depends on your goals....if bulking i would say drink the shake and then do the cardio it should spare you some catabolism....if cutting it up then save the shake for after your cardio as your cardio time will be much more effective if you dont take in any calories...i personally cant handle the shake then cardio hard on the stomach hard on the body too as your body sends blood to your GI tract to aid digestion along so less is available for muscle use.....