Machining of Inconel 718 at higher cutting speeds is expected to provide some relief from the machining difficulties. Therefore, to understand the material behavior at higher cutting speeds, this paper presents an analytical model that predicts specific shearing energy of the work material in shear zone. It considers formation of shear bands that occur at higher cutting speeds during machining, along with the elaborate evaluation of the effect of strain, strain rate, and temperature dependence of the shear flow stress using Johnson–Cook equation. The model also considers the ‘size-effect’ in machining in terms of occurrence of ‘ploughing forces’ during machining. The theoretical results show that the shear band spacing in chip formation increases linearly with an increase in the feedrate and is of the order of 0.2–0.9mm depending upon the processing conditions. The model shows excellent agreement with the experimental values with an error between 0.5% and 7% for various parametric conditions.