Chipotle Mexican Grill
CMG NYSE Restaurants Financials FY2016–FY2025
Chipotle Mexican Grill's revenue rose 5.4% to $11.9 billion in fiscal 2025. Its operating margin was 16.2%, down from 16.9% a year earlier. Free cash flow was $1.4 billion, down 4.2%. It paid out $2.4 billion in dividends and buybacks, 168% of free cash flow. The diluted share count fell 2.5%.
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (50-for-1), so every year is on today's share basis.
What Chipotle Mexican Grill does
Chipotle owns and operates Chipotle Mexican Grill restaurants, which serve burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos and salads. It says it serves food made without artificial colors, flavors or preservatives, and it brands its meats as "Responsibly Raised." As of December 31, 2025, it owned 3,938 restaurants in the United States and 104 international restaurants, and there were 14 international restaurants run by partners. Its first restaurant opened in Denver, Colorado in 1993.
Chipotle's revenue comes from sales by its restaurants, and it reports one segment. Digital orders, placed through its website, its app or third-party delivery services, made up 36.7% of food and beverage revenue in 2025. It is building more Chipotlanes, drive-through lanes where guests pick up digital orders. It competes with fast-casual, quick-service and casual dining restaurants, from locally owned restaurants to national and regional chains, and with food delivery services.
As of December 31, 2025, Chipotle employed 130,301 people worldwide, 127,116 of them in the United States, plus 1,233 contract workers. Its international employees work in Canada, France, Germany and the United Kingdom. It gets supplies through independently owned regional distribution centers, and it buys certain key ingredients from a small number of suppliers.
- Legal name
- CHIPOTLE MEXICAN GRILL, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 4, 2026
- Accession · CIK
- 0001058090-26-000009
0001058090
Revenue and margins
Chipotle Mexican Grill had $11.9B of revenue in fiscal 2025, up 5.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 56.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.4B in fiscal 2025, 12.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Chipotle Mexican Grill returned $2.4B to shareholders in fiscal 2025, 168% of free cash flow. The diluted share count fell 2.5%.
Value Chipotle Mexican Grill yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $1.0B and divides by 1,342.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 25.2x · peers 19.5x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Chipotle Mexican Grill can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $899M | $1.3B | $1.4B | $1.0B |
| Debt incl. finance leases | $1.5M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | −1.0x | −0.6x | −0.7x | −0.6x | −0.5x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Current ratio | 1.6x | 1.3x | 1.6x | 1.5x | 1.2x |
| Quick ratio | 1.5x | 1.2x | 1.5x | 1.5x | 1.2x |
| Total assets | $6.7B | $6.9B | $8.0B | $9.2B | $9.0B |
| Total liabilities | $4.4B | $4.6B | $5.0B | $5.5B | $6.2B |
| Shareholders' equity | $2.3B | $2.4B | $3.1B | $3.7B | $2.8B |
| Net debt (− = net cash) | −$1.1B | −$899M | −$1.3B | −$1.4B | −$1.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$7.2M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Matthew R BushController, Pao | Sold | 2,675 | $35.75 | $0.1M | Form 4 |
| Feb 24, 2026 | Patricia FilikrushelDirector | Sold | 3,350 | $36.58 | $0.1M | Form 4 |
| Feb 6, 2026 | Curtis E GarnerPres, Chief Strgy & Tech Off | Sold | 61,077 | $40.01 | $2.4M | Form 4 |
| Dec 12, 2025 | Curtis E GarnerPres, Chief Strgy & Tech Off | Sold | 67,646 | $36.05 | $2.4M | Form 4 |
| Dec 1, 2025 | Curtis E GarnerPres, Chief Strgy & Tech Off | Sold | 61,892 | $34.67 | $2.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 7 / 8 | 5 / 8 | 4 / 8 |
| Accruals ratio | −7.4% | −6.6% | −6.4% |
| Altman Z'' | 4.88 | 3.08 | 2.36 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Chipotle Mexican Grill CMG | $35.2B | 5.4% | 16.2% | 12.1% | 73.7% | 25.2x | 4 | |
| Yum China YUMC | $15.5B | 4.4% | 10.9% | 7.1% | — | 16.3x | — | Compare → |
| Darden Restaurants DRI | $24.3B | 9.4% | 12.0% | 8.5% | 24.8% | 20.8x | 6 | Compare → |
| Restaurant Brands International QSR | $34.7B | 12.2% | 23.3% | 15.4% | 9.0% | 20.3x | 6 | Compare → |
| Yum! Brands YUM | $41.5B | 8.8% | 31.3% | 20.0% | 54.8% | 18.8x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.9B | $4.5B | $4.9B | $5.6B | $6.0B | $7.5B | $8.6B | $9.9B | $11.3B | $11.9B |
| Operating income | $34.6M | $271M | $258M | $444M | $290M | $805M | $1.2B | $1.6B | $1.9B | $1.9B |
| Pretax income | $38.7M | $276M | $268M | $458M | $294M | $813M | $1.2B | $1.6B | $2.0B | $2.0B |
| Income tax | $15.8M | $99.5M | −$91.9M | $108M | −$62.0M | $160M | $282M | $392M | $476M | $474M |
| Net income | $22.9M | $176M | $177M | $350M | $356M | $653M | $899M | $1.2B | $1.5B | $1.5B |
| Diluted EPS | $0.02 | $0.12 | $0.13 | $0.25 | $0.25 | $0.46 | $0.64 | $0.89 | $1.11 | $1.14 |
| Diluted shares | 1.49B | 1.43B | 1.40B | 1.41B | 1.42B | 1.43B | 1.40B | 1.39B | 1.38B | 1.34B |
| Cash flow | ||||||||||
| Cash from operations | $355M | $468M | $622M | $722M | $664M | $1.3B | $1.3B | $1.8B | $2.1B | $2.1B |
| Capital expenditure | $259M | $217M | $287M | $334M | $373M | $443M | $479M | $561M | $594M | $666M |
| Free cash flow | $96.3M | $251M | $334M | $388M | $291M | $840M | $844M | $1.2B | $1.5B | $1.4B |
| Depreciation and amortization | $146M | $163M | $202M | $213M | $239M | $255M | $287M | $319M | $335M | $361M |
| Stock-based compensation | $64.2M | $65.3M | $69.2M | $91.4M | $82.6M | $176M | $98.0M | $124M | $132M | $120M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $837M | $285M | $161M | $191M | $54.4M | $467M | $830M | $592M | $1.0B | $2.4B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $837M | $285M | $161M | $191M | $54.4M | $466M | $830M | $592M | $1.0B | $2.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $418M | $509M | $677M | $881M | $952M | $1.1B | $899M | $1.3B | $1.4B | $1.0B |
| Total debt | — | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $1.8M | $1.5M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $522M | $630M | $815M | $1.1B | $1.4B | $1.4B | $1.2B | $1.6B | $1.8B | $1.5B |
| Current liabilities | $282M | $324M | $450M | $667M | $822M | $874M | $922M | $1.0B | $1.2B | $1.2B |
| Inventory | $15.0M | $19.9M | $21.6M | $26.1M | $26.4M | $32.8M | $35.7M | $39.3M | $48.9M | $49.5M |
| Property and equipment, net | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B | $1.8B | $2.0B | $2.2B | $2.4B | $2.7B |
| Total assets | $2.0B | $2.0B | $2.3B | $5.1B | $6.0B | $6.7B | $6.9B | $8.0B | $9.2B | $9.0B |
| Total liabilities | $624M | $681M | $824M | $3.4B | $4.0B | $4.4B | $4.6B | $5.0B | $5.5B | $6.2B |
| Shareholders' equity | $1.4B | $1.4B | $1.4B | $1.7B | $2.0B | $2.3B | $2.4B | $3.1B | $3.7B | $2.8B |
| Margins | ||||||||||
| Operating margin | 0.9% | 6.1% | 5.3% | 8.0% | 4.9% | 10.7% | 13.4% | 15.8% | 16.9% | 16.2% |
| EBITDA margin | 4.6% | 9.7% | 9.5% | 11.8% | 8.8% | 14.0% | 16.8% | 19.0% | 19.9% | 19.3% |
| Net margin | 0.6% | 3.9% | 3.6% | 6.3% | 5.9% | 8.7% | 10.4% | 12.5% | 13.6% | 12.9% |
| FCF margin | 2.5% | 5.6% | 6.9% | 6.9% | 4.9% | 11.1% | 9.8% | 12.4% | 13.4% | 12.1% |
| Returns | ||||||||||
| Return on capital | — | — | — | — | 31.0% | 56.4% | 65.6% | 73.0% | 73.1% | 73.7% |
| Return on capital employed | 1.7% | 15.6% | 14.6% | 14.2% | 6.1% | 14.7% | 19.7% | 23.9% | 25.5% | 24.4% |
| Return on equity | 1.3% | 12.7% | 12.6% | 22.4% | 19.2% | 30.3% | 38.5% | 45.3% | 45.7% | 47.4% |
| Return on assets | 1.0% | 8.7% | 8.2% | 9.5% | 6.4% | 10.3% | 13.2% | 16.4% | 17.8% | 16.9% |
| Growth | ||||||||||
| Revenue growth | — | 14.7% | 8.7% | 14.8% | 7.1% | 26.1% | 14.4% | 14.3% | 14.6% | 5.4% |
| Net income growth | −95.2% | 668.4% | 0.2% | 98.3% | 1.6% | 83.5% | 37.7% | 36.7% | 24.9% | 0.1% |
| EPS growth | −94.9% | 701.3% | 2.3% | 96.2% | 1.1% | 82.9% | 39.7% | 39.1% | 24.7% | 2.7% |
| FCF growth | −77.4% | 161.1% | 32.9% | 16.0% | −25.1% | 189.0% | 0.5% | 44.9% | 23.6% | −4.2% |
| Share count change | −5.5% | −4.1% | −2.1% | 1.2% | 0.4% | 0.3% | −1.6% | −1.3% | −0.7% | −2.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | −1.3x | −1.8x | −1.0x | −0.6x | −0.7x | −0.6x | −0.5x |
| Debt / equity | — | — | — | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Current ratio | 1.9x | 1.9x | 1.8x | 1.6x | 1.7x | 1.6x | 1.3x | 1.6x | 1.5x | 1.2x |
| Quick ratio | 1.8x | 1.9x | 1.8x | 1.6x | 1.7x | 1.5x | 1.2x | 1.5x | 1.5x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.6% | 4.8% | 5.9% | 6.0% | 6.2% | 5.9% | 5.6% | 5.7% | 5.3% | 5.6% |
| Stock comp / revenue | 1.6% | 1.5% | 1.4% | 1.6% | 1.4% | 2.3% | 1.1% | 1.3% | 1.2% | 1.0% |
| Payouts / FCF | 868.8% | 113.4% | 48.2% | 49.2% | 18.7% | 55.6% | 98.4% | 48.4% | 66.3% | 167.6% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | 4.0 | 5.0 | 6.0 | 7.0 | 5.0 | 4.0 |
| Altman Z'' | 6.8 | 7.8 | 7.4 | 3.5 | 3.3 | 3.8 | 4.2 | 4.9 | 3.1 | 2.4 |
| Accruals ratio | −14.0% | −14.3% | −20.6% | −10.1% | −5.6% | −10.0% | −6.3% | −7.4% | −6.6% | −6.4% |
Source: SEC EDGAR XBRL filings (CIK 0001058090). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.