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REVENUE
12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue Recognition
Revenue disaggregated by type was as follows:
202520242023
Shack sales$1,391,166 $1,207,561 $1,046,819 
Licensing revenue:
Sales-based royalties51,532 43,487 39,853 
Initial territory, opening, and termination fees
2,608 1,560 861 
Total revenue$1,445,306 $1,252,608 $1,087,533 
The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied as of December 31, 2025 was $27,308. The Company expects to recognize this amount as revenue over a long-term period, as the majority of license terms for each Shack range from ten to twenty years. This amount excludes any variable consideration related to sales-based royalties.
Contract Balances
Contract liabilities and receivables from contracts with customers were as follows:
December 31
2025
December 25
2024
Shack sales receivables$13,397 $10,699 
Licensing receivables, net of allowance for doubtful accounts7,507 5,735 
Gift card liability3,711 2,584 
Deferred revenue, current1,928 1,666 
Deferred revenue, long-term19,154 17,060 
Revenue recognized that was included in the respective liability balances at the beginning of the period was as follows:
20252024
Gift card liability
$869 $776 
Deferred revenue2,123 1,461