Shake Shack annual net debt
2018
2019
2020
2021
2022
2023
2024
2025
Shake Shack Net Debt Growth & History (SHAK)
Shake Shack's net debt was $524.1M for fiscal 2025.
View full Shake Shack company overviewShake Shack annual net debt history
| Fiscal year | Period ended | Net debt | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $524.1M | $47.9M | +10.07% |
| 2024 | 2024-12-25 | $476.1M | −$58.4M | −10.92% |
| 2023 | 2023-12-27 | $534.5M | $54.9M | +11.44% |
| 2022 | 2022-12-28 | $479.6M | $103.5M | +27.51% |
| 2021 | 2021-12-29 | $376.2M | $138.1M | +57.99% |
| 2020 | 2020-12-30 | $238.1M | −$65.2M | −21.50% |
| 2019 | 2019-12-25 | $303.3M | $328.1M | — |
| 2018 | 2018-12-26 | −$24.8M | — | — |
Shake Shack quarterly net debt
As of Dec 31, 2014
As of Apr 1, 2015
As of Jul 1, 2015
As of Sep 30, 2015
As of Dec 30, 2015
As of Mar 30, 2016
As of Jun 29, 2016
As of Sep 28, 2016
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Net debt | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-07-01 | $625.0M | $129.6M | +26.16% |
| Q1 2026 | 2026-04-01 | $605.2M | $98.7M | +19.49% |
| Q4 2025 | 2025-12-31 | $524.1M | $47.9M | +10.07% |
| Q3 2025 | 2025-09-24 | $489.4M | −$2.1M | −0.43% |
| Q2 2025 | 2025-06-25 | $495.4M | $10.1M | +2.07% |
| Q1 2025 | 2025-03-26 | $506.4M | −$6.5M | −1.27% |
| Q4 2024 | 2024-12-25 | $476.1M | −$58.4M | −10.92% |
| Q3 2024 | 2024-09-25 | $491.5M | −$74.2M | −13.11% |
| Q2 2024 | 2024-06-26 | $485.4M | −$46.9M | −8.82% |
| Q1 2024 | 2024-03-27 | $512.9M | $81.3M | +18.84% |
| Q4 2023 | 2023-12-27 | $534.5M | $54.9M | +11.44% |
| Q3 2023 | 2023-09-27 | $565.7M | $113.4M | +25.07% |
| Q2 2023 | 2023-06-28 | $532.3M | $111.8M | +26.60% |
| Q1 2023 | 2023-03-29 | $431.6M | $31.6M | +7.90% |
| Q4 2022 | 2022-12-28 | $479.6M | $103.5M | +27.51% |
| Q3 2022 | 2022-09-28 | $452.3M | $106.4M | +30.76% |
| Q2 2022 | 2022-06-29 | $420.5M | $110.7M | +35.74% |
| Q1 2022 | 2022-03-30 | $400.0M | $138.7M | +53.07% |
| Q4 2021 | 2021-12-29 | $376.2M | $138.1M | +57.99% |
| Q3 2021 | 2021-09-29 | $345.9M | $144.5M | +71.78% |
| Q2 2021 | 2021-06-30 | $309.8M | $108.5M | +53.94% |
| Q1 2021 | 2021-03-31 | $261.3M | −$71.9M | −21.58% |
| Q4 2020 | 2020-12-30 | $238.1M | −$65.2M | −21.50% |
| Q3 2020 | 2020-09-23 | $201.4M | −$101.8M | −33.59% |
| Q2 2020 | 2020-06-24 | $201.2M | −$90.8M | −31.11% |
| Q1 2020 | 2020-03-25 | $333.2M | $69.0M | +26.10% |
| Q4 2019 | 2019-12-25 | $303.3M | $328.1M | — |
| Q3 2019 | 2019-09-25 | $303.2M | $332.5M | — |
| Q2 2019 | 2019-06-26 | $292.1M | $322.9M | — |
| Q1 2019 | 2019-03-27 | $264.3M | $290.9M | — |
| Q4 2018 | 2018-12-26 | −$24.8M | −$3.2M | — |
| Q3 2018 | 2018-09-26 | −$29.3M | −$2.4M | — |
| Q2 2018 | 2018-06-27 | −$30.9M | −$8.4M | — |
| Q1 2018 | 2018-03-28 | −$26.6M | −$10.9M | — |
| Q4 2017 | 2017-12-27 | −$21.5M | — | — |
| Q3 2017 | 2017-09-27 | −$26.9M | −$14.7M | — |
| Q2 2017 | 2017-06-28 | −$22.4M | $45.9M | — |
| Q1 2017 | 2017-03-29 | −$15.7M | $49.8M | — |
| As of Sep 28, 2016 | 2016-09-28 | −$12.2M | $57.3M | — |
| As of Jun 29, 2016 | 2016-06-29 | −$68.4M | −$3.8M | — |
| As of Mar 30, 2016 | 2016-03-30 | −$65.5M | −$5.0M | — |
| As of Dec 30, 2015 | 2015-12-30 | −$70.5M | −$100.2M | — |
| As of Sep 30, 2015 | 2015-09-30 | −$69.5M | — | — |
| As of Jul 1, 2015 | 2015-07-01 | −$64.6M | — | — |
| As of Apr 1, 2015 | 2015-04-01 | −$60.5M | — | — |
| As of Dec 31, 2014 | 2014-12-31 | $29.6M | — | — |
Shake Shack net debt trends
Over the last five fiscal years, Shake Shack's net debt increased from $238.1M to $524.1M, a change of $286.0M. The latest reported quarter, Q2 2026, shows $625.0M.
About the metric
What net debt means
Net debt compares a company’s interest-bearing debt with its cash and cash equivalents. Positive net debt means debt exceeds cash, while a negative value indicates the company has more cash than debt on this measure.
Calculation and source
How net debt is calculated
TickerStat calculates net debt as total interest-bearing debt minus cash and cash equivalents at the same reporting-period end. Short-term investments are not subtracted because they are not included in the standardized cash series. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Shake Shack source filings ↗