CMG

MKT CAP:$45B

Chipotle Mexican Grill, Inc.

Market Cap

$45B

Consumer Cyclical·Restaurants·🇺🇸 United States·NYSE

Consumer Cyc.·Restaurants·🇺🇸·NYSE

Stock Price

$33.97-$3.52 (-9.39%)

Apr 24, 2026

Company Details

Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. As of February 15, 2022, it owned and operated approximately 3,000 restaurants in the United States, Canada, the United King...

CEO

Scott Boatwright

IPO Date

Jan 26, 2006

Website

www.chipotle.com

Key Metrics TTM

Revenue

$11.9B

+5.4% YoY

Net Income

$1.5B

EPS (Diluted)

$1.14

Free Cash Flow

$1.4B

Revenue / Share

$9.03

Gross Margin

25.4%

Operating Margin

16.9%

Net Margin

12.9%

FCF Margin

12.1%

P/S

3.8x

P/E

29.4x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 4, 2026

$11.9B+5.4%EPS $1.14

Q4 2025

Feb 4, 2026

$3.0B+4.9%EPS $0.25

Q3 2025

Oct 29, 2025

$3.0B+7.5%EPS $0.29

Q2 2025

Jul 23, 2025

$3.1B+3.0%EPS $0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.0B	$419M	$190M
Q2 22	$2.2B	$558M	$338M
Q3 22	$2.2B	$563M	$336M
Q4 22	$2.2B	$523M	$296M
Q1 23	$2.4B	$607M	$368M
Q2 23	$2.5B	$691M	$432M
Q3 23	$2.5B	$650M	$395M
Q4 23	$2.5B	$638M	$363M
Q1 24	$2.7B	$742M	$441M
Q2 24	$3.0B	$859M	$586M
Q3 24	$2.8B	$712M	$473M
Q4 24	$2.8B	$704M	$416M
Q1 25	$2.9B	$754M	$494M
Q2 25	$3.1B	$838M	$575M
Q3 25	$3.0B	$736M	$498M
Q4 25	$3.0B	$699M	$446M

Valuation

Quarter	P/S	P/E
Q1 22	5.6x	64.6x
Q2 22	4.6x	49.1x
Q3 22	4.9x	51.5x
Q4 22	4.7x	44.7x
Q1 23	5.3x	45.9x
Q2 23	6.3x	52.5x
Q3 23	5.4x	43.8x
Q4 23	6.2x	50.0x
Q1 24	7.7x	60.9x
Q2 24	7.9x	59.9x
Q3 24	7.1x	52.8x
Q4 24	7.2x	53.3x
Q1 25	5.9x	43.6x
Q2 25	6.6x	49.3x
Q3 25	4.6x	34.9x
Q4 25	4.2x	32.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$283M	$187M
Q2 22	$287M	$186M
Q3 22	$352M	$213M
Q4 22	$402M	$258M
Q1 23	$455M	$335M
Q2 23	$583M	$445M
Q3 23	$480M	$349M
Q4 23	$265M	$94M
Q1 24	$569M	$437M
Q2 24	$563M	$422M
Q3 24	$446M	$299M
Q4 24	$527M	$354M
Q1 25	$557M	$412M
Q2 25	$561M	$401M
Q3 25	$570M	$406M
Q4 25	$426M	$228M

Capital Expenditures

Quarter	CapEx
Q1 22	$96M
Q2 22	$100M
Q3 22	$139M
Q4 22	$144M
Q1 23	$120M
Q2 23	$137M
Q3 23	$131M
Q4 23	$172M
Q1 24	$133M
Q2 24	$140M
Q3 24	$148M
Q4 24	$173M
Q1 25	$145M
Q2 25	$161M
Q3 25	$163M
Q4 25	$197M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+16.0%	+15.8%
Q2 22	+17.0%	+13.9%
Q3 22	+13.7%	+10.0%
Q4 22	+11.2%	+4.5%
Q1 23	+17.2%	+9.3%
Q2 23	+13.6%	+11.0%
Q3 23	+11.3%	+10.2%
Q4 23	+15.4%	+14.3%
Q1 24	+14.1%	+13.0%
Q2 24	+18.2%	+14.6%
Q3 24	+13.0%	+11.7%
Q4 24	+13.1%	+12.9%
Q1 25	+6.4%	+5.4%
Q2 25	+3.0%	+4.2%
Q3 25	+7.5%	+8.0%
Q4 25	+4.9%	+4.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$24M	1.2%
Q2 22	$29M	1.3%
Q3 22	$25M	1.1%
Q4 22	$21M	0.9%
Q1 23	$20M	0.8%
Q2 23	$31M	1.2%
Q3 23	$36M	1.4%
Q4 23	$37M	1.5%
Q1 24	$36M	1.3%
Q2 24	$45M	1.5%
Q3 24	$5M	0.2%
Q4 24	$46M	1.6%
Q1 25	$38M	1.3%
Q2 25	$38M	1.2%
Q3 25	$19M	0.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$147M
Q2 22	$141M
Q3 22	$141M
Q4 22	$135M
Q1 23	$148M
Q2 23	$156M
Q3 23	$160M
Q4 23	$169M
Q1 24	$205M
Q2 24	$175M
Q3 24	$127M
Q4 24	$191M
Q1 25	$173M
Q2 25	$172M
Q3 25	$147M
Q4 25	$160M

Revenue Segments

Quarter	Delivery Service	Food and Beverage
Q1 22	$22M	$2.0B
Q2 22	$21M	$2.2B
Q3 22	$18M	$2.2B
Q4 22	$17M	$2.2B
Q1 23	$18M	$2.4B
Q2 23	$17M	$2.5B
Q3 23	$16M	$2.5B
Q4 23	$17M	$2.5B
Q1 24	$17M	$2.7B
Q2 24	$18M	$3.0B
Q3 24	$16M	$2.8B
Q4 24	$15M	$2.8B
Q1 25	$15M	$2.9B
Q2 25	$16M	$3.0B
Q3 25	$14M	$3.0B
Q4 25	$14M	$3.0B

Revenue by Geography

Quarter	U. S. Segment
Q1 25	$2.8B
Q2 25	$3.0B
Q3 25	$2.9B
Q4 25	$2.9B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$616M	$240M	$856M
Q2 22	$521M	$241M	$762M
Q3 22	$367M	$417M	$784M
Q4 22	$384M	$515M	$899M
Q1 23	$410M	$653M	$1.1B
Q2 23	$505M	$851M	$1.4B
Q3 23	$602M	$852M	$1.5B
Q4 23	$561M	$735M	$1.3B
Q1 24	$727M	$692M	$1.4B
Q2 24	$807M	$683M	$1.5B
Q3 24	$699M	$669M	$1.4B
Q4 24	$749M	$674M	$1.4B
Q1 25	$726M	$689M	$1.4B
Q2 25	$845M	$702M	$1.5B
Q3 25	$699M	$723M	$1.4B
Q4 25	$351M	$699M	$1.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	1.42B	-0.6%	-1.0%
Q2 22	1.40B	-0.7%	-1.4%
Q3 22	1.40B	-0.5%	-1.8%
Q4 22	1.39B	-0.2%	-2.0%
Q1 23	1.39B	-0.4%	-1.8%
Q2 23	1.39B	-0.1%	-1.2%
Q3 23	1.38B	-0.2%	-1.0%
Q4 23	1.38B	-0.2%	-1.0%
Q1 24	1.38B	+0.0%	-0.6%
Q2 24	1.38B	+0.0%	-0.4%
Q3 24	1.37B	-0.5%	-0.7%
Q4 24	1.37B	-0.4%	-0.9%
Q1 25	1.36B	-0.6%	-1.5%
Q2 25	1.35B	-0.8%	-2.3%
Q3 25	1.34B	-0.8%	-2.6%
Q4 25	1.32B	-1.5%	-3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$20.7K	98K
Q2 22	$22.7K	98K
Q3 22	$22.7K	98K
Q4 22	$20.8K	105K
Q1 23	$22.6K	105K
Q2 23	$24.0K	105K
Q3 23	$23.6K	105K
Q4 23	$21.7K	116K
Q1 24	$23.3K	116K
Q2 24	$25.6K	116K
Q3 24	$24.1K	116K
Q4 24	$21.8K	131K
Q1 25	$22.0K	131K
Q2 25	$23.5K	131K
Q3 25	$23.0K	131K
Q4 25	$22.9K	130K

Revenue / Employee