Chipotle Mexican Grill

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

                    Revenue
                    FY2019
                
$5.6B
                    
                    +14.8%
                    
                    Net income
                    FY2019
                
$350.2M
                    
                    +98.3%
                    
                    Total assets
                    FY2025
                
$9.0B
                    
                    -2.3%
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    
                    +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

28 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	$350.5M -53.2%	$748.5M 33.5%	$560.6M 46.0%	$384.0M -52.9%	$815.4M 34.1%	$608.0M 26.5%	$480.6M 92.3%	$250.0M 35.4%	$184.6M 110.0%	$87.9M
Short Term Investments	$698.6M 3.6%	$674.4M -8.2%	$734.8M 42.6%	$515.1M 97.4%	$260.9M -24.1%	$343.6M -14.1%	$400.2M -6.3%	$426.8M 31.6%	$324.4M -1.7%	$329.8M
Accounts Receivable	$156.5M 8.7%	$144.0M 24.6%	$115.5M 8.1%	$106.9M 7.3%	$99.6M -4.7%	$104.5M 29.7%	$80.5M 29.3%	$62.3M 54.0%	$40.5M 0.0%	$40.5M
Inventory	$49.5M 1.2%	$48.9M 24.5%	$39.3M 10.2%	$35.7M 8.7%	$32.8M 24.1%	$26.4M 1.3%	$26.1M 21.1%	$21.6M 8.5%	$19.9M 32.2%	$15.0M
Prepaid Expenses	$120.5M 23.5%	$97.5M -17.0%	$117.5M 35.9%	$86.4M 9.7%	$78.8M 43.4%	$54.9M -3.8%	$57.1M 5.4%	$54.1M 6.3%	$50.9M 15.5%	$44.1M
Other Current Assets	$91.4M 35.9%	$67.2M 26.9%	$53.0M 10.9%	$47.7M -49.2%	$94.1M -66.7%	$282.8M 920.7%	$27.7M	$0 -100.0%	$9.4M 83.1%	$5.1M
Total Current Assets	$1.5B -17.6%	$1.8B 9.9%	$1.6B 37.8%	$1.2B -14.9%	$1.4B -2.7%	$1.4B 32.5%	$1.1B 31.6%	$814.8M 29.4%	$629.5M 20.5%	$522.4M
Property,Plant and Equipment	$2.7B 12.1%	$2.4B 10.1%	$2.2B 11.2%	$2.0B 10.3%	$1.8B 11.7%	$1.6B 8.6%	$1.5B 5.8%	$1.4B 3.1%	$1.3B 2.7%	$1.3B
Operating Lease Assets	$4.5B 11.6%	$4.0B 11.8%	$3.6B 8.4%	$3.3B 5.9%	$3.1B 12.7%	$2.8B 10.4%	$2.5B	$0	—	—
Goodwill	$21.9M 0.0%	$21.9M 0.0%	$21.9M 0.0%	$21.9M 0.0%	$21.9M 0.0%	$21.9M 0.0%	$21.9M 0.0%	$21.9M 0.0%	$21.9M 0.0%	$21.9M
Long Term Investments	$197.1M -77.3%	$868.0M 53.8%	$564.5M 45.5%	$388.1M 41.5%	$274.3M 168.1%	$102.3M	$0	—	—	$125.1M
Other Noncurrent Assets	$166.1M 15.7%	$143.6M 62.0%	$88.6M 0.6%	$88.1M 0.6%	$87.6M 0.8%	$86.9M 87.7%	$46.3M -6.5%	$49.5M -11.3%	$55.9M 5.0%	$53.2M
Total Assets	$9.0B -2.3%	$9.2B 14.4%	$8.0B 16.1%	$6.9B 4.1%	$6.7B 11.2%	$6.0B 17.2%	$5.1B 125.3%	$2.3B 10.7%	$2.0B 1.0%	$2.0B
Liabilities
Accounts Payable	$212.8M 1.0%	$210.7M 6.6%	$197.6M 7.1%	$184.6M 13.1%	$163.2M 33.7%	$122.0M 5.3%	$115.8M 2.4%	$113.1M 37.8%	$82.0M 4.7%	$78.4M
Accrued Liabilities	$432.6M -2.1%	$441.7M 17.7%	$375.2M 18.0%	$318.0M -5.2%	$335.5M -8.8%	$367.7M 30.2%	$282.4M 6.0%	$266.4M 49.5%	$178.2M -12.4%	$203.4M
Deferred Revenue	$240.4M 0.8%	$238.6M 13.8%	$209.7M 14.5%	$183.1M 17.1%	$156.4M 22.4%	$127.8M 34.2%	$95.2M 35.1%	$70.5M 10.7%	$63.6M	—
Operating Lease Liabilities	$302.4M 8.8%	$277.8M 12.0%	$248.1M 5.0%	$236.2M 8.0%	$218.7M 6.8%	$204.8M 18.3%	$173.1M	$0	—	—
Total Current Liabilities	$1.2B 1.7%	$1.2B 13.4%	$1.0B 11.8%	$921.9M 5.5%	$873.7M 6.3%	$822.2M 23.3%	$666.6M 48.1%	$450.0M 38.9%	$323.9M 14.9%	$281.8M
Operating Lease Liabilities Noncurrent	$4.8B 12.0%	$4.3B 12.1%	$3.8B 8.8%	$3.5B 5.9%	$3.3B 11.8%	$3.0B 10.2%	$2.7B	$0	—	—
Deferred Tax Liabilities	$125.7M 172.0%	$46.2M -48.1%	$89.1M -9.6%	$98.6M -30.4%	$141.8M -5.1%	$149.4M 295.1%	$37.8M 226.9%	$11.6M 1320.9%	$814.0K -95.7%	$18.9M
Other Noncurrent Liabilities	$76.7M 7.9%	$71.1M 20.7%	$58.9M 34.4%	$43.8M 13.7%	$38.5M -0.8%	$38.8M 0.1%	$38.8M -89.3%	$362.6M 1.7%	$356.5M 10.4%	$322.9M
Total Liabilities	$6.2B 11.1%	$5.5B 11.4%	$5.0B 9.3%	$4.6B 4.7%	$4.4B 9.9%	$4.0B 15.8%	$3.4B 315.1%	$824.2M 21.0%	$681.2M 9.2%	$623.6M
Equity
Common Stock	$13.0M -4.0%	$13.6M -27.5%	$18.7M 4924.4%	$373.0K 0.5%	$371.0K 1.1%	$367.0K 1.1%	$363.0K 0.8%	$360.0K 0.3%	$359.0K 0.3%	$358.0K
Additional Paid In Capital	$2.2B 6.1%	$2.1B 7.2%	$1.9B 5.9%	$1.8B 5.8%	$1.7B 11.6%	$1.5B 5.7%	$1.5B 6.7%	$1.4B 5.3%	$1.3B 5.3%	$1.2B
Retained Earnings	$619.9M -60.6%	$1.6B -74.0%	$6.1B 25.4%	$4.8B 22.9%	$3.9B 19.9%	$3.3B 12.1%	$2.9B 13.5%	$2.6B 7.4%	$2.4B 7.9%	$2.2B
Accumulated Other Comprehensive Income	$-7.3M 29.1%	$-10.3M -54.5%	$-6.7M 15.6%	$-7.9M -47.3%	$-5.4M -26.6%	$-4.2M 21.1%	$-5.4M 14.0%	$-6.2M -70.4%	$-3.7M 55.2%	$-8.2M
Total Stockholders Equity	$2.8B -22.6%	$3.7B 19.4%	$3.1B 29.3%	$2.4B 3.1%	$2.3B 13.7%	$2.0B 20.0%	$1.7B 16.8%	$1.4B 5.6%	$1.4B -2.7%	$1.4B
Total Liabilitiesand Equity	$9.0B -2.3%	$9.2B 14.4%	$8.0B 16.1%	$6.9B 4.1%	$6.7B 11.2%	$6.0B 17.2%	$5.1B 125.3%	$2.3B 10.7%	$2.0B 1.0%	$2.0B

Income Statement

Revenue, expense, and profitability

4 accounts · 10 years

Revenue $5.6B

Operating income $444.0M

Net income $350.2M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
net Income Comprehensive Income	$1.5B 0.5%	$1.5B 24.4%	$1.2B 37.2%	$896.6M 37.5%	$651.9M 82.6%	$356.9M 1.7%	$351.0M 101.8%	$174.0M -3.8%	$180.8M 684.2%	$23.0M
Earnings Per Share Basic Eps	$1 2.7%	$1 25.8%	$1 36.9%	$1 -97.2%	$23 82.2%	$13 1.0%	$13 98.7%	$6 2.6%	$6 693.6%	$1
Earnings Per Share Diluted Eps	$1 2.7%	$1 24.7%	$1 39.1%	$1 -97.2%	$23 82.9%	$13 1.1%	$12 96.2%	$6 2.3%	$6 701.3%	$1
Earnings Per Share Weighted Average Shares Diluted	$1.3B -2.5%	$1.4B -0.6%	$1.4B -1.3%	$1.4B 4821.2%	$28.5M 0.3%	$28.4M 0.4%	$28.3M 1.2%	$28.0M -2.1%	$28.6M -4.1%	$29.8M

Cash Flow Statement

Operating, investing, and financing flows

18 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	$1.5B 0.1%	$1.5B 24.9%	$1.2B 36.7%	$899.1M 37.7%	$653.0M 83.5%	$355.8M 1.6%	$350.2M 98.3%	$176.6M 0.2%	$176.3M 668.4%	$22.9M
Operating Activities Depreciation and Amortization	$361.4M 7.9%	$335.0M 4.9%	$319.4M 11.4%	$286.8M 12.6%	$254.7M 6.8%	$238.5M 12.1%	$212.8M 5.3%	$202.0M 23.6%	$163.3M 11.6%	$146.4M
Operating Activities Stock Based Compensation	$119.5M -9.3%	$131.7M 6.2%	$124.0M 26.5%	$98.0M -44.4%	$176.4M 113.5%	$82.6M -9.6%	$91.4M 32.1%	$69.2M 6.0%	$65.3M 1.7%	$64.2M
Operating Activities Deferred Income Taxes	$79.5M 285.1%	$-42.9M -351.7%	$-9.5M 78.0%	$-43.2M -249.6%	$-12.4M -111.4%	$108.3M 261.6%	$30.0M 183.1%	$10.6M 158.7%	$-18.0M -26.9%	$-14.2M
Operating Activities Changes In Operating Assets and Liabilities	$6.5M -94.8%	$125.8M 32.0%	$95.3M 21.2%	$78.6M -60.2%	$197.4M 256.0%	$-126.5M -322.0%	$57.0M -49.9%	$113.7M 62.7%	$69.9M -7.3%	$75.4M
Operating Activities Other Non Cash Items	$11.3M -47.2%	$21.3M -16.4%	$25.5M 575.7%	$3.8M -70.9%	$13.0M -75.1%	$52.1M 202.0%	$17.2M -78.6%	$80.5M 85.7%	$43.3M -26.2%	$58.7M
Operating Activities net Cash From Operating Activities	$2.1B 0.4%	$2.1B 18.0%	$1.8B 34.8%	$1.3B 3.2%	$1.3B 93.1%	$663.8M -8.0%	$721.6M 16.1%	$621.6M 32.7%	$468.2M 31.8%	$355.2M
Investing Activities Capital Expenditures	$-666.3M -12.3%	$-593.6M -5.9%	$-560.7M -17.0%	$-479.2M -8.3%	$-442.5M -18.5%	$-373.4M -11.8%	$-333.9M -16.2%	$-287.4M -32.6%	$-216.8M 16.3%	$-258.8M
Investing Activities Purchases of Investments	$-28.2M 97.1%	$-986.7M 11.5%	$-1.1B -81.5%	$-614.4M -43.1%	$-429.4M 8.3%	$-468.4M -4.4%	$-448.8M 7.5%	$-485.2M -142.8%	$-199.8M	$0
Investing Activities Proceeds From Sale of Investments	$659.5M -8.7%	$722.6M -1.0%	$729.9M 176.9%	$263.5M -23.8%	$345.7M -17.5%	$419.1M -12.1%	$476.7M 23.8%	$385.0M 16.7%	$330.0M -43.7%	$585.6M
Investing Activities Other Investing Activities	$0 -100.0%	$20.1M	$0	$0 -100.0%	$4.0M 140.2%	$-10.0M -171.8%	$14.0M	$0	$0	—
Investing Activities net Cash From Investing Activities	$-35.1M 95.8%	$-837.5M 11.5%	$-946.0M -14.0%	$-830.0M -59.0%	$-522.0M -20.6%	$-432.7M -48.2%	$-292.0M 24.7%	$-387.6M -347.7%	$-86.6M -126.5%	$326.8M
Financing Activities Repurchase of Common Stock	$-2.4B -142.2%	$-1.0B -69.1%	$-592.3M 28.6%	$-830.1M -78.0%	$-466.5M -757.5%	$-54.4M 71.5%	$-190.6M -18.4%	$-160.9M 43.6%	$-285.2M 65.9%	$-836.8M
Financing Activities Tax Withholding On Stock Based Compensation	$-49.5M 33.4%	$-74.2M -7.4%	$-69.1M 30.1%	$-99.0M -23.9%	$-79.9M -64.5%	$-48.6M -366.0%	$-10.4M -92.6%	$-5.4M -670.8%	$-702.0K 21.6%	$-895.0K
Financing Activities Other Financing Activities	$4.1M 95.1%	$2.1M 147.8%	$843.0K 386.7%	$-294.0K 87.1%	$-2.3M -20.0%	$-1.9M -171.5%	$-698.0K -273.3%	$-187.0K -819.2%	$26.0K -98.1%	$1.4M
Financing Activities net Cash From Financing Activities	$-2.5B -130.1%	$-1.1B -62.5%	$-660.7M 28.9%	$-929.4M -69.4%	$-548.6M -423.2%	$-104.9M 48.0%	$-201.7M -21.1%	$-166.5M 41.7%	$-285.9M 65.8%	$-836.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$-416.0K 74.6%	$-1.6M -529.1%	$381.0K 137.8%	$-1.0M 3.1%	$-1.0M -196.6%	$1.1M 165.0%	$406.0K 127.9%	$-1.5M -170.9%	$2.1M 1769.1%	$110.0K
Cash Reconciliation net Change In Cash	$-392.5M -304.2%	$192.2M 8.5%	$177.2M 140.5%	$-437.3M -307.8%	$210.4M 65.2%	$127.4M -44.2%	$228.3M 246.0%	$66.0M -32.5%	$97.8M 163.4%	$-154.2M

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	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	+7.9%	+5.3%	+6.0%	+0.9%
Net margin	—	—	—	—	—	—	+6.3%	+3.6%	+3.9%	+0.6%
FCF margin	—	—	—	—	—	—	+6.9%	+6.9%	+5.6%	+2.5%
Growth
Revenue CAGR (3y)	—	—	—	—	—	—	+12.7%	—	—	—
Returns
ROE	—	—	—	—	—	—	+20.8%	+12.2%	+12.9%	+1.6%
ROA	—	—	—	—	—	—	+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	0.43x	0.76x	0.66x	0.53x	1.05x	0.87x	0.84x	0.69x	0.69x	0.46x
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	—	—	—	—	—	—	1.09x	2.15x	2.19x	1.93x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

Valuation

Price against fundamentals

CMG $40 · 2025-09-17 · 409d old · FY2025

Market cap $53.3B

P/E —

P/S —

P/B 18.82x

EV —

EV/EBITDA —

FCF yield +2.7%

Dividend yield —

Notes

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