Due (to) from SSE Holdings (179) 1,153 (3,944)
Accounts payable 2 (146) 107
Accrued expenses 1,328 (395) 515
NET CASH PROVIDED BY OPERATING ACTIVITIES (870) 977 (1,221)
INVESTING ACTIVITIES      
Purchases of LLC Interests from SSE Holdings (28,040) (27,618) (11,731)
NET CASH USED IN INVESTING ACTIVITIES (28,040) (27,618) (11,731)
FINANCING ACTIVITIES      
Proceeds from issuance of Class A common stock to SSE Holdings upon settlement of equity awards 28,040 27,618 11,731
Proceeds from stock option exercises 189 1,620 744
Payments under tax receivable agreement (37) 0 0
NET CASH USED IN FINANCING ACTIVITIES 28,192 29,238 12,475
Effect of exchange rate changes on cash and cash equivalents 0 2 (3)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (718) 2,599 (480)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,271 6,672 7,152
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 8,553 $ 9,271 $ 6,672
v3.25.4
SCHEDULE I: CONDENSED FINANCIAL INFORMATION OF REGISTRANT - NOTES TO CONDENSED FINANCIAL STATEMENTS (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
Mar. 30, 2022
Mar. 31, 2021
Condensed Financial Statements, Captions [Line Items]          
Deferred income tax assets, net $ 322,385,000 $ 341,586,000      
Other current liabilities 27,783,000 19,538,000      
Tax receivable liability 246,835,000        
Other income, net 12,260,000 13,251,000 $ 12,776,000    
Income tax expense (benefit) $ 22,903,000 3,424,000 (4,010,000)    
Percentage of tax benefits due to equity owners 85.00%        
Income taxes, net of refunds $ 4,260,000 6,531,000 4,056,000    
Establishment of liabilities under Tax Receivable Agreement 861,000 12,121,000 720,000    
Total U.S. state and local 1,128,000        
New York          
Condensed Financial Statements, Captions [Line Items]          
Total U.S. state and local 609,000        
Other          
Condensed Financial Statements, Captions [Line Items]          
Total U.S. state and local 237,000        
0% Convertible Senior Notes Due 2028 | Senior Notes | Private Placement          
Condensed Financial Statements, Captions [Line Items]          
Aggregate principal amount         $ 250,000,000
Interest rate (in percent)         0.00%
Parent Company          
Condensed Financial Statements, Captions [Line Items]          
Deferred income tax assets, net 322,788,000 336,588,000      
Other current liabilities 2,372,000 717,000      
Tax receivable liability 246,835,000 247,734,000      
Intercompany revenue 3,674,000 6,476,000 7,971,000    
Equity in net income from SSE Holdings 65,672,000 8,558,000 10,091,000    
Other income, net (18,557,000) 28,533,000 14,533,000    
Income tax expense (benefit) $ 12,315,000 6,603,000 (5,203,000)    
Percentage of tax benefits due to equity owners 85.00%        
Accrued contribution related to stock option exercises $ 189,000 1,625,000 744,000    
Non-cash contribution made in connection with equity awards granted to employees of SSE Holdings 27,041,000 20,406,000 10,305,000    
Total U.S. state and local 163,000        
Parent Company | New York          
Condensed Financial Statements, Captions [Line Items]          
Total U.S. state and local 97,000        
Parent Company | Florida          
Condensed Financial Statements, Captions [Line Items]          
Total U.S. state and local 45,000        
Parent Company | Other          
Condensed Financial Statements, Captions [Line Items]          
Total U.S. state and local 21,000        
Parent Company | Secondary Offering and Redemption of Units | Class A Common Stock          
Condensed Financial Statements, Captions [Line Items]          
Class A common stock issued in connection with the acquisition of LLC Interests upon redemption by the non-controlling interest holders (271,000) 3,517,000 265,000    
Parent Company | Related Party          
Condensed Financial Statements, Captions [Line Items]          
Notes receivable 9,927,000 9,695,000      
Other current liabilities 42,611,000 32,482,000      
Parent Company | Affiliated Entity          
Condensed Financial Statements, Captions [Line Items]          
Notes receivable 232,812,000 224,879,000      
Parent Company | Affiliated Entity | Conversion Option          
Condensed Financial Statements, Captions [Line Items]          
Notes receivable 7,000,000 33,500,000      
Parent Company | Consolidation, Eliminations          
Condensed Financial Statements, Captions [Line Items]          
Deferred income tax assets, net 2,114,000 (3,177,000)      
Intercompany revenue 3,674,000 6,476,000 7,971,000    
Equity in net income from SSE Holdings 65,672,000 8,558,000 10,091,000    
Other income, net 18,566,000 28,533,000 14,533,000    
Income tax expense (benefit) (5,291,000) 7,466,000 3,715,000    
Income taxes, net of refunds 163,000 832,000 9,000    
Establishment of liabilities under Tax Receivable Agreement 861,000 12,121,000 720,000    
Parent Company | Consolidation, Eliminations | Related Party          
Condensed Financial Statements, Captions [Line Items]          
Notes receivable 9,927,000 9,695,000      
Other current liabilities 42,611,000 32,482,000      
Parent Company | Consolidation, Eliminations | Affiliated Entity          
Condensed Financial Statements, Captions [Line Items]          
Notes receivable 232,812,000 224,879,000      
Parent Company | Consolidation, Eliminations | Affiliated Entity | Conversion Option          
Condensed Financial Statements, Captions [Line Items]          
Notes receivable 7,000,000 33,500,000      
Parent Company | Intersegment Eliminations          
Condensed Financial Statements, Captions [Line Items]          
Fair value of receivable 7,000,000 33,500,000      
Unrealized loss on receivable (26,500,000) 20,600,000 6,600,000    
Interest income $ 7,933,000 $ 7,933,000 $ 7,933,000    
Parent Company | Intersegment Eliminations | Related Party          
Condensed Financial Statements, Captions [Line Items]          
Notes receivable       $ 250,000  
v3.25.4
SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS (Details) - Deferred tax asset valuation allowance - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 25, 2024
Dec. 27, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 260 $ 357 $ 9,560
Charged to costs and expenses(1) 720 (97) (9,203)
Charged to other accounts 0 0 0
Balance at end of period $ 980 $ 260 $ 357