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Chipotle (NYSE: CMG) stock fundamentals

NYSE: CMG · Consumer discretionary · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Chipotle (NYSE: CMG) operates Chipotle Mexican Grill restaurants in the United States and abroad. Its Form 10-K reports revenue of USD 11.9 billion for FY2025, the year ended 31 Dec 2025. Its Form 10-Q for Q2 FY2026, the quarter ended 30 Jun 2026, reports revenue of USD 3.35 billion.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

Chipotle (NYSE: CMG) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
11.9
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
12.4
TTM to · derived
Revenue by quarter, from USD 2.79 bn in Q3 2024 to USD 3.35 bn in Q2 2026
Net income attributable to shareholders (USD bn)
1.54
FY2025 (ended ) · Form 10-K
Operating margin
16.2%
FY2025 (ended ) · derived
Free cash flow (USD bn)
1.45
FY2025 (ended ) · derived
Dividend declared per share (USD)
None
No dividend declared in the last 5 fiscal years
Shares outstanding (bn)
1.27
at · Form 10-Q cover page

Fundamentals profile

vs Chipotle's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places Chipotle's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Chipotle fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricChipotleOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY202511.4%Own 5-year median 15.6%Below its 5-year median
Lower (11.4%) Higher (18.2%)
MarginsOperating margin (TTM to Q2 2026)14.7%Own 5-year median 15.8%Near its 5-year median
Lower (10.7%) Higher (16.9%)
Cash flowFCF margin (TTM to Q2 2026)12.6%Own 5-year median 12.1%Near its 5-year median
Lower (9.8%) Higher (13.4%)
Dividend historyNo dividend paid in the last 5 fiscal years

Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Chipotle's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Chipotle's revenue and operating margin change from FY2021 to FY2025?

Chipotle's revenue rose from USD 7.55 billion in FY2021 to USD 11.9 billion in FY2025, the year ended 31 Dec 2025. Year-on-year growth slowed from 26.1% in FY2021 to 5.4% in FY2025 (our calculations). Its operating margin, our calculation, was 10.7% in FY2021 and 16.2% in FY2025.

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Table 1 Chipotle annual revenue and margins, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Revenue11,92611,3149,8728,6357,547
Revenue YoY %increased 5.4%increased 14.6%increased 14.3%increased 14.4%increased 26.1%
Operating margin %16.2%16.9%15.8%13.4%10.7%
Net margin %12.9%13.6%12.4%10.4%8.7%
(opens in new tab)

Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

Arrows show direction of change only, not whether a change is good or bad.

Growth was 14.4% in FY2022, 14.3% in FY2023 and 14.6% in FY2024. Operating margin rose in each of those years, from 13.4% in FY2022 to 15.8% in FY2023 and a high of 16.9% in FY2024. It eased to 16.2% in FY2025, the year growth fell to 5.4%.

Chipotle's net margin, our calculation, was 12.9% in FY2025 against 13.6% in FY2024 and 8.7% in FY2021. Net income was USD 1.54 billion in FY2025. For the 4 quarters to 30 Jun 2026, revenue was USD 12.4 billion (TTM, our calculation), and Q2 FY2026 revenue was USD 3.35 billion.

The Chipotle financial statements page sets out every income statement line for 5 fiscal years and 8 quarters. These run from operating income to income tax. Our guide on how to read a 10-K shows where each annual line sits in the filing.

How did Chipotle's 50-for-1 stock split of June 2024 change its per-share history?

After Chipotle's 50-for-1 stock split of 26 Jun 2024, we divide each per-share figure from an earlier filing by 50 and multiply each share count by 50.[1] FY2021 diluted EPS therefore reads USD 0.458 per share and the diluted share count 1,426 million shares. The FY2021 Form 10-K reported USD 22.90 per share.[5]

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Table 2 Chipotle split-adjusted per-share data, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Diluted EPS (USD)1.141.110.89 10.64 10.458 A
Diluted shares (m)1,3431,3771,386 11,403 11,426 A
(opens in new tab)

Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

  • A Adjusted for the 50-for-1 share split (2024); as reported: USD 22.90.
  • A Adjusted for the 50-for-1 share split (2024); as reported: 29 m shares.

1 As presented in Form 10-K filed .

Chipotle's FY2025 Form 10-K says all share and per share information in it has been retroactively adjusted for the split.[1] Only the FY2021 per-share cells, and the shares-outstanding cells for FY2021 and FY2022, carry the A marker for adjusted. The FY2022 to FY2024 per-share cells come from the FY2024 Form 10-K, which already shows them on the post-split basis.[2]

Diluted EPS was USD 0.458 per share in FY2021, USD 0.64 per share in FY2022 and USD 0.89 per share in FY2023. It was USD 1.11 per share in FY2024 and USD 1.14 per share in FY2025. The diluted share count fell in each year, from 1,426 million shares in FY2021 to 1,343 million shares in FY2025. Our methodology explains how we mark adjusted figures.

How did Chipotle's buybacks compare with its free cash flow from FY2021 to FY2025?

Chipotle's buybacks rose from USD 466 million in FY2021 to USD 2.43 billion in FY2025, the year ended 31 Dec 2025. In FY2025 they were larger than free cash flow, our calculation, of USD 1.45 billion. In each of the 4 earlier years they were smaller.

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Table 3 Chipotle cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations2,1142,1051,7831,3231,282
Capital expenditure−666−594−561−479−442
Free cash flow1,448 D1,511 D1,223 D844 D840 D
Share buybacks−2,426−1,002−592−830−466
(opens in new tab)

Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Buybacks were USD 830 million in FY2022, USD 592 million in FY2023 and USD 1.00 billion in FY2024. Free cash flow was USD 1.51 billion in FY2024. Chipotle's FY2025 Form 10-K says it has not declared or paid any cash dividends on its common stock.[1] The same filing says Chipotle has no outstanding debt.[1]

Capital expenditure rose in each year, from USD 442 million in FY2021 to USD 666 million in FY2025. Cash from operations was USD 2.11 billion in both FY2024 and FY2025, so free cash flow was lower in FY2025. The Home Depot stock fundamentals page shows the same cash flow lines for a home improvement retailer.

How we got these numbers

Every figure comes from Chipotle's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2024 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
None in the periods shown.
Comparator
Each profile row compares the current value with Chipotle's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Chipotle's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Chipotle Mexican Grill, Inc.
Exchange
NYSE
Ticker
CMG
Sector
Consumer discretionary
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0001058090
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-K, fiscal year ended 31 Dec 2025 Chipotle Mexican Grill, Inc. · · sec.gov
  2. [2] Filing Form 10-K, fiscal year ended 31 Dec 2024 Chipotle Mexican Grill, Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2023 Chipotle Mexican Grill, Inc. · · sec.gov
  4. [4] Filing Form 10-K, fiscal year ended 31 Dec 2022 Chipotle Mexican Grill, Inc. · · sec.gov
  5. [5] Filing Form 10-K, fiscal year ended 31 Dec 2021 Chipotle Mexican Grill, Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 30 Jun 2026 Chipotle Mexican Grill, Inc. · · sec.gov
  7. [7] Filing Form 10-Q, quarter ended 31 Mar 2026 Chipotle Mexican Grill, Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2025 Chipotle Mexican Grill, Inc. · · sec.gov
  9. [9] Filing Form 10-Q, quarter ended 30 Jun 2025 Chipotle Mexican Grill, Inc. · · sec.gov
  10. [10] Filing Form 10-Q, quarter ended 31 Mar 2025 Chipotle Mexican Grill, Inc. · · sec.gov
  11. [11] Filing Form 10-Q, quarter ended 30 Sep 2024 Chipotle Mexican Grill, Inc. · · sec.gov
  12. [12] Filing Form 10-K, fiscal year ended 31 Dec 2020 Chipotle Mexican Grill, Inc. · · sec.gov
  13. [13] Filing Form 10-K, fiscal year ended 31 Dec 2019 Chipotle Mexican Grill, Inc. · · sec.gov
  14. [14] Filing Form 10-K, fiscal year ended 31 Dec 2018 Chipotle Mexican Grill, Inc. · · sec.gov
  15. [15] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Chipotle (NYSE: CMG) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/cmg/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

All pages signed off

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How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset and the company's own filings
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.