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CHIPOTLE MEXICAN GRILL INCCMG

Sector
Consumer
Industry
Retail-Eating Places
Exchange
NYSE

Stock Price $CMG

Latest filings

You are here#26 of 30 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q328-K101

CMG filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 101 current reports (8-K) between 2016 and 2026.

  1. FY2015 annual report10-K · Feb ’16Feb ’16
  2. Leadership change8-K · Mar ’19Mar ’19
  3. Material agreement8-K · Apr ’21Apr ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $11.93B
YoY changeLargest recent move+26.1%in FY21Latest +5.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CMG Financial Metrics50 metrics

Income Statement11

Balance Sheet24

Cash Flow11

Per Share4

02—Overview

CHIPOTLE MEXICAN GRILL INC Financial Overview 2021–2025

Updated Jul 10, 2026

Despite a surprising 1.7% contraction in comparable restaurant sales, Chipotle expanded its top line by 5.4% to $11.9 billiona 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 billionb 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 billionc, 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 milliond 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.

03—Filings

Recent SEC Filings

  1. 8-KCHIPOTLE MEXICAN GRILL INC 8-K Report, Executive Changes (Sep 14, 2026)Chipotle Mexican Grill (NYSE: CMG) filed an 8-K on September 14, 2026 to report a board change under Item 5.02: the Board expanded from 10 to 11 directors and elected Sabir Sami as an independent director, effective immediately. Sami is a 59-year-old restaurant executive with 16 years at Yum! Brands, where he most recently served as CEO of the KFC Division (January 2022 to February 2025). He will not sit on any Board committees at this time, and his non-employee director compensation will be prorated through the next annual shareholder meeting under the program described in the FY2025 10-K. For investors, this is a governance and strategic-depth event rather than a financial one. The filing contains no financial results, guidance, or material transactions. The appointment adds senior international franchise-scale and operating expertise, which the company explicitly ties to its goal of expanding its brand globally and strengthening operations. The board now reports 10 of 11 directors as independent, and management states the board will continue to refresh its composition. The filing also reveals no related-party transactions, no family relationships with other directors or officers, and no arrangements with other persons tied to his election. Because the event is routine board refreshment, it is unlikely to move the stock on its own, though it may be read as a signal of international expansion priorities and operational focus.
  2. 8-KCHIPOTLE 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.
  3. 8-KCHIPOTLE MEXICAN GRILL INC 8-K Report, Financial Results (Jul 29, 2026)Chipotle reported second-quarter 2026 results with revenue of $3.35 billion, up 9.3% year over year, driven mainly by new restaurant openings (100 company-owned openings in the quarter). Comparable restaurant sales rose 2.2%, the second consecutive quarter of improving transaction growth, with transactions up 1.0% and average check up 1.2%. Profitability was under pressure, however. Operating margin fell to 15.7% from 18.2%, and restaurant-level operating margin fell to 25.2% from 27.4%, as food, beverage and packaging costs (29.7% of revenue vs. 28.9%), labor (25.0% vs. 24.7%), other operating costs (14.9% vs. 14.0%) and G&A (including a $10 million legal reserve) all rose. GAAP net income declined about 7.5% to $403.5 million, and diluted EPS was flat at $0.32; adjusted EPS was also flat at $0.33. Management raised its full-year comparable sales outlook to low single-digit growth (per the release headline; the filing itself does not restate the prior guidance). It reaffirmed 350 to 370 new restaurant openings and an underlying effective tax rate of 24% to 26%. Capital returns remain significant: the company repurchased $630.7 million of stock in Q2 at an average price of $32.55, and $1.7 billion remained authorized as of June 30, 2026, including $1.3 billion approved by the Board on June 11, 2026. Through the first half, buybacks totaled about $1.35 billion against operating cash flow of $1.33 billion, which, together with capital spending of about $398 million, reduced cash and investments and brought shareholders' equity down to $2.2 billion from $2.83 billion at year-end 2025. For investors, the key tension is top-line momentum and digital growth (digital sales rose to 38.3% of food and beverage revenue from 35.5%) versus margin compression from commodity inflation, wage and bonus costs, and higher operating expenses. Sustained comp improvement and cost discipline will determine whether the lower margins prove temporary. The 8-K also states that the $1.3 billion repurchase authorization is in addition to prior authorizations and may be modified, suspended or discontinued at any time.
  4. 8-KCHIPOTLE 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.
  5. 8-KCHIPOTLE 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.
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04—See also

Related Companies

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