Chipotle vs. McDonald's: how they make money

• Diners buying food and drinks · 99.5% of revenuePeople eating in, taking out, ordering on Chipotle's app or website, or ordering through delivery apps. Food and beverage revenue was $11,866.1 million in FY2025.
• Diners paying delivery fees · 0.5% of revenueFees Chipotle collects on delivery orders: $59.6 million in FY2025, down from $66.5 million in FY2024.

• Franchisees: rent · 38.8% of revenueRent on restaurant properties McDonald's owns or leases, usually a percent of sales with a minimum.
• Franchisees: royalties · 22.4% of revenueA percent of franchised restaurants' sales.
• Franchisees: initial fees · 0.3% of revenueFees paid when a restaurant opens or a franchise is granted.
• Diners at company-run restaurants · 36.0% of revenueCustomers buying food at the 2,039 restaurants McDonald's ran itself at Dec 31, 2025.
• Other · 2.4% of revenueFranchisee technology fees and brand licensing.

FY2025

FY2025

Debt

$0M

Cash and investments

$1.0B

On Sep 30, 2026.

At Sep 30, 2026 Chipotle had no borrowings and held $1.0 billion of cash and investments, and its $500 million credit line was undrawn.

Debt

$39.9B

Cash and investments

$822M

On Jun 30, 2026.

At Jun 30, 2026 McDonald's owed $39.9 billion and held $0.8 billion of cash; net debt was about 3.7 times its FY2025 cash from operations.

• One class of shares.
• Officers and directors as a group: 0.5% of shares, 0.5% of votes (as of Apr 15, 2026).
• Capital World Investors: 7.9% of its class, 7.9% of votes (as of Feb 13, 2026).

• One class of shares.
• Officers and directors as a group: 0.3% of shares (as of Mar 23, 2026).
• Vanguard Capital Management: 7.5% (as of Apr 30, 2026).
• BlackRock: 7.3% (as of Apr 7, 2026).
• State Street: 5.1% (as of Aug 7, 2026).
• 1 more holders on the McDonald's page.

• Food safety incidents (other)Chipotle's 10-K names food-borne illness as a risk to its brand, sales and costs, since restaurants handle fresh produce and raw chicken. An Aug 5, 2026 8-K described a multistate salmonella investigation. Chipotle said it removed jalapenos, identified as a potential common ingredient from one lot, from its restaurants as a precaution, and that the Minnesota Department of Health confirmed it has no ongoing concerns with Chipotle.
• Wages and labor laws (regulation)Labor cost $25.1 of every $100 of FY2025 revenue. The 10-K says minimum wage increases and health-benefit costs could raise costs, and owning every U.S. restaurant means more employees than franchising peers.
• Cash used on buybacks (liquidity)Buybacks of $2.4 billion in FY2025 were more than its $1.4 billion of free cash flow. Cash and investments fell from $2.3 billion at Dec 31, 2024 to $1.0 billion at Sep 30, 2026, against $5.6 billion of lease liabilities.
• Competition (competition)The 10-K describes the restaurant industry as highly competitive, including delivery services, grocery-store meals and chains that also sell fresh food quickly at reasonable prices.

• Large debt and negative shareholders' equity (debt)McDonald's owed $39.9 billion at Jun 30, 2026 and held $0.8 billion of cash, with a shareholders' deficit of $1.0 billion. Interest expense was $1.6 billion in FY2025. The 10-K lists a credit-rating cut or higher funding costs as a risk.
• Profit growth helped by other operating income (other)In Q3 FY2026 revenue rose 1% while operating income rose 7%. Other operating income was $139 million against $37 million a year earlier, including $97 million of gains on selling restaurant businesses.
• Currency moves (currency)International Operated Markets brought in 50.7% of FY2025 revenue, and 39% of debt was in foreign currencies at Dec 31, 2025. The 10-K lists exchange rates among the risks of its global scope.