CHIPOTLE MEXICAN GRILL INCCMG
CHIPOTLE MEXICAN GRILL INC Financial Overview 2021–2025
Updated Jul 10, 2026Despite a surprising 1.7% contraction in comparable restaurant sales, Chipotle expanded its top line by 5.4% to $11.9 billion in FY2025 by relentlessly growing its physical footprint. The core investment thesis for the fast-casual operator has clearly pivoted from pure same-store momentum toward a cash-generative unit-growth model, relying heavily on new drive-thru formats to offset decelerating foot traffic. This aggressive development engine has proven remarkably consistent over time, scaling total revenue from $7.5 billion in FY2021 to $11.9 billion in FY2025.
To sustain this trajectory, the company launched 334 new locations in FY2025, outfitting 257 of them with a high-volume Chipotlane to capture digital demand. While wage inflation and lower transaction volumes pushed labor costs up to 25.1% of revenue, targeted menu price hikes and a 1.2% rise in average check size insulated overall profitability. Management aggressively deployed its resulting cash reserves to support the stock, executing $2.3 billion in share repurchases through early December 2025 and authorizing an additional $1.8 billion buyback pool. The market rewarded this combination of physical expansion and capital returns, valuing the stock at 32.5x earnings with a closing price of $37.00 at the end of FY2025.
Recent Developments (Q4 2025 and Q1 2026)
In Q1 2026, Chipotle experienced a clear divergence between top-line expansion and bottom-line contraction. Total revenue increased 7.4% to $3.1 billion, and comparable restaurant sales recorded a 0.5% gain. However, net income plunged 17.9% to $302.8 million, dropping diluted earnings to $0.23 per share from $0.28. This profitability contraction stemmed from an elevated 25.4% effective tax rate and rising operating expenses. Alongside these financial shifts, the company executed a leadership transition, naming Fernando Machado as Chief Brand Officer and Arlie Sisson as Chief Digital Officer in early 2026.
Bulls can highlight the continued physical scale-up, adding 49 new locations in Q1 2026, and capital returns featuring $701 million in quarterly stock repurchases. Conversely, bears will argue that operating margin deterioration and a 0.1% dip in average check size leave the stock richly priced at 29.8x earnings as of April 30, 2026.
What to watch: margin compression trends under the new executive team; progress toward the 350 to 370 new store target for 2026.
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
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Recent SEC Filings
CHIPOTLE MEXICAN GRILL INC 8-K Report, Regulation FD Disclosure (Aug 5, 2026)
Chipotle Mexican Grill Inc. (CMG) filed an 8-K on August 5, 2026, to disclose information regarding an ongoing investigation by public health authorities into a salmonella outbreak impacting several food service retailers. While the Minnesota Department of Health has confirmed no ongoing concerns with Chipotle, the company is proactively cooperating with these investigations. The company has implemented its ingredient traceability system to identify jalapeños from a common lot as a potential common ingredient and, as a precautionary measure, has removed these jalapeños from its restaurants and replaced them with product from different growers. This proactive removal was undertaken out of an abundance of caution.
CHIPOTLE MEXICAN GRILL INC 8-K Report, Financial Results (Jul 29, 2026)
Chipotle Mexican Grill, Inc. (CMG) has filed an 8-K report on July 29, 2026, primarily detailing its second-quarter 2026 financial results and announcing a significant new share repurchase program. The company issued a press release at 4:30 pm ET on the same day, presenting its earnings for the fiscal quarter ended June 30, 2026, and management's intention to discuss these results on a conference call. Investors should pay close attention to the earnings details released, as these will provide insight into the company's recent performance and growth trajectory.
CHIPOTLE MEXICAN GRILL INC 8-K Report, Corporate Update (Jul 8, 2026)
Chipotle Mexican Grill, Inc. (CMG) announced a change in its Audit and Risk Committee composition through an 8-K filing on July 8, 2026. The Board of Directors appointed Albert Baldocchi, an independent director, to the Audit and Risk Committee, replacing Scott Maw. This appointment aligns with SEC Rule 10A-3 and NYSE Rule 303A.06 requirements, and the company has confirmed Mr. Baldocchi meets the necessary heightened independence standards for this critical committee. The company also officially notified the NYSE of this committee change. Investors should note that this is a governance update and does not appear to be related to operational or financial performance at this time.
CHIPOTLE MEXICAN GRILL INC 8-K Report, Shareholder Vote Results (Jun 17, 2026)
Chipotle Mexican Grill, Inc. (CMG) has reported the final voting results from its 2026 annual meeting of shareholders held on June 11, 2026. The filing indicates strong shareholder support across all proposals presented. All ten director nominees were overwhelmingly elected to the Board of Directors, demonstrating continued confidence in the company's leadership. Shareholders also approved, on an advisory basis, the executive compensation, reflecting satisfaction with the company's remuneration policies for its top executives. Furthermore, the appointment of Ernst & Young LLP as Chipotle's independent registered public accounting firm for the fiscal year ending December 31, 2026, was ratified with substantial approval. The overall high voting margins for all proposals suggest a stable shareholder base and alignment with the company's strategic direction and governance practices.
CHIPOTLE MEXICAN GRILL INC 8-K Report, Financial Results (Apr 29, 2026)
Chipotle Mexican Grill, Inc. (CMG) filed an 8-K on April 29, 2026, to report its financial results for the fiscal quarter ended March 31, 2026. While the filing itself is brief, it indicates that the company issued a press release detailing these earnings, which were also discussed in a management conference call held on the same day. Investors should refer to the press release and conference call transcript for comprehensive details on the company's performance during the first quarter of 2026. This filing serves as a notification and availability of this crucial financial information.
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