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

Running CAGR since the earliest displayed year.

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	-17.8%	-2.7%	-16.8%	-51.7%	—
Short Term Investments	-7.9%	+46.8%	+43.5%	+41.5%	—
Accounts Receivable	+12.0%	+13.1%	+7.7%	+7.3%	—
Inventory	+10.8%	+14.2%	+9.4%	+8.7%	—
Prepaid Expenses	+11.2%	+7.4%	+22.1%	+9.7%	—
Other Current Assets	+11.2%	+7.4%	+22.1%	+9.7%	—
Total Current Assets	+1.5%	+8.8%	+8.3%	-14.9%	—
Property,Plant and Equipment	+10.9%	+10.5%	+10.7%	+10.3%	—
Operating Lease Assets	+9.4%	+8.7%	+7.1%	+5.9%	—
Goodwill	+0.0%	+0.0%	+0.0%	+0.0%	—
Long Term Investments	-7.9%	+46.8%	+43.5%	+41.5%	—
Other Noncurrent Assets	+23.2%	+26.1%	+5.5%	+11.4%	—
Total Assets	+7.8%	+11.4%	+10.0%	+4.1%	—
Liabilities
Accounts Payable	+6.9%	+8.9%	+10.1%	+13.1%	—
Accrued Liabilities	+1.3%	+1.3%	-7.6%	-14.7%	—
Deferred Revenue	+11.4%	+15.1%	—	+17.1%	—
Operating Lease Liabilities	+8.4%	+8.3%	+6.5%	+8.0%	—
Other Current Liabilities	+18.8%	+22.6%	+23.6%	+13.7%	—
Total Current Liabilities	+8.0%	+10.2%	+8.6%	+5.5%	—
Operating Lease Liabilities Noncurrent	+9.7%	+8.9%	+7.3%	+5.9%	—
Deferred Tax Liabilities	-3.0%	-31.2%	-20.7%	-30.4%	—
Other Noncurrent Liabilities	+18.8%	+22.6%	+23.6%	+13.7%	—
Total Liabilities	+9.1%	+8.4%	+7.0%	+4.7%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	+143.5%	+232.1%	+0.5%	+0.5%	—
Additional Paid In Capital	+6.3%	+6.3%	+6.4%	+5.8%	—
Retained Earnings	-37.0%	-26.3%	+24.2%	+22.9%	—
Treasury Stock	—	-31.5%	-55.6%	+27.6%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Total Stockholders Equity	+5.4%	+16.7%	+15.5%	+3.1%	—
Total Liabilitiesand Equity	+7.8%	+11.4%	+10.0%	+4.1%	—

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	+12.1%	+14.4%	+14.4%	+14.4%	—
Expenses Cost of Revenue	+10.3%	+11.7%	+11.0%	+10.9%	—
Expenses Selling,General and Administrative	+1.8%	+4.7%	+2.2%	-7.0%	—
Expenses Depreciation and Amortization	+9.1%	+9.6%	+12.0%	+12.6%	—
Expenses Share Based Compensation	-9.3%	-9.3%	-16.2%	-44.4%	—
Expenses Operating Expenses	+10.3%	+11.7%	+11.0%	+10.9%	—
Other Income Expense Operating Income	+24.5%	+33.5%	+39.1%	+44.2%	—
Other Income Expense Other Income/expense	+75.2%	+129.0%	+183.1%	+170.2%	—
Other Income Expense Income Before Tax	+25.4%	+35.2%	+41.2%	+45.4%	—
Income Tax Income Tax Expense	+31.2%	+43.9%	+56.6%	+76.8%	—
net Income net Income	+23.8%	+32.9%	+37.2%	+37.7%	—
net Income Comprehensive Income	+24.0%	+32.9%	+37.4%	+37.5%	—
Earnings Per Share Basic Eps	-52.8%	-63.6%	-80.4%	-97.2%	—
Earnings Per Share Diluted Eps	-52.8%	-63.5%	-80.3%	-97.2%	—
Earnings Per Share Weighted Average Shares Basic	+162.6%	+265.0%	+599.8%	+4850.0%	—
Earnings Per Share Weighted Average Shares Diluted	+162.0%	+264.1%	+597.1%	+4821.2%	—

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	+23.8%	+32.9%	+37.2%	+37.7%	—
Operating Activities Depreciation and Amortization	+9.1%	+9.6%	+12.0%	+12.6%	—
Operating Activities Stock Based Compensation	-9.3%	-9.3%	-16.2%	-44.4%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	—
Operating Activities Other Non Cash Items	—	—	—	—	—
Operating Activities net Cash From Operating Activities	+13.3%	+18.0%	+17.9%	+3.2%	—
Investing Activities Capital Expenditures	+10.8%	+10.3%	+12.6%	+8.3%	—
Investing Activities Purchases of Investments	-49.4%	+32.0%	+61.2%	+43.1%	—
Investing Activities Proceeds From Sale of Investments	+17.5%	+27.9%	+45.3%	-23.8%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Repurchase of Common Stock	+51.0%	+29.0%	+12.7%	+78.0%	—
Financing Activities Tax Withholding On Stock Based Compensation	-11.3%	-2.4%	-7.0%	+23.9%	—
Financing Activities Other Financing Activities	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	-3.0%	-8.2%	—	—
Cash Reconciliation Cash At Beginning of Period	-17.8%	-2.7%	-16.8%	-51.7%	—
Cash Reconciliation Cash At End of Period	-17.8%	-2.7%	-16.8%	-51.7%	—

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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