Shake Shack (SHAK) Q3 2026 Earnings Report
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MX:SHAK Q3 2026 EPS Results
- Actual EPS
- MXN 7.49
- Consensus EPS
- MXN 6.42
- Beat/Miss
- Beat by +MXN 1.07
- One Year Ago EPS
- MXN 6.74
MX:SHAK Q3 2026 Revenue Results
- Actual Revenue
- MXN 7.93B
- Expected Revenue
- MXN 7.99B
- Beat/Miss
- Missed by -MXN 58.67M
- YoY Revenue Growth
- +15.20%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
MX:SHAK Upcoming Earnings
Shake Shack's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:SHAK Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. Shake Shack reported strong revenue, adjusted EBITDA, net income, comparable-sales, traffic, digital engagement, unit growth, and licensing performance, while maintaining its development and profitability outlook. Management also highlighted improving marketing productivity, supply chain savings, a strong culinary pipeline, and confidence in long-term expansion. However, the company continues to face consumer weakness among lower-income guests, new-unit margin and traffic headwinds, elevated operating costs, difficult fourth-quarter comparisons, and a challenging macroeconomic environment.
Company Guidance
Shake Shack expects to open 60-65 new company-operated Shacks in 2026 and land at the high end of its 40-45 licensed Shack opening range in 2026, while continuing toward its long-term guidance of 1,500 company-operated Shacks; it guides to low single-digit comps and 22%-23% margins, full year adjusted EBITDA towards the low end of the $225 million-$235 million target range, full year G&A towards the low end of the 12%-13% target range, approximately $20 million of equity-based compensation for fiscal 2026, approximately 2% gross pricing exiting the year, and mid-teens growth, while expecting the Q4 food and paper basket to be down in the low single-digit range and beef to become deflationary quarter-over-quarter.
- Positive Same-Shack Sales and Traffic MomentumCompany-operated same-Shack sales grew 2.5%, including 0.8% traffic growth and 1.7% price mix. This marked the fifth consecutive quarter of positive traffic growth and the 23rd consecutive quarter of positive comparable sales growth, despite the toughest prior-year comparison of 2026.
- Revenue and Adjusted EBITDA GrowthThird-quarter total revenue was $423.3 million, up 15.2% year-over-year, driven primarily by new Shack openings and 2.5% same-Shack sales growth. Adjusted EBITDA was $62.8 million, or 14.8% of revenue, up 16% year-over-year.
- Higher Net IncomeNet income attributable to Shake Shack Inc. was $16.5 million, an increase of $4 million, or 31.9%, versus the prior-year quarter.
- Healthy Restaurant-Level MarginsThird-quarter restaurant-level profit was $91.7 million, representing a 22.5% margin on Shack sales. Management said margins remained healthy despite elevated input costs and continued investments across the business.
- Record Company-Operated Shack DevelopmentShake Shack opened 21 new company-operated Shacks in the third quarter, its largest third-quarter unit growth ever, bringing the year-to-date total to 54 compared with 30 at the same time last year. The company remains on track to open 60-65 new company-operated Shacks in 2026.
- Confidence in New Shack Returns and Long-Term ExpansionNew Shacks are tracking in line with expected three-year return expectations, and management said the objective for approved projects remains a 30% cash-on-cash return in year three. The company continues to target 1,500 company-operated Shacks and cited significant white-space opportunity.
- Stable Average Unit Volume Despite ExpansionAverage unit volumes remained at approximately $4 million despite a larger number of new Shacks entering the system at lower initial sales volumes. Management said low-single-digit comparable sales growth at core Shacks is helping offset the lower entry point of newer units.
- Licensing Business GrowthLicensing sales increased 8.3% year-over-year to $236.8 million, while licensing revenue grew 4.7% to $15.3 million. The company opened 16 new licensed Shacks in the quarter and 32 year-to-date, and now expects to finish at the high end of its 40-45 licensed-Shack opening range for 2026.
- International and Licensed-Channel ExpansionShake Shack reported strong performance from new licensed Shacks in U.S. airports, Canada, and the United Kingdom. The company also announced entry into Brazil and plans to bring the brand to Panama, Vietnam, and U.S. regional casinos with PENN Entertainment in the fourth quarter.
- Culinary Innovation Driving Guest EngagementThe barbecue platform, anchored by the Baby Back Rib Sandwich, drove strong trial, frequency, and check and was recognized as one of 2026's best new culinary innovations. The West Coast platform generated strong guest satisfaction and organic social media response, while the premium Reese's Peanut Butter Cup Shake was described as a major win. The Black Truffle menu, the company's number one requested limited-time offer, also received a strong guest response.
- Strong Digital Channel PenetrationShake Shack's own digital channels, including in-Shack kiosks, app, and web platforms, represented approximately 60% of Shack sales in the third quarter. Management said digital guests visit more frequently and spend more over the course of a year, while personalized marketing tests are being used to improve traffic, sales, guest retention, and lifetime value.
- Improved Marketing ProductivityThe company delivered positive same-Shack sales and traffic growth with less marketing spend than the prior year, when it had made a significant initial investment in paid media. Management attributed the improvement to optimizing media purchasing, targeting, own-channel offers, and delivery-partner programs.
- Supply Chain Savings and Cost ProductivityFood and paper costs were $115.3 million, or 28.3% of Shack sales, down 100 basis points year-over-year. The overall food and paper basket declined by low single digits, as lower costs for buns, chicken, dairy, paper, and packaging more than offset continued beef inflation. Management said internal RFP and distribution initiatives are beginning to generate savings and that additional opportunities remain.
- Strong Balance Sheet and Funding CapacityShake Shack ended the quarter with $319 million in cash and cash equivalents and $250 million in convertible notes outstanding. The company had full availability under its revolving credit facility and said it remains well capitalized to fund growth.
- Technology and AI Infrastructure ProgressProject Catalyst continued to advance across restaurant systems, digital platforms, loyalty capabilities, data infrastructure, and AI tools. Management said the phased investments are intended to make it easier for guests to choose Shake Shack, help teams deliver stronger experiences, increase efficiency, enhance personalization, and support scaling the brand.
- Full-Year Growth and Margin Outlook MaintainedManagement maintained expectations for 60-65 new company-operated Shacks, low-single-digit full-year comparable sales growth, and 22%-23% margins. Full-year adjusted EBITDA is expected to trend toward the low end of the $225 million-$235 million target range, while full-year G&A is expected to trend toward the low end of the 12%-13% target range as a percentage of total revenue.
- Resilient Consumer Mix and Check PerformanceHigher-income guests continued to spend, and traffic growth from higher-income guests offset softness among lower-income guests. Management also reported strength in items per check and beverage and fry attachment rates, supported by new and differentiated culinary offerings such as the Reese's Peanut Butter Cup Shake.
MX:SHAK Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 7.21- | 6.93 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 6.427.49 | 6.74 | 11.11% (+0.75) | |
| Aug 05, 2026 | 2026 (Q2) | 5.718.05 | 8.24 | -2.27% (-0.19) | |
| May 07, 2026 | 2026 (Q1) | ―-0.02 | 2.62 | -100.71% (-2.64) | |
| Feb 26, 2026 | 2025 (Q4) | 6.446.93 | 4.87 | 42.31% (+2.06) | |
| Oct 30, 2025 | 2025 (Q3) | 5.996.74 | 4.68 | 44.00% (+2.06) | |
| Jul 31, 2025 | 2025 (Q2) | 7.028.24 | 5.06 | 62.96% (+3.18) | |
| May 01, 2025 | 2025 (Q1) | 3.032.62 | 2.43 | 7.69% (+0.19) | |
| Feb 20, 2025 | 2024 (Q4) | 4.644.87 | 0.37 | 1200.00% (+4.49) | |
| Oct 30, 2024 | 2024 (Q3) | 3.634.68 | 3.18 | 47.06% (+1.50) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
