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

Balance Sheet

Assets, liabilities, and equity

31 accounts · 3 years

Total assets $9.0B

Total liabilities $6.2B

Shareholders equity $2.8B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$385.9M -50.4%	$778.4M 32.8%	$586.2M
Short Term Investments	$197.1M -77.3%	$868.0M 53.8%	$564.5M
Accounts Receivable	$156.5M 8.7%	$144.0M 24.6%	$115.5M
Inventory	$49.5M 1.2%	$48.9M 24.5%	$39.3M
Prepaid Expenses	$120.5M 23.5%	$97.5M -17.0%	$117.5M
Other Current Assets	$120.5M 23.5%	$97.5M -17.0%	$117.5M
Total Current Assets	$1.5B -17.6%	$1.8B 9.9%	$1.6B
Property,Plant and Equipment	$2.7B 12.1%	$2.4B 10.1%	$2.2B
Operating Lease Assets	$4.5B 11.6%	$4.0B 11.8%	$3.6B
Goodwill	$21.9M 0.0%	$21.9M 0.0%	$21.9M
Long Term Investments	$197.1M -77.3%	$868.0M 53.8%	$564.5M
Other Noncurrent Assets	$130.8M 15.0%	$113.7M 80.3%	$63.1M
Total Assets	$9.0B -2.3%	$9.2B 14.4%	$8.0B
Liabilities
Accounts Payable	$212.8M 1.0%	$210.7M 6.6%	$197.6M
Accrued Liabilities	$182.4M 1.5%	$179.7M 21.7%	$147.7M
Deferred Revenue	$240.4M 0.8%	$238.6M	—
Operating Lease Liabilities	$302.4M 8.8%	$277.8M 12.0%	$248.1M
Other Current Liabilities	$76.7M 7.9%	$71.1M 20.7%	$58.9M
Total Current Liabilities	$1.2B 1.7%	$1.2B 13.4%	$1.0B
Operating Lease Liabilities Noncurrent	$4.8B 12.0%	$4.3B 12.1%	$3.8B
Deferred Tax Liabilities	$125.7M 172.0%	$46.2M -48.1%	$89.1M
Other Noncurrent Liabilities	$76.7M 7.9%	$71.1M 20.7%	$58.9M
Total Liabilities	$6.2B 11.1%	$5.5B 11.4%	$5.0B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$13.0M -4.0%	$13.6M 3522.9%	$375.0K
Additional Paid In Capital	$2.2B 6.1%	$2.1B 6.2%	$2.0B
Retained Earnings	$619.9M -60.6%	$1.6B -74.0%	$6.1B
Treasury Stock	$0 -100.0%	$1.1B 62.6%	$662.6M
Accumulated Other Comprehensive Income	$-7.3M 29.1%	$-10.3M -54.5%	$-6.7M
Total Stockholders Equity	$2.8B -22.6%	$3.7B 19.4%	$3.1B
Total Liabilitiesand Equity	$9.0B -2.3%	$9.2B 14.4%	$8.0B

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $11.9B

Operating income $1.9B

Net income $1.5B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$11.9B 5.4%	$11.3B 14.6%	$9.9B
Expenses Cost of Revenue	$10.0B 6.3%	$9.4B 13.0%	$8.3B
Expenses Selling,General and Administrative	$652.0M -6.5%	$697.5M 10.1%	$633.6M
Expenses Depreciation and Amortization	$361.4M 7.9%	$335.0M 4.9%	$319.4M
Expenses Share Based Compensation	$119.5M -9.3%	$131.7M 6.2%	$124.0M
Expenses Operating Expenses	$10.0B 6.3%	$9.4B 13.0%	$8.3B
Other Income Expense Operating Income	$1.9B 1.0%	$1.9B 23.0%	$1.6B
Other Income Expense Other Income/expense	$73.7M -21.5%	$93.9M 49.8%	$62.7M
Other Income Expense Income Before Tax	$2.0B 0.0%	$2.0B 24.0%	$1.6B
Income Tax Income Tax Expense	$473.8M -0.5%	$476.1M 21.5%	$391.8M
net Income net Income	$1.5B 0.1%	$1.5B 24.9%	$1.2B
net Income Comprehensive Income	$1.5B 0.5%	$1.5B 24.4%	$1.2B
Earnings Per Share Basic Eps	$1 2.7%	$1 25.8%	$1
Earnings Per Share Diluted Eps	$1 2.7%	$1 24.7%	$1
Earnings Per Share Weighted Average Shares Basic	$1.3B -2.3%	$1.4B -0.7%	$1.4B
Earnings Per Share Weighted Average Shares Diluted	$1.3B -2.5%	$1.4B -0.6%	$1.4B

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $2.1B

Investing cash flow $-35.1M

Financing cash flow $-2.5B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$1.5B 0.1%	$1.5B 24.9%	$1.2B
Operating Activities Depreciation and Amortization	$361.4M 7.9%	$335.0M 4.9%	$319.4M
Operating Activities Stock Based Compensation	$119.5M -9.3%	$131.7M 6.2%	$124.0M
Operating Activities Deferred Income Taxes	$79.5M 285.1%	$-42.9M -351.7%	$-9.5M
Operating Activities Changes In Operating Assets and Liabilities	$-190.3M -79.3%	$-106.2M 8.6%	$-116.2M
Operating Activities Other Non Cash Items	$-4.2M -228.7%	$3.3M -65.5%	$9.4M
Operating Activities net Cash From Operating Activities	$2.1B 0.4%	$2.1B 18.0%	$1.8B
Investing Activities Capital Expenditures	$666.3M 12.3%	$593.6M 5.9%	$560.7M
Investing Activities Purchases of Investments	$28.2M -97.1%	$986.7M -11.5%	$1.1B
Investing Activities Proceeds From Sale of Investments	$659.5M -8.7%	$722.6M -1.0%	$729.9M
Investing Activities net Cash From Investing Activities	$-35.1M 95.8%	$-837.5M 11.5%	$-946.0M
Financing Activities Repurchase of Common Stock	$2.4B 142.2%	$1.0B 69.1%	$592.3M
Financing Activities Tax Withholding On Stock Based Compensation	$49.5M -33.4%	$74.2M 7.4%	$69.1M
Financing Activities Other Financing Activities	$4.1M 95.1%	$2.1M 147.8%	$843.0K
Financing Activities net Cash From Financing Activities	$-2.5B -130.1%	$-1.1B -62.5%	$-660.7M
Cash Reconciliation Effect of Exchange Rate On Cash	$-416.0K 74.6%	$-1.6M -529.1%	$381.0K
Cash Reconciliation net Change In Cash	$-392.5M -304.2%	$192.2M 8.5%	$177.2M
Cash Reconciliation Cash At Beginning of Period	$385.9M -50.4%	$778.4M 32.8%	$586.2M
Cash Reconciliation Cash At End of Period	$385.9M -50.4%	$778.4M 32.8%	$586.2M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+16.2%	+16.9%	+15.8%
Operating margin	+16.2%	+16.9%	+15.8%
Net margin	+12.9%	+13.6%	+12.4%
FCF margin	+12.1%	+13.4%	+12.4%
Growth
Revenue CAGR (3y)	+11.4%	+14.4%	+18.2%
Returns
ROE	+54.3%	+42.0%	+40.1%
ROA	+17.1%	+16.7%	+15.3%
ROIC	—	—	—
Liquidity
Current ratio	1.23x	1.52x	1.57x
Quick ratio	0.46x	0.79x	0.68x
Leverage
D/E	2.18x	1.52x	1.63x
Interest coverage	—	—	—
Efficiency
Asset turnover	1.33x	1.23x	1.23x
Cash conversion cycle	-1d	-2d	-3d

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

Your annotations

Not watched