What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-21 compared with 2024-02-29 · 283 added, 360 removed, 220 unchanged (75% of the section changed)

8 unchanged sentences

and, unless otherwise stated, all of its subsidiaries, including SSE Holdings.

Unless the context otherwise requires or unless specific reference is made to our licensed business, statements in this Part I of our Annual Report on Form 10-K refer to Shake Shack's domestic Company-operated business.

Shake Shack serves modern, fun and elevated versions of American classics using only premium ingredients.

6 unchanged sentences

It soon became a gathering place for locals and visitors alike, and a beloved New York City institution, garnering significant media attention, critical acclaim and a passionately devoted following.

Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to 518 Shacks in operation, system-wide, of which 295 were domestic Company-operated Shacks, 39 were domestic licensed Shacks and 184 were international licensed Shacks across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

Since the original Shack opened in 2004 in Madison Square Park, the Company has expanded to 579 Shacks system-wide, of which 329 were Company-operated Shacks and 250 were licensed Shacks, including Shacks across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul, Toronto, Kuala Lumpur, and more.

WE STAND FOR SOMETHING GOOD

4 unchanged sentences

▪ We deliver Enlightened Hospitality™ at every touchpoint — Shake Shack was founded on the idea of Enlightened Hospitality:

Today, we deliver on that vision by building hospitality through all our guest touchpoints.

To us, hospitality is all about taking care of our team, our guests, our communities — and bringing those groups together.

caring for each other, caring for our guests, caring for our communities, caring for our suppliers and our

Shake Shack Inc.

Form 10-K | 2

Today, we deliver on that vision by building hospitality through all our guest touchpoints.

To us, hospitality is all about taking care of our team, our guests, our communities — and bringing those groups together.

▪ We gather communities and enrich our neighborhoods — Across the globe, Shacks have been an integral part of their communities, and we believe we have a role to play in supporting and revitalizing the neighborhoods where we work and serve.

5 unchanged sentences

HUMAN CAPITAL MANAGEMENT

To ensure the near-term and long-term success of our business, we are focused on recruiting, rewarding and retaining a winning team to staff and support our Shacks and home office.

We recruit talented people who have integrity, who are warm, motivated, self-aware, and intellectually curious alongside having the competencies and skills that continue to foster our growth.

To ensure the near-term and long-term success of our business, we are focused on recruiting, developing and rewarding high performing teams.

Our teams are made up of people who have integrity, who are warm, motivated, self-aware, and intellectually curious alongside having the competencies and skills that continue to foster our growth.

We train our team to understand and practice the values of Enlightened Hospitality.

caring for each other, caring for our guests, caring for our communities, caring for our suppliers and caring for our investors.

We believe this culture is fundamental to the way we operate our business, and a key driver of our ability to deliver great guest experiences, and therefore, successfully grow our footprint.

5 unchanged sentences

We Stand For Something Good.

We are enabling our managers to build, coach, and lead strong teams by giving them the knowledge, tools, and resources to drive strong people practices in their Shacks.

Key initiatives included:

▪ Talent and Leadership Training — We have a wide variety of programming and courses for team members and management alike, including new competency-based leadership training.

Our programming is designed to support growth both personally and professionally.

We also launched our New Manager Program and piloted a high potential team member leadership program.

▪ Predictive Scheduling Team and Tools — Expanded our team and furthered our use of predictive scheduling tools that assists us with predictive scheduling compliance.

▪ Operations Talent Assessments — Management leader talent calibrations to discuss performance, capacity for growth, and succession readiness allowing for a full snapshot of where our talent resides alongside our continued growth.

With a focus on technology and automation, we are working to streamline and eliminate manual work for our teams while driving compliance and minimizing human error.

We are dedicated to the continuous improvement of technology, processes, and experiences within the Shake Shack team member lifecycle.

In fiscal 2023, we made several improvements for our team member experience.

The key initiatives included:

Shake Shack Inc.

Form 10-K | 3

▪ Building our Employer Branding — Dedicated employer branding resource within Talent Acquisition to work cross functionally with Marketing to execute a recruitment marketing media strategy focused on brand awareness in new markets.

This included our Day in the Life of a Team Member video series and refreshed recruitment marketing collateral.

▪ Expanded Enterprise Resource Planning System (ERP) Resources — We expanded capabilities in our ERP system to deliver compliance training and increased access to information and support.

This included a new learning management system, a messaging platform to enhance candidate communication during the hiring process, and a knowledge portal with 230 help articles that was utilized over 29,000 times by team members.

▪ Employee Resources — We are developing a new team member handbook to be rolled out in 2024 that is being updated for new and current legal requirements.

Further, in fiscal 2023 we launched compliance and safety e-learning courses, which include materials tailored by location and level and automated course progress tracking.

▪ Improved Candidate and Hiring Platform — We began implementing a simple, intuitive, and mobile-friendly tool for our candidates to apply for roles and schedule interviews, with an expected rollout in early 2024.

This tool is intended to transform our candidate experience and aims to reduce hours spent by Shack managers on recruiting.

We enable our managers to build, coach, and lead strong teams by giving them the knowledge, tools, and resources to drive strong people practices in their Shacks and within the home office.

In fiscal 2024, with a focus on technology and automation, we launched a new tool to improve efficiency in recruiting and hiring, which significantly improved applicant flow, and leaned into data to influence and understand the impact of labor.

We strengthened our foundation with strategies designed to support our teams and continued to build and enhance our learning and talent development programs.

We also continued to invest in our team members through increased wages.

As of December 25, 2024, we had 12,826 team members, of whom 12,476 were hourly team members and Shack-level managers and 350 were home office personnel.

Recruit A Winning Team

To keep pace with our continuing growth, we attract and hire talent by improving our employer branding landscape in alignment with our team member value proposition, and lean into new technology and development.

Within the Talent Acquisition function, fiscal 2023 has been a year of significant improvement to our applicant flow.

We achieved this by implementing and expanding automation tools to support the staffing needs of the business as well as new Shack growth.

By focusing on a framework that supports integration and automation, we have attracted and hired top talent more successfully than before, and have done so in a highly competitive labor market.

We are committed to improving relationships with external partners, collaborating cross-functionally, utilizing analytics to deliver a strong talent acquisition strategy, and enhancing our employer branding presence.

With a robust candidate focused framework placed alongside our refined employer branding message, we executed on our strategic plan to recruit the best and the brightest talent to our Shacks.

We have expanded our foundation and current resources, and remain focused on diversifying our talent acquisition strategy.

We have optimized our career site, began implementing a new mobile-friendly platform for applying and scheduling interviews to be rolled out in early 2024, and have created the framework and execution strategy to launch a college campus internship program and a new Shack recruitment guide.

The internship program will open up a new market that can consistently support our Shack staffing needs to keep pace with our growth, and our new Shack recruitment guide will establish groundwork to ensure we hire the right people to lead our new Shacks forward.

We have a full team of regional talent acquisition partners and coordinators supporting our operations.

We have partnered with a marketing media firm to focus on team member brand awareness and reach new markets for recruiting.

Reward A Winning Team

In fiscal 2023, we made great strides to improve employee retention and turnover rates.

We have evolved our value proposition for attraction and engagement to encompass a wider range of pay, benefits, and development.

We took steps to think differently about the designs and practices of our benefits, including health and well-being benefits, absence support, tipping and wages, and incentive plan evaluation.

We continue to work diligently to ensure our team members have access to benefits to support their personal and family wellness.

By unlocking opportunities in our benefits design, we provide new ways to more effectively and efficiently engage our teams.

Key initiatives included:

▪ Tipping — Our tipping availability has offered team members the opportunity for increased hourly wages and is optional if our guests are inclined to reward our teams for additional hospitality and service.

In fiscal 2023 we began running food to tables in nearly all Shacks to improve hospitality.

Talent Acquisition

We attract and recruit a workforce of top talent through employer branding, diversification of recruitment channels, and optimal recruiting practices to create a talent pipeline for the future of the business.

We have a team of regional talent acquisition partners and coordinators supporting our operations to ensure that we source and recruit the right people to lead our new Shacks forward.

Within the talent acquisition function, our hiring strategy is driven by employer branding as we continue to focus on strengthening our framework to support current staffing needs as well as enabling new Shack growth.

In fiscal 2024, we introduced several key initiatives to improve our talent acquisition processes:

Shake Shack Inc.

Form 10-K | 3

▪ Expanded Benefits — Expanded our health benefit offerings to include reproductive health benefits with options for family planning, coverage for pregnancy terminations, and counseling support.

▪ Team Member Recognition — Enabled consistency and ongoing recognition of team members, including standardizing the process of rewarding early career accomplishments for all team members.

We want to incentivize our Shack leaders, give them the opportunity to feel like owners and reward them for their performance.

One way we try to achieve this is by extending our equity-based compensation program to all General Managers.

We are not immune to the staffing challenges presented across our industry, but we are committed to building teams that drive growth for the long term.

Retain A Winning Team

We are committed to delivering a strong pipeline of talent for our teams while retaining our solid performers.

We help foster an environment that attracts and welcomes diverse talent;

enables a culture of belonging, inclusion, and equity;

and supports an engaging, and overall positive team member experience.

We continued to lean into our team member value proposition by training managers in positive team member relations and effective people practices.

We have also established a recruiting and retention cross-functional workshop that assisted in identifying causes of our turnover and discovering possible hurdles to our retention that has allowed for several branding and engagement improvements.

▪ We launched a mobile-friendly recruiting platform to improve the application and interview experience for team members, making the process more efficient and accessible to ensure that our Shacks are equipped to utilize systems for best-in-class recruiting.

▪ We enhanced our employer branding presence by rolling out the Shake Shack Brand Ambassador program, which shares our unique culture and draws talent in emerging markets with lower brand awareness.

▪ We improved cross-functional collaborations with the marketing team to assist with promoting content across various channels to support our talent acquisition initiatives.

▪ We utilized data and insights from our technology improvements to gain deeper insights into labor trends and their impact on our growth in order to continue delivering a strong talent acquisition strategy.

Through these initiatives, we are committed to broadening our reach as we expand in new and existing markets.

Talent Management

At Shake Shack we foster an environment that attracts and welcomes individuals of all abilities, backgrounds, cultures, perspectives, skill sets, and experiences.

Having a high performing and engaged workforce is important, and we have been working to ensure our team members feel recognized, connected, and proud to work at Shake Shack.

We established a cross-functional workgroup that has been focused on addressing the areas our team members deemed as most important to their workplace experience through our annual engagement survey.

This workgroup has worked to improve our internal job board and selection process, explore a monthly recognition program to reward team members in our Shacks who live our values, and find better channels to communicate and engage directly with our hourly team members.

We lean into our team member value proposition by training managers in positive team member relations and effective people practices.

We held a team member engagement cross-functional workshop that identified key engagement and recognition improvements to assist in retaining top talent while providing team members with a greater sense of belonging.

We hosted regional talent meetings to get a holistic view of our operations leadership talent which included individualized talent assessments and calibration.

2 unchanged sentences

These practices will help drive retention, ensure compliance with existing and new regulations, and establish Shake Shack as an employer of choice.

We Are All-In

To make sure every Shake Shack team member at every level has a positive experience, we strive to build an inclusive workplace, made up of diverse talent throughout the Company.

Our diversity, equity and inclusion program, All-In, is part of that mission.

With the support of executive leaders, All-In works to ensure Shake Shack provides equal opportunities for all, and removes obstacles or barriers to success, while also fostering a culture of inclusion and belonging.

Our All-In program's initiatives include:

▪ Workforce Diversity — We aim to be as diverse as the communities we serve.

Women make up 48%, and people of color comprise 76% of our total workforce.

Having diverse representation across all functions and levels of our business is key to our success and future growth.

Our team is committed to a continued focus on diversity and gender parity across all leadership roles.

▪ Employee Resource Groups (ERG) — We strive to empower our team members and strengthen the Shake Shack community through our ERGs.

Our current ERGs focus on women, Black, Hispanic, Asian, and LGBTQ+ identifying team members.

Led by volunteers and sponsored by members of our executive team, our ERGs actively work to educate the broader Company on their demographic group;

support each other through mentoring, networking, and professional development;

and provide their unique perspective on business initiatives.

We also host a Stand Together Series forum to discuss ongoing social issues.

It is an internal storytelling platform used to educate, connect, and inspire our team members to take action to create a more equitable and inclusive world.

Through the series, we have amplified the stories, experiences, and voices of diverse team members.

These groups support both personal and professional development while helping to foster an inclusive workplace.

▪ Diversity, Equity & Inclusion (DEI) Curriculum — All team members participate in our foundational DEI course which aims to help them understand what DEI means and why it’s important to Shake Shack.

In fiscal 2023, we improved our unconscious bias learning modules for leaders to better help them recognize bias and provide them with tools to address its harmful impacts in the workplace.

▪ External Recognition — For the fifth year in a row, we are proud to be recognized as a "Best Place to Work for LGBTQ+ Equality" by the Human Rights Campaign, earning a 100% score on their Corporate Equality Index for our support of the LGBTQ+ community in the workplace.

In addition, we were honored by Newsweek's America's Greatest

Shake Shack Inc.

Form 10-K | 5

Workplaces series for Greatest Workplaces for Diversity, and Greatest Workplaces for Job Starters.

To make sure every Shake Shack team member at every level has a positive experience, we strive to build an inclusive workplace, where all team members have the support and resources they need to succeed, feel a sense of belonging, and are valued for their contributions.

We call this All-In.

Some of the initiatives we have in place to help foster this type of culture include:

▪ Employee Resource Groups (ERGs) — Our ERGs, which are open to all team members, play a leading role in helping to shape an inclusive workplace culture.

Led by volunteers and sponsored by members of our executive team, our ERGs actively work to educate the broader Company on their demographic group, support each other through mentoring, networking, and professional development, and provide their unique perspective on business initiatives.

Our ERGs provide an internal storytelling platform used to educate, connect, and inspire our team members to take action to promote greater inclusion at Shake Shack.

▪ External Recognition — For the sixth year in a row, we are proud to be recognized as a "Best Place to Work for LGBTQ+ Equality" by the Human Rights Campaign Foundation, earning a 100% score on their Corporate Equality Index for our support of the LGBTQ+ community in the workplace.

In addition, we were honored by Newsweek's America's Greatest Workplaces for LGBTQ+.

These designations highlight the core of our Enlightened Hospitality ethos and our commitment to a great workplace for all.

▪ LGBTQ+ Inclusion — We are committed to creating welcoming spaces for our team members and guests and continue to do so by educating our team members on how to be an ally through our LGBTQ+ ally guide and our new transgender ally guide.

In addition, we encourage our team members to share their pronouns and gender identity beyond binary classifications within our internal human capital system and wear patches on their work attire in our Shacks.

We address gender identity and sexual orientation discrimination as part of required anti-harassment training and work towards classifying more single-stall restroom facilities as gender inclusive in our Shacks.

One of the ways we embrace Enlightened Hospitality internally is through the administration of our own Help Us Give (HUG) Fund, a 501(c)(3) organization funded by and available for our team members.

▪ The Help Us Give (HUG) Fund — One of the ways we embrace Enlightened Hospitality internally is through the administration of our own HUG Fund, a 501(c)(3) organization funded by and available for our team members.

The HUG Fund was created to support the values in our Shack Pact by providing timely financial assistance to team members impacted by emergency circumstances beyond their control and means.

Since launching in 2017, the HUG Fund has provided over 170 grants to help team members dealing with hardships such as loss of income due to major medical setbacks, homelessness or housing insecurity, and other family emergencies.

During fiscal 2023, we provided over 40 team members with grants to help alleviate financial hardships or emergency circumstances.

Leadership & Talent Development

We are dedicated to cultivating the human capabilities the Company needs to accomplish its business objectives, and to provide modern content and experiences that develop and retain team members.

During fiscal 2024, the HUG Fund provided 48 grants to help team members dealing with hardships such as loss of income due to major medical setbacks, homelessness or housing insecurity, and other family emergencies.

Shake Shack Inc.

Form 10-K | 4

▪ Learning and Talent Development — We are dedicated to providing content and experiences that develop and retain team members.

At Shake Shack, we continue to rethink how we provide career growth opportunities with lattice mobility replacing the traditional promotion ladder to ensure team members continue to succeed in a market that is rapidly changing.

8 unchanged sentences

managing a team and delivering results;

▪ New learning management system for trainings and measurement of completion and engagement

On-going Leadership Programs

We invest in leadership development programs so that Shake Shack remains a compelling career choice for team members at every level, through their entire career.

As our team continues to grow, we believe that our culture of Enlightened Hospitality helps us deliver a consistent Shack experience, and to develop future leaders from within.

In fiscal 2023, the learning and talent development team focused on our mission to promote, support, and enable people capabilities.

Shake Shack offers a wide variety of programs and courses that are designed to support growth and development including:

▪ Executive Education — In fiscal 2023, we launched a 14-week customized leadership course including a 360 degree assessment survey and a capstone project.

The course focused on upskilling leaders in key competencies and resulted in 15 high potential leaders receiving Columbia Business School certificates and a 95% satisfaction rate.

▪ Women's Leadership — In fiscal 2023, we hosted our largest gathering focused on women's leadership in Shake Shack history, with 88 attendees from all functions present for speakers featuring leaders as teachers covering topics such as advocacy, work-life balance, and finding personal purpose.

We focused on developing women leaders with facilitated dialogues with influential women leaders.

Shake Shack Inc.

Form 10-K | 6

▪ New Manager Leadership Program — Our New Manager Leadership Program within the home office provides new people managers with the tools needed to lead others effectively.

The six-week program covers key topics such as building the right team culture, providing critical feedback, and coaching for performance.

▪ Shift Up — The Shift Up program is our leadership development program for early career managers providing training to help improve their skill sets and grow their confidence to become senior leaders in our Shacks.

This 16-week classroom-style program aligns to our organizational competencies and supports the transfer of learning between graduates through cohort mentoring, business integration and real-world Shack experience.

new learning management system for trainings;

and measurement of completion and engagement.

▪ On-going Leadership Programs — We invest in leadership development programs so that Shake Shack remains a compelling career choice for team members at every level, through their entire career.

Our six-week Lead to Succeed Manager Leadership Program within the home office provides people managers with the tools needed to lead others effectively by covering key topics such as building the right team culture, providing critical feedback, and coaching for performance.

Our 18-week Shift Up program is a leadership development program for early career Shack managers that provides training through cohort mentoring, business integration and real-world Shack experience to help improve their skill sets and grow their confidence to become senior leaders in our Shacks.

During fiscal 2024, the Shift Up program had 61 participants, of which 16 were promoted into Manager-In-Training, Manager or California Non-Exempt Manager roles.

▪ Competency Development — We leaned into our competency development program, launching additional courses in fiscal 2023 and achieving 100% of our core competencies developed and over 50% of our leadership competencies developed.

We look forward to continuing to build out our library of courses, including leadership competencies and strategic competencies.

Additionally, in fiscal 2024 we conducted Area Director Summits with operations leaders to provide tools and resources to develop leadership skills, and launched our Enlightened Leadership program to enhance and upskill our current and incoming talent base.

We care about our team and are committed to setting them up for success at Shake Shack and in their future careers.

In fiscal 2023, we promoted 3,234 people throughout our Company, 52% of whom were women and 76% were people of color.

In fiscal 2024, we promoted 3,454 people throughout our Company.

We are proud of our leaders who graduate from hourly roles to managers, managers to General Managers and General Managers to regional leadership.

This year, 68% of our new General Managers and 60% of new Area Directors were promoted from within.

Total Rewards

Our team members are at the center of all we do, and we remain committed to investing in their success and well-being.

We have enhanced our team member value proposition to better attract and engage talent by offering a comprehensive package that integrates competitive pay and robust benefits.

To further recognize and motivate our Shack leaders, we extend short-term bonus eligibility to our Shift Managers and offer our equity-based compensation program to all General Managers, empowering them to share in the success of our business, which fosters a sense of ownership and directly rewards high performance, reinforcing our commitment to their growth and leadership.

The following summarizes some of the benefits offered to eligible team members:

▪ Comprehensive health insurance coverage and health and flexible spending accounts are offered to eligible team members working 25 hours or more each week.

▪ We offer eligible team members a 401(k) plan that includes a competitive matching component to support and encourage retirement savings.

▪ Team members can accrue paid time off and sick time based on hours worked, which can be used for personal needs or to care for family members.

▪ Parental leave is available for Shift Managers and above who are new parents welcoming a child through birth, adoption, or foster placement.

▪ Our Employee Assistance Program, available on the first day of employment, provides various resources to support team member's mental health and help improve the quality of work life.

▪ Our Shake Shack Field Management Bonus Program incentivizes our leaders to grow both sales dollars and operating profit percentage.

We also took steps to think differently about the designs and practices of our benefits, including health and well-being benefits, absence support, tipping and wages, and incentive plan evaluation.

Shake Shack Inc.

Form 10-K | 5

▪ Medical Insurance Choices — Company sponsored health insurance provides four medical plan options starting in 2025, including a high deductible health plan and a basic health plan, offering designs with low-cost premiums but essential health benefits and flexibility.

▪ Expanded Benefits — We expanded our health benefit offerings to include reproductive health benefits with options for family planning, coverage for pregnancy terminations, and counseling support.

We continue to work diligently to ensure our team members have access to benefits to support their personal and family wellness and continue to explore new and meaningful ways to reward our high performing team members.

GUEST EXPERIENCE

9 unchanged sentences

▪ Enlightened Hospitality — Using our digital channels to bring guests an uplifted sense of hospitality.

This ranges from developing innovative digital pre-ordering and pick-up experiences, to meaningfully engaging with guests through our Company-owned app and web channels.

This ranges from developing innovative digital pre-ordering and pick-up experiences, to meaningfully engaging with guests through our Company-owned app, web and kiosk channels.

▪ Personalized Guest Experience — Knowing, understanding and creating a personal guest experience that drives loyalty, frequency, and brand engagement across multiple digital platforms and in the Shacks themselves.

▪ Smarter Every Day — Building and refining our data platform and overall digital approach so we may drive return on investment on marketing campaigns and technology spending and improve our ability to make smart decisions that fuel growth.

We are focused on driving traffic to our Company-owned web and app channels, including growing the number of web and app sessions by acquiring and converting users across our digital ecosystem.

We are focused on driving traffic to our Company-owned app and web channels, including growing the number of app and web sessions by acquiring and converting users across our digital ecosystem.

Our mobile apps drive higher frequency and offer a better guest experience, which we will continue to invest in.

We also continue to offer third-party delivery through Uber Eats, DoorDash, Grubhub and other third-party delivery providers.

Lifecycle Marketing:

Content Cards

Last year, we completed an integration with Braze to unlock new abilities to drive frequency across our digital channels including push notifications and email targeting.

In fiscal 2023, we continued the investment here by integrating more of Braze’s product

Offer Management

In early November 2024, we launched a new offer management integration which will give us better visibility into the redemption of offers across our system, allowing us to have a more holistic view of how promotions are performing.

We are excited about the capabilities this gives to our guests as well as operations and marketing teams throughout the organization.

In 2024, we continued to invest in the development of our kiosk platform, maturing its functionalities as an ordering channel.

We started by improving our analytics capabilities on the platform by revising the types of data we capture when a guest is building an order, giving us better reporting on guest behavior while they are using the kiosk and allowing us to have a better understanding of how guests prefer to use the kiosk.

We also redesigned the post purchase experience to make it easier and clearer for a guest to opt into our marketing emails and request an emailed receipt.

Additionally, we built our cross-sell experience at checkout, making recommended products easier to see and distinguish from items already part of a guest’s order.

Shake Shack Inc.

Form 10-K | 6

offerings across our own digital channels.

Specifically, we implemented Braze’s Content Cards to present personalized offers across our app and web channels.

Guests can now see and receive personalized offers and content on our app and web home screens, as well as in their personalized notification center.

These features are still in the early adoption phase, but we have already seen incremental sales driven by redemptions of offers on our app and web channels.

Kiosk Product Customization

In September 2023, we introduced a new functionality on our kiosks that highlights a prescribed customization to many of our menu items in order to increase visibility of attachment and modification options to our guests.

Since the launch, we continue to refine this feature to ensure our kiosk experience enables us to deliver Enlightened Hospitality to our guests on this channel.

We have seen strong adoption from our guests, as we are seeing prescribed customization attachment rates on par or higher than attach rates on our digital platforms.

Digital Hospitality:

As our guests have become more accustomed to our digital channels, it is increasingly important for our hospitality team to be able to meet the guest wherever and whenever they prefer.

We expanded our customer engagement platform with the launch of a chat feature on our website that allows guests to engage live with our hospitality team to remediate any order issues they encountered.

This investment continues to empower our hospitality team to deliver Enlightened Hospitality beyond the in-Shack experience by improving the speed and effectiveness by which we resolve guest contacts.

We have heard from guests that they would like an easier way to order multiple items at once.

In response, we introduced large order boxes in the first quarter of 2023, which allows guests to purchase 12 ShackBurgers and 12 servings of crinkle cut fries.

Since then, we have expanded the menu items available in large order boxes to include Chicken Shack, Veggie Shack, ‘Shroom Burgers, Cheese Burgers, and Hamburgers.

Location Selection on iOS

We took fiscal 2023 as an opportunity to modernize the location selection experience on our iOS app and introduced a new, map-centric flow that allows guests to seamlessly select a Shack during their order building experience.

Engaging the Community

Community and Charitable Partners

We regularly serve our communities in a variety of ways including Donation Days to show support for local schools and organizations.

Guests who participate in these fundraisers have a portion of their order totals donated to a local nonprofit by mentioning the fundraiser when placing an order in-Shack or using a fundraiser code on the Shack app for pick-up or delivery.

For certain new Shack openings, we partner with local charities for opening day.

In some markets, we have existing tenured partnerships with organizations and in other markets, we are building new relationships in our local communities with Shacks we open.

At select new Shack openings in fiscal 2024, we donated $1 from each designated menu item sold on opening day to the chosen local nonprofit partner.

As we continue to grow our footprint across the United States, our opening day charitable partners are an example of how we continue to drive home our Stand for Something Good purpose.

We regularly donate cash, food and gift cards to support dozens of local nonprofit organizations, schools, and food banks around the country.

For example, in fiscal 2024, our teams donated over $60,000 worth of Shake Shack food to local communities including to first responders, nonprofits, hospitals, and schools, demonstrating our efforts towards uplifting communities and combating food insecurity.

A Warm Community Gathering Place

1 unchanged sentence

they’re places for the community to gather.

We place a high premium on connecting with our communities through the physical design of our Shacks or by the local causes we support.

We place a high premium on connecting with our communities through the physical design of our Shacks and by the local causes we support.

We provide the option of an omnichannel experience to suit the needs of our guests wherever and however they want their Shack today.

We remain laser focused on delivering a great guest experience both digitally and in-Shack with elevated offerings reflective of our fine-dining culinary roots.

No matter the format or region, each Shack is specifically designed to be of its place and connect with its community.

The original Shake Shack in Madison Square Park, for instance, was designed to set the tone for a dynamic dialogue inside the park and the surrounding neighborhood.

Today, across our domestic and international locations, we secure vibrant sites and give them a hand-crafted, community-appropriate look by blending unique local features with our core Shake Shack design elements.

We have also developed a number of iconic brand identifiers, like wrap-around steel beams;

open kitchens;

large, distinctive menu boards;

and comfortable furniture that advances our sustainability initiatives.

We believe these identifiers are key components to the expression of the brand and the Shake Shack experience.

The overall atmosphere of our Shacks evokes our original upbeat and relaxed park ambiance, combined with the fine-dining experience that has become part of our brand's DNA.

We use high-quality tactile materials, warm lighting that highlights every table and textured wall, as well as seating layouts that encourage guests to relax and stay for a while.

Additionally, whenever possible, our Shacks feature either outdoor seating or easy access to a park or green space.

We are actively focused on creating standardization and prototypes to bring down build costs over the long term while still maintaining the relaxed atmosphere of Shake Shack's design.

Shake Shack Inc.

Form 10-K | 8

Each Shack is designed to convey a consistent brand message while also tailoring marketing efforts to its specific region.

We may offer menu items that feature ingredients and beers specific to each Shack's community, and we often team up with local chefs and restaurants to offer our guests unique, collaborative menu items.

We may offer menu items that feature ingredients and beers specific to a Shack's community, and we often team up with local chefs and restaurants to offer our guests unique, collaborative menu items.

We also collaborate with local artists and designers to bring beautiful artwork and installations to our Shacks.

We participate in local celebrations and develop relationships within the community, helping position Shake Shack as a premium brand that is connected to its neighborhood.

Community and Charitable Partners

In addition to special events, we regularly serve our communities in a variety of ways including 25% Donation Days to show support for local schools and organizations.

Guests who participate in these fundraisers have a portion of their order totals donated to a local nonprofit by mentioning the fundraiser when checking out in-Shack or using a fundraiser code on the Shack app for pick-up or delivery.

Additionally, we provide a Donation Day flyer for the local school or organization to use as an invitation to the community.

For certain new Shack openings, we partner with local charities for opening day.

In some markets, we have existing tenured partnerships with organizations, like Food Bank of the Rockies in Colorado, and in other markets we are building new relationships in our local communities with Shacks we open.

At select new Shack openings in fiscal 2023, we donated $1 from each designated menu item sold on opening day to the chosen local nonprofit partner.

As we continue to grow our footprint across the U.S., our opening day charitable partners are an example of how we continue to drive home our Stand for Something Good mission.

We listen to our communities and seek opportunities to get involved;

whether it is charity events or disaster relief, we are on the ground helping.

We regularly donate cash, food and gift cards to support dozens of local nonprofit organizations, schools, and hospitals around the country.

For example, in fiscal 2023, we donated approximately $8,000 to local children's hospitals as part of Child Health Day and made donations to local food banks, parks, and youth sports through our Shake Shack Pickleball Club event series.

We find ways to support charity events such as serving food at Taste of the Cowboys, Alex's Lemonade Stand, Southern Smoke Festival, DC Commanders Holiday Charity Bowling, Love Rocks NYC and so many more.

We participate in local celebrations and develop relationships within the community, helping position Shake Shack as a premium brand that is connected to its neighborhoods.

Engaging with our Guests

7 unchanged sentences

a quick search of "#shakeshack" on Instagram reveals over 1.1 million organic posts from our fans.

This year, we doubled down on our creator partnerships, expanded our brand storytelling with new types of content and introduced several timely partnerships from Spirit Halloween to Universal Pictures.

This year, we continued our creator partnerships and expanded our brand storytelling to include long-form video.

In addition to social media, we also connect with our guests through our email marketing program via targeted menu item alerts, local event invites, new Shack opening information and other relevant Shake Shack news.

Media, Product Placement and Influencers

Shake Shack’s unique positioning has helped us garner robust media coverage across food, lifestyle, business and trade publications.

We have also been featured across various media outlets, allowing us to increase brand awareness.

Campaigns, Promotions and Events

We continue to extend our brand by collaborating with celebrated chefs, developing new creative concepts, unveiling exciting promotions and participating in special events to drive brand awareness and engage with our guests.

These initiatives were key

Shake Shack Inc.

Form 10-K | 7

Shack’s popularity and cultural relevance are reflected in our many celebrity and influencer fans across Hollywood, music, fashion, sports and more leading to Shake Shack showing up organically outside of larger brand initiatives.

Campaigns, Promotions and Events

Throughout fiscal 2023 we continued to extend our brand by collaborating with celebrated chefs, developing new creative concepts, unveiling exciting promotions and participating in special events to drive brand awareness and engage with our guests.

These initiatives were key to harnessing the growing strength of the Shake Shack brand and helping it stand out through unique moments.

to harnessing the growing strength of the Shake Shack brand and helping it stand out through unique moments.

Some notable campaigns, promotions and events included:

▪ Veggie Shack & Non-Dairy Launch — After months of taste tests, we unveiled three new plant-based options that are now a part of our core menu.

The Veggie Shack comes as a veggie option made from a proprietary blend of real garden vegetables and grains, seared to perfection with American cheese, pickles, crispy onions and ShackSauce all on a toasted potato bun.

The Non-Dairy Chocolate Shake and Non-Dairy Frozen Custard are made with NotMilk from NotCo – providing a plant-based dessert option for guests.

▪ Truffle Table — To celebrate the White Truffle Menu offerings, we tapped into our fine-dining roots to bring “The Truffle Table” to select Shacks across the country.

From February 27 to March 2, participating locations hosted a fine-dining pop-up complete with white tablecloths and a prix fixe tasting menu for $20 per guest.

▪ Super Mario Bros x Shake Shack — We teamed up with Nintendo’s The Super Mario Bros movie and offered fans an unforgettable takeover experience at our DUMBO Shack including exclusive menu items like the Gold Star Shake and 4 Cheese ‘Shroom + Fire Sauce.

The in-store experience opened to the public and greeted the first 100 guests each day with exclusive swag items.

For those not in the New York City area, we offered the chance to win tickets to see the film for any guests who ordered the ‘Shroom burger via the app or online.

▪ Trolls x Shake Shack — To bring some extra holiday cheer, we teamed up with DreamWorks for the release of Trolls Band Together and created three holiday shakes inspired by the Trolls characters Poppy, Branch and Viva.

The holiday shake trio is inspired by elements of the Trolls Band Together characters as well as exciting new flavors including Pink Sugar Cookie, Mint Chocolate and Cinnamon Roll, served in limited-edition Trolls-themed packaging.

To further drive excitement of the shakes, we created three larger-than-life Troll heads that popped up at our West Hollywood and Beverly Hills Shacks in parallel with the movie release.

▪ Nina Compton x TABASCO x Shake Shack — We teamed up with renowned award-winning chef Nina Compton to bring a taste of New Orleans to a New York City and New Orleans Shack.

Over the course of the two nights across two cities, guests enjoyed a selection of delicious dishes, including Crawfish Grilled Cheese, Gumbo and Chef Nina’s Fried Chicken Sandwich – all infused with the flavors of TABASCO hot sauces.

▪ Chief Avocado Officer — To drive awareness of our Avocado Bacon Menu, we invited fans to apply to be Shake Shack’s first-ever Chief Avocado Officer (CAO) through a fun “job application” where they could share their passion for avocados.

The CAO campaign served as a unique way to talk about our core menu offerings and play up our premium ingredient story while also giving our fans a new way to engage with the brand.

We had an estimated TV audience of over 4 million who watched local news stories about the CAO role as a result of our press outreach.

▪ STUDS x Shake Shack — We teamed up with STUDS, a cult-favorite ear-piercing brand, to create a limited-edition Burger huggie earring.

In partnership with STUDS, we hosted an influencer event in New York City, consumer events in key markets including Los Angeles, Chicago, New York, and Dallas and coordinated burger drops to key media offices.

▪ EEEEEATSCON with the Infatuation — This year, we headlined Chicago, New York City and Los Angeles EEEEEATSCON.

In Chicago, we teamed up with Esmé, a fine-dining restaurant known for fun dishes, to create the Esmé Shack and Hot N Spicy Custard featuring Esmé’s signature Cheeto puffs.

In New York City, we teamed up with WenWen, a Taiwanese restaurant in Brooklyn, to create the Taiwanese Beef Noodle Soup Burger and a Jade Rouge Milk Tea Sundae.

In Los Angeles, we partnered with Found Oyster, a Hollywood-based restaurant bringing east coast seafood shacks and west coast flavors together, to create a Chicken Schnitzel and Loaded Fries.

▪ Chicken Sundays — For the month of April and from September 8 to December 15, we offered guests a free Chicken Shack with a $10 minimum purchase on Sundays.

We highlighted the antibiotic-free chicken and other high-quality ingredients we use in our Chicken Shack as a key point of differentiation for Shake Shack.

▪ Avocados from Mexico x Shake Shack — To drive awareness of our avocado offerings from April 25 – April 28, we teamed up with Avocados from Mexico to offer guests a free avocado add-on when ordering a sandwich or burger.

At select Shacks, guests also had the opportunity to hand-select their own avocado with an “Avocado Expert” and receive a tableside slicing demonstration in-Shack.

For guests not near a participating location, they were invited to enter a sweepstakes to win a trip to New York City and an exclusive visit to our Innovation Kitchen with an avocado tasting menu.

▪ Bearaby x Shake Shack — To celebrate National French Fry Day on July 12, we teamed up with Bearaby to create the Crinkle Cut Cuddler, a body pillow shaped like our iconic Crinkle Cut fries.

Made with plant-based Melofoam™, this limited-edition pillow is perfect for lounging, snacking, and adding fun decor to your home.

It comes with a washable yellow cover and takeout box-inspired packaging—an ideal match for enjoying our delicious fries in comfort.

▪ Bacon a Difference — From August 9 – August 11, Shake Shack guests in Orange County and Los Angeles supported Niman Ranch’s sustainable farming by ordering any item with bacon.

For every bacon-inclusive order, $1 was donated to the Young Farmers Regenerative Agriculture Grant.

Shake Shack’s sustainably sourced bacon added a crispy, flavorful touch to burgers, chicken, and crinkle cut fries, allowing guests to enjoy a delicious meal while giving back.

▪ Beers for Good — From August 23 – August 25, Shake Shack donated $1 from every cold beer purchased in-Shack nationwide to Food Recovery Network.

During the weekend, our brewery partners hosted pop-up events at Shacks across the country, showcasing local beer offerings.

Guests enjoyed live music, a bite to eat, and beer — all in support of a great cause.

▪ Talea Beer Co.

x Shake Shack — We partnered with TALEA to create the perfect complement to our Black Truffle Menu — a limited-edition Black Truffle Lager.

Starting in September 2024 and running through early 2025, Shake Shack fans in New York City could enjoy this unique lager, brewed with real black truffles and porcini mushrooms, available at all New York City Shacks.

The brew was also offered at TALEA’s taprooms in Bryant Park, Cobble Hill, West Village, and Williamsburg.

▪ EEEEEATSCON with The Infatuation — This year, we headlined Chicago, Los Angeles, and New York City EEEEEATSCON.

In Chicago, we teamed up with Zingerman’s Deli, a Midwest Jewish Deli to create the Pastrami Shack and Hazelnut Brownie Affogato Frozen Custard.

In New York City, we teamed up with Thai Diner, a Thai restaurant in Manhattan, to create the Thai Diner Shack and Jungle Fries.

In Los Angeles, we partnered with Bridgetown Roti, a buzzy local Caribbean concept, to create a Roti Curry-Shack and Chili Mango Frozen Custard.

Capitalizing on Our Brand Strength

1 unchanged sentence

We pride ourselves on providing a vibrant and authentic community gathering place that delivers an exceptional experience to our loyal guests.

One great advantage for Shake Shack has been our birthplace and

Shake Shack Inc.

Form 10-K | 10

headquarters in New York City, and our origination from a fine-dining company.

One great advantage for Shake Shack has been our birthplace and headquarters in New York City, and our origination from a fine-dining company.

This gives us tremendous media and brand power, often outweighing our relative size.

Shake Shack continues to receive recognition for being a fan and industry favorite.

In fiscal 2023, Shake Shack was awarded USA Today 10 Best Reader’s Choice Awards, Newsweek's Greatest Workplaces for Diversity, Fast Company's Innovation by Design (Drive Thru) and more.

Shake Shack continues to receive recognition for being a fan and industry favorite, and was named to Restaurant Business' Top 500 Chain Restaurants and QSR Magazine's QSR 50 in 2024.

Culinary Approach

2 unchanged sentences

Our core menu is inspired by elevated versions of American classics.

We often supplement our menu with limited time offers, and we experiment with potential new categories we may consider adding to the menu over time.

We are committed to culinary creativity and excellence, collaborating with award-winning chefs, talented bakers, farmers and artisanal purveyors, each of whom bring their unique skills and expertise to the Shake Shack experience.

As we grow across the country, we are excited to expand these collaborations with industry-leading chefs and suppliers.

While we’re extraordinarily proud of our legacy and current position, we will continue to look for the best ingredients and culinary partners to exceed our guests' expectations in every aspect of their experience.

All of our locations offer premium food and beverages, carefully crafted from a range of classic American foods at more accessible price points than full-service restaurants.

We often supplement it with limited time offers and experiment with potential new categories we may consider adding to the menu over time.

We are committed to culinary creativity and excellence, collaborating with award-winning chefs, talented bakers, farmers and artisanal purveyors, each

Shake Shack Inc.

Form 10-K | 8

of whom bring their unique skills and expertise to the Shake Shack experience.

As we grow across the country, we are excited to expand these collaborations.

All of our locations offer premium food and beverages, carefully crafted from a range of classic American foods.

While ingredient specifications and menu options can vary by country, the core menus at our US-based locations include the following:

9 unchanged sentences

a nostalgic ode to the roadside burger stand of yesteryear.

Guests can also enjoy our Cheese Fries;

our crinkle cut fries topped with a proprietary blend of cheddar and American cheese sauce.

Guests can also enjoy our Cheese Fries, our crinkle cut fries topped with a proprietary blend of cheddar and American cheese sauce.

Shake Shack was born as a hot dog cart in 2001 and we’re proud to honor that legacy by continuing to offer a premium hot dog.

Our hot dogs are made from 100% all-natural, no added hormone and antibiotic-free beef.

Shake Shack Inc.

Form 10-K | 11

Shakes and Frozen Custard

Our premium, dense, rich and creamy frozen custard, hand-made daily on-site, is crafted from our proprietary vanilla and chocolate recipes.

Our premium, rich and creamy frozen custard, hand-made daily on-site, is crafted from our proprietary vanilla and chocolate recipes.

We use only real sugar (no high-fructose corn syrup) and milk from dairy farmers who pledge not to use artificial growth hormones.

3 unchanged sentences

At select locations, we also offer local craft beers.

Our Shack Red®, Shack White® and Shack Rose wines are sourced and produced exclusively by Gotham Project, providing our guests with premium beverage options not commonly found in our industry;

a nod to our fine-dining roots.

In addition, we serve Abita Root Beer, Shack-made lemonade, organic fresh brewed iced tea, Fifty/Fifty (half lemonade, half organic iced tea), Honest Kids organic apple juice and Shack|20® bottled still and sparkling waters.

Our Shack Red®, Shack White® and Shack Rose® wines are sourced and produced exclusively by Gotham Project, providing our guests with premium beverage options not commonly found in our industry, a nod to our fine-dining roots.

Innovation Kitchen

Our Innovation Kitchen is located on the lower level of the West Village Shack in New York City, connected to our home office and allows us to explore exciting new menu items for our guests.

The culinary team uses this dedicated space to get even more creative, dig deeper into our fine-dining roots, collaborate with other chefs and explore new opportunities as we continue to grow.

The culinary team uses this dedicated space to be even more creative, dig deeper into our fine-dining roots, collaborate with other chefs, and explore new opportunities as we continue to grow.

The West Village Shack’s menu has all our classic items and features items from the Innovation Kitchen, with guest-favorite test items potentially becoming national limited time offerings and permanent menu items.

This space also allows us to house our quality assurance and culinary teams together, ensuring that every item on our menu meets our strict standards.

Shake Shack Inc.

Form 10-K | 9

Shack-Wide Limited Time Offerings ("LTO")

1 unchanged sentence

Some of our notable LTOs throughout fiscal 2024 were:

▪ White Truffle Burger, ‘Shroom and Parmesan Fries — In February, we put an elevated spin on our burger, pairing it with a signature white truffle sauce made with real white truffle oil.

The menu also featured our iconic 'Shroom Burger in an LTO menu for the first time ever and White Truffle Parmesan Fries.

▪ Bourbon Bacon Jam Burger — In June, we brought back a fan-favorite from 2022 and partnered with renowned bourbon producer Maker’s Mark to feature a burger that showcased a bourbon bacon jam made with Maker’s Mark Bourbon, crispy onions and applewood smoked bacon.

▪ Hot Menu — In September we launched a new Hot Menu with the return of our classic Hot Chicken alongside a new Spicy ShackMeister Burger.

The menu was complete with Spicy Fries and Spicy Cheese Fries bringing the heat.

▪ Featured Shakes — Throughout fiscal 2023 we offered our guests new shakes, including fan-favorites like Tiramisu and OREO Cookie Funnel Cake, while launching exciting new shakes like Dreamsicle and Triple Chocolate Brownie.

We partnered with PFLAG during Pride month by encouraging guests to sprinkle their June with Pride by adding sprinkles to any shake or frozen custard;

the sprinkle sales were donated to PFLAG.

In November, we launched our Troll’s Holiday Shakes, a collaboration with Universal Pictures and DreamWorks Animation to celebrate the launch of the new Trolls Band Together film with tasty shakes inspired by beloved Trolls characters.

▪ Lemonades — Throughout fiscal 2023, we launched seasonal flavors like Dragonfruit Pomegranate Lemonade, Kiwi Apple Limeade, Blood Orange Lemonade, Harvest Berry Lemonade and fan-favorite Sunset Lemonade along with corresponding Fifty/Fifty options.

We also offered caffeinated versions of these specialty lemonades to add a little boost to guests’ beverages.

Shake Shack Inc.

Form 10-K | 12

Exclusive Offerings

In addition to supplementing our menu with Shack-wide LTOs, we also seek to create new, exciting options.

Exclusive offerings from fiscal 2023 included:

▪ Veggie Shack — In May, we launched a vegetarian sandwich at all locations with crispy onions, pickles, ShackSauce, American cheese, and a vegetarian patty packed with real vegetables and grains like quinoa, mushrooms, and sweet potatoes.

▪ Non-Dairy Chocolate Shake and Frozen Custard — In May, we partnered with NotCo and launched a non-dairy chocolate frozen custard and non-dairy chocolate shake at all of our U.S.

▪ Korean Style Fried Chicken, Korean BBQ Burger, and Spicy Korean BBQ Fries and Cheese Fries – In January, we launched a menu full of big, bold flavors, bringing back a fan-favorite sweet and spicy chicken sandwich first launched in 2021, this time paired with an umami-packed burger and fries that paired the “swicy” and umami flavors perfectly.

▪ Summer BBQ Burger and Fries – In May, we launched two BBQ burgers made for the summer season, the Smoky Classic BBQ Burger and the Carolina BBQ Burger with Fried Pickles alongside BBQ fries and BBQ cheese fries.

All of these options featured our own Shack BBQ sauces, one a classic smoky red sauce and the other a sweet and tangy gold sauce.

▪ Black Truffle Burger, ‘Shroom, ShackStack and Black Truffle Parmesan Fries – In September, our beloved Black Truffle sauce made with real black truffle oil returned to Shacks, this time with a Black Truffle ShackStack option, combining our iconic ‘Shroom burger with one of our 100% Angus beef patties.

▪ Limited-Time Shakes — Throughout fiscal 2024, we offered exciting new shakes like Strawberry Frosted Donut, Peaches & Cream and Chocolate Salted Caramel.

In November, we launched our Holiday Shakes, bringing back fan-favorites Christmas Cookie and Apple Cider Donut as well as the new classic Chocolate Yule Log.

▪ Lemonades — Throughout fiscal 2024, we launched seasonal flavors like Dragonfruit Pomegranate Lemonade, Strawberry Peach Iced Tea and fan-favorites Pink Lemonade and Mango Passionade along with corresponding Fifty/Fifty options.

GROWTH STRATEGIES

During fiscal 2023, we executed on our targeted development strategy which included a balanced portfolio of formats, including drive-thrus, that allowed us to maximize our potential in each market.

We opened 82 net new system-wide Shacks and reached 518 Shacks worldwide.

We believe we remain well-positioned to continue significant, sustainable financial growth and we plan to continue to execute our growth strategies while remembering to Stand For Something Good in everything we do.

Domestic Company-Operated Shacks

Although we have a strong pipeline of Shacks, further opportunity for growth lies in opening new, domestic Company-operated Shacks as we believe there is still tremendous whitespace to expand in both new and existing U.S.

We remain committed to investing with discipline for strong returns as we continue to build a robust pipeline for future growth.

In the long-term, we believe we have the potential to grow our current domestic Company-operated Shack footprint to at least 450 Shacks.

Of course, the rate of future Shack growth in any particular period is inherently uncertain and is subject to numerous factors beyond our control.

As a result, we do not currently have an anticipated timeframe for such expansion.

Domestically, we expanded our Company-operated footprint by opening 41 new Shacks in fiscal 2023, which represents a 16% increase from the prior fiscal year.

As of December 27, 2023, we had 295 domestic Company-operated Shacks.

During fiscal 2024, we focused our development strategy on improving how we build and open Shacks, which included reducing build cost, implementing strategies to better track and forecast timelines and expenses, evolving our design efforts to standardize key components of our restaurants while maintaining brand quality and guest experience, and opening a balanced portfolio of formats that allowed us to maximize our potential in each market.

We opened 61 net new system-wide Shacks, which included 34 Company-operated and 27 Licensed Shacks.

We believe we remain well-positioned to continue significant, sustainable financial growth and we plan to continue to execute our growth strategies with our purpose to Stand For Something Good in everything we do.

Company-Operated Shacks

We expanded our Company-operated footprint by nearly 12% from the prior fiscal year, and as of December 25, 2024 we had 329 Company-operated Shacks, which is net of the nine Shacks that were closed in fiscal 2024.

Our disciplined expansion strategy is designed to leverage our business model's strength and our brand awareness.

For 2025, we are targeting to open approximately 45 new Company-operated Shacks as we continue to be encouraged by the success of our multi-format strategy, which includes, but is not limited to, core, drive-thru, flagship, and small format.

In addition to opening new Shacks, we continue to focus on improving our same-Shack sales performance by providing a dynamic, personalized guest experience that includes seasonal and Shack-specific offerings, technological upgrades like the Company-owned app, web ordering, and delivery, thoughtful integration with local communities and Enlightened Hospitality.

Additionally, we are making greater investments in our direct marketing and promotional initiatives to drive sustainable long-term traffic growth.

Capital Investments & Development

We are deploying capital towards strong returns mainly in building new Shacks, updating our current Shacks and investing in our digital infrastructure.

While retaining the exceptional experience Shake Shack is known for, we are developing new prototypes and standards throughout our future Shack classes that will lower costs over time and create an improved guest and team member experience while driving strong returns on capital.

In choosing a new site, we focus first and foremost on the guest experience so that each new location can be the ideal spot for people to gather together or experience Shake Shack the way they choose.

We utilize tools that collect and analyze demographic data for both existing and potential sites.

In addition to our in-house team of experienced real estate professionals, we also use a national real estate broker to leverage external resources in pursuit of pipeline development.

Looking beyond, we are pursuing and developing sites where we can continue to implement our development strategy, including drive-thru concepts.

In fiscal 2023, the average investment cost was approximately $3.0 million, or approximately $2.6 million net of tenant improvement allowances received from our landlords, an increase of roughly 8.3% compared to the prior year.

This increase was primarily driven by a few challenging projects, the highest mix of drive-thrus thus far, as well as inflationary pressures and costly permitting and construction delays.

The total investment cost of a new Shack, which includes costs related to leasehold

In the long-term, we believe we have the potential to grow our current Company-operated Shack footprint.

Of course, the rate of future Shack growth in any particular period is inherently uncertain and is subject to numerous factors beyond our control.

As a result, we do not currently have an anticipated timeframe for such expansion.

In addition to opening new Shacks, we continue to focus on improving same-Shack sales performance by providing a dynamic, personalized guest experience that includes seasonal and Shack-specific offerings, enhancing kiosk functionalities, thoughtful integration with local communities and Enlightened Hospitality.

Additionally, we are reinvesting in maintaining and updating our current portfolio of Shacks to ensure they continue to provide a great guest experience and strong operational excellence.

Building a Robust Pipeline

We see further opportunity for growth in opening new Company-operated Shacks, as we believe there is tremendous whitespace to expand in both new and existing U.S.

markets and maximize our total addressable market.

Our real estate strategy includes

Shake Shack Inc.

Form 10-K | 10

improvements, furniture, fixtures and equipment ranged from approximately $1.1 million to $6.4 million.

focused expansion in our top markets to build critical mass and leverage our brand awareness to achieve greater economies of scale, while identifying new markets with strong demographics and high potential for macro growth where we can establish our brand quickly and scale our operations.

We remain committed to investing with discipline for strong returns and profitability as we continue to build a robust pipeline for future growth.

When choosing new sites for our pipeline, we use a data-driven, cross-functional, and collaborative approach to align each new location with our organizational strengths and capabilities so that each new Shack can provide the ideal opportunity for guests to receive a consistent, convenient, and compelling Shake Shack experience.

We utilize tools that collect and analyze demographic and traffic data for both existing and potential sites, and operational data for our markets.

In fiscal 2024, we took steps to elevate our team and tools and further developed our market planning, including data analytics, forecasting, and site mapping.

We continued to build a team that can execute on our strategy and create robust growth.

Towards this effort, we have an in-house data analytics team that has developed modeling tools to better understand our business needs and provide our real estate teams with the insights necessary to successfully expand our footprint.

We also moved to working directly with local brokers to assist our in-house team of experienced real estate professionals in selecting locations and building our real estate pipeline.

We continue to pursue sites aligned with our broader development strategy, including standardizing designs, innovating our formats, and maintaining our hallmark guest experience while expanding convenience.

Executing a Multi-Format Strategy

We are focused on creating a balanced portfolio of Shacks across multiple formats and improving how we build our Shacks.

We continue to build our Shacks with a premium look and feel, while being more efficient with our level of investment.

In fiscal 2024, the average investment cost was approximately $2.8 million, or approximately $2.4 million net of tenant improvement allowances received from our landlords, achieving a decrease of roughly 7.7% compared to the prior year.

We lowered our build costs with structural redesigns including moving from steel to wood construction, improving the cost profile on finishes, as well as making meaningful improvements to interior furniture, kitchen equipment optimization, signage, and mechanical, electrical, and plumbing systems.

The gross investment cost of a new Shack, which includes costs related to leasehold improvements, furniture, fixtures and equipment ranged from approximately $1.7 million to $4.6 million.

Shacks opened during fiscal 2024 took between 14 and 39 weeks to build, compared to 16 and 56 weeks in the prior year.

Although fiscal 2023 is targeted to be the high water mark for new Shack investment costs, we believe we can build a more standardized operation in a slightly smaller footprint, with less seats and a lower cost to build, while maintaining the great guest experience Shake Shack is known for.

In addition to investments in new Shacks, we also undertook some special projects to renovate and refresh some of our existing Shacks.

In fiscal 2025, we look forward to unlocking further opportunities for improving on how we build our Shacks — including continuing our efforts to lower build costs — in order to enable accelerated growth in new Shacks.

We are innovating our formats and developing prototypes that will create an improved guest and team member experience, while lowering costs and delivering strong returns on capital.

Our efforts have included refining our existing formats, creating linear kitchen designs, and standardizing our production models.

We have also made strides in our efforts to improve build timelines, including transitioning to an in-house design team, streamlining our permits and entitlement processes, and creating a more robust and effective procurement strategy, all with the goal of ensuring more consistent and efficient new Shack opening timelines.

All of our improvements to productivity are being made to ensure that we can support higher throughput, ensure greater order accuracy, and reduce our total experience time as we look to continue to deliver on a consistent guest experience across all of our formats.

This will afford us the opportunity to expand with continued improvement to our returns and profitability.

Our teams are working to optimize our drive-thru format, which will be an opportunity for us as we look to increase our total addressable market.

We remain encouraged by the drive-thru opportunity and continue to refine and improve the model overall for guests and team members alike.

We are particularly excited to see drive-thrus in our strong coastal markets, including New Jersey and California, where we generally expect higher brand awareness.

As of December 25, 2024, we had 42 drive-thru Shacks in operation.

Optimizing our Portfolio

In addition to investments in new Shacks, we also undertook projects to renovate and refresh some of our existing Shacks.

We deployed capital towards updating our current Shacks in order to maintain an optimal portfolio, including facility maintenance, renovations, and further investing in our digital infrastructure.

As our Shacks continue to age, we will need to make additional investments to keep them operating effectively.

Shake Shack Drive-Thru

We remain encouraged by the drive-thru opportunity to not only increase our total addressable market but to also provide our guests with an additional option to enjoy Shake Shack.

We continue to refine, take down cost to build and improve the model overall for guests and team members alike, including reducing our total experience time, and look forward to significant progress over time.

As of December 27, 2023, we had 29 drive-thru Shacks in operation and we are particularly excited to expand drive-thrus in our strong coastal markets in 2024, including Long Island, New York, New Jersey and California, where we generally expect higher brand awareness.

Kiosk & Digital Capital Expenditures

To further support our Shacks and improve the guest experience, we have made investments in various digital tools to expand our reach, laying the groundwork for sustainable, long-term growth.

Kiosk is an example of how we are bridging the in-Shack and digital world.

In fiscal 2023, we completed our kiosk retrofit program with approximately 95% of our domestic Company-operated Shacks now having kiosks, making it our largest and fastest growing channel.

Kiosk is also our highest margin channel and an important tool we can leverage to learn and improve our marketing efforts over time, maximize labor efficiency, and enhance guest experience.

We are also testing further optimization of the kiosk experience with new functionality that allows for upsell add-on opportunities.

Additionally, we have implemented plans to further enhance merchandising capabilities, add omnichannel features, and integrate operator management tools.

In addition to scaling our kiosk infrastructure, we continue to make investments in our digital business through digital marketing initiatives and development of additional product features.

These enhancements are strategically tailored to promote guest loyalty and retention, as well as to enrich the overall guest experience.

Moreover, we have bolstered our home office capacities to provide greater levels of support to our Shacks.

Growing Our Licensed Shack Business

In addition to expanding the footprint of our Company-operated Shacks, we see additional opportunities to continue growing our licensed portfolio by expanding further, both domestically and internationally.

To date, our licensed business has been an asset-light and high-return strategy for growing our brand awareness and increasing cash flow.

As of December 27, 2023 we had 223 licensed Shacks, of which 184 were international and 39 were domestic.

Through learnings from our licensed partnerships, we are able to share insights with the broader Company and we continue to work with our licensees to navigate macroeconomic uncertainty, inflationary challenges, and geopolitical interdependency across the globe.

Thanks to our roots in New York and the success of our licensed Shacks around the world, we continue to attract interest from potential licensees from many different markets.

In 2024, we look forward to opening our first Shack in three new markets — Kuala Lumpur, Tel Aviv, and Toronto — and we are optimistic about future expansion opportunities beyond these exciting new markets.

The enduring strength of our brand continues to create opportunities to expand domestically and abroad.

We continued to invest in expanding our facilities and asset management teams and refining our investment strategies and processes to maintain our maturing portfolio.

We also made additional improvements to our kiosks by adding functionalities that enhance the user experience and improve their reliability and availability.

Shake Shack Inc.

Form 10-K | 11

International Licensed Operations

In fiscal 2023, we opened 38 international Shacks and closed three international Shacks.

The 38 new international Shacks included 13 in China and Hong Kong, four in Kuwait, five in Mexico, two in the Philippines, one in Singapore, three in South Korea, two in Thailand, one in The Bahamas, two in Turkey, one in the United Arab Emirates, and four in the United Kingdom.

As of December 27, 2023, one of our international Shacks was temporarily closed.

Although many international licensed markets have recovered significantly from peak pandemic pressures, conditions remain volatile and ever-changing, especially in China.

We remain highly confident in the long-term trajectory of our licensed business, but expect that geopolitical pressures in the Middle East and macroeconomic pressures in China could present challenges in 2024 in terms of number of openings and sales.

Domestic Licensed Operations

In fiscal 2023, we opened six domestic licensed Shacks, including one at Newark Liberty International Airport and five in roadway travel plazas in New Jersey and New York.

Our domestic licensed Shacks continue to perform well, driven by continued strength in U.S.

airports and roadway locations, which we believe can be a growth opportunity for the licensed business.

Growing Our Licensed Shack Business

In addition to expanding the footprint of our Company-operated Shacks, we see additional opportunities to continue growing our licensed portfolio.

To date, our licensed business has been an asset-light and high-return strategy for growing our brand awareness, expanding our footprint, and increasing cash flow.

As of December 25, 2024 we had 250 licensed Shacks in operation.

We opened new licensed Shacks in 13 countries, including five in China and Hong Kong, four in South Korea, and four in Mexico.

We opened our first Shacks in three new countries, Canada, Israel, and Malaysia.

We look forward to deepening our footprint in these markets and are optimistic about future expansion opportunities both within and beyond these new markets.

While we remain highly confident in the long-term trajectory of our licensed business and are excited about our growth, conditions remain volatile and ever-changing and we expect that macroeconomic and geopolitical headwinds could continue to present challenges in 2025.

During fiscal 2024, we permanently closed six of our international licensed Shacks.

We opened five licensed Shacks domestically, including at St.

Louis Lambert International Airport and Boston Logan International Airport, two in roadway travel plazas in New York, and a second location in St.

Louis in Enterprise Center.

Our domestic licensed Shacks continue to perform well due to strong travel volumes across U.S.

airports and roadways, and we believe that these formats remain a growth opportunity for the licensed business.

The enduring strength of our brand creates opportunities to bring Enlightened Hospitality to guests in new and innovative ways.

In particular, we are excited by our new partnership with Delta Air Lines that launched in late 2024, through which Shake Shack will be served aboard limited domestic flights.

Thanks to our roots in New York City and the success of our licensed Shacks, we continue to attract interest from potential licensees from many different markets.

At Shake Shack, we believe our success depends upon maintaining efficient and nimble operations.

3 unchanged sentences

To maximize profitability, our Shacks must be fully staffed, operating at full capacity with optimized throughput to capture maximum sales potential.

In fiscal 2023, we continued to make significant investments in our teams as well as digital and technology initiatives to support our current Shacks and those to come.

In light of these investments, we continued to execute on disciplined management of our general and administrative expenses, as we remain committed to improving profitability and strengthening the Company for future growth.

Despite ongoing macro and inflationary pressures, we improved profitability in fiscal 2023 through efficiency and discipline across our Shacks, general and administrative expenses, and capex investments.

We are improving Shack profitability by focusing on sales initiatives that target our own, more profitable channels, optimizing labor, improving off-premise profitability, tactical menu pricing supply chain initiatives as well as other opportunities within other operating expenses such as repair and maintenance costs.

We believe there are several opportunities to continue to grow long-term profitability and are doubling down on these strategies to execute in 2024 and beyond.

In fiscal 2024, we continued to make significant investments in our operations as well as digital and technology initiatives to support our current Shacks and those to come.

We focused on improving our profitability through our strategy of identifying and executing on operational efficiencies to reduce the total cost to serve, and invested more in marketing strategies to drive sales and increase brand awareness.

We invested in building our data and guest recognition capabilities to allow for more personalized marketing opportunities to drive more conversion and consideration, and focused on sales initiatives that target our own, more profitable channels.

Further, our teams have balanced product innovation with pricing to mitigate inflation and technology implementations to supplement our strategic sales promotions.

We have also reduced build costs, optimized labor, deployed supply chain initiatives, and unlocked other opportunities within other operating expenses such as repair and maintenance costs.

We also made the difficult decision to close nine Shacks that were not projected to provide acceptable returns in the foreseeable future, in part due to changes in the trade area and the negative impact on other Shacks within their proximity by cannibalizing sales.

We believe these closures will allow us to better focus our resources and we believe there are several opportunities to continue to grow long-term profitability and are focusing our efforts on these strategies to execute in 2025 and beyond.

Shake Shack Inc.

Form 10-K | 12

Management Information Systems

Our domestic Company-operated Shacks use computerized point-of-sale and back-office systems designed for the restaurant industry.

We use many customized features to increase operational effectiveness, improve internal communication and enhance data analysis.

Our Company-operated Shacks use computerized point-of-sale and back-office systems designed for the restaurant industry.

We use many customized features to increase operational effectiveness, improve internal communication, enhance data analysis, and maintain our focus on an exceptional guest experience.

The point-of-sale system uses a touch screen interface, graphical order confirmation display, touch screen kitchen display and integrated, high-speed credit card and gift card processing.

This system also collects daily transaction data, which generates information about sales, product mix and average transaction size.

From there, our back-office systems assist in the management of our Company-operated Shacks and provide real-time labor and food cost management tools.

These tools provide the home office and operations management quick, easy access to detailed business data, and allow Shack-level managers to spend less time addressing administrative needs.

In fiscal 2023, we engaged in efforts to centralize data from across the enterprise to build out our data warehouse.

In doing so, we were able to gather new insights and facilitate informed decision making across the organization.

Our selected partner brings global reach, and more cost effective access to specialist technical skills and technology services.

We expect to continue improving our information technology infrastructure to better serve our business needs and accommodate growth.

Shake Shack Inc.

Form 10-K | 15

In fiscal 2023, we commenced a project to consolidate data from across the enterprise to enable fresh insights and informed decision making while ensuring the data is validated, secured and accessible.

With an emphasis on cost management, we began to transition our data to hybrid cloud and optimized our cloud infrastructure to support digital growth and analytic ambitions as well as automating repetitive and manual processes.

These platforms are already enabling our Business Intelligence team to mine new insights across the organization.

In the coming year, our focus will be on adding supply chain data and analytics and delivering insights to help our operators to better run our Shacks.

From there, our back-office systems assist in the management of our Company-operated Shacks and provide real-time revenue, labor, and food cost management tools.

These tools provide the home office and operations management quick, easy access to detailed business data, and allow our teams to spend less time addressing administrative needs.

In fiscal 2024, we engaged in efforts to automate many of the manual processes existing within our back-office systems, with the goal of creating time-saving and value-adding efficiencies.

The automations we implemented are designed to improve accuracy, provide better insights and improve decision making tools.

In addition, we have continued to expand our data warehouse to improve data insights, better facilitate informed decision making across the organization, and empower our operations teams with tools to better run our Shacks.

We expect to continue expanding the data warehouse and improving our information technology infrastructure to better serve our business needs and accommodate growth.

We also undertook efforts to improve and upgrade our front-of-house technologies, with a focus on enhancing the guest experience.

We rolled out improvements across all of our ordering channels to create a simplified experience when redeeming offers.

In addition, we launched new kiosk functionalities designed to promote cross-sale, offer opt-in to marketing messaging, ease the check-out process, and enhance the overall user experience.

We have also made continued investments into the reliability and availability of our kiosks and will continue equipping our Company-operated Shacks with kiosks and increasing usage of them.

As cybersecurity continues to be a challenge, our focus remains on enhancing cyber maturity with a combination of end user training, third-party tooling and services, updated policies and benchmarking.

During fiscal 2024, we continued to see elevated levels of cyber attacks including phishing, malware and bot attacks.

We upgraded our information technology systems to better protect guests as they interact on our digital platforms.

In addition, as artificial intelligence becomes more prevalent, we have taken steps to safeguard our Company and enhance our systems.

We have introduced a business use policy for artificial intelligence.

Sourcing and Supply Chain

We pride ourselves on sourcing premium ingredients from partners who share our dedication to quality, like 100% all-natural proteins with no added hormones or antibiotics, that are humanely raised and source-verified.

We are currently sourcing 100% cage-free eggs across our U.S.

supply chain and are striving to advance the sourcing in our global supply chain to include 100% cage-free eggs as well, while maintaining the quality and standards we are known for.

We pride ourselves on sourcing premium ingredients from partners who share our dedication to quality, such as 100% all-natural proteins with no added hormones or antibiotics, that are humanely raised and source-verified.

We are currently sourcing 100% cage-free eggs across our domestic supply chain.

We continue to strive to improve our sourcing practices across our international supply chain while maintaining the quality and standards we are known for.

Our domestic regional strategy for ground beef production is designed to help ensure we consistently serve freshly ground beef at our domestic Shacks.

As we've expanded domestically, we have nine approved raw beef suppliers and 10 approved ground beef processors around the country who produce our burgers on a daily basis.

To ensure dependable quality, we have a limited number of domestic suppliers for our major ingredients, including beef patties, chicken, potato buns, custard, portobello mushrooms and cheese sauce.

During fiscal 2023, we purchased all of our (i) ground beef patties from 10 approved ground beef processors, with approximately 41% of our ground beef patties from one supplier;

As of December 25, 2024, we have nine approved raw beef suppliers and nine approved ground beef processors in the U.S.

who produce our burgers on a daily basis.

To ensure quality, we maintain strict standards for selecting and contracting domestic suppliers for our major ingredients, including beef patties, chicken, crinkle cut fries, potato buns, custard, portobello mushrooms and cheese sauce.

During fiscal 2024, we purchased our (i) ground beef patties from 10 approved ground beef processors, with approximately 40% of our ground beef patties from one supplier;

(ii) chicken breasts from two suppliers;

(iii) potato buns from one supplier;

(iv) custard base from two suppliers;

(iii) potato buns from two suppliers;

(iv) custard base from four suppliers;

(v) 'Shroom Burgers from one supplier;

(vi) crinkle cut fries from two suppliers;

(vi) crinkle cut fries from three suppliers;

and (vii) ShackSauce from one supplier.

We believe we have developed a reliable supply chain, but we have also taken strides to identify alternative sources to help lessen the possible interruptions of service and product, including testing with new suppliers.

We have a centralized distribution process with one distributor, which we refer to as our "broadline" distributor, to provide virtually all of our food distribution services in the U.S.

We believe we have developed a reliable supply chain, but have also taken strides to identify alternative sources to help lessen the possible interruptions of service and product, including testing with new suppliers.

Shake Shack Inc.

Form 10-K | 13

We have a centralized distribution process with one distributor, which we refer to as our "broadline" distributor, to provide nearly all of our food distribution services in the U.S.

As of December 25, 2024, approximately 95% of certain food and beverage ingredients including chicken, fries and custard were fulfilled through our broadline distributor for distribution and delivery to each Company-operated Shack which collectively represents approximately 45% of our total purchases.

As of December 27, 2023, we were utilizing 20 affiliated distribution centers to supply our domestic Company-operated Shacks.

We recognize that the safety and consistency of our products begins with our suppliers, so suppliers must meet certain criteria and strict quality control standards in the production and delivery of our food and other products.

Finally, we regularly evaluate our broadline distributor to ensure the products we purchase conform to our standards and that the prices they offer are competitive.

As of December 25, 2024, we were utilizing 20 affiliated distribution centers to supply our Company-operated Shacks.

We recognize that the safety and consistency of our products begins with our suppliers, and therefore, we require our suppliers must meet certain criteria and strict quality control standards in the production and delivery of our food and other products.

Additionally, we regularly evaluate our broadline distributor to ensure the products we purchase conform to our standards and contracted prices are fair and competitive.

Food Safety and Quality Assurance

1 unchanged sentence

We have rigorous quality assurance and food safety protocols in place throughout our supply chain and in our Shacks.

We conduct quarterly third-party food safety audits of our Shacks, utilize technology to manage and document food safety procedures, and ensure appropriate corrective actions are implemented for any noncompliance findings.

We have a comprehensive supplier and ingredient selection process, and we maintain a limited list of approved suppliers that meet our standards.

We conduct quarterly, third-party food safety assessments of our Shacks, utilize technology to manage and document food safety procedures, and ensure appropriate corrective actions are implemented for any noncompliance findings.

In fiscal 2024, we implemented new technology designed to digitize our food safety specifications, improving our capabilities to maintain consistent food safety procedures.

We have a comprehensive supplier and ingredient selection process, and we maintain a list of approved suppliers that meet our standards.

We thoroughly review the results of suppliers' internal and external quality audits, insurance coverage and track record on an on-going basis.

To stress test for exceptional scenarios, we conduct mock food recalls across a selection of our suppliers on a quarterly basis.

We have developed and implemented training and operating standards related to the food preparation, cleanliness and safety in each Shack, and of course, we have a dedicated Quality Assurance team.

Shake Shack Inc.

Form 10-K | 16

We have developed and implemented training and operating standards related to the food preparation, cleanliness and safety in each Shack, and we have a dedicated Quality Assurance team.

Environmental Responsibility

We focus on environmental responsibility across our operations, including with respect to our ingredients, where we are committed to sourcing our premium ingredients from suppliers who share our values, using antibiotic-free and no added hormone proteins from ethically raised animals and non-GMO buns.

We remained dedicated in our efforts to reduce our environmental footprint by removing unnecessary packaging elements and switching to more sustainable, certified materials whenever possible, expanding our use of renewable energy and improving our energy management.

We remained dedicated in our efforts to reduce our environmental footprint by using streamlined and minimal packaging elements and continued to use more sustainable, certified packaging materials whenever possible.

We track and calculate scope 1 and scope 2 greenhouse gas emissions to report in compliance with industry standards, in order to assess our current standing.

8 unchanged sentences

For more information regarding the risks we face from our competitors, see "Risks Related to Operating in the Restaurant Industry — We face significant competition for guests, and if we are unable to compete effectively, our business could be adversely affected" in Item 1A, Risk Factors .

Shake Shack Inc.

Form 10-K | 14

We see ourselves as well-positioned to continue our market growth, as we believe consumers will keep seeking higher quality offerings, especially given an increasing consumer focus on responsible sourcing, ingredients and preparation.

Additionally, we place a focus on culinary innovation to ensure our menu offerings stand out from our competitors.

We believe that many consumers want to associate with brands whose ethos matches their own, and that Shake Shack, with our mission to Stand For Something Good and our culture of Enlightened Hospitality, reflects the values of conscientious consumers.

Additionally, we place a focus on culinary innovation to ensure our menu offerings stand out from those of our competitors.

We believe that many consumers want to associate with brands whose ethos matches their own, and that Shake Shack, with our purpose to Stand For Something Good and our culture of Enlightened Hospitality, reflects the values of conscientious consumers.

INTELLECTUAL PROPERTY

8 unchanged sentences

We also have exclusive arrangements with our suppliers of crinkle cut fries, ShackMeister Ale, Shack Red wine, Shack White wine, Shack Rosé wine, hot dogs and cherry peppers.

Shake Shack Inc.

Form 10-K | 17

GOVERNMENT REGULATION AND ENVIRONMENTAL MATTERS

8 unchanged sentences

Year-over-year and quarter-to-quarter results can also be impacted by the number and timing of new Shack openings.

The effects of the COVID-19 pandemic may continue to have an impact on guest traffic, consumer behaviors and mobility patterns, including work from home trends, which may result in temporary changes in the seasonal fluctuations of our business.

Shake Shack Inc.

Form 10-K | 15

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

1 unchanged sentence

Name Age Position

Randy Garutti 48 Chief Executive Officer and Director

48 Chief Executive Officer and Director

Fogertey 41 Chief Financial Officer

Randy Garutti has served as Shake Shack’s Chief Executive Officer and on the Board of Directors since April 2012.

Prior to becoming Chief Executive Officer, Mr.

Garutti served as Chief Operating Officer of SSE Holdings since January 2010.

Prior to leading Shake Shack, Mr.

Garutti was the Director of Operations for USHG (NYSE:

HUGS), over which Mr.

Meyer is the Executive Chairman, overseeing the operations for all its restaurants.

In addition, Mr.

Garutti served as General Manager of Union Square Cafe and Tabla, both of which won numerous accolades in the hospitality industry.

Garutti graduated from Cornell University’s School of Hotel Administration in 1997.

Garutti currently serves on the board of directors of Block, Inc.

Garutti also is a member of the board of directors of the Columbus Avenue Business Improvement District, a not-for-profit organization.

As previously announced in the Current Report on Form 8-K filed on December 11, 2023, and as further described in the Current Report on Form 8-K filed on January 26, 2024, Mr.

Garutti has informed the Company’s Board of Directors that he will retire from the Company in 2024 upon the selection of his successor.

Garutti will continue to lead the Company as its Chief Executive Officer and as an executive Board member through the "Resignation Date" as defined in the January 26, 2024 Form 8-K..

The Company intends to retain Mr.

Garutti as an advisor following his service as Chief Executive Officer through the end of 2024 to ensure a proper transition.

Shake Shack Inc.

Form 10-K | 18

Stephanie Sentell

46 Chief Operations Officer

Robert Lynch has served as Shake Shack’s Chief Executive Officer and as a member of the Board of Directors since May 2024.

Prior to joining Shake Shack, Mr.

Lynch served as President and Chief Executive Officer of Papa John’s International, Inc., where he drove record global system-wide sales of over $5 billion across approximately 5,900 units.

Previously, Mr.

Lynch was President of Arby’s Restaurant Group, one of the largest sandwich restaurant brands in the world, with more than 3,400 restaurants across eight countries, where he led operations, marketing, culinary, development, and digital transformation.

Lynch previously served as Arby’s Brand President and Chief Marketing Officer.

Prior to joining Arby’s, Mr.

Lynch served as Vice President of Marketing at Taco Bell.

Lynch has over 25 years combined experience in the QSR and consumer packaged goods industries and has also held senior roles at BJ Heinz Company and Procter & Gamble.

Lynch is a graduate of the University of Rochester, where he obtained his B.A.

Fogertey has served as our Chief Financial Officer since June 2021.

Prior to joining Shake Shack, Ms.

Fogertey spent 16 years at Goldman Sachs, where she recently served as Vice President & Lead Equity Analyst for the Restaurant sector.

Fogertey spent 16 years at Goldman Sachs, where she served as Vice President & Lead Equity Analyst for the Restaurant sector.

In this position, she had a heavy focus on the impact of technology on restaurant profitability and market share and built various statistical forecasting models.

1 unchanged sentence

Prior to covering the Restaurant sector, Ms.

Fogertey was a Vice President, Lead Derivative Strategist overseeing single stock options in the U.S.and Latin America as well as global ETFs and market structure.

Fogertey was a Vice President, Lead Derivative Strategist overseeing single stock options in the U.S.

and Latin America as well as global ETFs and market structure.

Fogertey has a BSBA in Accounting, Finance and International Business from Washington University in St.

Louis, Olin School of Business.

Stephanie Sentell has served as Shake Shack’s Chief Operations Officer since July 2024.

Sentell brings a portfolio of experience with her from a 25-year restaurant industry career.

Prior to joining Shake Shack, Ms.

Sentell served as SVP of Company Operations at Inspire Brands.

In this role she was responsible for a $1.5 billion dollar business across 1,100 company-owned restaurants with over 22,000 restaurant team members in the U.S.

Previously, Ms.

Sentell held the position of SVP Restaurant Operations & Innovation at Inspire Brands.

Sentell served as SVP Restaurant Excellence as well as SVP Product Development and Menu Delivery at Arby's Restaurant Group.

Sentell also spent over 11 years at Dairy Queen as the Director of Marketing and a franchisee owner.

Sentell is a graduate of the University of Wisconsin at River Falls, where she obtained her A.S.

in Marketing Communications.

AVAILABLE INFORMATION

5 unchanged sentences

We webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor relations website.

Additionally, we provide notifications of news or announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases as part of our investor relations website.

Additionally, we provide notifications of news or announcements regarding our financial performance,

Shake Shack Inc.

Form 10-K | 16

including SEC filings, investor events, and press and earnings releases as part of our investor relations website.

Investors and others can receive notifications of new information posted on our investor relations website in real time by subscribing to email alerts.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business