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.



		2025		2024		2023
Segment revenue(1)		$	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(2)	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) 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:


	2025		2024		2023
United States	$	1,407,094	$	1,219,356	$	1,056,753
Other countries	38,212		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.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Shake Shack Inc. Segments Disclosure

About Segments Disclosures

Other Available Disclosures