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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $9.0B

Total liabilities $6.2B

Shareholders equity $2.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	-50.4%	+32.8%	+43.3%	-51.7%	+33.1%	+25.0%	+81.5%	+30.8%	+84.0%	—
Short Term Investments	-77.3%	+53.8%	+45.5%	+41.5%	—	—	—	—	—	—
Accounts Receivable	+8.7%	+24.6%	+8.1%	+7.3%	-4.7%	+29.7%	+29.3%	+54.0%	+0.0%	—
Inventory	+1.2%	+24.5%	+10.2%	+8.7%	+24.1%	+1.3%	+21.1%	+8.5%	+32.2%	—
Prepaid Expenses	+23.5%	-17.0%	+35.9%	+9.7%	+43.4%	-3.8%	+5.4%	+6.3%	+15.5%	—
Other Current Assets	+23.5%	-17.0%	+35.9%	+9.7%	+43.4%	-3.8%	+5.4%	+6.3%	+15.5%	—
Total Current Assets	-17.6%	+9.9%	+37.8%	-14.9%	-2.7%	+32.5%	+31.6%	+29.4%	+20.5%	—
Property,Plant and Equipment	+12.1%	+10.1%	+11.2%	+10.3%	+11.7%	+8.6%	+5.8%	+3.1%	+2.7%	—
Operating Lease Assets	+11.6%	+11.8%	+8.4%	+5.9%	+12.7%	+10.4%	—	—	—	—
Goodwill	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Long Term Investments	-77.3%	+53.8%	+45.5%	+41.5%	—	—	—	—	—	—
Other Noncurrent Assets	+15.0%	+80.3%	-0.1%	+11.4%	-3.9%	+220.0%	-4.6%	-65.4%	+5.0%	—
Total Assets	-2.3%	+14.4%	+16.1%	+4.1%	+11.2%	+17.2%	+125.3%	+10.7%	+1.0%	—
Liabilities
Accounts Payable	+1.0%	+6.6%	+7.1%	+13.1%	+33.7%	+5.3%	+2.4%	+37.8%	+4.7%	—
Accrued Liabilities	+1.5%	+21.7%	+0.1%	-14.7%	+5.1%	+5.7%	+5.4%	-7.2%	+25.3%	—
Deferred Revenue	+0.8%	—	—	+17.1%	+22.4%	+34.2%	+35.1%	—	—	—
Operating Lease Liabilities	+8.8%	+12.0%	+5.0%	+8.0%	+6.8%	+18.3%	—	—	—	—
Other Current Liabilities	+7.9%	+20.7%	+34.4%	+13.7%	-0.8%	+0.1%	+22.6%	-21.0%	+18.0%	—
Total Current Liabilities	+1.7%	+13.4%	+11.8%	+5.5%	+6.3%	+23.3%	+48.1%	+38.9%	+14.9%	—
Operating Lease Liabilities Noncurrent	+12.0%	+12.1%	+8.8%	+5.9%	+11.8%	+10.2%	—	—	—	—
Deferred Tax Liabilities	+172.0%	-48.1%	-9.6%	-30.4%	-5.1%	+295.1%	-74.7%	+1.5%	-30.6%	—
Other Noncurrent Liabilities	+7.9%	+20.7%	+34.4%	+13.7%	-0.8%	+0.1%	+22.6%	-21.0%	+18.0%	—
Total Liabilities	+11.1%	+11.4%	+9.3%	+4.7%	+9.9%	+15.8%	+315.1%	+21.0%	+9.2%	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	-4.0%	+3522.9%	+0.5%	+0.5%	+1.1%	+1.1%	+0.8%	+0.3%	+0.3%	—
Additional Paid In Capital	+6.1%	+6.2%	+6.9%	+5.8%	+11.6%	+5.7%	+6.7%	+5.3%	+5.3%	—
Retained Earnings	-60.6%	-74.0%	+25.4%	+22.9%	+19.9%	+12.1%	+13.5%	+7.4%	+7.9%	—
Treasury Stock	-100.0%	+62.6%	-84.5%	+27.6%	+19.8%	+3.8%	+7.9%	+7.1%	+13.9%	—
Accumulated Other Comprehensive Income	+29.1%	-54.5%	+15.6%	-47.3%	-26.6%	+21.1%	+14.0%	-70.4%	+55.2%	—
Total Stockholders Equity	-22.6%	+19.4%	+29.3%	+3.1%	+13.7%	+20.0%	+16.8%	+5.6%	-2.7%	—
Total Liabilitiesand Equity	-2.3%	+14.4%	+16.1%	+4.1%	+11.2%	+17.2%	+125.3%	+10.7%	+1.0%	—

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $11.9B

Operating income $1.9B

Net income $1.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+5.4%	+14.6%	+14.3%	+14.4%	+26.1%	+7.1%	+14.8%	+8.7%	+14.7%	—
Expenses Cost of Revenue	+6.3%	+13.0%	+11.2%	+10.9%	+18.4%	+10.7%	+11.6%	+9.5%	+8.7%	—
Expenses Selling,General and Administrative	-6.5%	+10.1%	+12.3%	-7.0%	+30.1%	+3.3%	+20.3%	+26.7%	+7.3%	—
Expenses Depreciation and Amortization	+7.9%	+4.9%	+11.4%	+12.6%	+6.8%	+12.1%	+5.3%	+23.6%	+11.6%	—
Expenses Share Based Compensation	-9.3%	+6.2%	+26.5%	-44.4%	+113.5%	-9.6%	+32.1%	+6.0%	+1.7%	—
Expenses Operating Expenses	+6.3%	+13.0%	+11.2%	+10.9%	+18.4%	+10.7%	+11.6%	+9.5%	+8.7%	—
Other Income Expense Operating Income	+1.0%	+23.0%	+34.2%	+44.2%	+177.4%	-34.6%	+71.8%	-4.6%	+683.4%	—
Other Income Expense Other Income/expense	-21.5%	+49.8%	+196.7%	+170.2%	+116.2%	-74.8%	+42.3%	+103.4%	+18.6%	—
Other Income Expense Income Before Tax	-0.0%	+24.0%	+37.2%	+45.4%	+176.7%	-35.9%	+70.7%	-2.6%	+611.8%	—
Income Tax Income Tax Expense	-0.5%	+21.5%	+38.7%	+76.8%	+357.8%	-157.3%	+217.7%	-192.4%	+529.6%	—
net Income net Income	+0.1%	+24.9%	+36.7%	+37.7%	+83.5%	+1.6%	+98.3%	+0.2%	+668.4%	—
net Income Comprehensive Income	+0.5%	+24.4%	+37.2%	+37.5%	+82.6%	+1.7%	+101.8%	-3.8%	+684.2%	—
Earnings Per Share Basic Eps	+2.7%	+25.8%	+36.9%	-97.2%	+82.2%	+1.0%	+98.7%	+2.6%	+693.6%	—
Earnings Per Share Diluted Eps	+2.7%	+24.7%	+39.1%	-97.2%	+82.9%	+1.1%	+96.2%	+2.3%	+701.3%	—
Earnings Per Share Weighted Average Shares Basic	-2.3%	-0.7%	-1.1%	+4850.0%	+0.8%	+0.6%	-0.3%	-2.3%	-2.6%	—
Earnings Per Share Weighted Average Shares Diluted	-2.5%	-0.6%	-1.3%	+4821.2%	+0.3%	+0.4%	+1.2%	-2.1%	-4.1%	—

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $2.1B

Investing cash flow $-35.1M

Financing cash flow $-2.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	+0.1%	+24.9%	+36.7%	+37.7%	+83.5%	+1.6%	+98.3%	+0.2%	+668.4%	—
Operating Activities Depreciation and Amortization	+7.9%	+4.9%	+11.4%	+12.6%	+6.8%	+12.1%	+5.3%	+23.6%	+11.6%	—
Operating Activities Stock Based Compensation	-9.3%	+6.2%	+26.5%	-44.4%	+113.5%	-9.6%	+32.1%	+6.0%	+1.7%	—
Operating Activities Deferred Income Taxes	+285.1%	-351.7%	+78.0%	-249.6%	-111.4%	+261.6%	+183.1%	+158.7%	-26.9%	—
Operating Activities Changes In Operating Assets and Liabilities	-79.3%	+8.6%	+23.5%	-44.0%	-321.9%	-50.6%	+42.4%	+22.0%	-5.5%	—
Operating Activities Other Non Cash Items	-228.7%	-65.5%	+144.8%	+196.7%	-323.6%	-4.3%	+114.3%	-86.2%	+390.8%	—
Operating Activities net Cash From Operating Activities	+0.4%	+18.0%	+34.8%	+3.2%	+93.1%	-8.0%	+16.1%	+32.7%	+31.8%	—
Investing Activities Capital Expenditures	+12.3%	+5.9%	+17.0%	+8.3%	+18.5%	+11.8%	+16.2%	+32.6%	-16.3%	—
Investing Activities Purchases of Investments	-97.1%	-11.5%	+81.5%	+43.1%	-8.3%	+4.4%	-7.5%	+142.8%	—	—
Investing Activities Proceeds From Sale of Investments	-8.7%	-1.0%	+176.9%	-23.8%	-17.5%	-12.1%	+23.8%	+16.7%	+633.3%	—
Investing Activities net Cash From Investing Activities	+95.8%	+11.5%	-14.0%	-59.0%	-20.6%	-48.2%	+24.7%	-347.7%	-126.5%	—
Financing Activities Repurchase of Common Stock	+142.2%	+69.1%	-28.6%	+78.0%	+757.5%	-71.5%	+18.4%	-43.6%	-65.9%	—
Financing Activities Tax Withholding On Stock Based Compensation	-33.4%	+7.4%	-30.1%	+23.9%	—	—	—	—	—	—
Financing Activities Other Financing Activities	+95.1%	+147.8%	+386.7%	+87.1%	-20.0%	-171.5%	-273.3%	-819.2%	-98.1%	—
Financing Activities net Cash From Financing Activities	-130.1%	-62.5%	+28.9%	-69.4%	-423.2%	+48.0%	-21.1%	+41.7%	+65.8%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+74.6%	-529.1%	+137.8%	+3.1%	-196.6%	+165.0%	+127.9%	-170.9%	+1769.1%	—
Cash Reconciliation net Change In Cash	-304.2%	+8.5%	+140.5%	-307.8%	+65.2%	-44.2%	+246.0%	-32.5%	+163.4%	—
Cash Reconciliation Cash At Beginning of Period	-50.4%	+32.8%	+43.3%	-51.7%	+33.1%	+25.0%	+81.5%	+30.8%	+84.0%	—
Cash Reconciliation Cash At End of Period	-50.4%	+32.8%	+43.3%	-51.7%	+33.1%	+25.0%	+81.5%	+30.8%	+84.0%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+16.2%	+16.9%	+15.8%	+13.4%	+10.7%	+4.8%	+7.9%	+5.3%	+6.0%	+0.9%
Operating margin	+16.2%	+16.9%	+15.8%	+13.4%	+10.7%	+4.8%	+7.9%	+5.3%	+6.0%	+0.9%
Net margin	+12.9%	+13.6%	+12.4%	+10.4%	+8.7%	+5.9%	+6.3%	+3.6%	+3.9%	+0.6%
FCF margin	+12.1%	+13.4%	+12.4%	+9.8%	+11.1%	+4.9%	+6.9%	+6.9%	+5.6%	+2.5%
Growth
Revenue CAGR (3y)	+11.4%	+14.4%	+18.2%	+15.6%	+15.8%	+10.2%	+12.7%	—	—	—
Returns
ROE	+54.3%	+42.0%	+40.1%	+38.0%	+28.4%	+17.6%	+20.8%	+12.2%	+12.9%	+1.6%
ROA	+17.1%	+16.7%	+15.3%	+13.0%	+9.8%	+5.9%	+6.9%	+7.8%	+8.6%	+1.1%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.23x	1.52x	1.57x	1.28x	1.58x	1.73x	1.61x	1.81x	1.94x	1.85x
Quick ratio	0.46x	0.79x	0.68x	0.56x	1.08x	0.90x	0.88x	0.76x	0.79x	0.56x
Leverage
D/E	2.18x	1.52x	1.63x	1.93x	1.90x	1.96x	2.03x	0.57x	0.50x	0.44x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	1.33x	1.23x	1.23x	1.25x	1.13x	1.00x	1.09x	2.15x	2.19x	1.93x
Cash conversion cycle	-1d	-2d	-3d	-3d	-2d	+0d	-1d	-3d	-2d	-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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