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CMG

Chipotle Mexican Grill, Inc.

CMG

Chipotle Mexican Grill, Inc. • NYSE
$34.52 ▲ 1.44% (+0.49)
Market Cap $46.57 B
52w High $66.74
52w Low $29.75
Dividend Yield 0%
P/E 30.55
Volume 13.03M
Outstanding Shares 1.35B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.003B ▼ $258.411M ▼ $382.103M ▼ 12.722% ▼ $0.29 ▼ $587.485M ▼
Q2-2025 $3.063B ▲ $279.173M ▲ $436.127M ▲ 14.237% ▲ $0.32 ▲ $668.357M ▲
Q1-2025 $2.875B ▲ $274.372M ▼ $386.599M ▲ 13.446% ▲ $0.29 ▲ $580.839M ▲
Q4-2024 $2.845B ▲ $288.529M ▲ $331.764M ▼ 11.66% ▼ $0.24 ▼ $513.045M ▼
Q3-2024 $2.794B $238.925M $387.388M 13.867% $0.28 $585.567M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.421B ▼ $9.282B ▲ $6.06B ▲ $3.222B ▼
Q2-2025 $1.546B ▲ $9.269B ▲ $5.741B ▲ $3.528B ▲
Q1-2025 $1.415B ▼ $9.044B ▼ $5.553B ▲ $3.491B ▼
Q4-2024 $1.423B ▲ $9.204B ▲ $5.549B ▲ $3.656B ▲
Q3-2024 $1.367B $9.012B $5.398B $3.614B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $382.103M ▼ $569.68M ▲ $-15.403M ▼ $-700.468M ▼ $-145.592M ▼ $406.194M ▲
Q2-2025 $436.127M ▲ $561.327M ▲ $1.988M ▼ $-443.66M ▲ $119.105M ▲ $400.742M ▼
Q1-2025 $386.599M ▲ $557.075M ▲ $6.079M ▲ $-585.174M ▼ $-22.256M ▼ $412.265M ▲
Q4-2024 $331.764M ▼ $526.77M ▲ $-136.032M ▼ $-338.735M ▲ $51.863M ▲ $353.885M ▲
Q3-2024 $387.388M $446.494M $-64.24M $-489.556M $-107.676M $298.969M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Delivery Service
Delivery Service
 $20.00M ▲$20.00M ▲$20.00M ▲$10.00M ▼
Food and Beverage
Food and Beverage
 $2.83Bn ▲$2.86Bn ▲$3.05Bn ▲$2.99Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Chipotle’s income statement shows a clear story of steady growth and improving profitability over the past five years. Sales have climbed each year, even through a choppy economic backdrop, which suggests the brand continues to attract more customers and support higher average checks. Profitability has scaled with this growth: restaurant-level profits, operating income, and net income have all widened, not just in absolute terms but also as a share of sales. This points to better cost control, more efficient operations, and strong pricing power. The business now converts a meaningful portion of every dollar of sales into profit, which is a sign of a mature yet still expanding concept. The key risk is that this level of profitability depends on maintaining traffic, pricing power, and cost discipline in the face of wage inflation, food cost volatility, and competitive pressure.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has grown while keeping its financial foundation relatively solid. Total assets have risen consistently, driven by new restaurant openings and investment in digital and operational infrastructure. Cash levels are healthy and have generally trended upward over time, giving management flexibility to invest, weather downturns, and fund expansion without relying excessively on external capital. Lease-related and other long-term obligations have also increased as the footprint has expanded, so the company now carries a meaningful level of contractual commitments. Equity has grown steadily, indicating that retained profits are being reinvested into the business. Overall, Chipotle operates from a position of financial strength, but its long-term restaurant and lease commitments mean that sustained sales and traffic are important to maintaining that strength.

Cash Flow

Cash Flow Cash generation is a major bright spot. Operating cash flow has increased year after year, broadly tracking the rise in earnings but with even more consistency. The company produces more than enough cash from its day-to-day operations to fund new restaurant openings, remodels, and technology investments. Free cash flow—what’s left after capital spending—has expanded significantly over the period, suggesting that growth is being financed largely from internal resources rather than debt. Capital expenditures have been growing, which fits with an aggressive new-store and digital infrastructure buildout, but remain well covered by internally generated cash. This strong cash profile gives Chipotle flexibility to invest in innovation, expansion, and shareholder-friendly actions while still preserving a buffer against economic or industry downturns.

Competitive Edge

Competitive Edge Chipotle has carved out a strong competitive position in the fast-casual space by owning a clear, differentiated brand: fast service, customizable meals, and an emphasis on higher-quality, responsibly sourced ingredients. Its “Food with Integrity” message resonates with health-conscious and values-driven customers, which helps support premium pricing and loyalty. The digital ordering ecosystem, including the app, rewards program, and drive-through “Chipotlanes,” has become a key advantage, making the brand convenient for both dine-in and off-premise occasions. Operating all restaurants directly (rather than franchising) gives Chipotle tight control over quality and consistency, though it also concentrates operational risk. Main competitive challenges include saturation risk in mature markets, intense competition from both traditional fast food and other fast-casual concepts, and ongoing sensitivity to food safety perceptions and labor conditions, which have been important issues for the brand historically.

Innovation and R&D

Innovation and R&D Innovation is a central part of Chipotle’s strategy. On the operations side, the company is experimenting with AI and automation—tools like its AI hiring assistant, kitchen robots for specific tasks, smarter scheduling, and ingredient tracking technologies—to reduce labor bottlenecks, improve consistency, and protect food safety. On the customer side, the company continues to refine its mobile app, loyalty program, and digital pickup lanes to make ordering easier and more personalized, using data and analytics to tailor promotions and improve engagement. Menu innovation is managed carefully through a structured testing process, with limited-time offers and new sides or dips designed to create excitement without overcomplicating operations. Beyond the four walls of the restaurant, the Cultivate Next venture fund points to a longer-term bet on sustainable food technologies and supply-chain innovation. The opportunity is meaningful, but not guaranteed—execution risk is high, and not every technology or menu idea will succeed at scale.

Summary

Overall, Chipotle’s recent financial history tells the story of a brand that has translated strong demand and a clear identity into rising sales, expanding margins, and robust cash generation. The balance sheet and cash flows provide a solid base to fund continued expansion and technology investments. Its competitive edge rests on brand strength, perceived ingredient quality, digital convenience, and tight operational control. At the same time, the business remains exposed to restaurant-industry realities: labor and food cost inflation, macroeconomic slowdowns, shifting consumer tastes, and reputational risks tied to food safety and social issues. Future performance will hinge on whether Chipotle can continue opening successful new locations, maintain its brand premium, execute on digital and automation initiatives, and adapt its menu and operations without diluting what makes the concept distinctive.

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