Consumer Discretionary · NYSE: CMG
Chipotle: how the business works
Chipotle owns and runs 4,267 restaurants selling burritos, bowls and tacos, 4,146 of them in the U.S., and had revenue of $11.9 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Chipotle Mexican Grill, Inc. · Newport Beach, California · Founded 1993
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $11.9B
- Net income, FY2025
- $1.5B
- Company-owned restaurants, Sep 30, 2026
- 4,267
- Employees, Dec 31, 2025
- 130,301
- First restaurant opened
- 1993
The short version
Chipotle in 5 points
1 · What it sells
Chipotle sells burritos, bowls, quesadillas, tacos and salads in 4,267 restaurants it owns, with revenue of $11.9 billion in FY2025.
2 · Who pays it
In FY2025, diners paid 99.5% of Chipotle's revenue for food and drinks and 0.5% as delivery fees.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Chipotle kept $12.8 as net income, which includes interest on its cash, while its operating income was $16.2 per $100 of revenue.
4 · Where the operating profit comes from
The U.S. segment earned $2.6 billion of operating income in FY2025 and other countries $8.7 million, before $660.4 million of corporate costs, leaving $1.9 billion.
5 · The one thing to watch
Comparable restaurant sales fell 1.7% in FY2025, with 2.9% fewer transactions, and rose 2.1% in Q3 FY2026, with 0.8% more transactions.
Sources: From Chipotle's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Chipotle's money go?
Chipotle · FY2025
Receipt for every $100
| Food, beverage and packaging | $29.4 |
|---|---|
| Restaurant labor | $24.9 |
| Rent and other restaurant costs | $19.8 |
| Admin, new-restaurant and closure costs | $6.1 |
| Depreciation and amortization | $3.0 |
| Income tax | $3.9 |
| Kept as net income | $12.8 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus $73.7 million of interest and other income): each line = line ÷ $12.0 billion × 100. Lines add to 99.9 because of rounding. Per $100 of revenue alone, operating income was $16.2.
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02The business in one line
What does Chipotle do?
Diners pay Chipotle for burritos, bowls and tacos in restaurants it owns; most of the money goes on food, staff and rent, and what's left is profit.
- In FY2025, food and drink sales were 99.5% of Chipotle's $11.9 billion of revenue, and delivery fees were the other 0.5%.
- Of every $100 that came in, food and packaging took $29.4 and restaurant labor $24.9; Chipotle kept $12.8 as net income.
03Who pays it
Who pays Chipotle?
Diners buying food and drinks
100%
of revenue
People 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
1%
of revenue
Fees Chipotle collects on delivery orders: $59.6 million in FY2025, down from $66.5 million in FY2024.
- Diners buying food and drinks100%
- Diners paying delivery fees1%
How spread out the customers are
Chipotle's FY2025 10-K says no customer accounts for 10% or more of its revenue. The U.S. was 97.9% of FY2025 revenue.
04Why it makes money
Why does Chipotle make money?
Chipotle earns money restaurant by restaurant: each one's sales must cover food, staff and rent, and Chipotle keeps what is left because it owns them all.
In FY2025 an average restaurant open a full year sold $3.1 million of food and drinks. A new one cost about $1.3 million to build after landlord payments. Operating income per $100 of revenue rose every year from FY2021 to FY2024, then fell in FY2025 when comparable sales fell 1.7%.
Operating income per $100 of revenue
$10.7$16.2
FY2021 to FY2025
- Chipotle builds a restaurant for about $1.3 million net
- Diners order at the counter, online, by app or at a Chipotlane
- Sales pay for food, staff, rent and other running costs
- What is left covers corporate costs and tax
- Cash pays for new restaurants, and much of the rest for share buybacks
- More restaurants bring more sales
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Chipotle?
U.S.
98%Company-owned Chipotle restaurants in the U.S., run as 11 regions in FY2025. Segment operating income was $2.6 billion, before $660.4 million of corporate costs that Chipotle does not allocate to it.
Revenue $11.7B · Operating profit $2.6B
Canada, Europe and partners
2%Company-owned restaurants in Canada and Europe plus income from partner-operated restaurants. Together they had $8.7 million of operating income in FY2025, after losses of $2.8 million in FY2024.
Revenue $246M · Operating profit $8.7M
How the mix changed
- U.S.
- Canada, Europe and partners
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Chipotle done?
Revenue
$11.9BFY2025
Revenue rose every year, from $7.5 billion in FY2021 to $11.9 billion in FY2025, though growth slowed to 5.4% in FY2025 from 14.6% in FY2024.
US$
See the numbers
Net profit
$1.5BFY2025
Net income rose from $653.0 million in FY2021 to $1.5 billion in FY2024 and was almost unchanged in FY2025; per-share figures reflect the 50-for-1 stock split of June 2024 (FY2021 EPS is a Cityfort calculation from the FY2023 10-K).
US$
See the numbers
Profit kept per $100 of revenue
$12.9FY2025
Operating income per $100 of revenue rose from $10.7 in FY2021 to $16.9 in FY2024, then fell to $16.2 in FY2025 and was $13.7 in Q3 FY2026.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$1.4BFY2025
Free cash flow was $1.4 billion in FY2025, while Chipotle spent $2.4 billion buying back its shares and paid no dividend.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31; FY2025 is the year ended Dec 31, 2025, and Q3 FY2026 is July to September 2026). Net profit is the share belonging to the company's owners.
Download Chipotle's yearly and quarterly numbers (CSV, with source ids)
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (13)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2021 (ended Dec 31, 2021)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full-year FY2024 earnings release (8-K Exhibit 99.1)
- Q1 FY2025 earnings release (8-K Exhibit 99.1)
- Q2 FY2025 earnings release (8-K Exhibit 99.1)
- Q3 FY2025 earnings release (8-K Exhibit 99.1)
- Q4 and full-year FY2025 earnings release (8-K Exhibit 99.1)
- Q1 FY2026 earnings release (8-K Exhibit 99.1)
- Q2 FY2026 earnings release (8-K Exhibit 99.1)
- Q3 FY2026 earnings release (8-K Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
07Who runs it
Who runs Chipotle, and did they deliver?
Scott Boatwright
Chief Executive Officer and director · since 2024
CEO since November 2024 after serving as interim CEO from August 2024. He joined Chipotle in 2017 and was Chief Operating Officer before that.
Adam Rymer
Chief Financial Officer · since 2024
Succeeded Jack Hartung as CFO; the proxy describes him as a Chipotle employee of more than 15 years.
Scott Maw
Chairman of the Board · since 2019
Director since 2019 and independent chairman; former CFO of Starbucks.
What they said, and what happened
1 missed · 1 delivered · 2 too early to tell
Said on Feb 4, 2025
Chipotle guided to FY2025 comparable restaurant sales growth "in the low to mid-single digit range".
MissedWhat happened
Chipotle cut the outlook to low-single-digit growth on Apr 23, 2025, to about flat on Jul 23, 2025 and to a low-single-digit decline on Oct 29, 2025. Reported FY2025 comparable sales fell 1.7%.
Said on Feb 4, 2025
Chipotle guided to 315 to 345 new company-owned restaurants in FY2025.
DeliveredWhat happened
Chipotle opened 334 company-owned restaurants in FY2025.
Said on Oct 28, 2026
Chipotle guided to 350 to 370 new restaurants in FY2026, including 10 to 15 partner-operated abroad.
Too early to tellWhat happened
By Sep 30, 2026 it had opened 233 company-owned and 6 partner-operated restaurants.
Said on Jul 29, 2026
Chipotle guided to about flat FY2026 comparable restaurant sales on Feb 3, 2026, and raised that to low-single-digit growth on Jul 29, 2026.
Too early to tellWhat happened
Comparable sales rose 0.5% in Q1, 2.2% in Q2 and 2.1% in Q3 FY2026.
Sources (12)
- Definitive proxy statement (DEF 14A) for the 2026 annual meeting
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Q4 and full-year FY2024 earnings release (8-K Exhibit 99.1)
- Q1 FY2025 earnings release (8-K Exhibit 99.1)
- Q2 FY2025 earnings release (8-K Exhibit 99.1)
- Q3 FY2025 earnings release (8-K Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 FY2026 earnings release (8-K Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q4 and full-year FY2025 earnings release (8-K Exhibit 99.1)
- Q2 FY2026 earnings release (8-K Exhibit 99.1)
- Q1 FY2026 earnings release (8-K Exhibit 99.1)
08What could go wrong
What could go wrong for Chipotle?
- Other
Food safety incidents
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.
Watch Any new food safety 8-K, and comparable sales in the following quarters.
- Demand
Fewer visits to existing restaurants
In FY2025 comparable restaurant sales fell 1.7% and transactions fell 2.9%. The Q3 FY2026 10-Q says July and August sales faced headwinds that management tied to U.S. food safety concerns and geopolitical events.
Watch Comparable sales and transactions in each earnings release.
- Regulation
Wages and labor laws
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.
Watch Labor as a share of revenue each quarter.
- Raw-material prices
Ingredient costs and tariffs
Food, beverage and packaging cost $29.6 of every $100 of FY2025 revenue. The 10-K names tariffs and supply shortages as risks, and in Q3 FY2026 beef and freight inflation pushed food costs up, more than offset by menu prices and tariff relief.
Watch Food, beverage and packaging costs as a share of revenue.
- Execution
Opening hundreds of restaurants a year
Chipotle said on Oct 28, 2026 it expects 350 to 370 openings in FY2026, and its 10-K names finding sites, contractors and staff, and managing international partners, as risks to that plan.
Watch Openings against guidance, and impairment and closure costs.
- Cash and liquidity
Cash used on buybacks
Buybacks of $2.4 billion in FY2025 were more than its $1.4 billion of free cash flowCash from operations minus spending on buildings and equipment. Learn more. 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.
Watch Cash and investments, and buybacks, in each 10-Q.
- 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.
Watch Transactions and average check in each earnings release.
09Both sides
What do supporters and critics point to?
What supporters point to
- Chipotle had no borrowings at Sep 30, 2026 and held $1.0 billion of cash and investments.
- Comparable restaurant sales rose 2.1% in Q3 FY2026, with transactions up 0.8%.
- Chipotle opened 334 company-owned restaurants in FY2025, inside its 315 to 345 guidance.
- Free cash flow was $1.4 billion in FY2025, and digital orders reached 38.8% of food and beverage revenue in Q3 FY2026.
What critics point to
- Comparable restaurant sales fell 1.7% in FY2025, with transactions down 2.9%, after Chipotle had guided to growth.
- Operating income per $100 of revenue was $13.7 in Q3 FY2026, down from $15.9 a year earlier.
- Buybacks of $2.4 billion in FY2025 exceeded free cash flow, and cash and investments fell to $1.0 billion by Sep 30, 2026.
- Chipotle reported a multistate salmonella investigation in August 2026, and the Q3 FY2026 10-Q links summer sales headwinds partly to food safety concerns.
10What to watch next
What should you watch next at Chipotle?
Next event
Q4 FY2026 results (quarter ending Dec 31, 2026)
Date not announced yet.
Comparable sales and transactions
Comparable restaurant sales fell 1.7% in FY2025, with 2.9% fewer transactions, and rose 2.1% in Q3 FY2026, with 0.8% more transactions. Chipotle said on Oct 28, 2026 it expects low-single-digit growth for FY2026.
Openings against guidance
Chipotle opened 233 company-owned and 6 partner-operated restaurants in the first nine months of 2026, against the 350 to 370 openings for FY2026 that Chipotle said on Oct 28, 2026 it expects.
Cash and buybacks
Cash and investments were $1.0 billion at Sep 30, 2026, down from $2.3 billion at Dec 31, 2024, and $1.6 billion of buyback authorization was left.
11Key facts
Key facts about Chipotle
- What does Chipotle do?
- Chipotle Mexican Grill owns and runs restaurants that sell burritos, burrito bowls, quesadillas, tacos and salads. It owned 4,267 restaurants at Sep 30, 2026, 4,146 of them in the U.S. and 121 abroad.
- How does Chipotle make money?
- Chipotle makes money by selling meals in restaurants it owns. In FY2025 food and beverage sales were $11.87 billion, 99.5% of its $11.9 billion of revenue, and delivery fees were $59.6 million, the other 0.5%.
- What is Chipotle's business model?
- Chipotle's business model is to own and operate its restaurants instead of franchising them: it runs all its restaurants in the U.S. and Canada. At Sep 30, 2026 only 20 restaurants abroad were run by partners.
- Who are Chipotle's customers?
- Chipotle's customers are individual diners, and its FY2025 10-K says no customer accounts for 10% or more of revenue. Orders through its website, app or delivery apps were 36.7% of Chipotle's food and beverage revenue in FY2025.
- How much of Chipotle's sales are digital?
- Digital orders, placed on Chipotle's website or app or through delivery apps, were 38.8% of Chipotle's food and beverage revenue in Q3 FY2026, up from 36.7% for FY2025.
- How big is Chipotle?
- Chipotle had revenue of $11.9 billion and net income of $1.5 billion in FY2025 (year ended Dec 31, 2025), and employed 130,301 people at that date.
- Is Chipotle profitable?
- Chipotle reported net income of $1,535.8 million in FY2025, $16.2 of operating income per $100 of revenue. In Q3 FY2026 net income was $339.9 million, down from $382.1 million in Q3 FY2025.
- What is Chipotle's revenue by segment?
- Chipotle reports one segment, its U.S. restaurants, with revenue of $11.7 billion, 97.9% of the total in FY2025. Restaurants in Canada and Europe and partner-operated restaurants made up the other $246.2 million.
- Who owns Chipotle?
- Chipotle has one class of common stock with one vote per share. Officers and directors as a group held 0.45% at Apr 15, 2026, and Capital World Investors reported 7.92% at Dec 31, 2025.
- Does Chipotle have debt?
- Chipotle had no borrowings at Sep 30, 2026 and held $1.0 billion of cash and investments; its $500 million credit line was undrawn. Its restaurant lease liabilities were $5.6 billion.
Terms on this page
- Capital expenditures (capex)
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Operating margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Chipotle sell?
Restaurant meals
Burritos, bowls, quesadillas, tacos and salads in 4,267 company-owned restaurants at Sep 30, 2026. Food and beverage sales were $11.87 billion in FY2025.
Digital orders and Chipotlanes
Orders on Chipotle's app, website or third-party delivery apps were 36.7% of food and beverage revenue in FY2025. A Chipotlane is a drive-through lane for picking up orders placed online.
Delivery
Delivery fees Chipotle collects from guests brought in $59.6 million in FY2025, 0.5% of revenue.
Partner-operated restaurants abroad
20 Chipotle restaurants at Sep 30, 2026 run by partners under license or franchise deals, or where Chipotle holds a minority stake, in the Middle East, South Korea and Mexico.
What it does
- Does: Owns and runs all its restaurants in the U.S. and Canada
- Does: Sells through restaurants, its own app and website, and delivery apps
- Does: Opened 334 company-owned restaurants in FY2025
What it does not do
- Does not: Franchise its U.S. restaurants to other owners
- Does not: Have any borrowings (at Sep 30, 2026)
- Does not: Pay a dividend (none in FY2021 to FY2025)
13How the money flows
13How the money flows · FY2025
How does money flow through Chipotle?
Money in
- Food and beverage sales$11.9B
- Delivery fees$59.6M
- Interest and other income$73.7M
The company
Chipotle
$12.0B came in
Money out
- Food, beverage and packaging$3.5B
- Restaurant labor$3.0B
- Rent and other restaurant costs$2.4B
- Admin, new-restaurant and closure costs$729M
- Depreciation and amortization$361M
- Income tax$474M
- Net income$1.5B
- Diners paid Chipotle $11.9 billion in FY2025, almost all for food and drinks; delivery fees added $59.6 million.
- Food, drinks and packaging cost $3.5 billion, and restaurant labor $3.0 billion.
- Rent and other restaurant costs took $2.4 billion, and admin, new-restaurant and closure costs $729.0 million.
- After $361.4 million of depreciation, operating income was $1.9 billion; interest and other income added $73.7 million.
- Income tax took $473.8 million, leaving $1.5 billion of net income.
14What it needs to run
14What it needs to run
What does Chipotle need to run?
Restaurant sites
Chipotle leases its restaurant sites. Operating lease liabilities were $5,075.8 million at Dec 31, 2025, and a new restaurant cost about $1.5 million to build in 2025, or $1.3 million after landlord payments.
Restaurant staff
Chipotle employed 130,301 people at Dec 31, 2025, of whom 125,408 worked in U.S. restaurants. Labor cost $25.1 of every $100 of FY2025 revenue.
Fresh ingredients
Independent regional distribution centers buy from suppliers Chipotle selects, and some key ingredients come from a small number of suppliers. Food, beverage and packaging cost $29.6 of every $100 of FY2025 revenue.
Ordering technology
Chipotle's app and website, the Chipotle Rewards program and third-party delivery apps carried 36.7% of FY2025 food and beverage revenue.
15Where growth could come from
15Where growth could come from
Where could Chipotle's growth come from?
In its Q3 FY2026 earnings release (Oct 28, 2026), Chipotle said it expects FY2026 comparable restaurant sales growth "in the low single digit range" and 350 to 370 new restaurants, including 10 to 15 partner-operated abroad, with about 80% of new company-owned ones having a Chipotlane. For FY2027 it expects 340 to 360 new company-owned restaurants in the U.S. and Canada, and about 15 to 25 outside them.
New restaurants
Working334 opened in FY2025
Chipotle opened 334 company-owned restaurants in FY2025, inside its 315 to 345 guidance, and 233 in the first nine months of 2026. Its FY2025 10-K (Feb 4, 2026) states a long-term goal of 7,000 restaurants in the U.S. and Canada.
Status: Working, on track against what the company said.
Chipotlanes
Working53 of 84 Q3 FY2026 openings
257 of the 334 restaurants opened in FY2025 had a Chipotlane, a drive-through lane for online orders, and 53 of 84 opened in Q3 FY2026.
Status: Working, on track against what the company said.
Digital orders
Working38.8% of food and beverage revenue, Q3 FY2026
The digital share rose from 35.1% in FY2024 to 36.7% in FY2025 and 38.8% in Q3 FY2026.
Status: Working, on track against what the company said.
Sales at existing restaurants
Mixed-1.7% FY2025; +2.1% Q3 FY2026
Comparable restaurant sales fell 1.7% in FY2025 after Chipotle had guided to growth, then rose 0.5%, 2.2% and 2.1% in the first three quarters of FY2026.
Status: Mixed, partly on track.
Partner-operated restaurants abroad
Early3 to 20 restaurants
Partner-operated restaurants rose from 3 at Dec 31, 2024 to 20 at Sep 30, 2026, in the Middle East, South Korea and Mexico.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (6)
16The company's own measures (non-GAAP)
16The company's own measures · FY2025
What do Chipotle's own measures show?
Official (GAAP): Net income, FY2025
$1.5B
Company's own measure: Adjusted net income, FY2025
$1.6B
Chipotle leaves out restaurant and corporate asset impairments and gains, costs of certain legal proceedings, a stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more forfeiture, retention stock grants and investment losses.
Official (GAAP): Diluted EPS, FY2025
$1.14
Company's own measure: Adjusted diluted EPS, FY2025
$1.17
Same exclusions as adjusted net income.
Official (GAAP): Net income, Q3 FY2026
$340M
Company's own measure: Adjusted net income, Q3 FY2026
$345M
In Q3 FY2026 Chipotle left out $4.3 million of restaurant asset impairment and $1.5 million of retention stock awards tied to the former CEO's departure, less $1.1 million of tax.
Official (GAAP): Operating margin, Q3 FY2026
13.7%
Company's own measure: Restaurant-level operating margin, Q3 FY2026
23.3%
Revenue minus food, labor, occupancy and other restaurant costs, as a share of revenue. It leaves out corporate admin costs, depreciation, new-restaurant costs and closures. It was 24.5% in Q3 FY2025.
Official (GAAP): Operating margin, FY2024
16.9%
Company's own measure: Restaurant-level operating margin, FY2024
26.7%
Same definition as above, as stated by Chipotle for the full year 2024.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
17Financial strength and debt
17Financial strength · Sep 30, 2026
How much debt does Chipotle have?
- Total debt$0M
- Cash and investments$1.0B
- Net cash (cash minus debt)$1.0B
- Net worth (shareholders' money)$2.5B
- Debt to equity
- 0×
- $ of debt for every $1 of shareholders' money
- Net cash of $1.0 billion is a Cityfort calculation from Q3 FY2026 10-Q: cash of $634.2 million plus $368.8 million of investments, minus no debt. It includes $109.2 million of investments that cannot easily be sold.
- Operating lease liabilities for restaurant sites were $5.6 billion at Sep 30, 2026. They are not borrowings and are not counted as debt here, but the rent is a fixed obligation.
- Cash and investments were $2.3 billion at Dec 31, 2024. Chipotle spent $2.4 billion on share buybacks in FY2025 and $1.5 billion in the first nine months of 2026.
- Stockholders' equity fell from $3.7 billion at Dec 31, 2024 to $2.5 billion at Sep 30, 2026.
- The $500 million revolving credit agreement of Jun 24, 2025, with JPMorgan Chase as administrative agent, runs to Jun 24, 2030.
18Who owns it
18Who owns it · ownership as of Apr 15, 2026
Who owns Chipotle?
- Officers and directors (as a group), shares
- 0.5%
- Officers and directors (as a group), votes
- 0.5%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
19What it does with profit
19What it does with profit
What does Chipotle do with its profit?
Buyback · Dec 31, 2021
Bought back $466.5 million of common stock in FY2021.
$467M
Buyback · Dec 31, 2022
Bought back $830.1 million of common stock in FY2022.
$830M
Buyback · Dec 31, 2023
Bought back $592.3 million of common stock in FY2023.
$592M
Buyback · Dec 31, 2024
Bought back $1.0 billion of common stock in FY2024.
$1.0B
Buyback · Dec 31, 2025
Bought back $2.4 billion of common stock in FY2025, more than that year's $1.4 billion of free cash flow.
$2.4B
Buyback · Sep 30, 2026
Bought back $1.5 billion of common stock in the first nine months of 2026, of which $110.0 million in Q3.
$1.5B
20Governance signals
20Governance signals
What do Chipotle's governance filings show?
- Auditor
- Ernst & Young LLP, since 1997
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Chipotle held about 13.5% of Tractor at Dec 31, 2025 (11.9% at Sep 30, 2026), a supplier it bought $52.0 million from in FY2025, and preferred shares in Vebu, from which it bought $5.6 million.
- Credit rating
- Not checked for this page
Flags to know about
disclosure
No credit rating named in the filings
Chipotle's FY2025 10-K and Q3 FY2026 10-Q name no credit rating. It has no bonds or borrowings, and its $500 million credit line was undrawn at Sep 30, 2026.
other · Aug 17, 2026
Shareholder class action dismissed, under appeal
A proposed class action, Stradford v. Chipotle, alleges that Chipotle's statements about portion sizes were false and misleading and that some executives traded improperly. The court dismissed it with prejudice on Aug 17, 2026; plaintiffs have appealed to the Ninth Circuit, and a related consolidated derivative suit is stayed pending the Stradford case.
other · Jan 12, 2026
Executive changes
The former CEO left in August 2024. On Jan 12, 2026 Chipotle reported that its President and Chief Brand Officer and its General Counsel had transitioned out of their executive roles effective that day.
other
CEO pay
CEO Scott Boatwright's reported 2025 pay was $15.46 million. The proxy gives a CEO pay ratio of 886 to 1 against a median employee's $17,446.
other · Jul 28, 2026
CEO ended a share sale plan
The CEO terminated a Rule 10b5-1 trading planAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more covering up to 100,000 shares on Jul 28, 2026, as reported in the Q3 FY2026 10-Q.
21What the market paid
21What the market paid · price as of Nov 5, 2026
What did the market pay for Chipotle on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Chipotle closed at $35.40, from Nasdaq's historical price table; Chipotle's shares are listed on the NYSE. Market value, the price of all its shares together, = $35.40 × 1,264,975 thousand shares (Oct 26, 2026) = about $44.8 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). P/E is the price divided by a year of earnings per share: $35.40 ÷ $1.07, the diluted EPS of the four quarters to Sep 30, 2026, = 33.1 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases).
- Share price
- $35.40
- Market value (market cap)
- $44.8B
- P/E
- 33.1×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
3.5×
$44.8B market value ÷ $12.7B revenue (four quarters to Sep 30, 2026) = 3.5×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Qs and earnings releases. Source: CMG historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $35.40); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year FY2025 earnings release (8-K Exhibit 99.1) and 3 more
How price ratios workFree cash flow yield
3.2%
$1.4B free cash flow (FY2025) ÷ $44.8B market value = 3.2%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: CMG historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $35.40); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year FY2025 earnings release (8-K Exhibit 99.1) and 4 more
What free cash flow means
Shares used for the market value: 1,265 million ($35.40 × 1,265 million shares ≈ $44.8B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Definitive proxy statement (DEF 14A) for the 2026 annual meeting
Source: CMG historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $35.40); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year FY2025 earnings release (8-K Exhibit 99.1) and 3 more
Sources (8)
- CMG historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $35.40)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q4 and full-year FY2025 earnings release (8-K Exhibit 99.1)
- Q1 FY2026 earnings release (8-K Exhibit 99.1)
- Q2 FY2026 earnings release (8-K Exhibit 99.1)
- Q3 FY2026 earnings release (8-K Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Definitive proxy statement (DEF 14A) for the 2026 annual meeting
22How it got here
22How it got here
How did Chipotle get here?
1993
Milestone
First restaurant
Chipotle's first restaurant opened in Denver, Colorado.
2024
Milestone
50-for-1 stock split
Each share became 50 shares on Jun 26, 2024, which is why earlier per-share figures look much larger in old filings.
2024
Business-model change
New CEO
The former CEO left in August 2024. Scott Boatwright was interim CEO from August and became CEO in November 2024.
2025
Crisis
Comparable sales fell
Comparable restaurant sales fell 1.7% in FY2025 after rising 7.4% in FY2024, and Chipotle cut its outlook three times during the year.
2025
Milestone
Larger buybacks
Chipotle bought back $2.4 billion of stock in FY2025 and its board added $1.8 billion of authorization in December 2025, then $1.3 billion more in July 2026.
2026
Crisis
Salmonella investigation
On Aug 5, 2026 Chipotle reported 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.
2026
Milestone
Partners in new countries
Partner-operated restaurants reached 20 at Sep 30, 2026, in the Middle East, South Korea and Mexico.
Sources (9)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Definitive proxy statement (DEF 14A) for the 2026 annual meeting
- Q3 FY2025 earnings release (8-K Exhibit 99.1)
- Q2 FY2025 earnings release (8-K Exhibit 99.1)
- Q1 FY2025 earnings release (8-K Exhibit 99.1)
- Form 8-K filed Jul 29, 2026 (Items 2.02, 8.01: $1.3 billion additional share repurchase authorization)
- Form 8-K filed Dec 8, 2025 (Item 7.01: $1.8 billion additional share repurchase authorization)
- Form 8-K filed Aug 5, 2026 (Item 7.01: salmonella investigation, jalapenos removed)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
23Sources and changes
Where every number on this page comes from
Sources (20 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 8, 2024
- S5Form 10-K, fiscal year 2021 (ended Dec 31, 2021) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2022
- S6Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S7Q3 FY2026 earnings release (8-K Exhibit 99.1) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2026
- S8Q2 FY2026 earnings release (8-K Exhibit 99.1) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S9Q1 FY2026 earnings release (8-K Exhibit 99.1) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S10Q4 and full-year FY2025 earnings release (8-K Exhibit 99.1) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
- S11Q3 FY2025 earnings release (8-K Exhibit 99.1) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2025
- S12Q2 FY2025 earnings release (8-K Exhibit 99.1) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2025
- S13Q1 FY2025 earnings release (8-K Exhibit 99.1) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2025
- S14Q4 and full-year FY2024 earnings release (8-K Exhibit 99.1) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2025
- S15Definitive proxy statement (DEF 14A) for the 2026 annual meeting · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S16Form 8-K filed Jul 29, 2026 (Items 2.02, 8.01: $1.3 billion additional share repurchase authorization) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S17Form 8-K filed Dec 8, 2025 (Item 7.01: $1.8 billion additional share repurchase authorization) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 8, 2025
- S18Form 8-K filed Aug 5, 2026 (Item 7.01: salmonella investigation, jalapenos removed) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S21Form 8-K filed Jan 12, 2026 (Item 5.02: two executive officers transition out) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 12, 2026
- S22Form 8-K filed Jun 27, 2025 (Items 1.01, 1.02: $500 million revolving credit agreement) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 27, 2025
- S24CMG historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $35.40) · Nasdaq, Inc. · Tier 2: rating agency or regulator · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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