Shake Shack is a "fine casual" burger chain that serves made-to-order Angus beef burgers, crispy chicken sandwiches, hand-spun milkshakes, and other American classics. Founded in 2004 from a hot dog cart in New York City's Madison Square Park, Shake Shack's core proposition is bringing premium ingredients and fine-dining hospitality to a fast-casual format. As of FY25, Shake Shack had 659 system-wide locations — 373 company-operated and 286 licensed. Company-operated Shacks account for ~96% of revenue, with customers ordering at kiosks, in-app, online, or via third-party delivery. The licensed business (~4% of revenue) grants third-party operators the right to use the Shake Shack brand, primarily in international markets and non-traditional U.S. venues like airports and stadiums; Shake Shack earns a royalty fee with no capital outlay. Unit growth is the primary top-line driver, with management targeting ~1,500 company-operated Shacks long-term — more than 4x today's count. New unit growth is focused on the South, Midwest, and Southwest, where real estate and labor costs are lower and brand whitespace is larger. Shake Shack has also expanded into suburban drive-thru formats, which are producing stronger results outside the Northeast. Restaurant-level profitability is driven by food and paper costs (~28–29% of Shack sales), labor (~25%), other operating expenses (~15%), and occupancy (~7–8%). Shake Shack is in growth mode, reinvesting capital into new Shack construction, digital infrastructure, and marketing rather than returning cash to shareholders.