Shake Shack Announces Second Quarter 2026 Financial Results

Shake Shack Announces Second Quarter 2026 Financial Results August 5, 2026 Total revenue of $417.6 million, up 17.2% versus 2025, including $403.4 million of Shack sales and $14.2 million of Licensing revenue. System-wide sales of $625.8 million, up 13.8% versus 2025. Same-Shack sales up 3.5% versus 2025. Operating income of $20.7 million versus $22.4 million in 2025. Restaurant-level profit(1) of $92.7 million, or 23.0% of Shack sales. Net income of $16.9 million versus $18.5 million in 2025. Adjusted EBITDA(1) of $61.2 million, up 3.9% versus 2025. Net income attributable to Shake Shack Inc. of $15.7 million, or earnings of $0.37 per diluted share. Adjusted pro forma net income(1) of $18.9 million, or earnings of $0.43 per fully exchanged and diluted share. Opened 16 new Company-operated Shacks and 11 new licensed Shacks. Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the second quarter of 2026 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q2 2026 Shake Shack 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, and Michelle Hook, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until August 12, 2026 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13760719. The live audio webcast of the conference call will be accessible in the Events & Presentations section on 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, crinkle cut fries, crispy chicken, hand spun milkshakes, house-made lemonades, 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 team member 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 710 locations system-wide, including approximately 460 in 35 U.S. States and the District of Columbia, and over 250 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. 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 related to its core operations and may not be indicative of its recurring business operations. SHAKE SHACK INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) July 1 2026 December 31 2025 ASSETS Current assets: Cash and cash equivalents $ 307,962 $ 360,123 Accounts receivable, net 34,657 32,962 Inventories 7,359 7,182 Prepaid expenses and other current assets 43,780 30,080 Total current assets 393,758 430,347 Property and equipment, net of accumulated depreciation of $604,230 and $551,004, respectively. 673,299 625,851 Operating lease assets 551,687 507,253 Deferred income taxes, net 319,980 322,385 Other assets 11,556 10,373 TOTAL ASSETS $ 1,950,280 $ 1,896,209 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 23,612 $ 24,747 Accrued expenses 92,318 103,354 Accrued wages and related liabilities 23,175 25,481 Operating lease liabilities, current 67,164 63,553 Other current liabilities 29,732 27,783 Total current liabilities 236,001 244,918 Long-term debt 248,255 247,731 Long-term operating lease liabilities 621,756 575,138 Liabilities under tax receivable agreement, net of current portion 244,713 244,463 Other long-term liabilities 28,004 30,210 Total liabilities 1,378,729 1,342,460 Commitments and contingencies Stockholders' equity: Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of July 1, 2026 and December 31, 2025. — — Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,370,460 and 40,254,281 shares issued and outstanding as of July 1, 2026 and December 31, 2025, respectively. 40 40 Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,425,789 and 2,434,789 shares issued and outstanding as of July 1, 2026 and December 31, 2025, respectively. 2 2 Additional paid-in capital 456,186 452,577 Retained earnings 88,099 72,709 Accumulated other comprehensive loss (6 ) (1 ) Total stockholders' equity attributable to Shake Shack Inc. 544,321 525,327 Non-controlling interests 27,230 28,422 Total equity 571,551 553,749 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,950,280 $ 1,896,209 SHAKE SHACK INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share amounts) Thirteen Weeks Ended Twenty-Six Weeks Ended July 1 2026 June 25 2025 July 1 2026 June 25 2025 Shack sales $ 403,437 96.6 % $ 343,224 96.3 % $ 757,484 96.6 % $ 653,062 96.4 % Licensing revenue 14,181 3.4 % 13,242 3.7 % 26,871 3.4 % 24,302 3.6 % TOTAL REVENUE 417,618 100.0 % 356,466 100.0 % 784,355 100.0 % 677,364 100.0 % Shack-level operating expenses(1): Food and paper costs 116,276 28.8 % 96,621 28.2 % 216,299 28.6 % 182,658 28.0 % Labor and related expenses 101,226 25.1 % 88,058 25.7 % 193,943 25.6 % 174,726 26.8 % Other operating expenses 63,118 15.6 % 50,768 14.8 % 120,630 15.9 % 99,030 15.2 % Occupancy and related expenses 30,151 7.5 % 25,593 7.5 % 58,805 7.8 % 50,224 7.7 % General and administrative expenses 48,321 11.6 % 40,671 11.4 % 101,929 13.0 % 81,311 12.0 % Depreciation and amortization expense 30,717 7.4 % 26,545 7.4 % 59,837 7.6 % 53,088 7.8 % Pre-opening costs 6,638 1.6 % 4,955 1.4 % 13,508 1.7 % 8,173 1.2 % Impairments, loss on disposal of assets, and Shack closures 425 0.1 % 881 0.2 % 1,292 0.2 % 2,938 0.4 % TOTAL EXPENSES 396,872 95.0 % 334,092 93.7 % 766,243 97.7 % 652,148 96.3 % INCOME FROM OPERATIONS 20,746 5.0 % 22,374 6.3 % 18,112 2.3 % 25,216 3.7 % Other income, net 2,602 0.6 % 2,850 0.8 % 5,345 0.7 % 5,821 0.9 % Interest expense (553 ) (0.1 )% (548 ) (0.2 )% (1,101 ) (0.1 )% (1,111 ) (0.2 )% INCOME BEFORE INCOME TAXES 22,795 5.5 % 24,676 6.9 % 22,356 2.9 % 29,926 4.4 % Income tax expense 5,913 1.4 % 6,193 1.7 % 5,768 0.7 % 6,930 1.0 % NET INCOME 16,882 4.0 % 18,483 5.2 % 16,588 2.1 % 22,996 3.4 % Less: Net income attributable to non-controlling interests 1,202 0.3 % 1,335 0.4 % 1,198 0.2 % 1,603 0.2 % NET INCOME ATTRIBUTABLE TO SHAKE SHACK INC. $ 15,680 3.8 % $ 17,148 4.8 % $ 15,390 2.0 % $ 21,393 3.2 % Earnings per share of Class A common stock: Basic $ 0.39 $ 0.43 $ 0.38 $ 0.53 Diluted $ 0.37 $ 0.41 $ 0.37 $ 0.51 Weighted-average shares of Class A common stock outstanding: Basic 40,358 40,226 40,323 40,173 Diluted 41,866 41,819 41,873 41,842 (1) As a percentage of Shack sales. SHAKE SHACK INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Twenty-Six Weeks Ended July 1 2026 June 25 2025 OPERATING ACTIVITIES Net income (including amounts attributable to non-controlling interests) $ 16,588 $ 22,996 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 59,837 53,088 Amortization of debt issuance costs 524 524 Amortization of cloud computing assets 1,043 1,166 Non-cash operating lease cost 50,624 42,250 Equity-based compensation 9,082 9,750 Deferred income taxes 3,002 3,785 Non-cash interest 27 46 Impairments, loss on disposal of assets, and Shack closures 1,292 2,938 Changes in operating assets and liabilities: Accounts receivable (1,695 ) (1,514 ) Inventories (177 ) (14 ) Prepaid expenses and other current assets (12,529 ) (2,162 ) Other assets (5,125 ) (3,978 ) Accounts payable 1,573 (2,164 ) Accrued expenses (14,019 ) 12,947 Accrued wages and related liabilities (2,306 ) (2,128 ) Other current liabilities 575 (343 ) Operating lease liabilities (43,987 ) (44,356 ) Other long-term liabilities 1,133 3,389 NET CASH PROVIDED BY OPERATING ACTIVITIES 65,462 96,220 INVESTING ACTIVITIES Purchases of property and equipment (104,901 ) (67,438 ) NET CASH USED IN INVESTING ACTIVITIES (104,901 ) (67,438 ) FINANCING ACTIVITIES Payments on principal of finance leases (3,254 ) (2,631 ) Distributions paid to non-controlling interest holders (2,817 ) (857 ) Payments under tax receivable agreement, including interest (977 ) (24 ) Net proceeds from stock option exercises 69 123 Employee withholding taxes related to net settled equity awards (5,738 ) (9,300 ) NET CASH USED IN FINANCING ACTIVITIES (12,717 ) (12,689 ) Effect of exchange rate changes on cash and cash equivalents (5 ) (3 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (52,161 ) 16,090 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 360,123 320,714 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 307,962 $ 336,804 SHAKE SHACK INC. NON-GAAP FINANCIAL MEASURES (UNAUDITED) To supplement the condensed consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: Restaurant-level profit, Restaurant-level profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share (collectively the "non-GAAP financial measures"). Restaurant-Level Profit Restaurant-level profit is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses. How This Measure Is Useful When used in conjunction with GAAP financial measures, Restaurant-level profit and Restaurant-level profit margin are supplemental measures of operating performance that the Company believes are useful measures to evaluate the performance and profitability of its Shacks. Additionally, Restaurant-level profit and Restaurant-level profit margin are key metrics used internally by management to develop internal budgets and forecasts, as well as assess the performance of its Shacks relative to budget and against prior periods. It is also used to evaluate employee compensation as it serves as a metric in certain performance-based employee bonus arrangements. The Company believes presentation of Restaurant-level profit and Restaurant-level profit margin provides investors with a supplemental view of its operating performance that can provide meaningful insights to the underlying operating performance of the Shacks, as these measures depict the operating results that are directly impacted by the Shacks and exclude items that may not be indicative of, or are unrelated to, the ongoing operations of the Shacks. It may also assist investors to evaluate the Company's performance relative to peers of various sizes and maturities and provides greater transparency with respect to how management evaluates the business, as well as the financial and operational decision-making. Limitations of the Usefulness of this Measure Restaurant-level profit and Restaurant-level profit margin may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Restaurant-level profit and Restaurant-level profit margin is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Restaurant-level profit excludes certain costs, such as General and administrative expenses and Pre-opening costs, which are considered normal, recurring cash operating expenses and are essential to support the operation and development of the Company's Shacks. Therefore, this measure may not provide a complete understanding of the Company's operating results as a whole and Restaurant-level profit and Restaurant-level profit margin should be reviewed in conjunction with the Company's GAAP financial results. A reconciliation of Restaurant-level profit to Income from operations, the most directly comparable GAAP financial measure, is set forth below. Thirteen Weeks Ended Twenty-Six Weeks Ended (dollar amounts in thousands) July 1 2026 June 25 2025 July 1 2026 June 25 2025 Income from operations $ 20,746 $ 22,374 $ 18,112 $ 25,216 Less: Licensing revenue 14,181 13,242 26,871 24,302 Add: General and administrative expenses 48,321 40,671 101,929 81,311 Depreciation and amortization expense 30,717 26,545 59,837 53,088 Pre-opening costs 6,638 4,955 13,508 8,173 Impairments, loss on disposal of assets, and Shack closures 425 881 1,292 2,938 Restaurant-level profit $ 92,666 $ 82,184 $ 167,807 $ 146,424 Total revenue $ 417,618 $ 356,466 $ 784,355 $ 677,364 Less: Licensing revenue 14,181 13,242 26,871 24,302 Shack sales $ 403,437 $ 343,224 $ 757,484 $ 653,062 Restaurant-level profit margin(1) 23.0 % 23.9 % 22.2 % 22.4 % (1) 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. A reconciliation of EBITDA and adjusted EBITDA to Net income, the most directly comparable GAAP measure, is set forth below. Thirteen Weeks Ended Twenty-Six Weeks Ended (dollar amounts in thousands) July 1 2026 June 25 2025 July 1 2026 June 25 2025 Net income $ 16,882 $ 18,483 $ 16,588 $ 22,996 Depreciation and amortization expense 30,717 26,545 59,837 53,088 Interest expense, net 468 500 984 1,023 Income tax expense 5,913 6,193 5,768 6,930 EBITDA $ 53,980 $ 51,721 $ 83,177 $ 84,037 Equity-based compensation 3,922 5,209 9,082 9,750 Amortization of cloud-based software implementation costs 531 560 1,043 1,166 Impairments, loss on disposal of assets, and Shack closures 425 881 1,292 2,938 Executive transition costs(1) 1,121 414 2,251 414 Legal settlements(2) 848 — 848 983 Restatement costs(3) — 100 — 354 Other(4) 374 15 473 3 Adjusted EBITDA $ 61,201 $ 58,900 $ 98,166 $ 99,645 Adjusted EBITDA margin(5) 14.7 % 16.5 % 12.5 % 14.7 % (1) Expenses incurred in connection with the termination, search, and hiring of certain executive positions. (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) Amounts related to the conflict in the Middle East and expenses incurred for professional fees related to non-recurring matters. (5) Calculated as a percentage of Total revenue, which was $417.6 million and $784.4 million for the thirteen and twenty-six weeks ended July 1, 2026, respectively, and $356.5 million and $677.4 million for the thirteen and twenty-six weeks ended June 25, 2025, respectively. SHAKE SHACK INC. NON-GAAP FINANCIAL MEASURES (UNAUDITED) Adjusted Pro Forma Net Income and Adjusted Pro Forma Earnings Per Fully Exchanged and Diluted Share Adjusted pro forma net income represents Net income 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 per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the Net income 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. Thirteen Weeks Ended Twenty-Six Weeks Ended (in thousands, except per share amounts) July 1 2026 June 25 2025 July 1 2026 June 25 2025 Numerator: Net income attributable to Shake Shack Inc. $ 15,680 $ 17,148 $ 15,390 $ 21,393 Adjustments: Reallocation of Net income attributable to non-controlling interests from the assumed exchange of LLC Interests(1) 1,202 1,335 1,198 1,603 Impairment charge and Shack closures(2) 6 295 35 1,948 Executive transition costs(3) 1,121 414 2,251 414 Legal settlements(4) 848 — 848 983 Restatement costs(5) — 100 — 354 Other(6) 374 15 473 3 Tax impact of above adjustments(7) (326 ) 169 (1,202 ) (824 ) Adjusted pro forma net income $ 18,905 $ 19,476 $ 18,993 $ 25,874 Denominator: Weighted average shares of Class A common stock outstanding—diluted 41,866 41,819 41,873 41,842 Adjustments: Assumed exchange of weighted average LLC Interests for shares of Class A common stock(1) 2,429 2,445 2,431 2,446 Adjusted pro forma fully exchanged weighted average shares of Class A common stock outstanding—diluted 44,295 44,264 44,304 44,288 Adjusted pro forma earnings per fully exchanged share—diluted $ 0.43 $ 0.44 $ 0.43 $ 0.58 Thirteen Weeks Ended Twenty-Six Weeks Ended July 1 2026 June 25 2025 July 1 2026 June 25 2025 Earnings per share of Class A common stock—diluted $ 0.37 $ 0.41 $ 0.37 $ 0.51 Assumed exchange of weighted average LLC Interests for shares of Class A common stock(1) 0.01 0.01 — 0.01 Non-GAAP adjustments(8) 0.05 0.02 0.06 0.06 Adjusted pro forma earnings per fully exchanged share—diluted $ 0.43 $ 0.44 $ 0.43 $ 0.58 (1) Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests. (2) Expenses incurred related to Shack closures and impairment charges during fiscal 2024 and fiscal 2025. (3) Expenses incurred in connection with the termination, search, and hiring of certain executive positions. (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) Amounts related to the conflict in the Middle East and expenses incurred for professional fees related to non-recurring matters. (7) Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 24.8% and 26.8% for the thirteen and twenty-six weeks ended July 1, 2026, respectively, and 23.6% and 23.1% for the thirteen and twenty-six weeks ended June 25, 2025, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction. (8) Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above, for additional information. Source: Shake Shack Inc.