Shake Shack (SHAK) Earnings: Q3 Fiscal 2026 Results

The quarter ended September 30, 2026 and Shake Shack published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Shake Shack reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted pro forma per fully exchanged and diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Shake Shack's Q3 fiscal 2026 is the 13 weeks ended September 30, 2026. The year-ago quarter is the 13 weeks ended September 24, 2025.
• Shake Shack posts its outlook and commentary in a shareholder letter on its investor relations website. The earnings release it files with the SEC does not include an outlook.

Source: Shake Shack Q3 fiscal 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Shake Shack splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Shake Shack's Shack sales revenue was $408 million in Q3 fiscal 2026, up 16% from $353 million in Q3 fiscal 2025, 96% of total revenue.
• Shake Shack's Licensing revenue revenue was $15.2 million in Q3 fiscal 2026, up 5% from $14.6 million in Q3 fiscal 2025, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and diluted EPS of Class A common stock, each as first reported in that quarter's release. Shake Shack gave a preliminary Q4 fiscal 2025 business update on January 12, 2026.

We do not hold a confirmed date for Shake Shack's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Nov 5, 2026

Shake Shack's revenue is mostly sales at the Shacks it operates: $408.0 million of $423.3 million in total revenue in Q3 fiscal 2026, or 96.4%. Licensing revenue, a percentage of sales at licensed Shacks plus territory, opening and termination fees, was $15.2 million. System-wide sales, which include licensed Shacks' sales that Shake Shack does not book as revenue, were $644.8 million, up 12.8%. (Shake Shack Q3 2026 release, Nov 5, 2026)

Shack sales rose 15.6%. Shake Shack said the increase came primarily from 69 new Company-operated Shacks opened between September 24, 2025 and September 30, 2026, which contributed $47.4 million, plus a 2.5% rise in same-Shack sales. Same-Shack sales, for 304 Shacks open 24 full fiscal months or longer, were driven by a 1.7% increase in price mix and a 0.8% increase in guest traffic. (Shake Shack Form 10-Q, Q3 2026, Nov 5, 2026)

Average weekly sales per Shack fell to $75,000 from $78,000, which Shake Shack attributed to the faster pace of openings leaving a larger share of the system still ramping toward mature volumes. Digital sales, which since Q3 fiscal 2026 means kiosk, app and website orders and excludes third-party delivery, were $240.2 million, or 58.9% of Shack sales. (Shake Shack Form 10-Q, Q3 2026, Nov 5, 2026)

Shake Shack ended the quarter with 738 Shacks: 427 Company-operated and 311 licensed. It opened 21 Company-operated and 16 licensed Shacks in the quarter and closed two licensed ones. Licensing revenue grew 4.7%, with $1.7 million from 49 new licensed Shacks partly offset by lower revenue from existing licensed Shacks and nine permanent closures. (Shake Shack Form 10-Q, Q3 2026, Nov 5, 2026)

Shake Shack's GAAP diluted EPS was $0.39 in Q3 fiscal 2026, against $0.30, on net income attributable to Shake Shack of $16.5 million, against $12.5 million. Operating income rose to $21.5 million from $18.5 million, and income tax expense fell to $5.6 million from $7.4 million. (Shake Shack Q3 2026 release, Nov 5, 2026)

Shake Shack's adjusted measure is adjusted pro forma EPS per fully exchanged and diluted share, $0.40 against $0.36. It assumes all LLC Interests in SSE Holdings are exchanged for Class A shares, which adds $0.01, and removes items such as impairments, Shack closures and executive transition costs. In the year-ago quarter those adjustments added $0.05 a share; in Q3 fiscal 2026 they rounded to zero. (Shake Shack Q3 2026 release, Nov 5, 2026)

Diluted Class A shares were 41,910 thousand, against 41,874 thousand, and the fully exchanged diluted count used for adjusted EPS was 44,310 thousand. Pre-opening costs rose to $7.0 million from $4.6 million. (Shake Shack Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Shake Shack's earnings release on EDGAR does not include an outlook. Shake Shack publishes its results and commentary in a shareholder letter on its investor relations website, and the filed release points readers there. (Shake Shack Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Shake Shack, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Shake Shack's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SHAK is on is SHAK a buy or a sell?, what analysts expect next is on the SHAK forecast, and what the company does is on the Shake Shack (SHAK) stock page.

Every number on this page can be traced to a document Shake Shack published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.