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• Starbucks for burgers.
• Chipotle for burgers.

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• ShackBurgers: Their signature line of cheeseburgers made with 100% Angus beef.
• Chicken Shack: A crispy, buttermilk-marinated fried chicken breast sandwich.
• Flat-Top Dogs: All-beef hot dogs served on a potato bun.
• Crinkle-Cut Fries: Classic crinkle-cut potato fries, often served plain or with cheese.
• Shakes and Custards: A variety of hand-spun milkshakes and dense, frozen custard desserts.
• Drinks: An assortment of non-alcoholic beverages like sodas and lemonades, as well as select beer and wine.

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Shake Shack (symbol: SHAK) is a fast-casual restaurant chain. It sells primarily to **individual consumers**, not other companies. Therefore, its major customers are the general public who visit its restaurants.

Shake Shack serves a diverse range of individual customers, which can generally be categorized as follows:

• Urban and Suburban Casual Diners: This category includes individuals, couples, and small groups who frequent Shake Shack locations often found in high-density urban areas, bustling shopping centers, suburban retail developments, or entertainment districts. They are typically seeking a premium, yet casual, dining experience for lunch or dinner, valuing convenience, quality ingredients, and a modern, trendy atmosphere.

• Families and Groups: Many customers visit Shake Shack as families (including those with children) or larger groups. They are often looking for a reliable, appealing, and relatively quick meal option that can satisfy varied tastes within the group, making it a popular choice for a casual outing, a treat, or a convenient meal solution.

• Event-goers and Tourists: Due to Shake Shack's strategic placement near major attractions, event venues, and tourist hotspots (e.g., parks, museums, sports arenas, popular shopping areas), a significant portion of its customers are individuals and groups visiting these locations. They seek a familiar, enjoyable, and high-quality dining experience while attending events, sightseeing, or shopping.

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• The Coca-Cola Company (KO)

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Rob Lynch, Chief Executive Officer
Rob Lynch has served as Shake Shack's Chief Executive Officer and on the Board of Directors since May 2024. Prior to joining Shake Shack, Mr. Lynch was President and Chief Executive Officer of Papa John's International, Inc., where he achieved record global system-wide sales. He also previously served as President of Arby's, leading operations, marketing, culinary, development, and digital transformation, which resulted in strong global system-wide sales growth and corporate profitability.

Katie Fogertey, Chief Financial Officer
Katie Fogertey was appointed Shake Shack's Chief Financial Officer in June 2021. She brings over 15 years of financial and investment experience to the role, including equity and derivatives research, financial modeling, and forecasting, with a focus on the restaurant industry. Before joining Shake Shack, Fogertey spent more than 15 years at Goldman Sachs, where she was a lead analyst covering the restaurant sector, focusing on the impact of technology and growth opportunities. She also served as a lead analyst for Derivatives and ETF research and co-head of the Global Investment Research Women's Network at Goldman Sachs.

Michael Kark, President of Global Licensing
Michael Kark was promoted to President of Global Licensing for Shake Shack in February 2024, having previously served as Chief Global Licensing Officer since February 2019. He has been with Shake Shack for nearly 12 years and has been instrumental in growing the company's licensed division from four units to 225, overseeing its international business since 2012. Before joining Shake Shack, Mr. Kark spent eight years overseeing operations at Chipotle, including roles as a general manager and a team leader (area director).

Jay Livingston, Chief Marketing Officer
Jay Livingston serves as the Chief Marketing Officer of Shake Shack, a role he started in January 2019. He is responsible for marketing, culinary/menu/supply chain product, and the digital experience. Prior to Shake Shack, Mr. Livingston was the Chief Marketing Officer of Bark, makers of BarkBox, from July 2017. Before that, he spent over 20 years at Bank of America, where he held various senior marketing roles across the corporation. Mr. Livingston is also an active angel investor in over thirty startups and a founding member of Unite America.

Andrew McCaughan, Chief Development Officer
Andrew McCaughan was promoted to Chief Development Officer in February 2019. He is responsible for the overall growth of Shake Shack, leading the real estate strategy, design, construction, and facilities functions. Since joining Shake Shack in 2010, when the company had only three locations, he has built and led a development team, secured key real estate in new markets, and guided the restaurant's design vision. Before his time at Shake Shack, Mr. McCaughan worked in various capacities for renowned Chef and Restaurateur Rick Bayless, where he developed his passion for the restaurant business.

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The key risks to Shake Shack's business include:

• Rising Commodity and Labor Costs: Shake Shack faces significant risk from fluctuations in commodity prices, particularly beef, which constitutes 30-35% of its commodity basket, and increasing labor costs. These rising costs can severely impact profit margins and the company's financial performance.
• Intense Competition and Challenges in Driving Consistent Traffic Growth: The fast-casual dining sector is highly competitive, with Shake Shack facing pressure from numerous established chains and emerging concepts. The company has struggled to drive consistent traffic growth, especially in established markets, and its premium pricing makes it vulnerable to consumer trade-downs during economic downturns. Market saturation in key urban areas and the risk of cannibalization from new locations also pose challenges to maintaining growth.
• Economic Sensitivity and Discretionary Consumer Spending: Due to its premium positioning, Shake Shack is particularly vulnerable to shifts in discretionary consumer spending. Economic downturns or changes in consumer habits that lead to reduced dining out or a preference for lower-priced options can negatively impact the company's sales and revenue.

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The rise and rapid expansion of virtual brands and ghost kitchens, facilitated by third-party food delivery platforms. These models operate with significantly lower overhead costs compared to traditional brick-and-mortar restaurants, allowing them to offer competitive pricing or specialized menus directly to Shake Shack's target delivery customer base. This structural shift in the restaurant industry challenges Shake Shack's cost structure, market share in the delivery segment, and ability to differentiate on experience when the physical restaurant setting is removed.

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For Shake Shack (symbol: SHAK), the addressable markets for their main products and services can be identified within the broader fast-casual restaurant and hamburger markets.

Fast Casual Restaurant Market

• Global: The fast casual restaurants market expanded from USD 181.63 billion in 2024 to an estimated USD 197.09 billion in 2025, with a projection to reach USD 350.75 billion by 2032, growing at a CAGR of 8.57% from 2024 to 2025.
• U.S.: The U.S. fast casual restaurants market size is projected to increase by USD 84.5 billion from 2024 to 2029, with a compound annual growth rate (CAGR) of 13.7%.

Hamburger Market

• Global: The global hamburger market size is valued at USD 700.84 billion in 2025 and is expected to reach USD 1168.48 billion by 2035, demonstrating a CAGR of 7.9% from 2025 to 2035.
• U.S.: The revenue for the Burger Restaurants industry in the United States is estimated at USD 173.6 billion in 2025.

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1. New Unit Expansion (Domestic and International): Shake Shack has aggressive plans for new restaurant openings, targeting an increase in its company-operated footprint to at least 1,500 locations over time, a significant jump from its prior goal. The company expects to open 80-90 new units globally in 2025, comprising 45-50 company-operated and 35-40 licensed locations, with further expansion of 55-60 new units planned for 2026. This growth strategy focuses on penetrating underpenetrated suburban markets, increasing drive-thru locations, and entering new cities and international territories such as Buffalo, Naples, Oklahoma City, and Panama.
2. Menu Innovation and Limited-Time Offers (LTOs): Shake Shack is committed to culinary innovation, exemplified by the launch of its new Atlanta Innovation Kitchen. This dedicated facility aims to accelerate the development and testing of new menu items, seasonal specials, and limited-time offerings. The goal is to keep the brand fresh, excite customers, drive guest frequency, and enhance the overall dining experience through a continuous pipeline of new flavors and product extensions.
3. Digital Transformation and Enhanced Guest Engagement: The company is leveraging its robust digital ecosystem, which includes its mobile app, third-party delivery platforms, and in-store kiosks. Digital channels currently account for a substantial portion of transactions. Shake Shack is focused on optimizing these platforms to provide personalized experiences and to boost guest frequency through loyalty programs and targeted digital campaigns, aiming to deepen customer engagement and drive sales.
4. Operational Efficiencies and Speed of Service: Shake Shack is actively working on optimizing its restaurant operations to improve efficiency and speed of service, particularly within its expanding drive-thru formats. Initiatives include refining kitchen workflows, experimenting with new equipment, and implementing new labor models to enhance productivity. These operational improvements are expected to lead to better throughput, higher customer satisfaction, and ultimately, increased revenue.
5. Increased Marketing and Brand Awareness: Shake Shack is making strategic investments in marketing and advertising to strengthen its brand and attract more customers. This includes the appointment of a Chief Brand Officer and the launch of the company's first large-scale paid media campaigns. These efforts are designed to elevate brand awareness, drive guest engagement, and support overall revenue growth.

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Share Repurchases

• Shake Shack has not reported significant dollar amounts of share repurchases over the last 3-5 years.

Share Issuance

• In April 2020, Shake Shack completed an aggregate $150 million equity offering, which included a $140 million underwritten offering and $10 million from an At-The-Market (ATM) program.
• The number of diluted outstanding shares has slowly increased, reaching approximately 44.4 million after Q1 2024.
• As of September 24, 2025, there were 40,068,068 shares of Class A common stock and 2,434,789 shares of Class B common stock issued and outstanding.

Inbound Investments

• Shake Shack secured funding in a Post IPO round on May 15, 2023, for an undisclosed amount, with investors including Leonard Green and Partners.

Outbound Investments

• Shake Shack has not made any significant outbound investments or acquisitions over the last 3-5 years.

Capital Expenditures

• Capital expenditures were approximately $146.2 million in 2023 and an estimated $135.5 million in 2024.
• Expected capital expenditures for 2025 are projected to be around $151.3 million.
• The primary focus of these expenditures is on opening new Shacks (with plans for 45 to 50 company-operated Shacks in 2025), existing Shack remodels and maintenance, and investments in corporate technology infrastructure and digital strategy.