Shake Shack Inc.

Refer to Note 6, Debt, for additional information relating to the fair value of the Company's outstanding debt instruments.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

The fair value of the Convertible Notes was approximately $ 229,415 and $ 236,875 , respectively, as of July 1, 2026 and December 31, 2025, based on external pricing data, including available quoted market prices of these instruments, and consideration of comparable debt instruments with similar interest rates and trading frequency, among other factors, and is classified as a Level 2 measurement within the fair value hierarchy.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

Thirteen Weeks Ended Twenty-Six Weeks Ended Classification July 1 2026 June 25 2025 July 1 2026 June 25 2025 Amortization expense on Convertible Notes Interest expense $ 262 $ 262 $ 524 $ 524 July 1 2026 December 31 2025 Convertible Notes $ 250,000 $ 250,000 Discount and debt issuance costs, net of amortization ( 1,745 ) ( 2,269 ) Long-term debt $ 248,255 $ 247,731 Revolving Credit Facility The Company maintains a revolving credit facility agreement ("Revolving Credit Facility") which permits borrowings up to $ 50,000 with the ability to increase available borrowings up to an additional $ 100,000 , subject to satisfaction of certain conditions.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

In July 2025, the Company entered into the sixth amendment to the Revolving Credit Facility ("Sixth Amendment"), which, among other things, extends the maturity date until the earlier of (a) February 28, 2028, or (b) the date that is 91 days prior to the scheduled maturity date of any Convertible Notes outstanding at any time.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

Outstanding borrowings under the Revolving Credit Facility bear interest at either: (i) the base rate plus applicable margin ranging from 0.0 % to 1.5 % or (ii) the Secured Overnight Financing Rate ( SOFR ) plus applicable margin ranging from 1.0 % to 2.5 %, in each case dependent upon the net lease adjusted leverage ratio.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

As of July 1, 2026 and December 31, 2025, no amounts were outstanding under the Revolving Credit Facility.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

htm EX-99.2 a2q25shareholderletter (2) OPTIMIZE RESTAURANT OPERATIONS (6) INVEST IN OUR FUTURE & LONG-TERM STRATEGIC CAPABILITIES (5) ACCELERATE OUR LICENSED BUSINESS (4) BUILD AND OPERATE OUR SHACKS WITH BEST-IN-CLASS RETURNS (3) DRIVE COMP SALES BY INCREASING GUEST FREQUENCY (1) BUILD A CULTURE OF LEADERS Location Type Opening Date Vancouver, WA Fishers Landing Company-operated 4/15/2025 Antalya, Turkey Antalya Airport Licensed 4/17/2025 Queens, NY John F.

SEC original ↗Shake Shack Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

All statements other than statements of historical fact included in this Form 10-Q are forward-looking statements, including, but not limited to, statements about our growth, including our long-term growth goals, strategic priorities and initiatives, and liquidity.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

The obligations under the Revolving Credit Facility are secured by a first-priority security interest in substantially all of the assets of SSE Holdings and the guarantors.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

All statements other than statements of historical fact are forward-looking statements including, but not limited to, statements about our growth, including our long-term growth goals, strategic priorities and initiatives, and liquidity.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

Legal Proceedings 43 Item 1A.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

Forward-looking statements reflect our current views with respect to future events and are based on certain assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from trends, plans, or expectations set forth in the forward-looking statements, as set forth in this Form 10-Q.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

You should evaluate all forward-looking statements made in this Form 10-Q in the context of the risks and uncertainties disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the U.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026

Legal Contingencies The Company is subject to various legal proceedings, claims and liabilities, involving employees and guests alike, which arise in the ordinary course of business and are generally covered by insurance.

SEC original ↗Shake Shack Inc. — 10-Q Quarterly report10-QAug 5, 2026