Chipotle Mexican Grill
CMG · NYSERetail-Eating Places · Fiscal year ends Dec 31
Chipotle Mexican Grill reported revenue of $11.9B in the fiscal year ended Dec 2025, up 5.4% from the year before. Operating income was $1.9B, an operating margin of 16.2%, and net income was $1.5B. Operating cash flow of $2.1B less capital expenditure of $666M left free cash flow of $1.4B. It held more cash than debt (net cash $351M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.5B | $8.6B | $9.9B | $11.3B | $11.9B |
| Operating income | $805M | $1.2B | $1.6B | $1.9B | $1.9B |
| Pre-tax income | $813M | $1.2B | $1.6B | $2B | $2B |
| Income tax | $160M | $282M | $392M | $476M | $474M |
| Net income | $653M | $899M | $1.2B | $1.5B | $1.5B |
| Diluted EPS | 22.90 | 0.64 | 0.89 | 1.11 | 1.14 |
| Diluted shares | 29M | 1,403M | 1,386M | 1,377M | 1,343M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $815M | $384M | $561M | $749M | $351M |
| Receivables | $100M | $107M | $116M | $144M | $156M |
| Inventory | $33M | $36M | $39M | $49M | $50M |
| Current assets | $1.4B | $1.2B | $1.6B | $1.8B | $1.5B |
| Net PP&E | $1.8B | $2B | $2.2B | $2.4B | $2.7B |
| Goodwill | $22M | $22M | $22M | $22M | $22M |
| Total assets | $6.7B | $6.9B | $8B | $9.2B | $9B |
| Payables | $163M | $185M | $198M | $211M | $213M |
| Deferred revenue | $156M | $183M | $210M | $239M | $240M |
| Current liabilities | $874M | $922M | $1B | $1.2B | $1.2B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $4.4B | $4.6B | $5B | $5.5B | $6.2B |
| Shareholders' equity | $2.3B | $2.4B | $3.1B | $3.7B | $2.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.3B | $1.8B | $2.1B | $2.1B |
| Capital expenditure | $442M | $479M | $561M | $594M | $666M |
| Free cash flow | $840M | $844M | $1.2B | $1.5B | $1.4B |
| Depreciation & amortisation | $255M | $287M | $319M | $335M | $361M |
| Stock-based compensation | $176M | $98M | $124M | $132M | $120M |
| Share buybacks | $466M | $830M | $592M | $1B | $2.4B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.4% | 14.3% | 14.6% | 5.4% |
| Operating income growth (YoY) | – | 44.2% | 34.2% | 23.0% | 1.0% |
| EPS growth (YoY) | – | −97.2% | 39.1% | 24.7% | 2.7% |
| Operating margin | 10.7% | 13.4% | 15.8% | 16.9% | 16.2% |
| Net margin | 8.7% | 10.4% | 12.4% | 13.6% | 12.9% |
| Return on equityBlank when equity is negative | 28.4% | 38.0% | 40.1% | 42.0% | 54.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.9% | 19.3% | 22.2% | 23.8% | 24.8% |
| Free cash flow margin | 11.1% | 9.8% | 12.4% | 13.4% | 12.1% |
| Cash conversion (CFO ÷ net income) | 1.96x | 1.47x | 1.45x | 1.37x | 1.38x |
| Receivable days | 5 | 5 | 4 | 5 | 5 |
| Debt ÷ equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$815M | −$384M | −$561M | −$749M | −$351M |
| Current ratio | 1.58x | 1.28x | 1.57x | 1.52x | 1.23x |
Recent filings
More in Retail-Eating Places
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.