Shake Shack Inc. announced that Chief Financial Officer Katherine Fogertey will step down effective March 4 2026, moving into a Senior Advisor role to support a smooth handoff. The company is establishing an Office of the CFO, staffed by experienced leaders in financial planning, accounting, treasury, data science and investor relations, to maintain continuity while a new CFO is sought.
Forgetey, who joined Shake Shack in 2019, helped double the company’s footprint from 1,200 to 2,400 company‑operated units and drove significant operational improvements, including a 4.9% increase in same‑Shack sales in Q3 2025 and a 22.8% restaurant‑level profit margin, up from 21.0% in Q3 2024. She also led a digital transformation that pushed online sales to 30% of total revenue, a key driver of the company’s 15.9% year‑over‑year revenue growth in Q3 2025.
The Office of the CFO will be led by a senior finance executive who will oversee day‑to‑day operations and coordinate the search for a permanent replacement. Fogertey will remain on the board and will provide strategic guidance on capital structure and long‑term financial planning, ensuring that the transition does not disrupt the company’s momentum. The search criteria emphasize experience in scaling fast‑growth restaurant brands, strong cost‑control skills, and the ability to navigate evolving capital structures.
In Q3 2025, Shake Shack reported revenue of $367.4 million, beating analyst estimates of $363.8 million by $3.6 million, or 1.0%. Adjusted earnings per share of $0.36 surpassed consensus of $0.31 by $0.05, a 16% beat. The revenue lift was driven by a 4.9% increase in same‑Shack sales, supported by the expansion of drive‑thru and smaller format units, while the EPS beat resulted from disciplined cost management and a 1.5% improvement in restaurant‑level profit margin. The company’s adjusted EBITDA rose to $54.14 million, up 4.6% from analyst expectations, reflecting the combined impact of higher sales and margin expansion.
The market reacted positively, with Loop Capital upgrading Shake Shack’s rating to Buy and setting a new price target of $127.00. The upgrade was driven by the company’s consistent earnings beats, strong same‑Shack sales growth, and a clear path to a 16%‑18% revenue growth target for FY2025. Investors viewed the CFO transition as a low‑risk event, given the continuity plan and Fogertey’s ongoing advisory role.
Looking ahead, Shake Shack’s CEO Rob Lynch emphasized that the company will open at least 55 to 60 new Shacks in 2025, targeting a total of 1,500 company‑operated units. Lynch highlighted that the firm’s focus on operational efficiency—reducing labor hours and improving productivity—has been a key factor in margin expansion. CFO Fogertey noted that the company’s capital structure remains healthy, with a debt‑to‑equity ratio of 46.2% and cash covering all interest payments. She added that the search for a new CFO will prioritize candidates with experience in scaling restaurant brands and managing complex capital structures, ensuring that the company can continue to invest in technology and digital platforms while maintaining financial discipline.
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