What is Shake Shack's net debt?

Shake Shack (SHAK) reported net debt of $611.55M in Q1 2026.

How has Shake Shack's net debt changed year-over-year?

Shake Shack's net debt increased by 19.6% year-over-year, from $511.44M to $611.55M.

What is the long-term trend for Shake Shack's net debt?

Over 5 years (2020 to 2025), Shake Shack's net debt has grown at a 17.2% compound annual growth rate (CAGR), from $240.1M to $530.04M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Shake Shack SHAK Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

See full

Revenue$366.7M+14.3%

Operating income-$2.6M-193%

Net income-$290.0K-107%

EPS (diluted)-$0.01-110%

Balance sheet

See full

Cash & equivalents$313.7M+0.2%

Total debt$925.2M+12.2%

Total equity$525.9M+11.1%

Total assets$1.9B+11.0%

Cash flow

See full

Operating cash flow$8.5M-72.8%

CapEx$47.2M+60.8%

Free cash flow-$38.7M-2,170%

Valuation

See full

Market cap$2.18B+0.8%

Enterprise value$2.8B+3.2%

P/E48.4×-126×

P/S1.5×-0.2×

Profitability

See full

Operating margin3.8%+3.4pp

Net margin3%+2.1pp

FCF margin1.1%-2.0pp

Returns & leverage

See full

Return on equity9%+6.3pp

Debt / equity1.8×0.0×

Current ratio1.7×-0.2×

Where this comes from

Calculated from Shake Shack’s reported figures.

$925.2Mtotal debt−$313.7Mcash and equivalents=$611.55M

The official record: Shake Shack’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shake Shack's net debt?: Shake Shack (SHAK) reported net debt of $611.55M in Q1 2026.
How has Shake Shack's net debt changed year-over-year?: Shake Shack's net debt increased by 19.6% year-over-year, from $511.44M to $611.55M.
What is the long-term trend for Shake Shack's net debt?: Over 5 years (2020 to 2025), Shake Shack's net debt has grown at a 17.2% compound annual growth rate (CAGR), from $240.1M to $530.04M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.