CHIPOTLE MEXICAN GRILL INC

Listed Company

CMGCIK 0001058090NYSELarge AcceleratedRetail-Eating PlacesFY ends Dec 31

Period

FY 2025

Revenue

$11.93B

Net Income

$1.54B

Total Assets

$8.99B

Equity

$2.83B

Shares Out

1.28B

Op. Cash Flow

$2.11B

Business

CHIPOTLE MEXICAN GRILL INC operates and owns Chipotle Mexican Grill restaurants featuring a menu of burritos, burrito bowls, quesadillas, tacos, and salads. It offers responsibly sourced, classically cooked real food without artificial colors, flavors or preservatives, alongside digital ordering, catering, loyalty programs, and restaurant services. The company manages its operations as a single reportable segment with U.S. operations organized into ten regions and includes company-owned, international and licensed restaurants, distribution centers, supply chain, and support centers. Its restaurants and digital channels serve customers across the United States and internationally, including Canada, France, Germany and the United Kingdom, with orders fulfilled in-restaurant, via the app and website, Chipotlanes, third-party delivery, and regional distribution centers.

Summary from filing dated 2025-02-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	11,926	11,314	9,872	8,635	7,547
Food, beverage and packaging	3,527	3,375	2,913	2,602	2,309
Labor	2,992	2,790	2,441	2,198	1,918
Occupancy	625	563	503	460	417
Other operating costs	1,756	1,568	1,429	1,312	1,197
General and administrative expenses	652	697	634	564	607
Depreciation and amortization	361	335	319	287	255
Pre-opening costs	50	42	37	30	21
Impairment, closure costs, and asset disposals	28	27	38	21	19
Total operating expenses	9,990	9,398	8,314	7,474	6,742
Income from operations	1,936	1,916	1,558	1,160	805
Interest and other income, net	74	94	63	21	8
Income before income taxes	2,010	2,010	1,621	1,182	813
Provision for income taxes	474	476	392	282	−160
Net income	1,536	1,534	1,229	899	653
Basic (in usd per share)	1.15	1.12	0.89	0.65	23.21
Diluted (in usd per share)	1.14	1.11	0.89	0.64	22.9
Basic (in shares)	1,337	1,368	1,378	1,393	28
Diluted (in shares)	1,343	1,377	1,386	1,403	29
Foreign currency translation adjustments	3	−4	1	−3	−1
Comprehensive income	1,539	1,530	1,230	897	652

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	351	749	561	384	815
Accounts receivable, net	156	144	116	107	100
Inventory	50	49	39	36	33
Prepaid expenses and other current assets	120	98	117	86	79
Income tax receivable	91	67	53	48	94
Investments	699	674	735	515	261
Total current assets	1,467	1,781	1,621	1,176	1,382
Leasehold improvements, property and equipment, net	2,679	2,390	2,170	1,951	1,769
Long-term investments	197	868	564	388	274
Restricted cash	35	30	26	25	31
Operating lease assets	4,463	4,000	3,579	3,302	3,118
Other assets	131	114	63	63	57
Goodwill	22	22	22	22	22
Total assets	8,995	9,204	8,044	6,928	6,653
Accounts payable	213	211	198	185	163
Accrued payroll and benefits	250	262	228	170	162
Accrued liabilities	182	180	148	148	173
Unearned revenue	240	239	210	—	—
Current operating lease liabilities	302	278	248	236	219
Total current liabilities	1,188	1,169	1,031	922	874
Commitments and contingencies (Note 11)	—	—	—	—	—
Long-term operating lease liabilities	4,773	4,263	3,804	3,495	3,302
Deferred income tax liabilities	126	46	89	99	142
Other liabilities	77	71	59	44	39
Total liabilities	6,164	5,549	4,982	4,559	4,356
Common stock, $0.01 par value, 11,500,000 shares authorized, 1,304,360 and 1,358,751 shares issued as of December 31, 2025 and 2024, respectively	13	14	19	373,000	371,000
Additional paid-in capital	2,205	2,078	1,938	1,829	1,729
Accumulated other comprehensive loss	−7	−10	−7	−8	−5
Retained earnings	620	1,574	6,057	4,828	3,929
Total shareholders' equity	2,831	3,656	3,062	2,368	2,297
Total liabilities and shareholders' equity	8,995	9,204	8,044	6,928	6,653

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax provision	79	−43	−10	−43	−12
Impairment, closure costs, and asset disposals	27	25	37	21	17
Provision for credit losses	−657,000	215,000	2	−760,000	493,000
Stock-based compensation expense	120	132	124	98	176
Other	−15	−3	−13	−16	−5
Accounts receivable	−11	−29	−11	−14	−2
Inventory	−710,000	−10	−4	−3	−6
Prepaid expenses and other current assets	−33	9	−39	−15	−27
Operating lease assets	333	286	254	234	224
Other assets	−5	−18	4	−346,000	4
Accounts payable	−7	8	5	18	21
Accrued payroll and benefits	−12	35	57	10	−45
Accrued liabilities	−10	27	3	−28	11
Unearned revenue	41	46	36	33	34
Income tax payable/receivable	−24	−14	−5	46	193
Operating lease liabilities	−258	−218	−214	−207	−207
Other long-term liabilities	−4	3	9	4	−4
Net cash provided by operating activities	2,114	2,105	1,783	1,323	1,282
Purchases of leasehold improvements, property and equipment	−666	−594	−561	−479	−442
Purchases of investments	−28	−987	−1,115	−614	−429
Maturities of investments	659	723	730	264	346
Proceeds from sale of equipment	0	20	0	0	4
Net cash used in investing activities	−35	−838	−946	−830	−522
Repurchase of common stock	−2,426	−1,002	−592	−830	−466
Tax withholding on stock-based compensation awards	−49	−74	−69	−99	−80
Other financing activities	4	2	843,000	−294,000	−2
Net cash used in financing activities	−2,471	−1,074	−661	−929	−549
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−416,000	−2	381,000	−1	−1
Net change in cash, cash equivalents, and restricted cash	−392	192	177	−437	210
Income taxes paid	423	533	400	276	—
Purchases of leasehold improvements, property and equipment accrued in accounts payable and accrued liabilities	89	83	76	72	64
Repurchase of common stock accrued in accounts payable and accrued liabilities	23	7	6	4	—

Filings

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