Chipotle Mexican Grill operates restaurants serving burritos, bowls, quesadillas, tacos and salads. Its business is predominantly company-operated and U.S.-based, with a smaller international estate and partner-operated locations. CMG trades on the NYSE.
Loading the company summary…
A snapshot of what CHIPOTLE MEXICAN GRILL INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001562762-24-000023 | Feb 8, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001058090-25-000014 | Feb 5, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001058090-26-000009 | Feb 4, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Chipotle's expanding restaurant network continues to lift revenue, but sales growth has become less effective at producing profit. In 2025, new restaurants offset declining comparable sales, while lower corporate expenses helped keep net income approximately flat. First-half 2026 comparable sales recovered, yet food, labor and other operating pressures reduced earnings. Repurchases supported per-share results but consumed more cash than operations generated after capital spending, reducing cash and investment balances. Higher first-half operating cash flow benefited primarily from tax-payment timing rather than stronger profit. The July 2026 sales outlook improved, but explicitly excluded uncertain financial effects from salmonella investigations. The central distinction is therefore between network expansion, established-restaurant demand and sustainable profit conversion—not simply whether reported revenue or earnings per share increased.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · 8-K · 2026-08-04
Chipotle earns primarily from meals sold through restaurants it operates, retaining both restaurant economics and responsibility for food, staffing and service. At December 31, 2025, it owned 4,042 restaurants and had 14 international partner-operated locations. By June 30, 2026, those counts were 4,186 and 15. Partner restaurants lack Chipotle's controlling financial interest and direct daily management; their unit counts cannot be treated as equivalent consolidated sales capacity. Substantially all restaurant properties are leased.
Fresh ingredients and sourcing standards differentiate the brand but constrain suppliers and preparation methods. Prompt customer payment and limited inventories reduce working-capital needs. Digital ordering and Chipotlane pickup lanes extend access rather than creating separate reporting segments. Digital sales represented 36.7% of company-owned food-and-beverage revenue in 2025; delivery-service revenue measures certain fees, not all delivered meals.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue increased from $9.872 billion in 2023 to $11.314 billion in 2024 and $11.926 billion in 2025. The underlying pattern changed: comparable sales grew 7.9% and 7.4% in the first two years, then fell 1.7% in 2025 as transactions declined 2.9%. Pricing partly offset that decline. New restaurants supplied the growth, while an additional $20.1 million of gift-card breakage revenue reflected recognition estimates rather than current visits.
2025 GAAP net income was approximately unchanged at $1.536 billion. Lower corporate expenses and improved international operating results offset weaker U.S. segment profit. Diluted EPS rose to $1.14 from $1.11 with fewer diluted shares—not equivalent growth in total earnings. In first-half 2026, revenue reached $6.437 billion and comparable sales increased 1.4%, but net income fell to $706.4 million from $822.7 million as restaurant and corporate costs absorbed more revenue.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31 · 10-Q · 2026-06-30
2025 operating cash flow was $2.114 billion, cash capital expenditure $666.3 million and cash share repurchases $2.426 billion. Repurchases exceeded operating cash after capital spending, alongside reductions in cash and liquid investments. First-half 2026 continued that pattern: operating cash flow of $1.332 billion compared with $397.6 million of capital spending and $1.355 billion of cash repurchases. Management attributed the cash-flow improvement primarily to tax-payment timing despite lower earnings.
At June 30, cash and equivalents were $228.2 million; the broader cash-and-marketable-investment balance was $667.1 million. Restricted cash and nonmarketable investments are distinct. The $500 million revolver remained undrawn, with company-reported covenant compliance, but is not cash or guaranteed unconditional funding. Recognized operating lease liabilities were approximately $5.419 billion. Chipotle has paid no cash dividends.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The August 5, 2026 filing reported supply-chain salmonella investigations involving several retailers. Chipotle identified jalapeños from a common lot as a potential link and said it removed and replaced them. Its account that Minnesota authorities had no ongoing concerns with Chipotle does not establish investigation closure, definitive causation or zero loss. The July quarterly report also described recent low-single-digit comparable-sales headwinds that management associated with food-safety concerns and geopolitical developments.
Portion-related shareholder litigation remains unresolved, with potential liability not reasonably estimable. A second New York City employment-compliance audit was also unresolved in the annual disclosure. Broader dependencies include ingredient availability, wage and scheduling rules, customer acceptance of price increases, technology and delivery providers, and construction execution. These exposures matter directly because Chipotle operates its restaurants rather than transferring most operating responsibility to franchisees.
Sources: 8-K · 2026-08-04 · 10-Q · 2026-06-30 · 10-K · 2025-12-31
On July 29, management raised its 2026 comparable-sales expectation from approximately flat to low-single-digit growth. It retained expectations for 350–370 openings, including 10–15 partner locations, and an underlying tax rate of 24%–26% before discrete items. These remain forecasts. The subsequent August filing explicitly stated that guidance excluded financial effects of the salmonella investigations; it supplied neither revised numerical guidance nor an exposure estimate.
Sources: EX-99.1 · 2026-04-29 · EX-99.1 · 2026-07-29 · 8-K · 2026-08-04
USD 11.925601 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · printed page: 37
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 11.925601 bn | 5.4% |
| 2024 | USD 11.313853 bn | 14.6% |
| 2023 | USD 9.871649 bn | — |
Consolidated food and beverage revenue plus delivery service revenue.
Sources: 10-K · 2025-12-31
USD 1.535761 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · printed page: 37
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.535761 bn | 0.1% |
| 2024 | USD 1.53411 bn | 24.9% |
| 2023 | USD 1.228737 bn | — |
Consolidated net income after provision for income taxes.
Sources: 10-K · 2025-12-31
USD 2.113926 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · printed page: 39
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.113926 bn | 0.4% |
| 2024 | USD 2.105076 bn | 18.0% |
| 2023 | USD 1.783477 bn | — |
Consolidated GAAP operating cash flow, not net income.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
