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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Shake Shack Inc. (SHAK). Click either name above to swap in a different company.
Shake Shack Inc. is the larger business by last-quarter revenue ($400.5M vs $259.0M, roughly 1.5× ASHFORD HOSPITALITY TRUST INC). Shake Shack Inc. runs the higher net margin — 3.0% vs -26.8%, a 29.7% gap on every dollar of revenue. On growth, Shake Shack Inc. posted the faster year-over-year revenue change (21.9% vs -6.0%). Shake Shack Inc. produced more free cash flow last quarter ($4.0M vs $-86.8M). Over the past eight quarters, Shake Shack Inc.'s revenue compounded faster (17.4% CAGR vs -7.7%).
Ashford Hospitality Trust Inc is a U.S.-headquartered real estate investment trust focused on upper-upscale full-service hotel properties across key U.S. urban, suburban and resort markets. Its portfolio holds assets under top global hospitality brands, serving business and leisure travelers, with a focus on long-term value growth and stable shareholder returns.
Shake Shack is an American multinational fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park in 2001, and its popularity steadily grew. In 2004, it received a permit to open a permanent kiosk within the park, expanding its menu from New York–style hot dogs to one with hamburgers, hot dogs, fries and its namesake milkshakes.
AHT vs SHAK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $400.5M |
| Net Profit | $-69.3M | $11.8M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 4.7% |
| Net Margin | -26.8% | 3.0% |
| Revenue YoY | -6.0% | 21.9% |
| Net Profit YoY | 44.2% | 35.8% |
| EPS (diluted) | $-12.85 | $0.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $259.0M | $400.5M | ||
| Q3 25 | $266.1M | $367.4M | ||
| Q2 25 | $302.0M | $356.5M | ||
| Q1 25 | $277.4M | $320.9M | ||
| Q4 24 | $275.5M | $328.7M | ||
| Q3 24 | $276.6M | $316.9M | ||
| Q2 24 | $316.5M | $316.5M | ||
| Q1 24 | $303.9M | $290.5M |
| Q4 25 | $-69.3M | $11.8M | ||
| Q3 25 | $-60.1M | $12.5M | ||
| Q2 25 | $-30.4M | $17.1M | ||
| Q1 25 | $-20.0M | $4.2M | ||
| Q4 24 | $-124.2M | $8.7M | ||
| Q3 24 | $-57.9M | $-10.2M | ||
| Q2 24 | $50.3M | $9.7M | ||
| Q1 24 | $71.6M | $2.0M |
| Q4 25 | -2.6% | 4.7% | ||
| Q3 25 | 4.6% | 5.0% | ||
| Q2 25 | 16.3% | 6.3% | ||
| Q1 25 | 22.2% | 0.9% | ||
| Q4 24 | -17.8% | 3.1% | ||
| Q3 24 | 7.3% | -5.7% | ||
| Q2 24 | 42.8% | 3.4% | ||
| Q1 24 | 50.2% | 0.0% |
| Q4 25 | -26.8% | 3.0% | ||
| Q3 25 | -22.6% | 3.4% | ||
| Q2 25 | -10.1% | 4.8% | ||
| Q1 25 | -7.2% | 1.3% | ||
| Q4 24 | -45.1% | 2.6% | ||
| Q3 24 | -20.9% | -3.2% | ||
| Q2 24 | 15.9% | 3.1% | ||
| Q1 24 | 23.5% | 0.7% |
| Q4 25 | $-12.85 | $0.28 | ||
| Q3 25 | $-11.35 | $0.30 | ||
| Q2 25 | $-6.88 | $0.41 | ||
| Q1 25 | $-4.91 | $0.10 | ||
| Q4 24 | $-13.64 | $0.22 | ||
| Q3 24 | $-12.39 | $-0.26 | ||
| Q2 24 | $2.50 | $0.23 | ||
| Q1 24 | $5.99 | $0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $66.1M | $360.1M |
| Total DebtLower is stronger | $2.5B | $247.7M |
| Stockholders' EquityBook value | $-626.4M | $525.3M |
| Total Assets | $2.8B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $360.1M | ||
| Q3 25 | $81.9M | $357.8M | ||
| Q2 25 | $100.0M | $336.8M | ||
| Q1 25 | $85.8M | $312.9M | ||
| Q4 24 | $112.9M | $320.7M | ||
| Q3 24 | $119.7M | $310.9M | ||
| Q2 24 | $121.8M | $304.4M | ||
| Q1 24 | $111.1M | $284.8M |
| Q4 25 | $2.5B | $247.7M | ||
| Q3 25 | $2.6B | $247.5M | ||
| Q2 25 | $2.6B | $247.2M | ||
| Q1 25 | $2.7B | $246.9M | ||
| Q4 24 | $2.6B | $246.7M | ||
| Q3 24 | $2.7B | $246.4M | ||
| Q2 24 | $2.8B | $246.2M | ||
| Q1 24 | $2.9B | $245.9M |
| Q4 25 | $-626.4M | $525.3M | ||
| Q3 25 | $-548.7M | $509.0M | ||
| Q2 25 | $-485.5M | $494.1M | ||
| Q1 25 | $-446.1M | $473.3M | ||
| Q4 24 | $-419.2M | $470.0M | ||
| Q3 24 | $-288.4M | $456.1M | ||
| Q2 24 | $-225.9M | $462.4M | ||
| Q1 24 | $-276.8M | $446.4M |
| Q4 25 | $2.8B | $1.9B | ||
| Q3 25 | $3.0B | $1.8B | ||
| Q2 25 | $3.1B | $1.8B | ||
| Q1 25 | $3.1B | $1.7B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.3B | $1.7B | ||
| Q2 24 | $3.3B | $1.7B | ||
| Q1 24 | $3.5B | $1.6B |
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.52× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.55× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.7M | $63.1M |
| Free Cash FlowOCF − Capex | $-86.8M | $4.0M |
| FCF MarginFCF / Revenue | -33.5% | 1.0% |
| Capex IntensityCapex / Revenue | 27.5% | 14.8% |
| Cash ConversionOCF / Net Profit | — | 5.34× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $56.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $63.1M | ||
| Q3 25 | $5.5M | $63.0M | ||
| Q2 25 | $16.3M | $65.0M | ||
| Q1 25 | $-25.0M | $31.2M | ||
| Q4 24 | $-23.6M | $45.1M | ||
| Q3 24 | $795.0K | $41.9M | ||
| Q2 24 | $8.0M | $53.5M | ||
| Q1 24 | $-46.5M | $30.7M |
| Q4 25 | $-86.8M | $4.0M | ||
| Q3 25 | $-226.0K | $23.7M | ||
| Q2 25 | $-3.6M | $26.9M | ||
| Q1 25 | $-44.8M | $1.9M | ||
| Q4 24 | $-131.6M | $10.4M | ||
| Q3 24 | $-21.8M | $7.1M | ||
| Q2 24 | $-22.9M | $20.6M | ||
| Q1 24 | $-80.4M | $-2.4M |
| Q4 25 | -33.5% | 1.0% | ||
| Q3 25 | -0.1% | 6.5% | ||
| Q2 25 | -1.2% | 7.5% | ||
| Q1 25 | -16.2% | 0.6% | ||
| Q4 24 | -47.8% | 3.2% | ||
| Q3 24 | -7.9% | 2.2% | ||
| Q2 24 | -7.2% | 6.5% | ||
| Q1 24 | -26.5% | -0.8% |
| Q4 25 | 27.5% | 14.8% | ||
| Q3 25 | 2.1% | 10.7% | ||
| Q2 25 | 6.6% | 10.7% | ||
| Q1 25 | 7.2% | 9.1% | ||
| Q4 24 | 39.2% | 10.6% | ||
| Q3 24 | 8.2% | 11.0% | ||
| Q2 24 | 9.8% | 10.4% | ||
| Q1 24 | 11.2% | 11.4% |
| Q4 25 | — | 5.34× | ||
| Q3 25 | — | 5.04× | ||
| Q2 25 | — | 3.79× | ||
| Q1 25 | — | 7.36× | ||
| Q4 24 | — | 5.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | 5.54× | ||
| Q1 24 | -0.65× | 15.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
SHAK
Segment breakdown not available.
