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 · 3 years

Total assets $9.0B

Total liabilities $6.2B

Shareholders equity $2.8B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	-50.4%	+32.8%	—
Short Term Investments	-77.3%	+53.8%	—
Accounts Receivable	+8.7%	+24.6%	—
Inventory	+1.2%	+24.5%	—
Prepaid Expenses	+23.5%	-17.0%	—
Other Current Assets	+23.5%	-17.0%	—
Total Current Assets	-17.6%	+9.9%	—
Property,Plant and Equipment	+12.1%	+10.1%	—
Operating Lease Assets	+11.6%	+11.8%	—
Goodwill	+0.0%	+0.0%	—
Long Term Investments	-77.3%	+53.8%	—
Other Noncurrent Assets	+15.0%	+80.3%	—
Total Assets	-2.3%	+14.4%	—
Liabilities
Accounts Payable	+1.0%	+6.6%	—
Accrued Liabilities	+1.5%	+21.7%	—
Deferred Revenue	+0.8%	—	—
Operating Lease Liabilities	+8.8%	+12.0%	—
Other Current Liabilities	+7.9%	+20.7%	—
Total Current Liabilities	+1.7%	+13.4%	—
Operating Lease Liabilities Noncurrent	+12.0%	+12.1%	—
Deferred Tax Liabilities	+172.0%	-48.1%	—
Other Noncurrent Liabilities	+7.9%	+20.7%	—
Total Liabilities	+11.1%	+11.4%	—
Equity
Preferred Stock	—	—	—
Common Stock	-4.0%	+3522.9%	—
Additional Paid In Capital	+6.1%	+6.2%	—
Retained Earnings	-60.6%	-74.0%	—
Treasury Stock	-100.0%	+62.6%	—
Accumulated Other Comprehensive Income	+29.1%	-54.5%	—
Total Stockholders Equity	-22.6%	+19.4%	—
Total Liabilitiesand Equity	-2.3%	+14.4%	—

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	+5.4%	+14.6%	—
Expenses Cost of Revenue	+6.3%	+13.0%	—
Expenses Selling,General and Administrative	-6.5%	+10.1%	—
Expenses Depreciation and Amortization	+7.9%	+4.9%	—
Expenses Share Based Compensation	-9.3%	+6.2%	—
Expenses Operating Expenses	+6.3%	+13.0%	—
Other Income Expense Operating Income	+1.0%	+23.0%	—
Other Income Expense Other Income/expense	-21.5%	+49.8%	—
Other Income Expense Income Before Tax	-0.0%	+24.0%	—
Income Tax Income Tax Expense	-0.5%	+21.5%	—
net Income net Income	+0.1%	+24.9%	—
net Income Comprehensive Income	+0.5%	+24.4%	—
Earnings Per Share Basic Eps	+2.7%	+25.8%	—
Earnings Per Share Diluted Eps	+2.7%	+24.7%	—
Earnings Per Share Weighted Average Shares Basic	-2.3%	-0.7%	—
Earnings Per Share Weighted Average Shares Diluted	-2.5%	-0.6%	—

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	+0.1%	+24.9%	—
Operating Activities Depreciation and Amortization	+7.9%	+4.9%	—
Operating Activities Stock Based Compensation	-9.3%	+6.2%	—
Operating Activities Deferred Income Taxes	+285.1%	-351.7%	—
Operating Activities Changes In Operating Assets and Liabilities	-79.3%	+8.6%	—
Operating Activities Other Non Cash Items	-228.7%	-65.5%	—
Operating Activities net Cash From Operating Activities	+0.4%	+18.0%	—
Investing Activities Capital Expenditures	+12.3%	+5.9%	—
Investing Activities Purchases of Investments	-97.1%	-11.5%	—
Investing Activities Proceeds From Sale of Investments	-8.7%	-1.0%	—
Investing Activities net Cash From Investing Activities	+95.8%	+11.5%	—
Financing Activities Repurchase of Common Stock	+142.2%	+69.1%	—
Financing Activities Tax Withholding On Stock Based Compensation	-33.4%	+7.4%	—
Financing Activities Other Financing Activities	+95.1%	+147.8%	—
Financing Activities net Cash From Financing Activities	-130.1%	-62.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+74.6%	-529.1%	—
Cash Reconciliation net Change In Cash	-304.2%	+8.5%	—
Cash Reconciliation Cash At Beginning of Period	-50.4%	+32.8%	—
Cash Reconciliation Cash At End of Period	-50.4%	+32.8%	—

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

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