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北京时间·🕒 发布 19:22:20时区推断·⟳ 抓取 19:22:33·⚡ 决策 08-05 21:54:16 +2h31m·83.2 天前
Shake Shack二季度营收和调整后EPS略超预期，但利润率与GAAP利润承压
二季度营收4.176亿美元、调整后EPS 0.43美元和Same-Shack Sales +3.5%均好于或略好于市场预期，说明客流和门店扩张仍有支撑。
📄 原文Wall St Engine@wallstengine↗ 原文
SHAKE $SHAK Q2’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $417.6M (Est. $417M) 🟢; +17.2% YoY 🔹 Adj. EPS: $0.43 (Est. $0.31) 🟢; -…
不做 Shake Shack（SHAK.US）
财报方向正负混合：EPS和同店销售略超预期，但6月已下修预期、全年指引未明显上修、利润率和GAAP利润承压，盘前已反应，当前追多缺少足够预期差；负面也不足以构成强空催化。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 公司披露Q2营收4.176亿美元、Same-Shack Sales +3.5%、调整后EPS 0.43美元，同时确认利润率同比下降90bp。
- 社媒在美股盘前摘要传播业绩亮点，主要突出收入、EPS和EBITDA超过预期。
- WSJ以“收入上升但利润下滑、成本更高”为主线报道，并给出盘前股价反应。市场反应:报道显示SHAK.US盘前涨约3.6%至68.57美元。
关键理由
- 二季度营收4.176亿美元、调整后EPS 0.43美元和Same-Shack Sales +3.5%均好于或略好于市场预期，说明客流和门店扩张仍有支撑。
- 但公司6月已下修过二季度与全年部分预期，本次结果明确称落在6月修正区间内，收入惊喜有限。
- 经营利润20.7百万美元低于去年22.4百万美元，餐厅层利润率23.0%同比下降90bp，牛肉等成本压力仍在，净影响不足以追多。
主要风险
- 若盘中市场继续把正客流和EPS beat重定价，SHAK.US可能短线继续冲高，但这属于财报反应动量而非清晰的新催化。
- 公司称牛肉通胀会延续到下半年，若成本压力超过低个位数同店销售增长，利润率修复可能继续受限。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-06-02 · 影响 weakens
6月官方已将Q2营收指引下调至4.15亿至4.20亿美元、同店销售降至2.5%至3.0%、利润率降至22.0%至23.0%，本次实际值更多是修正后兑现。
检索:Shake Shack June 2026 business update lowered guidance Q2 revenue same-Shack sales restaurant margin Adjusted EBITDA 原文 ↗ - 做多前查反向 · 来源 filing · 日期 2026-08-05 · 影响 weakens
官方股东信披露经营利润和净利润同比下降、餐厅层利润率同比下降90bp，并称牛肉通胀在二季度加速且下半年仍有压力。
检索:Shake Shack Q2 2026 beef inflation margin pressure operating income down net income down 原文 ↗
原文全文
展开原文 · 932 字
SHAKE $SHAK Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $417.6M (Est. $417M) 🟢; +17.2% YoY
🔹 Adj. EPS: $0.43 (Est. $0.31) 🟢; -2% YoY
🔹 Adjusted EBITDA: $61.2M (Est. $58M) 🟢; +3.9% YoY
🔹 Same-Shack Sales: +3.5% YoY
FY Guide:
🔹 Company-Operated Openings: 60-65
🔹 Licensed Openings: 40-45
🔹 Same-Shack Sales: +LSD%
🔹 Restaurant-Level Profit Margin: 22.0%-23.0%
🔹 G&A: 12.0%-13.0% of Total Revenue
🔹 Equity-Based Compensation: $28M
🔹 Pre-Opening Costs: $26M-$28M
🔹 Adjusted Pro Forma Tax Rate: 25%-27%
Segment Net Revenue:
🔹 Shack Sales: $403.4M; +17.5% YoY
🔹 Licensing Revenue: $14.2M; +7.1% YoY
Other Q2 Metrics:
🔹 Net Income: $16.9M
🔹 Operating Income: $20.7M; -7% YoY
🔹 Restaurant-Level Profit Margin: 23.0%; -90 bps YoY
Comments:
🔸 “For the second quarter, same-Shack sales grew 3.5%, including positive traffic of 2.0%.”
🔸 “We delivered our strongest second quarter of unit growth on record, opening 16 new Company-operated Shacks”
🔹 Revenue: $417.6M (Est. $417M) 🟢; +17.2% YoY
🔹 Adj. EPS: $0.43 (Est. $0.31) 🟢; -2% YoY
🔹 Adjusted EBITDA: $61.2M (Est. $58M) 🟢; +3.9% YoY
🔹 Same-Shack Sales: +3.5% YoY
FY Guide:
🔹 Company-Operated Openings: 60-65
🔹 Licensed Openings: 40-45
🔹 Same-Shack Sales: +LSD%
🔹 Restaurant-Level Profit Margin: 22.0%-23.0%
🔹 G&A: 12.0%-13.0% of Total Revenue
🔹 Equity-Based Compensation: $28M
🔹 Pre-Opening Costs: $26M-$28M
🔹 Adjusted Pro Forma Tax Rate: 25%-27%
Segment Net Revenue:
🔹 Shack Sales: $403.4M; +17.5% YoY
🔹 Licensing Revenue: $14.2M; +7.1% YoY
Other Q2 Metrics:
🔹 Net Income: $16.9M
🔹 Operating Income: $20.7M; -7% YoY
🔹 Restaurant-Level Profit Margin: 23.0%; -90 bps YoY
Comments:
🔸 “For the second quarter, same-Shack sales grew 3.5%, including positive traffic of 2.0%.”
🔸 “We delivered our strongest second quarter of unit growth on record, opening 16 new Company-operated Shacks”
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