CHIPOTLE MEXICAN GRILL INC CMG
Chipotle Mexican Grill, Inc., a Delaware corporation, together with its subsidiaries ("Chipotle," "we," "us," or "our") owns and operates Chipotle Mexican Grill restaurants, which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos, and salads. We strive to cultivate a better world by serving responsibly sourced, classically cooked, real food with wholesome ingredients and without artificial colors, flavors or preservatives. We are passionate about providing a great guest experience and making our food more accessible to everyone while continuing to be a brand with a demonstrated purpose. Our first Chipotle restaurant opened in Denver, Colorado in 1993. Over 30 years later, our devotion to seeking out high-quality ingredients, raised with respect for animals, farmers, and the environment, remains at the core of our commitment to Food with Integrity.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.93B | $11.31B | $9.87B | $8.63B | $7.55B | $5.98B | $5.59B | $4.86B | $4.48B | $3.90B |
| SG&A | $652.0M | $697.5M | $633.6M | $564.2M | $606.9M | $466.3M | $451.6M | $375.5M | $296.4M | $276.2M |
| Total operating expenses | $9.99B | $9.40B | $8.31B | $7.47B | $6.74B | $5.69B | $5.14B | $4.61B | $4.21B | $3.87B |
| Operating income | $1.94B | $1.92B | $1.56B | $1.16B | $804.9M | $290.2M | $444.0M | $258.4M | $270.8M | $34.6M |
| Pre-tax income | $2.01B | $2.01B | $1.62B | $1.18B | $812.8M | $293.8M | $458.3M | $268.4M | $275.7M | $38.7M |
| Income tax | $473.8M | $476.1M | $391.8M | $282.4M | $159.8M | $62.0M | $108.1M | $91.9M | $99.5M | $15.8M |
| Net income | $1.54B | $1.53B | $1.23B | $899.0M | $653.0M | $355.8M | $350.2M | $176.6M | $176.3M | $22.9M |
| EPS, basic | 1.15 | 1.12 | 0.89 | 0.65 | 23.21 | 12.74 | 12.62 | 6.35 | 6.19 | 0.78 |
| EPS, diluted | 1.14 | 1.11 | 0.89 | 0.64 | 22.90 | 12.52 | 12.38 | 6.31 | 6.17 | 0.77 |
| Shares, diluted (wtd. avg.) | $1.34B | $1.38B | $1.39B | $1.40B | $28.5M | $28.4M | $28.3M | $28.0M | $28.6M | $29.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $350.5M | $748.5M | $586.2M | $409.0M | $846.2M | $635.8M | $508.5M | $280.2M | $214.2M | $116.4M |
| Short-term investments | $698.6M | $674.4M | $734.8M | $515.1M | $260.9M | $343.6M | $400.2M | $426.8M | $324.4M | $329.8M |
| Receivables | $156.5M | $144.0M | $115.5M | $106.9M | $99.6M | $104.5M | $80.5M | $62.3M | $40.5M | $40.5M |
| Inventory | $49.5M | $48.9M | $39.3M | $35.7M | $32.8M | $26.4M | $26.1M | $21.6M | $19.9M | $15.0M |
| Total current assets | $1.47B | $1.78B | $1.62B | $1.18B | $1.38B | $1.42B | $1.07B | $814.8M | $629.5M | $522.4M |
| Property, plant and equipment | $2.68B | $2.39B | $2.17B | $1.95B | $1.77B | $1.58B | $1.46B | $1.38B | $1.34B | $1.30B |
| Goodwill | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M |
| Total assets | $8.99B | $9.20B | $8.04B | $6.93B | $6.65B | $5.98B | $5.10B | $2.27B | $2.05B | $2.03B |
| Accounts payable | $212.8M | $210.7M | $197.6M | $184.6M | $163.2M | $122.0M | $115.8M | $113.1M | $82.0M | $78.4M |
| Total current liabilities | $1.19B | $1.17B | $1.03B | $921.9M | $873.7M | $822.2M | $666.6M | $450.0M | $323.9M | $281.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Total liabilities | $6.16B | $5.55B | $4.98B | $4.56B | $4.36B | $3.96B | $3.42B | $824.2M | $681.2M | $623.6M |
| Retained earnings | $619.9M | $1.57B | $6.06B | $4.83B | $3.93B | $3.28B | $2.92B | $2.57B | $2.40B | $2.22B |
| Total equity | $2.83B | $3.66B | $3.06B | $2.37B | $2.30B | $2.02B | $1.68B | $1.44B | $1.36B | $1.40B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.11B | $2.11B | $1.78B | $1.32B | $1.28B | $663.8M | $721.6M | $621.6M | $468.2M | $355.2M |
| Depreciation and amortisation | $361.4M | $335.0M | $319.4M | $286.8M | $254.7M | $238.5M | $212.8M | $202.0M | $163.3M | $146.4M |
| Stock-based compensation | $119.5M | $131.7M | $124.0M | $98.0M | $176.4M | $82.6M | $91.4M | $69.2M | $65.3M | $64.2M |
| Capital expenditure | $666.3M | $593.6M | $560.7M | $479.2M | $442.5M | $373.4M | $333.9M | $287.4M | $216.8M | $258.8M |
| Investing cash flow | -$35.1M | -$837.5M | -$946.0M | -$830.0M | -$522.0M | -$432.7M | -$292.0M | -$387.6M | -$86.6M | $326.8M |
| Financing cash flow | -$2.47B | -$1.07B | -$660.7M | -$929.4M | -$548.6M | -$104.9M | -$201.7M | -$166.5M | -$285.9M | -$836.3M |
| Buybacks | $2.43B | $1.00B | $592.3M | $830.1M | $466.5M | $54.4M | $190.6M | $160.9M | $285.2M | $836.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017294.
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