Fast-food chain Shake Shack (NYSE: SHAK) will be reporting results tomorrow before market hours. Here’s what to look for.

Shake Shack beat analysts’ revenue expectations last quarter, reporting revenues of $367.4 million, up 15.9% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ same-store sales estimates and a solid beat of analysts’ EBITDA estimates.

Is Shake Shack a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Shake Shack’s revenue to grow 22.1% year on year, improving from the 14.8% increase it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Shake Shack has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at Shake Shack’s peers in the modern fast food segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Portillo's posted flat year-on-year revenue, meeting analysts’ expectations, and Chipotle reported revenues up 4.9%, topping estimates by 0.6%. Chipotle traded up 1.9% following the results.

Read our full analysis of Portillo’s results here and Chipotle’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the modern fast food stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.1% on average over the last month. Shake Shack is up 3% during the same time and is heading into earnings with an average analyst price target of $110.83 (compared to the current share price of $89.21).

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