CHIPOTLE MEXICAN GRILL INCCMG
CHIPOTLE MEXICAN GRILL INC Financial Overview 2021–2025
Chipotle managed to push total revenue to a record $11.9 billion in FY2025 despite a surprising 1.7% drop in comparable restaurant sales, highlighting the sheer power of its physical expansion engine. The core investment thesis is that the company's aggressive footprint growth—heavily focused on high-margin, drive-thru formats—has successfully insulated top-line performance from recent traffic headwinds and consumer spending pullbacks.
This resilience is the result of a multi-year scaling effort. Total revenue grew from $7.5 billion in FY2021 to $11.9 billion in FY2025, supported by rapid store development and sticky consumer habits. Even as in-store dining recovered post-pandemic, digital sales still accounted for 36.7% of food and beverage revenue by the end of FY2025. To maintain this momentum, management opened 334 new locations during the year, with 257 featuring a dedicated drive-thru "Chipotlane." Investors have rewarded this operational consistency and cash-flow generation, which funded billions in share repurchases following a landmark 50-for-1 stock split in FY2024. Reflecting a premium market valuation for this steady compounding, the stock traded at 32.5x earnings with a share price of $37.00 at the close of FY2025.
Recent Developments (Q3 and Q4 2025)
Chipotle authorized an additional $1.8 billion share repurchase program in December 2025. Total revenue reached $3.0 billion in Q3 2025, a 7.5% year-over-year increase, while EPS grew 3.6% to $0.29. However, transaction volumes dropped 0.8% during the quarter. This lower throughput pushed annual labor costs up to 25.1% of revenue. Management also navigated significant leadership turnover. Executives Chris Brandt and Roger Theodoredis stepped down in January 2026. This followed an earlier Chief Accounting Officer resignation and the November 2025 appointment of Carnival CEO Josh Weinstein to the Board.
Bulls champion the strong development pipeline, pointing to a target of 350-370 new store openings in FY2026. Bears argue that flat comparable sales guidance for FY2026 leaves the stock fully priced at 35.0x earnings as of February 3, 2026.
What to watch: transaction volume recovery in FY2026; margin impacts from persistent wage inflation.
Rev
$11.93B
FY2025
NI
$1.54B
FY2025
EPS
$1.15
FY2025
OCF
$2.11B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
CHIPOTLE MEXICAN GRILL INC 8-K Report, Financial Results (Feb 3, 2026)
Chipotle Mexican Grill Inc. (CMG) has filed an 8-K report on February 3, 2026, to announce its financial results for the fourth quarter and full fiscal year ended December 31, 2025. The report indicates that a press release detailing these earnings and other financial conditions was issued on the same day. Management is scheduled to discuss these results further in a conference call later today, February 3, 2026. Investors should anticipate detailed financial performance metrics, including revenue, profitability, and potentially same-store sales growth, to be disclosed in the accompanying press release and subsequent conference call. This filing serves as the official notification of the company's year-end financial performance.
CHIPOTLE MEXICAN GRILL INC 8-K Report, Executive Changes (Jan 12, 2026)
Chipotle Mexican Grill, Inc. (CMG) announced on January 12, 2026, the departure of two key executive officers, Messrs. Chris Brandt and Roger Theodoredis. This filing signals a significant leadership transition within the company, which could impact operational continuity and strategic direction. While the specific roles held by these executives are not detailed, their "several years of dedicated service" suggest they held important positions. The company has implemented a transitional plan to ensure a smooth handover, with both individuals agreeing to provide advisory services as non-executive employees for a limited period. Investors should pay close attention to the successors appointed to fill these roles and the company's ability to maintain its growth trajectory and operational efficiency during this period of change. The transitional advisory services, coupled with eligibility for severance benefits under the company's Executive Officer Severance Plan (contingent on plan conditions), indicate an effort to manage this transition professionally. However, any uncertainty stemming from executive departures can sometimes lead to short-term market volatility, and investors will be looking for clear communication from management regarding the future leadership and strategy.
CHIPOTLE MEXICAN GRILL INC 8-K Report, Regulation FD Disclosure (Dec 8, 2025)
Chipotle Mexican Grill, Inc. (CMG) announced on December 8, 2025, that its Board of Directors authorized an additional $1.8 billion for share repurchases on December 4, 2025. This marks a strategic shift in how the company approaches share repurchase authorizations, with the Board now intending to approve larger dollar amounts to cover multiple quarters, rather than on a quarterly basis. This move signals continued confidence in the company's financial health and its commitment to returning capital to shareholders. As of December 5, 2025, the total remaining authorized amount for share repurchases stands at approximately $1.85 billion, inclusive of this new authorization. Chipotle has been active in returning capital, having repurchased approximately $2.3 billion in shares year-to-date through December 5, 2025. The company has maintained a share repurchase program since 2008, demonstrating a consistent strategy of capital allocation, with no expiration date on the program, though it can be modified or suspended at management's discretion.
CHIPOTLE MEXICAN GRILL INC 8-K Report, Executive Changes (Nov 25, 2025)
Chipotle Mexican Grill, Inc. (CMG) has announced a key addition to its Board of Directors. Effective November 25, 2025, Josh Weinstein, the current CEO of Carnival Corporation & plc, has been elected to the Board and appointed to the Nominating and Corporate Governance Committee. This move brings a seasoned executive with extensive experience in large-scale operations and corporate governance to Chipotle's leadership. Mr. Weinstein's appointment follows an expansion of the Board's size to ten directors, with his election filling the newly created vacancy. His compensation as a director will align with that of other non-employee board members. The company has also indicated that there are no undisclosed arrangements, family ties, or material transactions requiring disclosure related to Mr. Weinstein's appointment, suggesting a straightforward addition to the board.
CHIPOTLE MEXICAN GRILL INC 8-K Report, Financial Results (Oct 29, 2025)
Chipotle Mexican Grill Inc. (CMG) filed an 8-K on October 28, 2025, to announce its financial and operational results for the fiscal quarter ended September 30, 2025. The company also announced a management conference call to discuss these results, scheduled for the same day the filing was made, at 4:30 PM Eastern Time. Investors should refer to the press release mentioned in the filing for detailed financial performance and strategic updates. This 8-K serves as the primary notification mechanism for the release of CMG's quarterly financial information, highlighting the company's ongoing commitment to transparency and timely communication with its stakeholders. The specific details of the financial results are expected to be elaborated upon during the upcoming conference call, which is a crucial event for understanding the company's recent performance and future outlook.
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