Chipotle Mexican Grill (CMG) Financials

$33.21 +0.47 (+1.44%)

Closing price 03:59 PM Eastern

Extended Trading

$33.17 -0.04 (-0.11%)

As of 07:58 PM Eastern

Annual Income Statements for Chipotle Mexican Grill

This table shows Chipotle Mexican Grill's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	476	23	176	360	350	356	652	897	1,230	1,530	1,539
Consolidated Net Income / (Loss)	476	23	176	177	350	356	653	899	1,229	1,534	1,536
Net Income / (Loss) Continuing Operations	476	23	176	360	350	356	653	899	1,229	1,534	1,536
Total Pre-Tax Income	770	39	276	268	458	294	813	1,182	1,621	2,010	2,010
Total Operating Income	764	35	271	258	444	290	805	1,160	1,558	1,916	1,936
Total Gross Profit	1,174	498	756	3,264	3,738	4,052	1,707	2,062	2,586	3,018	3,026
Total Revenue	4,501	3,904	4,476	4,865	5,586	5,985	7,547	8,635	9,872	11,314	11,926
Operating Revenue	4,501	3,904	4,476	4,865	5,586	5,985	7,547	8,635	9,872	11,314	11,926
Total Cost of Revenue	3,327	3,406	3,720	1,601	1,848	1,933	5,840	6,573	7,286	8,296	8,899
Operating Cost of Revenue	3,327	3,406	3,720	1,601	1,848	1,933	5,840	6,573	7,286	8,296	8,899
Total Operating Expenses	411	464	485	3,006	3,294	3,762	902	902	1,028	1,101	1,090
Selling, General & Admin Expense	250	276	296	1,055	1,212	1,496	607	564	634	697	652
Depreciation Expense	130	146	163	202	213	239	255	287	319	335	361
Impairment Charge	13	24	13	67	23	31	19	21	38	27	28
Other Special Charges / (Income)	17	17	12	8.55	11	16	21	30	37	42	50
Total Other Income / (Expense), net	6.28	4.17	4.95	10	14	3.62	7.82	21	63	94	74
Other Income / (Expense), net	6.28	4.17	-	10	14	3.62	7.82	21	63	94	74
Income Tax Expense	294	16	99	92	108	-62	160	282	392	476	474
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-	-	-1.23	3.63	-2.99
Basic Earnings per Share	$15.30	$0.78	$6.19	$6.35	$12.62	$12.74	$23.21	$0.65	$0.89	$1.12	$1.15
Weighted Average Basic Shares Outstanding	31.09M	29.27M	28.49M	27.82M	27.74M	27.92M	28.13M	1.39B	1.38B	1.37B	1.34B
Diluted Earnings per Share	$15.10	$0.77	$6.17	$6.31	$12.38	$12.52	$22.90	$0.64	$0.89	$1.11	$1.14
Weighted Average Diluted Shares Outstanding	31.49M	29.77M	28.56M	27.96M	28.30M	28.42M	28.51M	1.40B	1.39B	1.38B	1.34B
Weighted Average Basic & Diluted Shares Outstanding	28.77M	29.40M	28.50M	27.80M	27.77M	28.14M	28.03M	27.62M	27.42M	1.36B	1.30B

This table shows Chipotle Mexican Grill's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	312	284	358	455	388	329	387	439	382	332	302
Consolidated Net Income / (Loss)	313	282	359	456	387	332	387	436	382	331	303
Net Income / (Loss) Continuing Operations	313	282	359	456	387	332	387	426	382	342	303
Total Pre-Tax Income	413	382	461	608	503	439	502	577	497	434	406
Total Operating Income	395	363	441	586	473	416	479	559	477	420	397
Total Gross Profit	650	638	742	859	712	704	754	828	736	709	719
Total Revenue	2,472	2,516	2,702	2,973	2,794	2,845	2,875	3,063	3,003	2,984	3,088
Operating Revenue	2,472	2,516	2,702	2,973	2,794	2,845	2,875	3,063	3,003	2,984	3,088
Total Cost of Revenue	1,822	1,878	1,960	2,114	2,081	2,141	2,122	2,236	2,268	2,274	2,369
Operating Cost of Revenue	1,822	1,878	1,960	2,114	2,081	2,141	2,122	2,225	2,268	2,285	2,369
Total Operating Expenses	255	275	301	273	239	289	274	279	258	278	322
Selling, General & Admin Expense	160	169	205	175	127	191	173	172	147	160	204
Depreciation Expense	79	85	83	84	84	84	87	91	91	93	97
Impairment Charge	7.24	6.53	5.48	5.76	15	0.53	6.17	5.47	7.40	8.46	9.82
Other Special Charges / (Income)	9.61	14	7.21	9.00	13	13	8.21	11	14	17	12
Total Other Income / (Expense), net	18	19	19	22	29	23	22	18	20	13	8.74
Other Income / (Expense), net	18	19	19	22	29	23	22	18	20	13	8.74
Income Tax Expense	100	100	101	152	115	107	115	141	115	103	103
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	0.56	-1.07	-	-0.44	-2.51	0.59	-	0.72
Basic Earnings per Share	$0.23	$0.21	$0.26	$0.33	$0.28	$0.24	$0.29	$0.32	$0.29	$0.25	$0.23
Weighted Average Basic Shares Outstanding	1.38B	1.38B	1.37B	1.37B	1.37B	1.37B	1.35B	1.34B	1.34B	1.34B	1.30B
Diluted Earnings per Share	$0.23	$0.21	$0.26	$0.33	$0.28	$0.24	$0.28	$0.32	$0.29	$0.25	$0.23
Weighted Average Diluted Shares Outstanding	1.38B	1.39B	1.38B	1.38B	1.37B	1.38B	1.36B	1.35B	1.34B	1.34B	1.30B
Weighted Average Basic & Diluted Shares Outstanding	27.44M	27.42M	27.47M	1.37B	1.36B	1.36B	1.35B	1.34B	1.32B	1.30B	1.28B

This table details how cash moves in and out of Chipotle Mexican Grill's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-167	-154	98	66	228	127	210	-437	177	192	-392
Net Cash From Operating Activities	758	355	468	622	722	664	1,282	1,323	1,783	2,105	2,114
Net Cash From Continuing Operating Activities	683	355	468	622	722	664	1,282	1,323	1,783	2,105	2,114
Net Income / (Loss) Continuing Operations	476	23	176	177	350	356	653	899	1,229	1,534	1,536
Consolidated Net Income / (Loss)	476	23	176	177	350	356	653	899	1,229	1,534	1,536
Depreciation Expense	130	146	163	202	213	239	255	287	319	335	361
Non-Cash Adjustments To Reconcile Net Income	105	131	87	156	139	172	240	162	225	267	246
Changes in Operating Assets and Liabilities, net	47	55	43	87	20	-102	134	-25	10	-31	-29
Net Cash From Investing Activities	-464	327	-87	-388	-292	-433	-522	-830	-946	-838	-35
Net Cash From Continuing Investing Activities	-464	327	-87	-388	-292	-433	-522	-830	-946	-838	-35
Purchase of Property, Plant & Equipment	-257	-259	-217	-287	-334	-373	-442	-479	-561	-594	-666
Purchase of Investments	-559	0.00	-200	-485	-449	-468	-429	-614	-1,115	-987	-28
Sale of Property, Plant & Equipment	-	-	0.00	0.00	14	0.00	4.04	0.00	0.00	20	0.00
Sale and/or Maturity of Investments	353	586	330	385	477	419	346	264	730	723	659
Net Cash From Financing Activities	-461	-836	-286	-167	-202	-105	-549	-929	-661	-1,074	-2,471
Net Cash From Continuing Financing Activities	-461	-836	-286	-167	-202	-105	-549	-929	-661	-1,074	-2,471
Repayment of Debt	-0.21	1.37	-	-0.19	-0.70	-1.90	-	-	-	2.09	4.08
Repurchase of Common Equity	-461	-837	-285	-161	-191	-54	-466	-830	-592	-1,002	-2,426
Other Financing Activities, net	-	-0.90	-0.70	-5.41	-10	-49	-80	-99	-69	-74	-49
Effect of Exchange Rate Changes	-	-	-	-	-	1.08	-	-	-	-	-0.42
Cash Income Taxes Paid	249	24	120	67	110	85	0.00	276	400	533	423

This table details how cash moves in and out of Chipotle Mexican Grill's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	98	-41	167	81	-108	52	-22	119	-146	-344	-104
Net Cash From Operating Activities	480	265	569	563	446	527	557	561	570	426	651
Net Cash From Continuing Operating Activities	480	265	569	563	446	527	557	561	570	426	651
Net Income / (Loss) Continuing Operations	313	282	359	456	387	332	387	436	382	331	303
Consolidated Net Income / (Loss)	313	282	359	456	387	332	387	436	382	331	303
Depreciation Expense	79	85	83	84	84	84	87	91	91	93	97
Non-Cash Adjustments To Reconcile Net Income	41	117	35	73	37	122	29	75	46	95	27
Changes in Operating Assets and Liabilities, net	47	-219	92	-50	-62	-11	54	-41	51	-93	225
Net Cash From Investing Activities	-166	-152	-301	-336	-64	-136	6.08	1.99	-15	-28	-8.07
Net Cash From Continuing Investing Activities	-166	-152	-301	-336	-64	-136	6.08	1.99	-15	-28	-8.07
Purchase of Property, Plant & Equipment	-131	-172	-133	-140	-148	-173	-145	-161	-163	-197	-180
Purchase of Investments	-255	-269	-367	-372	-90	-158	-4.00	-2.50	-9.22	-13	-0.25
Sale and/or Maturity of Investments	220	289	198	176	174	175	155	165	157	182	173
Net Cash From Financing Activities	-216	-155	-100	-145	-490	-339	-585	-444	-700	-742	-747
Net Cash From Continuing Financing Activities	-216	-155	-100	-145	-490	-339	-585	-444	-700	-742	-747
Repayment of Debt	-	0.30	-0.42	-	-	-	1.52	-	-	-	1.53
Repurchase of Common Equity	-216	-155	-27	-145	-490	-339	-554	-443	-687	-742	-701
Other Financing Activities, net	-1.14	-0.53	-73	-0.36	-0.34	-0.88	-33	-0.42	-15	-0.90	-48
Effect of Exchange Rate Changes	-	-	-0.75	-	-	-	-0.24	-	-	-	0.60
Cash Income Taxes Paid	21	346	7.86	270	131	124	8.75	271	40	104	-55

This table presents Chipotle Mexican Grill's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,725	2,026	2,046	2,266	5,105	5,983	6,653	6,928	8,044	9,204	8,995
Total Current Assets	815	522	630	815	1,072	1,420	1,382	1,176	1,621	1,781	1,467
Cash & Equivalents	248	88	185	250	481	608	815	384	561	749	351
Short-Term Investments	415	330	324	427	400	344	261	515	735	674	699
Accounts Receivable	38	40	40	62	81	105	100	107	116	144	156
Inventories, net	15	15	20	22	26	26	33	36	39	49	50
Prepaid Expenses	40	44	51	54	57	55	79	86	117	98	120
Current Deferred & Refundable Income Taxes	58	5.11	9.35	0.00	28	283	94	48	53	67	91
Plant, Property, & Equipment, net	1,217	1,304	1,338	1,379	1,459	1,584	1,769	1,951	2,170	2,390	2,679
Total Noncurrent Assets	693	200	78	71	2,574	2,978	3,502	3,801	4,254	5,034	4,848
Long-Term Investments	623	125	-	-	0.00	102	274	388	564	868	197
Goodwill	22	22	22	22	22	22	22	22	22	22	22
Other Noncurrent Operating Assets	48	53	56	50	2,552	2,854	3,206	3,391	3,667	4,144	4,629
Total Liabilities & Shareholders' Equity	2,725	2,026	2,046	2,266	5,105	5,983	6,653	6,928	8,044	9,204	8,995
Total Liabilities	597	624	681	824	3,422	3,963	4,356	4,559	4,982	5,549	6,164
Total Current Liabilities	280	282	324	450	667	822	874	922	1,031	1,169	1,188
Accounts Payable	86	78	82	113	116	122	163	185	198	211	213
Accrued Expenses	129	127	96	148	156	165	173	148	148	180	182
Current Deferred Revenue	-	-	64	70	95	128	156	183	210	239	240
Current Deferred & Payable Income Tax Liabilities	-	-	0.00	5.13	-	-	-	-	-	-	0.00
Current Employee Benefit Liabilities	65	76	83	113	127	203	162	170	228	262	250
Other Current Liabilities	-	-	-	0.00	173	205	219	236	248	278	302
Total Noncurrent Liabilities	317	342	357	374	2,755	3,141	3,482	3,638	3,952	4,380	4,976
Noncurrent Deferred & Payable Income Tax Liabilities	32	19	0.81	12	38	149	142	99	89	46	126
Other Noncurrent Operating Liabilities	33	34	40	32	2,717	2,991	3,340	3,539	3,862	4,334	4,850
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656	2,831
Total Preferred & Common Equity	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656	2,831
Total Common Equity	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656	2,831
Common Stock	1,173	1,239	1,305	1,375	1,466	1,550	1,730	1,830	1,957	2,092	2,218
Retained Earnings	2,198	2,221	2,397	2,574	2,921	3,276	3,929	4,828	6,057	1,574	620
Accumulated Other Comprehensive Income / (Loss)	-8.27	-8.16	-3.66	-6.24	-5.36	-4.23	-5.35	-7.89	-6.66	-10	-7.29

This table presents Chipotle Mexican Grill's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,552	7,911	8,044	8,411	8,920	9,012	9,204	9,044	9,269	9,282	8,803
Total Current Assets	1,556	1,669	1,621	1,646	1,786	1,680	1,781	1,662	1,869	1,774	1,137
Cash & Equivalents	505	602	561	727	807	699	749	726	845	699	247
Short-Term Investments	851	852	735	692	683	669	674	689	702	723	625
Accounts Receivable	61	71	116	90	98	93	144	102	105	96	95
Inventories, net	36	40	39	38	36	50	49	41	40	46	45
Prepaid Expenses	103	104	117	98	92	88	98	104	97	101	126
Current Deferred & Refundable Income Taxes	0.00	0.00	53	0.00	72	82	67	0.00	81	110	0.00
Plant, Property, & Equipment, net	2,022	2,093	2,170	2,203	2,266	2,320	2,390	2,437	2,503	2,594	2,767
Total Noncurrent Assets	3,974	4,149	4,254	4,563	4,868	5,011	5,034	4,946	4,896	4,914	4,899
Long-Term Investments	431	473	564	777	973	892	868	701	519	348	96
Goodwill	22	22	22	22	22	22	22	22	22	22	22
Other Noncurrent Operating Assets	3,521	3,654	3,667	3,764	3,873	4,097	4,144	4,223	4,356	4,544	4,781
Total Liabilities & Shareholders' Equity	7,552	7,911	8,044	8,411	8,920	9,012	9,204	9,044	9,269	9,282	8,803
Total Liabilities	4,786	5,025	4,982	5,050	5,208	5,398	5,549	5,553	5,741	6,060	6,396
Total Current Liabilities	982	1,088	1,031	997	1,043	1,038	1,169	1,092	1,132	1,150	1,237
Accounts Payable	162	208	198	197	203	221	211	217	216	260	247
Accrued Expenses	141	151	148	172	170	181	180	185	185	197	231
Current Deferred Revenue	159	156	210	187	182	180	239	204	207	207	207
Current Deferred & Payable Income Tax Liabilities	98	173	-	45	-	-	-	46	-	-	49
Current Employee Benefit Liabilities	177	155	228	142	223	184	262	154	237	193	193
Other Current Liabilities	244	245	248	254	264	271	278	285	287	293	310
Total Noncurrent Liabilities	3,803	3,937	3,952	4,053	4,165	4,360	4,380	4,462	4,608	4,910	5,158
Noncurrent Deferred & Payable Income Tax Liabilities	106	111	89	84	83	80	46	39	36	140	144
Other Noncurrent Operating Liabilities	3,697	3,826	3,862	3,968	4,082	4,280	4,334	4,423	4,572	4,769	5,015
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491	3,528	3,222	2,408
Total Preferred & Common Equity	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491	3,528	3,222	2,408
Total Common Equity	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491	3,528	3,222	2,408
Common Stock	1,881	1,918	1,957	1,995	2,038	2,044	2,092	2,131	2,170	2,191	2,248
Retained Earnings	5,462	5,775	6,057	6,416	1,683	1,578	1,574	1,369	1,365	1,039	168
Accumulated Other Comprehensive Income / (Loss)	-6.95	-8.08	-6.66	-7.95	-8.51	-7.44	-10	-9.85	-7.34	-7.93	-8.01

This table displays calculated financial ratios and metrics derived from Chipotle Mexican Grill's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.57%	-13.26%	14.65%	8.68%	14.83%	7.13%	26.11%	14.41%	14.33%	14.61%	5.41%
EBITDA Growth	9.15%	-79.44%	134.54%	8.36%	42.65%	-20.68%	100.52%	37.56%	32.11%	20.90%	1.09%
EBIT Growth	7.78%	-94.97%	599.02%	-0.87%	70.72%	-35.90%	176.66%	45.37%	37.15%	24.05%	-0.04%
NOPAT Growth	6.44%	-95.66%	745.67%	-1.82%	99.62%	3.59%	84.04%	36.54%	33.77%	23.81%	1.16%
Net Income Growth	6.79%	-95.18%	668.39%	0.17%	98.33%	1.60%	83.54%	37.69%	36.66%	24.85%	0.11%
EPS Growth	6.86%	-94.90%	701.30%	2.27%	96.20%	1.13%	82.91%	37.69%	36.66%	24.72%	2.70%
Operating Cash Flow Growth	11.10%	-53.13%	31.83%	32.75%	16.10%	-8.01%	93.13%	3.21%	34.79%	18.03%	0.42%
Free Cash Flow Firm Growth	17.17%	-99.34%	6,781.61%	47.13%	15.57%	-37.84%	255.43%	12.43%	41.50%	22.68%	-3.11%
Invested Capital Growth	11.03%	2.13%	-0.49%	-10.63%	4.93%	20.44%	-2.01%	14.16%	11.24%	13.50%	16.10%
Revenue Q/Q Growth	-1.58%	0.96%	1.72%	2.42%	4.01%	2.88%	4.91%	2.61%	3.52%	3.00%	1.17%
EBITDA Q/Q Growth	-7.56%	-25.98%	8.19%	0.30%	-6.00%	5.38%	5.55%	10.84%	4.89%	2.41%	0.14%
EBIT Q/Q Growth	-9.20%	-64.01%	12.22%	-3.71%	18.91%	8.23%	6.53%	12.99%	5.12%	2.90%	-0.27%
NOPAT Q/Q Growth	-10.26%	-71.28%	18.59%	-7.29%	13.87%	51.19%	-9.05%	11.66%	4.37%	3.25%	0.46%
Net Income Q/Q Growth	-10.09%	-69.35%	18.74%	-6.25%	13.04%	49.97%	-8.09%	11.16%	4.99%	3.35%	-0.05%
EPS Q/Q Growth	-9.90%	-68.44%	20.51%	-6.24%	12.96%	49.58%	-9.27%	11.16%	4.99%	1.83%	-0.87%
Operating Cash Flow Q/Q Growth	-3.19%	-5.39%	3.27%	6.91%	8.66%	-9.72%	33.72%	-2.71%	-7.09%	14.17%	-4.56%
Free Cash Flow Firm Q/Q Growth	4.27%	-95.46%	28.12%	1.49%	17.85%	-37.65%	90.33%	-5.18%	-16.79%	27.30%	-8.32%
Invested Capital Q/Q Growth	3.08%	3.43%	1.99%	-0.06%	-0.60%	30.76%	-13.93%	-1.82%	25.36%	0.77%	9.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.09%	12.76%	16.89%	67.10%	66.92%	67.70%	22.62%	23.88%	26.20%	26.67%	25.38%
EBITDA Margin	20.00%	4.74%	9.70%	9.67%	12.01%	8.89%	14.14%	17.01%	19.65%	20.73%	19.88%
Operating Margin	16.96%	0.89%	6.05%	5.31%	7.95%	4.85%	10.67%	13.44%	15.78%	16.94%	16.23%
EBIT Margin	17.10%	0.99%	6.05%	5.52%	8.20%	4.91%	10.77%	13.68%	16.42%	17.77%	16.85%
Profit (Net Income) Margin	10.57%	0.59%	3.94%	3.63%	6.27%	5.94%	8.65%	10.41%	12.45%	13.56%	12.88%
Tax Burden Percent	61.78%	59.21%	63.92%	65.77%	76.41%	121.10%	80.34%	76.10%	75.82%	76.32%	76.42%
Interest Burden Percent	100.00%	100.00%	101.83%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	38.22%	40.79%	36.08%	34.23%	23.59%	-21.10%	19.66%	23.90%	24.18%	23.68%	23.58%
Return on Invested Capital (ROIC)	58.96%	2.41%	20.18%	20.98%	43.30%	39.74%	67.61%	87.10%	103.47%	113.95%	100.34%
ROIC Less NNEP Spread (ROIC-NNEP)	58.66%	2.14%	19.58%	19.86%	41.89%	39.29%	67.09%	85.88%	100.45%	110.50%	97.15%
Return on Net Nonoperating Assets (RNNOA)	-35.99%	-1.11%	-7.44%	-8.39%	-20.89%	-20.53%	-37.36%	-48.56%	-58.22%	-68.27%	-52.98%
Return on Equity (ROE)	22.97%	1.30%	12.74%	12.58%	22.41%	19.21%	30.25%	38.54%	45.26%	45.67%	47.36%
Cash Return on Invested Capital (CROIC)	48.51%	0.30%	20.68%	32.21%	38.49%	21.20%	69.65%	73.88%	92.84%	101.30%	85.43%
Operating Return on Assets (OROA)	29.32%	1.63%	13.30%	12.45%	12.44%	5.30%	12.86%	17.40%	21.65%	23.31%	22.08%
Return on Assets (ROA)	18.11%	0.97%	8.66%	8.19%	9.50%	6.42%	10.34%	13.24%	16.41%	17.79%	16.88%
Return on Common Equity (ROCE)	22.97%	1.30%	12.74%	12.58%	22.41%	19.21%	30.25%	38.54%	45.26%	45.67%	47.36%
Return on Equity Simple (ROE_SIMPLE)	22.35%	1.64%	12.92%	12.25%	20.81%	17.61%	28.42%	37.97%	40.13%	41.97%	0.00%
Net Operating Profit after Tax (NOPAT)	472	20	173	170	339	351	647	883	1,181	1,462	1,479
NOPAT Margin	10.48%	0.52%	3.87%	3.49%	6.07%	5.87%	8.57%	10.23%	11.97%	12.93%	12.41%
Net Nonoperating Expense Percent (NNEP)	0.31%	0.27%	0.60%	1.12%	1.41%	0.45%	0.52%	1.22%	3.02%	3.45%	3.19%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	37.29%	38.57%	40.01%	52.27%
Cost of Revenue to Revenue	73.91%	87.24%	83.11%	32.90%	33.08%	32.30%	77.38%	76.12%	73.80%	73.33%	74.62%
SG&A Expenses to Revenue	5.56%	7.08%	6.62%	21.70%	21.70%	25.00%	8.04%	6.53%	6.42%	6.16%	5.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.12%	11.88%	10.84%	61.79%	58.97%	62.86%	11.95%	10.44%	10.42%	9.73%	9.14%
Earnings before Interest and Taxes (EBIT)	770	39	271	268	458	294	813	1,182	1,621	2,010	2,010
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	900	185	434	470	671	532	1,067	1,468	1,940	2,345	2,371
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.03	7.79	5.98	8.32	13.82	19.21	21.41	16.24	20.50	22.48	17.28
Price to Tangible Book Value (P/TBV)	7.11	7.91	6.08	8.45	14.01	19.42	21.62	16.39	20.64	22.61	17.42
Price to Revenue (P/Rev)	3.32	2.80	1.82	2.47	4.17	6.48	6.52	4.45	6.36	7.26	4.10
Price to Earnings (P/E)	31.47	476.20	46.30	33.30	66.45	109.06	75.46	42.90	51.03	53.69	31.79
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.18%	0.21%	2.16%	3.00%	1.50%	0.92%	1.33%	2.33%	1.96%	1.86%	3.15%
Enterprise Value to Invested Capital (EV/IC)	16.25	12.07	8.94	14.81	27.91	39.07	50.53	34.40	50.66	58.53	30.09
Enterprise Value to Revenue (EV/Rev)	3.04	2.66	1.71	2.33	4.01	6.31	6.34	4.31	6.17	7.06	4.00
Enterprise Value to EBITDA (EV/EBITDA)	15.20	56.08	17.62	24.07	33.36	70.91	44.82	25.32	31.40	34.06	20.11
Enterprise Value to EBIT (EV/EBIT)	17.77	267.96	28.25	42.18	48.85	128.49	58.86	31.46	37.58	39.73	23.73
Enterprise Value to NOPAT (EV/NOPAT)	29.00	507.16	44.20	66.62	66.00	107.42	73.97	42.10	51.56	54.62	32.23
Enterprise Value to Operating Cash Flow (EV/OCF)	18.05	29.23	16.34	18.21	31.02	56.86	37.31	28.10	34.15	37.94	22.55
Enterprise Value to Free Cash Flow (EV/FCFF)	35.25	4,028.55	43.15	43.40	74.25	201.40	71.81	49.64	57.47	61.44	37.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.61	-0.52	-0.38	-0.42	-0.50	-0.52	-0.56	-0.57	-0.58	-0.62	-0.55
Leverage Ratio	1.27	1.35	1.47	1.54	2.36	2.99	2.93	2.91	2.76	2.57	2.81
Compound Leverage Factor	1.27	1.35	1.50	1.54	2.36	2.99	2.93	2.91	2.76	2.57	2.81
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	18.99	14.18	11.63	13.06	6.37	7.92	9.23	7.89	10.59	11.15	6.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.91	1.85	1.94	1.81	1.61	1.73	1.58	1.28	1.57	1.52	1.23
Quick Ratio	2.51	1.63	1.70	1.64	1.44	1.28	1.35	1.09	1.37	1.34	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	388	2.58	177	261	302	187	666	749	1,060	1,300	1,260
Operating Cash Flow to CapEx	294.37%	137.21%	215.99%	216.27%	225.55%	177.81%	292.42%	276.14%	318.06%	367.06%	317.25%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.71	1.64	2.20	2.26	1.52	1.08	1.19	1.27	1.32	1.31	1.31
Accounts Receivable Turnover	123.12	99.18	110.66	94.68	78.21	64.68	73.95	83.64	88.77	87.20	79.39
Inventory Turnover	219.06	226.61	213.32	77.30	77.56	73.57	197.06	191.92	194.34	188.01	180.79
Fixed Asset Turnover	3.87	3.10	3.39	3.58	3.94	3.93	4.50	4.64	4.79	4.96	4.70
Accounts Payable Turnover	42.84	41.52	46.39	16.41	16.15	16.26	40.96	37.80	38.12	40.63	42.03
Days Sales Outstanding (DSO)	2.96	3.68	3.30	3.86	4.67	5.64	4.94	4.36	4.11	4.19	4.60
Days Inventory Outstanding (DIO)	1.67	1.61	1.71	4.72	4.71	4.96	1.85	1.90	1.88	1.94	2.02
Days Payable Outstanding (DPO)	8.52	8.79	7.87	22.24	22.60	22.45	8.91	9.66	9.57	8.98	8.68
Cash Conversion Cycle (CCC)	-3.89	-3.50	-2.86	-13.67	-13.23	-11.85	-2.12	-3.39	-3.58	-2.86	-2.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	842	860	855	765	802	966	947	1,081	1,202	1,365	1,584
Invested Capital Turnover	5.63	4.59	5.22	6.01	7.13	6.77	7.89	8.52	8.65	8.82	8.09
Increase / (Decrease) in Invested Capital	84	18	-4.23	-91	38	164	-19	134	121	162	220
Enterprise Value (EV)	13,679	10,380	7,651	11,321	22,387	37,747	47,837	37,176	60,905	79,873	47,678
Market Capitalization	14,965	10,923	8,160	11,998	23,268	38,801	49,188	38,463	62,765	82,164	48,924
Book Value per Share	$68.23	$48.45	$48.33	$51.87	$60.55	$72.20	$81.65	$85.42	$111.58	$2.68	$2.14
Tangible Book Value per Share	$67.53	$47.69	$47.55	$51.08	$59.76	$71.41	$80.87	$84.63	$110.78	$2.67	$2.12
Total Capital	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656	2,831
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,286	-543	-509	-677	-881	-1,054	-1,351	-1,287	-1,860	-2,291	-1,246
Capital Expenditures (CapEx)	257	259	217	287	320	373	438	479	561	573	666
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-128	-177	-203	-312	-475	-354	-568	-645	-705	-811	-770
Debt-free Net Working Capital (DFNWC)	535	241	306	365	406	598	508	254	590	612	279
Net Working Capital (NWC)	535	241	306	365	406	598	508	254	590	612	279
Net Nonoperating Expense (NNE)	-3.88	-2.47	-3.16	-6.62	-11	-4.38	-6.28	-16	-48	-72	-56
Net Nonoperating Obligations (NNO)	-1,286	-543	-509	-677	-881	-1,054	-1,351	-1,287	-1,860	-2,291	-1,246
Total Depreciation and Amortization (D&A)	130	146	163	202	213	239	255	287	319	335	361
Debt-free, Cash-free Net Working Capital to Revenue	-2.85%	-4.54%	-4.54%	-6.41%	-8.51%	-5.91%	-7.53%	-7.47%	-7.15%	-7.17%	-6.46%
Debt-free Net Working Capital to Revenue	11.88%	6.16%	6.83%	7.50%	7.26%	9.99%	6.73%	2.94%	5.98%	5.41%	2.34%
Net Working Capital to Revenue	11.88%	6.16%	6.83%	7.50%	7.26%	9.99%	6.73%	2.94%	5.98%	5.41%	2.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.02	$0.12	$0.13	$0.25	$0.25	$0.46	$0.65	$0.89	$1.12	$1.15
Adjusted Weighted Average Basic Shares Outstanding	1.55B	1.46B	1.42B	1.39B	1.39B	1.40B	1.41B	1.39B	1.38B	1.37B	1.34B
Adjusted Diluted Earnings per Share	$0.30	$0.02	$0.12	$0.13	$0.25	$0.25	$0.46	$0.64	$0.89	$1.11	$1.14
Adjusted Weighted Average Diluted Shares Outstanding	1.57B	1.49B	1.43B	1.40B	1.41B	1.42B	1.43B	1.40B	1.39B	1.38B	1.34B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.50B	1.44B	1.40B	1.38B	1.39B	1.41B	1.40B	1.38B	1.37B	1.36B	1.30B
Normalized Net Operating Profit after Tax (NOPAT)	490	45	190	219	365	235	679	922	1,238	1,515	1,538
Normalized NOPAT Margin	10.89%	1.15%	4.23%	4.51%	6.54%	3.93%	9.00%	10.67%	12.54%	13.39%	12.90%
Pre Tax Income Margin	17.10%	0.99%	6.16%	5.52%	8.20%	4.91%	10.77%	13.68%	16.42%	17.77%	16.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	96.86%	3,647.92%	161.82%	91.16%	54.44%	15.29%	71.44%	92.33%	48.21%	65.29%	157.94%

This table displays calculated financial ratios and metrics derived from Chipotle Mexican Grill's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,302,423,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,302,423,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.34%	15.40%	14.07%	18.22%	13.01%	13.07%	6.42%	3.04%	7.51%	4.86%	7.41%
EBITDA Growth	19.57%	23.97%	20.03%	31.20%	19.32%	11.78%	8.24%	-3.34%	0.10%	0.64%	-14.64%
EBIT Growth	21.58%	26.03%	22.33%	35.62%	21.59%	14.84%	8.87%	-5.02%	-1.11%	-1.24%	-19.08%
NOPAT Growth	17.67%	22.70%	20.89%	33.42%	21.89%	17.15%	7.34%	-3.87%	0.57%	2.12%	-19.80%
Net Income Growth	21.81%	26.08%	23.19%	33.32%	23.68%	17.61%	7.60%	-4.29%	-1.36%	-0.25%	-21.67%
EPS Growth	21.81%	26.08%	23.90%	32.00%	21.74%	14.29%	7.69%	-3.03%	3.57%	4.17%	-17.86%
Operating Cash Flow Growth	36.53%	-33.90%	25.10%	-3.42%	-7.07%	98.44%	-2.14%	-0.22%	27.59%	-19.16%	16.92%
Free Cash Flow Firm Growth	74.07%	73.74%	29.37%	-55.46%	-106.88%	3.46%	-31.06%	22.68%	984.30%	-33.44%	45.65%
Invested Capital Growth	-12.88%	11.24%	10.81%	27.47%	41.20%	13.50%	18.07%	17.10%	7.29%	16.10%	4.71%
Revenue Q/Q Growth	-1.70%	1.80%	7.37%	10.04%	-6.04%	1.85%	1.05%	6.54%	-1.96%	-0.66%	3.51%
EBITDA Q/Q Growth	-6.67%	-4.89%	16.26%	27.13%	-15.12%	-10.89%	12.57%	13.53%	-12.10%	-10.41%	-4.53%
EBIT Q/Q Growth	-7.79%	-7.50%	20.48%	31.97%	-17.33%	-12.63%	14.21%	15.14%	-13.93%	-12.74%	-6.42%
NOPAT Q/Q Growth	-9.10%	-10.41%	28.36%	27.63%	-16.96%	-13.89%	17.62%	14.30%	-13.11%	-12.57%	-7.63%
Net Income Q/Q Growth	-8.36%	-9.94%	27.37%	26.83%	-14.99%	-14.36%	16.53%	12.81%	-12.39%	-13.39%	-8.49%
EPS Q/Q Growth	-8.36%	-9.94%	26.43%	-97.46%	-15.15%	-14.29%	16.67%	14.29%	-9.38%	-13.79%	-8.00%
Operating Cash Flow Q/Q Growth	-17.52%	-44.75%	114.43%	-1.17%	-20.63%	17.98%	5.75%	0.76%	1.49%	-25.25%	52.96%
Free Cash Flow Firm Q/Q Growth	15.52%	-66.74%	57.20%	-26.27%	-117.84%	600.42%	4.76%	31.20%	28.57%	-62.33%	129.24%
Invested Capital Q/Q Growth	-2.15%	25.36%	-3.13%	7.27%	8.39%	0.77%	0.77%	6.39%	-0.69%	9.05%	-9.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.29%	25.37%	27.46%	28.91%	25.49%	24.75%	26.21%	27.02%	24.49%	23.78%	23.28%
EBITDA Margin	19.90%	18.59%	20.13%	23.26%	21.01%	18.38%	20.48%	21.82%	19.56%	17.64%	16.27%
Operating Margin	15.98%	14.44%	16.33%	19.71%	16.94%	14.61%	16.67%	18.25%	15.89%	14.09%	12.86%
EBIT Margin	16.72%	15.19%	17.05%	20.45%	17.99%	15.43%	17.44%	18.85%	16.55%	14.53%	13.14%
Profit (Net Income) Margin	12.67%	11.21%	13.30%	15.33%	13.87%	11.66%	13.45%	14.24%	12.72%	11.09%	9.81%
Tax Burden Percent	75.78%	73.78%	77.99%	74.96%	77.08%	75.56%	77.09%	75.53%	76.89%	76.31%	74.62%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.22%	26.22%	22.01%	25.04%	22.92%	24.44%	22.91%	24.47%	23.11%	23.69%	25.38%
Return on Invested Capital (ROIC)	112.09%	92.15%	117.34%	141.34%	124.02%	97.32%	116.23%	117.67%	102.59%	86.96%	82.75%
ROIC Less NNEP Spread (ROIC-NNEP)	111.21%	91.26%	116.51%	140.56%	122.94%	96.47%	115.44%	117.06%	101.84%	86.38%	82.32%
Return on Net Nonoperating Assets (RNNOA)	-67.27%	-52.89%	-72.33%	-92.19%	-79.19%	-59.61%	-72.65%	-73.21%	-60.02%	-47.11%	-43.04%
Return on Equity (ROE)	44.82%	39.26%	45.01%	49.14%	44.83%	37.71%	43.58%	44.47%	42.57%	39.85%	39.71%
Cash Return on Invested Capital (CROIC)	123.65%	92.84%	101.75%	97.03%	88.30%	101.30%	100.58%	92.69%	97.90%	85.43%	95.32%
Operating Return on Assets (OROA)	21.65%	20.04%	22.50%	26.47%	23.35%	20.24%	22.96%	24.00%	21.32%	19.05%	17.87%
Return on Assets (ROA)	16.41%	14.78%	17.55%	19.84%	18.00%	15.30%	17.70%	18.12%	16.40%	14.54%	13.34%
Return on Common Equity (ROCE)	44.82%	39.26%	45.01%	49.14%	44.83%	37.71%	43.58%	44.47%	42.57%	39.85%	39.71%
Return on Equity Simple (ROE_SIMPLE)	40.55%	0.00%	38.57%	37.99%	41.08%	0.00%	44.73%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	299	268	344	439	365	314	369	422	367	321	296
NOPAT Margin	12.11%	10.66%	12.74%	14.78%	13.06%	11.04%	12.85%	13.78%	12.22%	10.75%	9.59%
Net Nonoperating Expense Percent (NNEP)	0.88%	0.89%	0.83%	0.77%	1.08%	0.85%	0.80%	0.61%	0.76%	0.57%	0.42%
Return On Investment Capital (ROIC_SIMPLE)	-	8.76%	-	-	-	8.59%	10.58%	11.97%	11.39%	11.33%	12.31%
Cost of Revenue to Revenue	73.71%	74.63%	72.54%	71.09%	74.51%	75.25%	73.79%	72.98%	75.51%	76.22%	76.72%
SG&A Expenses to Revenue	6.45%	6.73%	7.57%	5.89%	4.53%	6.72%	6.01%	5.62%	4.89%	5.37%	6.60%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.31%	10.92%	11.12%	9.19%	8.55%	10.14%	9.54%	9.11%	8.60%	9.33%	10.42%
Earnings before Interest and Taxes (EBIT)	413	382	461	608	503	439	502	577	497	434	406
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	492	468	544	691	587	523	589	668	587	526	503
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	17.51	20.50	23.73	23.18	21.83	22.48	19.49	21.44	16.31	17.28	17.32
Price to Tangible Book Value (P/TBV)	17.64	20.64	23.89	23.32	21.97	22.61	19.62	21.58	16.42	17.42	17.48
Price to Revenue (P/Rev)	5.30	6.36	7.82	8.07	7.18	7.26	5.92	6.53	4.46	4.10	3.43
Price to Earnings (P/E)	43.14	51.03	61.56	61.08	53.13	53.69	43.64	49.03	34.21	31.79	28.68
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.32%	1.96%	1.62%	1.64%	1.88%	1.86%	2.29%	2.04%	2.92%	3.15%	3.49%
Enterprise Value to Invested Capital (EV/IC)	50.68	50.66	66.61	66.90	56.60	58.53	47.95	50.30	34.95	30.09	28.28
Enterprise Value to Revenue (EV/Rev)	5.10	6.17	7.60	7.84	6.98	7.06	5.74	6.36	4.31	4.00	3.35
Enterprise Value to EBITDA (EV/EBITDA)	26.28	31.40	38.20	38.07	33.47	34.06	27.59	31.09	21.45	20.11	17.82
Enterprise Value to EBIT (EV/EBIT)	31.53	37.58	45.51	44.83	39.24	39.73	32.15	36.42	25.20	23.73	21.28
Enterprise Value to NOPAT (EV/NOPAT)	42.95	51.56	62.52	61.87	54.11	54.62	44.32	50.04	34.48	32.23	28.96
Enterprise Value to Operating Cash Flow (EV/OCF)	25.32	34.15	40.88	44.51	41.57	37.94	31.50	35.18	22.93	22.55	18.44
Enterprise Value to Free Cash Flow (EV/FCFF)	38.17	57.47	68.82	77.27	75.05	61.44	51.62	58.54	36.96	37.85	30.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.60	-0.58	-0.62	-0.66	-0.64	-0.62	-0.63	-0.63	-0.59	-0.55	-0.52
Leverage Ratio	2.83	2.76	2.65	2.54	2.60	2.57	2.55	2.51	2.68	2.81	3.03
Compound Leverage Factor	2.83	2.76	2.65	2.54	2.60	2.57	2.55	2.51	2.68	2.81	3.03
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	8.52	10.08	12.03	11.70	10.50	10.59	9.09	9.66	6.89	6.38	5.46
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.53	1.57	1.65	1.71	1.62	1.52	1.52	1.65	1.54	1.23	0.92
Quick Ratio	1.40	1.37	1.51	1.52	1.41	1.34	1.39	1.46	1.32	1.01	0.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	441	147	231	170	-30	152	159	209	268	101	232
Operating Cash Flow to CapEx	366.21%	154.40%	428.95%	400.44%	302.66%	304.69%	384.69%	349.55%	348.46%	215.67%	361.19%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.29	1.32	1.32	1.29	1.30	1.31	1.32	1.27	1.29	1.31	1.36
Accounts Receivable Turnover	133.93	88.77	131.08	134.53	133.70	87.20	120.02	114.32	124.70	79.39	123.53
Inventory Turnover	217.51	194.34	206.33	217.26	178.46	188.01	213.22	225.90	182.09	180.79	212.54
Fixed Asset Turnover	4.81	4.79	4.88	4.97	4.98	4.96	4.95	4.86	4.80	4.70	4.67
Accounts Payable Turnover	42.84	38.12	39.44	42.54	37.46	40.63	40.83	40.87	36.41	42.03	39.37
Days Sales Outstanding (DSO)	2.73	4.11	2.78	2.71	2.73	4.19	3.04	3.19	2.93	4.60	2.95
Days Inventory Outstanding (DIO)	1.68	1.88	1.77	1.68	2.05	1.94	1.71	1.62	2.00	2.02	1.72
Days Payable Outstanding (DPO)	8.52	9.57	9.25	8.58	9.74	8.98	8.94	8.93	10.02	8.68	9.27
Cash Conversion Cycle (CCC)	-4.12	-3.58	-4.70	-4.19	-4.97	-2.86	-4.19	-4.12	-5.09	-2.07	-4.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	959	1,202	1,165	1,249	1,354	1,365	1,375	1,463	1,453	1,584	1,440
Invested Capital Turnover	9.26	8.65	9.21	9.57	9.50	8.82	9.05	8.54	8.40	8.09	8.62
Increase / (Decrease) in Invested Capital	-142	121	114	269	395	162	210	214	99	220	65
Enterprise Value (EV)	48,609	60,905	77,579	83,578	76,649	79,873	65,936	73,589	50,780	47,678	40,723
Market Capitalization	50,536	62,765	79,775	86,040	78,909	82,164	68,051	75,654	52,549	48,924	41,691
Book Value per Share	$104.62	$111.58	$122.48	$135.14	$2.64	$2.68	$2.58	$2.62	$2.40	$2.14	$1.85
Tangible Book Value per Share	$103.83	$110.78	$121.68	$134.34	$2.62	$2.67	$2.56	$2.60	$2.39	$2.12	$1.83
Total Capital	2,886	3,062	3,361	3,712	3,614	3,656	3,491	3,528	3,222	2,831	2,408
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,927	-1,860	-2,197	-2,462	-2,260	-2,291	-2,116	-2,065	-1,769	-1,246	-968
Capital Expenditures (CapEx)	131	172	133	140	148	173	145	161	163	197	180
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-872	-705	-771	-747	-725	-811	-845	-810	-798	-770	-971
Debt-free Net Working Capital (DFNWC)	582	590	648	743	642	612	570	737	624	279	-100
Net Working Capital (NWC)	582	590	648	743	642	612	570	737	624	279	-100
Net Nonoperating Expense (NNE)	-14	-14	-15	-16	-23	-18	-17	-14	-15	-10	-6.52
Net Nonoperating Obligations (NNO)	-1,927	-1,860	-2,197	-2,462	-2,260	-2,291	-2,116	-2,065	-1,769	-1,246	-968
Total Depreciation and Amortization (D&A)	79	85	83	84	84	84	87	91	91	93	97
Debt-free, Cash-free Net Working Capital to Revenue	-9.15%	-7.15%	-7.56%	-7.00%	-6.60%	-7.17%	-7.35%	-6.99%	-6.77%	-6.46%	-8.00%
Debt-free Net Working Capital to Revenue	6.10%	5.98%	6.35%	6.97%	5.85%	5.41%	4.96%	6.36%	5.29%	2.34%	-0.82%
Net Working Capital to Revenue	6.10%	5.98%	6.35%	6.97%	5.85%	5.41%	4.96%	6.36%	5.29%	2.34%	-0.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.00	$0.26	$0.33	$0.28	$0.24	$0.29	$0.32	$0.29	$0.25	$0.23
Adjusted Weighted Average Basic Shares Outstanding	1.38B	68.89B	1.37B	1.37B	1.37B	1.37B	1.35B	1.34B	1.34B	1.34B	1.30B
Adjusted Diluted Earnings per Share	$0.23	$0.00	$0.26	$0.33	$0.28	$0.24	$0.28	$0.32	$0.29	$0.25	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	1.38B	69.28B	1.38B	1.38B	1.37B	1.38B	1.36B	1.35B	1.34B	1.34B	1.30B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.24	$0.00	$0.00	$0.00	$0.25	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.37B	1.37B	1.37B	1.37B	1.36B	1.36B	1.35B	1.34B	1.32B	1.30B	1.28B
Normalized Net Operating Profit after Tax (NOPAT)	312	283	354	450	386	324	381	434	383	340	312
Normalized NOPAT Margin	12.62%	11.25%	13.11%	15.15%	13.83%	11.40%	13.23%	14.18%	12.76%	11.40%	10.11%
Pre Tax Income Margin	16.72%	15.19%	17.05%	20.45%	17.99%	15.43%	17.44%	18.85%	16.55%	14.53%	13.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	54.48%	48.21%	38.00%	38.50%	55.08%	65.29%	97.88%	118.44%	131.63%	157.94%	177.19%

Financials Breakdown Chart

Key Financial Trends

Here are the top takeaways from Chipotle Mexican Grill (CMG) quarterly results over the last four years, focused on trends in revenue, margins, cash flow, and capital allocation.

Revenue growth: CMG’s Q4 2025 revenue reached 2,983,511,000 USD, up from 2,845,312,000 USD in Q4 2024, signaling continued top-line demand.
Margin strength in key quarters: Q2 2025 gross margin was about 27% (827,620,000 gross profit on 3,063,393,000 revenue), indicating favorable mix or pricing power in that period.
Earnings momentum: Net income attributable to common shareholders rose in the latest visible quarter (Q3 2025: 381,517,000) versus Q3 2024 (328,922,000), reflecting improved profitability contribution to equity.
Robust operating cash flow: Net cash from continuing operating activities was 569,680,000 USD in Q3 2025 and 562,578,000 USD in Q2 2025, demonstrating strong ongoing cash generation.
Active shareholder returns: CMG continued a sizable share repurchase program, with approximately 686,665,000 USD repurchased in Q3 2025 and 741,796,000 USD in Q4 2025, supporting per-share value.
Sustained capital investment: Capex remains meaningful and steady, with purchases of property, plant & equipment around 140–200 million USD per quarter (Q4 2025 PPE: 197,455,000; Q3 2025: 163,486,000; Q2 2025: 160,585,000; Q1 2025: 144,810,000).
Investing activity from asset sales: CMG generated cash from investing activities via sale/maturity of investments (e.g., Q4 2025: 182,212,000; Q3 2025: 157,302,000), indicating opportunistic portfolio moves.
Debt activity: Debt issuance was minimal in the period, suggesting limited reliance on new borrowings for liquidity while pursuing buybacks.
Gross margin pressure in Q4 2025: Gross margin dipped to about 23.8% (709,382,000 gross profit on 2,983,511,000 revenue) from roughly 24.5% in Q3 2025, indicating modest margin compression at year-end.
Cash balance pressure from financing: Net change in cash and equivalents in Q4 2025 was a negative 343,727,000 USD, driven by large share repurchases and financing activity, which reduced near-term cash position.

05/08/26 12:16 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Chipotle Mexican Grill's Financials

When does Chipotle Mexican Grill's fiscal year end?

According to the most recent income statement we have on file, Chipotle Mexican Grill's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Chipotle Mexican Grill's net income changed over the last 10 years?

Chipotle Mexican Grill's net income appears to be on an upward trend, with a most recent value of $1.54 billion in 2025, rising from $475.60 million in 2015. The previous period was $1.53 billion in 2024. Find out what analysts predict for Chipotle Mexican Grill in the coming months.

What is Chipotle Mexican Grill's operating income?

Chipotle Mexican Grill's total operating income in 2025 was $1.94 billion, based on the following breakdown:

Total Gross Profit: $3.03 billion
Total Operating Expenses: $1.09 billion

How has Chipotle Mexican Grill's revenue changed over the last 10 years?

Over the last 10 years, Chipotle Mexican Grill's total revenue changed from $4.50 billion in 2015 to $11.93 billion in 2025, a change of 164.9%.

How much debt does Chipotle Mexican Grill have?

Chipotle Mexican Grill's total liabilities were at $6.16 billion at the end of 2025, a 11.1% increase from 2024, and a 932.3% increase since 2015.

How much cash does Chipotle Mexican Grill have?

In the past 10 years, Chipotle Mexican Grill's cash and equivalents has ranged from $87.88 million in 2016 to $815.37 million in 2021, and is currently $350.55 million as of their latest financial filing in 2025.

How has Chipotle Mexican Grill's book value per share changed over the last 10 years?

Over the last 10 years, Chipotle Mexican Grill's book value per share changed from 68.23 in 2015 to 2.14 in 2025, a change of -96.9%.

Related Companies

Financial statements for NYSE:CMG last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Chipotle Mexican Grill (CMG) Financials

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