What is Shake Shack's variable lease cost?

Shake Shack (SHAK) reported variable lease cost of $6.43M in Q1 2026.

How has Shake Shack's variable lease cost changed year-over-year?

Shake Shack's variable lease cost increased by 14.8% year-over-year, from $5.6M to $6.43M.

What is the long-term trend for Shake Shack's variable lease cost?

Over 3 years (2021 to 2024), Shake Shack's variable lease cost has grown at a 16.1% compound annual growth rate (CAGR), from $13.86M to $21.69M.

Shake Shack SHAK Variable Lease Cost

Variable Lease Cost at other companies

Kyndryl HoldingsKD

$38M-1.3%

ALH

Alliance Laundry Holdings Inc.ALH

$363.5K-17.0%

The Baldwin Insurance Group, Inc.BWIN

$315.75K-75.6%

VestisVSTS

$3.24M+24.2%

BankUnitedBKU

$868.5K-6.9%

SPS CommerceSPSC

$895K+1.5%

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

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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

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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

Reported directly by Shake Shack in its filing.

Tagged under the XBRL concept us-gaap:VariableLeaseCost.

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 variable lease cost?: Shake Shack (SHAK) reported variable lease cost of $6.43M in Q1 2026.
How has Shake Shack's variable lease cost changed year-over-year?: Shake Shack's variable lease cost increased by 14.8% year-over-year, from $5.6M to $6.43M.
What is the long-term trend for Shake Shack's variable lease cost?: Over 3 years (2021 to 2024), Shake Shack's variable lease cost has grown at a 16.1% compound annual growth rate (CAGR), from $13.86M to $21.69M.