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Chipotle (CMG) financial statements: income, balance sheet and cash flow

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) held cash and short-term investments of USD 678 million at 30 Jun 2026, the end of Q2 2026. Its Form 10-Q for the quarter reports net income of USD 404 million, a net margin of 12.1%, our calculation.

Data as of Source: Form 10-Q for Q2 2026, filed

Key facts

Data as of

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

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
Operating income, TTM (USD bn)
1.82
TTM to · derived
Net income, TTM (USD bn)
1.42
TTM to · derived
Free cash flow, TTM (USD bn)
1.57
TTM to · derived
Total assets (USD bn)
8.86
at · Form 10-Q

What the numbers show

Chipotle's income statement for Q2 FY2026, the quarter ended 30 Jun 2026, shows revenue of USD 3.35 billion, up 9.3% on a year earlier. Net income was USD 404 million. For FY2025, the year ended 31 Dec 2025, revenue was USD 11.9 billion and net income USD 1.54 billion.

Revenue grew from USD 7.55 billion in FY2021 to USD 11.9 billion in FY2025, a compound annual rate of 12.1%, our calculation. Yearly growth was 14.6% in FY2024 and slowed to 5.4% in FY2025. Operating margin, our calculation, was 10.7% in FY2021 and 16.2% in FY2025. It dipped to 12.9% in Q1 FY2026 and came back to 15.7% in Q2.

The balance sheet at 30 Jun 2026 held total assets of USD 8.86 billion, of which property, plant and equipment was USD 2.87 billion. Goodwill and intangibles were only USD 22 million. Cash and short-term investments fell to USD 678 million from USD 1.05 billion at 31 Dec 2025. Equity was USD 2.20 billion, down from USD 3.66 billion at 31 Dec 2024. The total debt line reads zero at each year-end shown, so the page quotes no net debt.

In Chipotle's cash flow statement, cash from operations was USD 2.11 billion in FY2025 and capital expenditure USD 666 million. That leaves free cash flow of USD 1.45 billion, our calculation, against USD 1.51 billion in FY2024. Buybacks were USD 2.43 billion in FY2025, more than cash from operations of USD 2.11 billion. Cash and short-term investments and equity were both lower at the end of FY2025 than a year earlier. A 10-Q reports cash flows year to date, so cells marked D are our derivations; the 10-Q guide explains the layout.

Over the 4 quarters to 30 Jun 2026, free cash flow was USD 1.57 billion, our calculation. Q2 FY2026 buybacks were USD 654 million and Q1 FY2026 USD 701 million.

Chipotle's 50-for-1 stock split of June 2024 changed the per-share history: the FY2021 per-share cells are adjusted, marked A, and FY2021 diluted EPS reads USD 0.458 per share. Diluted EPS was USD 1.14 per share in FY2025, and the diluted share count fell from 1,426 million shares in FY2021 to 1,343 million shares in FY2025. In Q2 FY2026 diluted EPS was USD 0.32 per share on 1,279 million shares. Chipotle stock fundamentals covers the split and the buybacks in more depth.

Income statement

Chart 1

Chipotle quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 2.79 bn in Q3 2024 to USD 3.35 bn in Q2 2026.012343.3Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 1 Chipotle income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue11,92611,3149,8728,6357,547increased 12.1%
Revenue YoY %increased 5.4%increased 14.6%increased 14.3%increased 14.4%increased 26.1%not available
Operating income1,9361,9161,5581,160805increased 24.5%
Operating margin %16.2%16.9%15.8%13.4%10.7%not available
Pre-tax income2,0102,0101,6211,182813increased 25.4%
Income tax474476392282160increased 31.2%
Net income1,5361,5341,229899653increased 23.8%
Net margin %12.9%13.6%12.4%10.4%8.7%not available
Per share
Diluted EPS (USD)1.141.110.89 10.64 10.458 Aincreased 25.6%
Diluted shares (m)1,3431,3771,386 11,403 11,426 Anot available
(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.
  • Not available

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

1 As presented in Form 10-K filed .

Totals may not add up because of rounding.

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

Quarterly

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Table 2 Chipotle income statement, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue3,3493,0882,984 D3,0033,0632,8752,845 D2,794
Revenue YoY %increased 9.3%increased 7.4%increased 4.9%increased 7.5%increased 3.0%increased 6.4%increased 13.1%increased 13.0%
Operating income526397420 D477559479416 D473
Operating margin %15.7%12.9%14.1%15.9%18.2%16.7%14.6%16.9%
Pre-tax income533406434 D497577502439 D503
Income tax130103103 D115141115107 D115
Net income404303331 D382436387332 D387
Net margin %12.1%9.8%11.1%12.7%14.2%13.4%11.7%13.9%
Per share
Diluted EPS (USD)0.320.23not available0.290.320.28not available0.28
Diluted shares (m)1,2791,302not available1,3401,3501,361not available1,375
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Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • Not available

Totals may not add up because of rounding.

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

Balance sheet

Annual

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Table 3 Chipotle assets, annual, FY2021–FY2025 (USD millions) USD millions
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments1,049 D1,423 D1,295 D899 D1,076 D
Receivables156144116107100
Inventory5049393633
Total current assets1,4671,7811,6211,1761,382
PP&E (net)2,6792,3902,1701,9511,769
Goodwill and intangibles22 D22 D22 D22 D22 D
Total assets8,9959,2048,0446,9286,653
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Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 4 Chipotle liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Current liabilities1,1881,1691,031922874
Total debt0 D0 D0 D0 D0 D
Total liabilities6,1645,5494,9824,5594,356
Shareholders' equity2,8313,6563,0622,3682,297
Net debt / (net cash)−1,049 D−1,423 D−1,295 D−899 D−1,076 D
(opens in new tab)

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

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Quarterly

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Table 5 Chipotle assets, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Cash and short-term investments678 D871 D1,049 D1,421 D1,546 D1,415 D1,423 D1,367 D
Receivables100951569610510214493
Inventory4745504640414950
Total current assets9411,1371,4671,7741,8691,6621,7811,680
PP&E (net)2,8672,7672,6792,5942,5032,4372,3902,320
Goodwill and intangibles22 D22 D22 D22 D22 D22 D22 D22 D
Total assets8,8658,8038,9959,2829,2699,0449,2049,012
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Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 6 Chipotle liabilities and shareholders' equity, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Current liabilities1,3151,2371,1881,1501,1321,0921,1691,038
Total debtnot availablenot available0 Dnot availablenot availablenot available0 Dnot available
Total liabilities6,6656,3966,1646,0605,7415,5535,5495,398
Shareholders' equity2,2002,4082,8313,2223,5283,4913,6563,614
Net debt / (net cash)not availablenot available−1,049 Dnot availablenot availablenot available−1,423 Dnot available
(opens in new tab)

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

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
  • Not available

Totals may not add up because of rounding.

Cash flow

Chart 2

Chipotle quarterly free cash flow, Q3 2024 to Q2 2026

USD m · quarters ended to

Free cash flow by quarter, from USD 299 m in Q3 2024 to USD 463 m in Q2 2026.0200400600463Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 7 Chipotle cash flow, annual, 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
Cash from investing−35−838−946−830−522
Cash from financing−2,471−1,074−661−929−549
(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.

Quarterly

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Table 8 Chipotle cash flow, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · outflows shown with a minus sign
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Cash from operations681 D651426 D570 D561 D557527 D446 D
Capital expenditure−217 D−180−197 D−163 D−161 D−145−173 D−148 D
Free cash flow463 D471 D228 D406 D401 D412 D354 D299 D
Share buybacks−654 D−701−742 D−687 D−443 D−554−339 D−490 D
Cash from investing−45 D−8−28 D−15 D2 D6−136 D−64 D
Cash from financing−654 D−747−742 D−700 D−444 D−585−339 D−490 D
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Source: Chipotle Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Per share and dividends

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Table 9 Chipotle per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (USD)1.151.120.89 10.65 10.4642 A
Diluted EPS (USD)1.141.110.89 10.64 10.458 A
Diluted shares (m)1,3431,3771,386 11,403 11,426 A
Shares outstanding at year end (m)not available1,359 D1,371 D 21,381 D A1,404 D 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 23.21.
  • 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.
  • D Shares issued minus treasury shares, from the same filing.
  • A Adjusted for the 50-for-1 share split (2024); as reported: 28 m shares.
  • A Adjusted for the 50-for-1 share split (2024); as reported: 28 m shares.
  • Not available

1 As presented in Form 10-K filed .

2 As presented in Form 10-Q filed .

Notes on these figures

  • R Restated
    • None in the periods shown.
  • D Derived by StockFactsheet
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
    • Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
    • Total debt = short-term debt + long-term debt, from the same filing.
    • Net debt = total debt minus cash and short-term investments; a negative value is net cash.
    • Free cash flow = cash from operations minus capital expenditure.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
    • Shares issued minus treasury shares, from the same filing.
  • A Adjusted for a split or bonus shares
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

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 (FY2021 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. CAGR = compound annual growth across the annual table.
Restatements
None in the periods shown.
Comparator
None: this page shows the company's own figures only.
Currency
As reported (USD); no FX conversion.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

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-Q, quarter ended 30 Jun 2026 Chipotle Mexican Grill, Inc. · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 Chipotle Mexican Grill, Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 Chipotle Mexican Grill, Inc. · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 Chipotle Mexican Grill, Inc. · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 Chipotle Mexican Grill, Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 Chipotle Mexican Grill, Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 Chipotle Mexican Grill, Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 Chipotle Mexican Grill, Inc. · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2023 Chipotle Mexican Grill, Inc. · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 Chipotle Mexican Grill, Inc. · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2021 Chipotle Mexican Grill, Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Jun 2024 Chipotle Mexican Grill, Inc. · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 31 Mar 2024 Chipotle Mexican Grill, Inc. · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 Chipotle Mexican Grill, Inc. · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 Chipotle Mexican Grill, Inc. · · sec.gov
  16. [16] 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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StockFactsheet (2026). "Chipotle (CMG) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/cmg/financials/

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