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Shake Shack Announces Fourth Quarter and Fiscal Year 2025 Financial Results
Financial Highlights for the Fourth Quarter 2025:
▪Total revenue of $400.5 million, up 21.9% versus 2024, including $385.3 million of Shack sales and $15.2 million of Licensing revenue.
▪System-wide sales of $618.0 million, up 23.4% versus 2024.
▪Same-Shack sales up 2.1% versus 2024.
▪Operating income of $18.7 million.
▪Restaurant-level profit(1) of $87.4 million, or 22.7% of Shack sales.
▪Net income of $13.0 million.
▪Adjusted EBITDA(1) of $56.1 million.
▪Net income attributable to Shake Shack Inc. of $11.8 million, or earnings of $0.28 per diluted share.
▪Adjusted pro forma net income(1) of $16.6 million, or earnings of $0.37 per fully exchanged and diluted share.
▪Opened 15 new Company-operated Shacks and 17 new licensed Shacks.
Financial Highlights for the Fiscal Year 2025:
▪Total revenue of $1,445.3 million, up 15.4% versus 2024, including $1,391.2 million of Shack sales and $54.1 million of Licensing revenue.
▪System-wide sales of $2,228.8 million, up 15.9% versus 2024.
▪Same-Shack sales up 2.3% versus 2024.
▪Operating income of $62.5 million.
▪Restaurant-level profit(1) of $314.5 million, or 22.6% of Shack sales.
▪Net income of $49.7 million.
▪Adjusted EBITDA(1) of $209.9 million.
▪Net income attributable to Shake Shack Inc. of $45.7 million, or earnings of $1.09 per diluted share.
▪Adjusted pro forma net income(1) of $58.3 million, or earnings of $1.32 per fully exchanged and diluted share.
▪Opened 45 new Company-operated Shacks and 40 new licensed Shacks.
NEW YORK, NY (Business Wire) — February 26, 2026 — Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the fourth quarter and the fiscal year ended December 31, 2025 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q4 2025 Shareholder Letter.
Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Robert Lynch, Chief Executive Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until March 5, 2026 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13757509.
The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.





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


About Shake Shack
Shake Shack serves elevated versions of American classics using only the best ingredients. It’s known for its delicious made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal. Shake Shack’s purpose is to Stand For Something Good®, from its premium ingredients and employee development, to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to over 670 locations system-wide, including close to 430 in 35 U.S. States and the District of Columbia, and over 240 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

Skip the line with the Shack App, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android.
Media:
Meg Davis, Shake Shack
mcastranova@shakeshack.com
Investor Relations:
Alison Sternberg, Shake Shack
Head of Investor Relations
(844) SHACK-04 (844-742-2504)
investor@shakeshack.com
Definitions
The following definitions apply to these terms as used in this release:
"Shack sales" is defined as the aggregate sales of food, beverages, gift card breakage income and Shake Shack branded merchandise at Company-operated Shacks and excludes sales from licensed Shacks.
“System-wide sales” is an operating measure and consists of sales from Company-operated Shacks and licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from licensed Shacks, as well as certain up-front fees, such as territory fees, opening fees, and termination fees.
"Same-Shack sales" represents Shack sales for the comparable Shack base, which is defined as the number of Company-operated Shacks open for 24 full fiscal months or longer. For consecutive days that Shacks were temporarily closed, the comparative period was also adjusted.
"Restaurant-level profit," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.
"Restaurant-level profit margin," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses as a percentage of Shack sales.
“EBITDA,” a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense, and Depreciation and amortization expense.
“Adjusted EBITDA,” a non-GAAP measure, is defined as EBITDA (as defined above), excluding equity-based compensation expense, Impairments, loss on disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.
"Adjusted pro forma net income," a non-GAAP measure, represents Net income attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly reflected to its core operations and may not be indicative of its recurring business operations.


SHAKE SHACK INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share amounts)
December 31
2025		December 25
2024
ASSETS
Current assets
Cash and cash equivalents$360,123 $320,714 
Accounts receivable, net32,962 19,687 
Inventories7,182 6,014 
Prepaid expenses and other current assets30,080 21,801 
Total current assets430,347 368,216 
Property and equipment, net of accumulated depreciation of $551,004 and $457,186, respectively.
625,851 551,600 
Operating lease assets507,253 424,611 
Deferred income taxes, net322,385 341,586 
Other assets10,373 10,958 
TOTAL ASSETS$1,896,209 $1,696,971 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$24,747 $23,609 
Accrued expenses103,354 63,005 
Accrued wages and related liabilities25,481 25,422 
Operating lease liabilities, current63,553 55,739 
Other current liabilities27,783 19,538 
Total current liabilities244,918 187,313 
Long-term debt247,731 246,683 
Long-term operating lease liabilities575,138 494,499 
Liabilities under tax receivable agreement, net of current portion244,463 247,017 
Other long-term liabilities30,210 27,833 
Total liabilities1,342,460 1,203,345 
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 earnings72,709 26,984 
Accumulated other comprehensive loss(1)(1)
Total stockholders' equity attributable to Shake Shack Inc.525,327 470,018 
Non-controlling interests28,422 23,608 
Total equity553,749 493,626 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,896,209 $1,696,971 



SHAKE SHACK INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except per share amounts)

Fiscal Quarter Ended
Fiscal Year Ended
December 31
2025(1)
December 25
2024
December 31
2025(1)
December 25
2024
Shack sales$385,258 96.2 %$316,632 96.3 %$1,391,166 96.3 %$1,207,561 96.4 %
Licensing revenue15,273 3.8 %12,052 3.7 %54,140 3.7 %45,047 3.6 %
TOTAL REVENUE400,531 100.0 %328,684 100.0 %1,445,306 100.0 %1,252,608 100.0 %
Shack-level operating expenses(2):
Food and paper costs110,595 28.7 %88,578 28.0 %396,714 28.5 %339,940 28.2 %
Labor and related expenses97,934 25.4 %85,104 26.9 %360,693 25.9 %338,750 28.1 %
Other operating expenses59,868 15.5 %47,008 14.8 %212,677 15.3 %178,381 14.8 %
Occupancy and related expenses29,413 7.6 %24,047 7.6 %106,632 7.7 %93,069 7.7 %
General and administrative expenses50,541 12.6 %41,099 12.5 %176,233 12.2 %149,047 11.9 %
Depreciation and amortization expense26,433 6.6 %25,809 7.9 %106,600 7.4 %102,468 8.2 %
Pre-opening costs5,203 1.3 %5,118 1.6 %18,001 1.2 %15,547 1.2 %
Impairments, loss on disposal of assets, and Shack closures1,800 0.4 %1,711 0.5 %5,248 0.4 %32,368 2.6 %
TOTAL EXPENSES381,787 95.3 %318,474 96.9 %1,382,798 95.7 %1,249,570 99.8 %
INCOME FROM OPERATIONS18,744 4.7 %10,210 3.1 %62,508 4.3 %3,038 0.2 %
Other income, net3,336 0.8 %3,241 1.0 %12,260 0.8 %13,251 1.1 %
Interest expense(544)(0.1)%(512)(0.2)%(2,159)(0.1)%(2,045)(0.2)%
INCOME BEFORE INCOME TAXES21,536 5.4 %12,939 3.9 %72,609 5.0 %14,244 1.1 %
Income tax expense8,537 2.1 %3,606 1.1 %22,903 1.6 %3,424 0.3 %
NET INCOME12,999 3.2 %9,333 2.8 %49,706 3.4 %10,820 0.9 %
Less: Net income attributable to non-controlling interests1,168 0.3 %623 0.2 %3,981 0.3 %613 — %
NET INCOME ATTRIBUTABLE TO SHAKE SHACK INC.$11,831 3.0 %$8,710 2.6 %$45,725 3.2 %$10,207 0.8 %
Earnings per share of Class A common stock:
Basic$0.29 $0.22 $1.14 $0.26 
Diluted$0.28 $0.21 $1.09 $0.24 
Weighted-average shares of Class A common stock outstanding:
Basic40,254 40,047 40,212 39,830 
Diluted41,831 41,872 41,847 44,203 
(1)The Company operates on a 52/53 week fiscal year. Fiscal year 2025 had 53 weeks with the extra operating week occurring in fiscal fourth quarter 2025.
(2)As a percentage of Shack sales.





SHAKE SHACK INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Fiscal Year Ended
December 31
2025		December 25
2024
OPERATING ACTIVITIES
Net income (including amounts attributable to non-controlling interests)$49,706 $10,820 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense106,600 102,468 
Amortization of debt issuance costs1,048 1,047 
Amortization of cloud computing assets2,188 2,138 
Non-cash operating lease cost88,849 77,432 
Equity-based compensation
19,503 15,915 
Deferred income taxes
16,616 (1,054)
Non-cash interest
45 (102)
Net amortization of discount on held-to-maturity securities— (440)
Impairments, loss on disposal of assets, and Shack closures
5,248 32,368 
Changes in operating assets and liabilities:
Accounts receivable
(9,546)(2,839)
Inventories
(1,168)(610)
Prepaid expenses and other current assets
(3,115)(2,629)
Other assets
(5,959)(2,896)
Accounts payable
(1,527)3,356 
Accrued expenses
29,902 6,644 
Accrued wages and related liabilities
59 4,477 
Other current liabilities
3,436 (712)
Operating lease liabilities(82,683)(77,167)
Other long-term liabilities
3,153 2,939 
NET CASH PROVIDED BY OPERATING ACTIVITIES222,355 171,155 
INVESTING ACTIVITIES
Purchases of property and equipment
(165,849)(135,499)
Maturities of held-to-maturity marketable securities
— 69,420 
NET CASH USED IN INVESTING ACTIVITIES(165,849)(66,079)
FINANCING ACTIVITIES
Payments on principal of finance leases (5,511)(3,964)
Deferred financing costs
(10)— 
Distributions paid to non-controlling interest holders
(1,842)(482)
Payments under tax receivable agreement(37)— 
Net proceeds from stock option exercises123 1,627 
Employee withholding taxes related to net settled equity awards(9,820)(6,198)
NET CASH USED IN FINANCING ACTIVITIES(17,097)(9,017)
Effect of exchange rate changes on cash and cash equivalents— 2 
INCREASE IN CASH AND CASH EQUIVALENTS39,409 96,061 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD320,714 224,653 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$360,123 $320,714 


SHAKE SHACK INC.
NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

To supplement the Consolidated Financial Statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company uses the following non-GAAP financial measures: Restaurant-level profit, Restaurant-level profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share (collectively the "non-GAAP financial measures").
Restaurant-Level Profit
Restaurant-level profit is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.
How This Measure Is Useful
When used in conjunction with GAAP financial measures, Restaurant-level profit and Restaurant-level profit margin are supplemental measures of operating performance that the Company believes are useful measures to evaluate the performance and profitability of its Shacks. Additionally, Restaurant-level profit and Restaurant-level profit margin are key metrics used internally by management to develop internal budgets and forecasts, as well as assess the performance of its Shacks relative to budget and against prior periods. It is also used to evaluate employee compensation as it serves as a metric in certain performance-based employee bonus arrangements. The Company believes presentation of Restaurant-level profit and Restaurant-level profit margin provides investors with a supplemental view of its operating performance that can provide meaningful insights to the underlying operating performance of the Shacks, as these measures depict the operating results that are directly impacted by the Shacks and exclude items that may not be indicative of, or are unrelated to, the ongoing operations of the Shacks. It may also assist investors to evaluate the Company's performance relative to peers of various sizes and maturities and provides greater transparency with respect to how management evaluates the business, as well as the financial and operational decision-making.
Limitations of the Usefulness of this Measure
Restaurant-level profit and Restaurant-level profit margin may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Restaurant-level profit and Restaurant-level profit margin is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Restaurant-level profit excludes certain costs, such as General and administrative expenses and Pre-opening costs, which are considered normal, recurring cash operating expenses and are essential to support the operation and development of the Company's Shacks. Therefore, this measure may not provide a complete understanding of the Company's operating results as a whole and Restaurant-level profit and Restaurant-level profit margin should be reviewed in conjunction with the Company's GAAP financial results. A reconciliation of Restaurant-level profit to Income from Operations, the most directly comparable GAAP financial measure, is set forth below.


Fiscal Quarter Ended
Fiscal Year Ended
(dollar amounts in thousands)
December 31
2025(1)
December 25
2024
December 31
2025(1)
December 25
2024
Income from operations
$18,744 $10,210 $62,508 $3,038 
Less:
Licensing revenue15,273 12,052 54,140 45,047 
Add:
General and administrative expenses50,541 41,099 176,233 149,047 
Depreciation and amortization expense26,433 25,809 106,600 102,468 
Pre-opening costs5,203 5,118 18,001 15,547 
Impairments, loss on disposal of assets, and Shack closures1,800 1,711 5,248 32,368 
Adjustment:
Employee benefit charges(2)
— — — 453 
Restaurant-level profit$87,448 $71,895 $314,450 $257,874 
Total revenue$400,531 $328,684 $1,445,306 $1,252,608 
Less: Licensing revenue15,273 12,052 54,140 45,047 
Shack sales$385,258 $316,632 $1,391,166 $1,207,561 
Restaurant-level profit margin(3)
22.7 %22.7 %22.6 %21.4 %
(1)The Company operates on a 52/53 week fiscal year. Fiscal year 2025 had 53 weeks with the extra operating week occurring in fiscal fourth quarter 2025.
(2)Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.
(3)As a percentage of Shack sales.




SHAKE SHACK INC.
NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
EBITDA and Adjusted EBITDA
EBITDA, a non-GAAP measure, is defined as Net income before interest expense (net of interest income), Income tax expense and Depreciation and amortization expense. Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA excluding equity-based compensation expense, Impairments, loss on the disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.
How These Measures Are Useful
When used in conjunction with GAAP financial measures, EBITDA and adjusted EBITDA are supplemental measures of operating performance that the Company believes are useful measures to facilitate comparisons to historical performance and competitors' operating results. Adjusted EBITDA is a key metric used internally by management to develop internal budgets and forecasts and also serves as a metric in its performance-based equity incentive programs and certain bonus arrangements. The Company believes presentation of EBITDA and adjusted EBITDA provides investors with a supplemental view of the Company's operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company's ongoing operating performance.
Limitations of the Usefulness of These Measures
EBITDA and adjusted EBITDA may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of EBITDA and adjusted EBITDA is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company's performance and should be reviewed in conjunction with the GAAP financial measures.



Fiscal Quarter Ended
Fiscal Year Ended
(dollar amounts in thousands)
December 31
2025(1)
December 25
2024
December 31
2025(1)
December 25
2024
Net income$12,999 $9,333 $49,706 $10,820 
Depreciation and amortization expense26,433 25,809 106,600 102,468 
Interest expense, net499 474 1,994 1,284 
Income tax expense8,537 3,606 22,903 3,424 
EBITDA48,468 39,222 181,203 117,996 
Equity-based compensation5,330 4,376 19,503 15,915 
Amortization of cloud-based software implementation costs512 561 2,188 2,138 
Impairments, loss on disposal of assets, and Shack closures1,800 1,711 5,248 32,368 
Legal settlements(2)
— — 983 — 
Severance
— — 379 — 
Restatement costs(3)
— 778 354 2,378 
CEO transition costs
— 38 35 679 
Employee benefit charges(4)
— — — 453 
Other(5)
— 8 3 3,652 
Adjusted EBITDA
$56,110 $46,694 $209,896 $175,579 
Adjusted EBITDA margin(6)
14.0%14.2%14.5%14.0%
(1)The Company operates on a 52/53 week fiscal year. Fiscal year 2025 had 53 weeks with the extra operating week occurring in fiscal fourth quarter 2025.
(2)Expenses incurred to establish accruals related to the settlements of legal matters.
(3)Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.
(4)Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.
(5)Expenses incurred for professional fees related to non-recurring matters.
(6)Calculated as a percentage of Total revenue, which was $400.5 million and $1,445.3 million for the fiscal quarter and fiscal year ended December 31, 2025, respectively, and $328.7 million and $1,252.6 million for the fiscal quarter and fiscal year ended December 25, 2024, respectively.



SHAKE SHACK INC.
NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Adjusted Pro Forma Net Income (Loss) and Adjusted Pro Forma Earnings (Loss) Per Fully Exchanged and Diluted Share
Adjusted pro forma net income represents Net income attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly related to its core operations and may not be indicative of recurring business operations. Adjusted pro forma earnings per fully exchanged and diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Interests, after giving effect to the dilutive effect of outstanding equity-based awards.
How These Measures Are Useful
When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period-over-period and relative to its competitors. By assuming the full exchange of all outstanding LLC Interests, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in Net income attributable to Shake Shack Inc. driven by increases in its ownership of SSE Holdings, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.
Limitations of the Usefulness of These Measures
Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should not be considered alternatives to Net income and earnings (loss) per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings (loss) attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the Net income attributable to Shake Shack Inc. Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma net income to Net income attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully exchanged and diluted share are set forth below.





Fiscal Quarter Ended
Fiscal Year Ended
(in thousands, except per share amounts)
December 31
2025(1)
December 25
2024
December 31
2025(1)
December 25
2024
Numerator:
Net income attributable to Shake Shack Inc.$11,831 $8,710 $45,725 $10,207 
Adjustments:
Reallocation of Net income attributable to non-controlling interests from the assumed exchange of LLC Interests(2)
1,168 623 3,981 613 
Impairment charges and Shack closures(3)
1,045 1,191 2,949 29,348 
Legal settlements(4)
— — 983 — 
Severance
— — 379 — 
Restatement costs(5)
— 778 354 2,378 
CEO transition costs
— 38 35 679 
Employee benefit charges(6)
— — — 453 
Other(7)
— 8 3 3,652 
Tax impact of above adjustments(8)
2,543 269 3,906 (6,785)
Adjusted pro forma net income$16,587 $11,617 $58,315 $40,545 
Denominator:
Weighted-average shares of Class A common stock outstanding—diluted41,831 41,872 41,847 44,203 
Adjustments:
Assumed exchange of LLC Interests for shares of Class A common stock(2)
2,434 2,456 2,441 — 
Adjusted pro forma fully exchanged weighted-average shares of Class A common stock outstanding—diluted44,265 44,328 44,288 44,203 
Adjusted pro forma loss per fully exchanged share—diluted$0.37 $0.26 $1.32 $0.92 
Fiscal Quarter Ended
Fiscal Year Ended
December 31
2025(1)
December 25
2024
December 31
2025(1)
December 25
2024
Earnings per share of Class A common stock—diluted$0.28 $0.21 $1.09 $0.24 
Assumed exchange of LLC Interests for shares of Class A common stock(2)
0.01 — 0.03 — 
Non-GAAP adjustments(9)
0.08 0.05 0.20 0.68 
Adjusted pro forma earnings per fully exchanged share—diluted$0.37 $0.26 $1.32 $0.92 
(1)The Company operates on a 52/53 week fiscal year. Fiscal year 2025 had 53 weeks with the extra operating week occurring in fiscal fourth quarter 2025.
(2)Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests.
(3)Expenses incurred related to Shack closures and impairment charges during fiscal 2024 and fiscal 2025.
(4)Expenses incurred to establish accruals related to the settlements of legal matters.
(5)Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.
(6)Expenses related to California healthcare charges for fiscal 2020 through 2023 which do not represent fiscal 2024 Labor and related expenses.
(7)Expenses incurred for professional fees related to non-recurring matters.
(8)Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 26.5% and 24.6% for the fiscal quarter and fiscal year ended December 31, 2025, respectively, and 22.3% and 20.1% for the fiscal quarter and fiscal year ended December 25, 2024, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction.
(9)Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above, for additional information.