SHAKE SHACK INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $45.7M | $10.2M | $20.3M | $-21.2M | $-4.6M | $-42.2M | $19.8M | $15.2M |
| Depreciation & Amortization | $106.6M | $102.5M | $91.2M | $72.8M | $59.0M | $48.8M | $40.4M | — |
| Depreciation | $106.6M | $102.4M | $91.2M | $72.8M | $59.0M | $48.8M | $40.4M | $29.0M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $19.5M | $15.9M | $14.9M | $13.3M | $8.7M | $5.6M | $7.5M | $6.1M |
| Net Cash from Operating Activities | $222.4M | $171.2M | $132.1M | $76.7M | $58.4M | $37.4M | $89.9M | $85.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $165.8M | $135.5M | $146.2M | $142.6M | $101.5M | $69.0M | $106.5M | $87.5M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-165.8M | $-66.1M | $-132.3M | $-143.4M | $-144.9M | $-69.4M | $-80.7M | $-86.6M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-17.1M | $-9.0M | $-5.7M | $-5.2M | $242.0M | $141.8M | $3.2M | $4.5M |
| Net Change in Cash | $39.4M | $96.1M | $-5.9M | $-71.9M | $155.5M | $109.8M | $12.3M | $3.2M |
| Free Cash Flow | $56.5M | $35.7M | $-14.0M | $-65.8M | $-43.1M | $-31.7M | $-16.7M | $-2.1M |