Shake Shack (SHAK) Cash Flow: Operating & Free Cash Flow

Shake Shack Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Shake Shack Inc. (SHAK) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	49.71	10.21	20.99	-23.11	-6.02	-45.53	19.83	21.95	8.88
Depreciation & Amortization	108.79	104.61	93.04	74.30	60.24	50.25	40.70	29.00	21.70
Deferred Income Tax	16.62	-1.05	-9.07	-5.01	-14.47	-1.36	-6.06	0.79	146.33
Stock Based Compensation	19.50	15.92	14.89	13.33	8.70	5.56	0.00	6.14	5.62
Change in Working Capital	-67.45	-69.44	-57.96	-45.41	-44.07	-28.61	-17.45	25.92	14.62
Change in Accounts Receivable	-9.55	-2.84	-2.97	9.14	-4.19	1.01	10.73	5.53	6.42
Change in Inventory	-1.17	-0.61	-1.22	-0.33	-0.96	-0.67	-0.47	-0.49	-0.45
Change in Accounts Payable	-1.53	3.36	0.69	3.54	-6.45	4.63	4.25	3.16	1.24
Change in Other Working Capital	-55.21	78.38	-54.45	60.07	-32.46	-33.57	-31.95	17.72	7.42
Other Operating Activities	95.19	78.38	70.25	60.07	54.02	57.04	52.56	1.60	-126.29
Net Cash from Operating Activities	222.36	171.16	132.14	76.74	58.40	37.35	89.57	85.40	70.88
Investing Activities
Capital Expenditures	-165.85	-135.50	-146.17	-142.56	-101.50	-69.04	-106.51	-87.53	-61.53
Acquisitions	0.00	0.00	0.00	0.00	0.00	-0.08	0.00	0.02	0.01
Purchases of Investments	0.00	0.00	-94.71	-0.87	-47.40	-20.36	-1.18	-1.22	-7.86
Sales/Maturities of Investments	0.00	69.42	108.56	0.00	4.00	20.00	27.00	2.14	7.45
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	0.08	0.00	-0.02	0.00
Net Cash from Investing Activities	-165.85	-66.08	-132.32	-143.42	-144.89	-69.40	-80.69	-86.60	-61.94
Financing Activities
Debt Repayment	-5.51	-3.96	-3.27	-2.97	241.06	-2.21	-1.93	0.68	0.92
Common Stock Issued	0.12	1.63	0.00	0.00	6.73	145.00	9.20	4.52	7.59
Common Stock Repurchased	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.95	-0.31
Other Financing Activities	-11.71	-6.68	-2.41	-2.65	-5.77	-0.97	-3.81	3.77	0.05
Net Cash from Financing Activities	-17.10	-9.02	-5.68	-5.20	242.02	141.82	3.46	4.45	0.97
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	39.41	96.06	-5.87	-71.89	155.53	109.77	12.35	3.24	9.90
Cash at Beginning of Period	320.71	224.65	230.52	302.41	146.87	37.10	24.75	21.51	11.61
Cash at End of Period	360.12	320.71	224.65	230.52	302.41	146.87	37.10	24.75	21.51
Free Cash Flow	56.51	35.66	-14.03	-65.82	-43.09	-31.69	-16.94	-2.13	9.35
Supplemental Disclosures
Interest Paid	-	0.88	0.54	0.25	0.25	0.64	-	-	-
Income Taxes Paid	-	6.53	4.06	3.73	2.81	1.61	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 1, 2026. Data sources and methodology

Frequently Asked Questions About Shake Shack Cash Flow

What is Shake Shack's free cash flow?

Shake Shack generated free cash flow of $56.51M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $222.35M minus $165.85M of capital expenditures. That was up 58.5% from $35.66M a year earlier. Free cash flow equaled 3.9% of revenue.

How much does Shake Shack spend on capital expenditures?

Shake Shack spent $165.85M on capital expenditures in fiscal 2025, compared with $135.50M a year earlier. That equals 74.6% of operating cash flow.

Does Shake Shack pay dividends or buy back shares?

Shake Shack's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition