Chipotle Mexican Grill

Consumer Discretionary Restaurants Newport Beach, California Last filing Feb 4, 2026 · FY2025

                    Revenue
                    FY2025
                
$11.9B
                    3y CAGR +11.4%
                    
                    P78
                    
                    +5.4%
                    
                    Net income
                    FY2025
                
$1.5B
                    Net margin +12.9%
                    
                    P74
                    
                    +0.1%
                    
                    Total assets
                    FY2025
                
$9.0B
                    ROA +17.1%
                    
                    P84
                    
                    -2.3%
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin +12.1%
                    
                    P66
                    
                    +0.4%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $9.0B

Total liabilities $6.2B

Shareholders equity $2.8B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	4.3%	8.5%	7.3%	5.9%	12.7%
Short Term Investments	2.2%	9.4%	7.0%	5.6%	4.1%
Accounts Receivable	1.7%	1.6%	1.4%	1.5%	1.5%
Inventory	0.6%	0.5%	0.5%	0.5%	0.5%
Prepaid Expenses	1.3%	1.1%	1.5%	1.2%	1.2%
Other Current Assets	1.3%	1.1%	1.5%	1.2%	1.2%
Total Current Assets	16.3%	19.3%	20.1%	17.0%	20.8%
Property,Plant and Equipment	29.8%	26.0%	27.0%	28.2%	26.6%
Operating Lease Assets	49.6%	43.5%	44.5%	47.7%	46.9%
Goodwill	0.2%	0.2%	0.3%	0.3%	0.3%
Long Term Investments	2.2%	9.4%	7.0%	5.6%	4.1%
Other Noncurrent Assets	1.5%	1.2%	0.8%	0.9%	0.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.4%	2.3%	2.5%	2.7%	2.5%
Accrued Liabilities	2.0%	2.0%	1.8%	2.1%	2.6%
Deferred Revenue	2.7%	2.6%	—	2.6%	2.4%
Operating Lease Liabilities	3.4%	3.0%	3.1%	3.4%	3.3%
Other Current Liabilities	0.9%	0.8%	0.7%	0.6%	0.6%
Total Current Liabilities	13.2%	12.7%	12.8%	13.3%	13.1%
Operating Lease Liabilities Noncurrent	53.1%	46.3%	47.3%	50.5%	49.6%
Deferred Tax Liabilities	1.4%	0.5%	1.1%	1.4%	2.1%
Other Noncurrent Liabilities	0.9%	0.8%	0.7%	0.6%	0.6%
Total Liabilities	68.5%	60.3%	61.9%	65.8%	65.5%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.1%	0.1%	0.0%	0.0%	0.0%
Additional Paid In Capital	24.5%	22.6%	24.3%	26.4%	26.0%
Retained Earnings	6.9%	17.1%	75.3%	69.7%	59.1%
Treasury Stock	0.0%	11.7%	8.2%	61.8%	50.4%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%
Total Stockholders Equity	31.5%	39.7%	38.1%	34.2%	34.5%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $11.9B

Operating income $1.9B

Net income $1.5B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	132.6%	122.9%	122.7%	124.6%	113.4%
Expenses Cost of Revenue	111.1%	102.1%	103.3%	107.9%	101.3%
Expenses Selling,General and Administrative	7.2%	7.6%	7.9%	8.1%	9.1%
Expenses Depreciation and Amortization	4.0%	3.6%	4.0%	4.1%	3.8%
Expenses Share Based Compensation	1.3%	1.4%	1.5%	1.4%	2.7%
Expenses Operating Expenses	111.1%	102.1%	103.3%	107.9%	101.3%
Other Income Expense Operating Income	21.5%	20.8%	19.4%	16.8%	12.1%
Other Income Expense Other Income/expense	0.8%	1.0%	0.8%	0.3%	0.1%
Other Income Expense Income Before Tax	22.3%	21.8%	20.1%	17.1%	12.2%
Income Tax Income Tax Expense	5.3%	5.2%	4.9%	4.1%	2.4%
net Income net Income	17.1%	16.7%	15.3%	13.0%	9.8%
net Income Comprehensive Income	17.1%	16.6%	15.3%	12.9%	9.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	14.9%	14.9%	17.1%	20.1%	0.4%
Earnings Per Share Weighted Average Shares Diluted	14.9%	15.0%	17.2%	20.3%	0.4%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $2.1B

Investing cash flow $-35.1M

Financing cash flow $-2.5B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	17.1%	16.7%	15.3%	13.0%	9.8%
Operating Activities Depreciation and Amortization	4.0%	3.6%	4.0%	4.1%	3.8%
Operating Activities Stock Based Compensation	1.3%	1.4%	1.5%	1.4%	2.7%
Operating Activities Deferred Income Taxes	0.9%	-0.5%	-0.1%	-0.6%	-0.2%
Operating Activities Changes In Operating Assets and Liabilities	-2.1%	-1.2%	-1.4%	-2.2%	-1.6%
Operating Activities Other Non Cash Items	-0.0%	0.0%	0.1%	0.1%	-0.1%
Operating Activities net Cash From Operating Activities	23.5%	22.9%	22.2%	19.1%	19.3%
Investing Activities Capital Expenditures	7.4%	6.4%	7.0%	6.9%	6.7%
Investing Activities Purchases of Investments	0.3%	10.7%	13.9%	8.9%	6.5%
Investing Activities Proceeds From Sale of Investments	7.3%	7.9%	9.1%	3.8%	5.2%
Investing Activities net Cash From Investing Activities	-0.4%	-9.1%	-11.8%	-12.0%	-7.8%
Financing Activities Repurchase of Common Stock	27.0%	10.9%	7.4%	12.0%	7.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.5%	0.8%	0.9%	1.4%	1.2%
Financing Activities Other Financing Activities	0.0%	0.0%	0.0%	-0.0%	-0.0%
Financing Activities net Cash From Financing Activities	-27.5%	-11.7%	-8.2%	-13.4%	-8.2%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%	-0.0%	0.0%	-0.0%	-0.0%
Cash Reconciliation net Change In Cash	-4.4%	2.1%	2.2%	-6.3%	3.2%
Cash Reconciliation Cash At Beginning of Period	4.3%	8.5%	7.3%	5.9%	12.7%
Cash Reconciliation Cash At End of Period	4.3%	8.5%	7.3%	5.9%	12.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+16.2%	+16.9%	+15.8%	+13.4%	+10.7%
Operating margin	+16.2%	+16.9%	+15.8%	+13.4%	+10.7%
Net margin	+12.9%	+13.6%	+12.4%	+10.4%	+8.7%
FCF margin	+12.1%	+13.4%	+12.4%	+9.8%	+11.1%
Growth
Revenue CAGR (3y)	+11.4%	+14.4%	+18.2%	+15.6%	+15.8%
Returns
ROE	+54.3%	+42.0%	+40.1%	+38.0%	+28.4%
ROA	+17.1%	+16.7%	+15.3%	+13.0%	+9.8%
ROIC	—	—	—	—	—
Liquidity
Current ratio	1.23x	1.52x	1.57x	1.28x	1.58x
Quick ratio	0.46x	0.79x	0.68x	0.56x	1.08x
Leverage
D/E	2.18x	1.52x	1.63x	1.93x	1.90x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	1.33x	1.23x	1.23x	1.25x	1.13x
Cash conversion cycle	-1d	-2d	-3d	-3d	-2d

Valuation

Price against fundamentals

CMG $40 · 2025-09-17 · 363d old · FY2025

Market cap $53.3B

P/E 34.68x

P/S 4.47x

P/B 18.82x

EV —

EV/EBITDA —

FCF yield +2.7%

Dividend yield —

Notes

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