Chipotle Mexican Grill (CMG) Q4 FY2025 earnings: revenue $3.0 billion, up 4.9% on the year

Chipotle Mexican Grill Inc. (CMG) reported revenue of $3.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.9% on the same quarter a year earlier. Net income was $331 million, down 0.3% on the year, and diluted earnings per share $0.25. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2026.

Revenue

$3.0 billion

+4.9% on the year · -0.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

14.1%

14.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$331 million

-0.3% on the year · -13.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.25

+4.2% on the year · -13.8% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered, 2 new, 1 kept.

Q4 revenue rose on new units: Q4 total revenue rose 4.9% to $3.0 billion, driven by new restaurant openings and gift card breakage revenue of $27.0 million.
Comparable sales fell on fewer transactions: Q4 comparable restaurant sales decreased 2.5%. Transactions fell 3.2%, partly offset by a 0.7% rise in average check.
Record openings across 2025: The company opened 334 company-owned restaurants in 2025, 257 of them with a Chipotlane, plus 11 international partner-operated restaurants.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,984	3,003	2,845	-0.7%	+4.9%
Operating income	420	477	416	-11.9%	+1.1%
Operating margin	14.1%	15.9%	14.6%
Pre-tax income	434	497	439	-12.7%	-1.2%
Income tax	103	115	107	-10.6%	-4.3%
Effective tax rate	23.7%	23.1%	24.4%
Net income	331	382	332	-13.4%	-0.3%
Net margin	11.1%	12.7%	11.7%
Diluted EPS	$0.25	$0.29	$0.24	-13.8%	+4.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	426	570	527	-25.2%	-19.2%
Capital expenditure	197	163	173	+20.8%	+14.2%
Free cash flow	228	406	354	-43.8%	-35.5%
Free cash flow margin	7.7%	13.5%	12.4%
Cash from investing	-27.7	-15.4	-136
Cash from financing	-742	-700	-339
Depreciation and amortisation	92.7	90.5	83.9	+2.4%	+10.5%
Share-based compensation	25.6	18.8	45.8	+35.9%	-44.2%
Buybacks	742	687	339	+8.0%	+118.8%
Diluted shares, weighted	1,320m	1,340m	1,369m	-1.5%	-3.6%
Shares outstanding at period end	1,302m	1,322m	1,355m	-1.5%	-3.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	2,831	3,222	3,656	-12.1%	-22.6%
Debt	0.0	0.0	0.0
Operating lease liabilities	4,773	4,687	4,263	+1.8%	+12.0%
Other liabilities	1,390	1,373	1,286	+1.3%	+8.1%
Total liabilities and equity	8,995	9,282	9,204	-3.1%	-2.3%
Fixed assets	2,679	2,594	2,390	+3.3%	+12.1%
Goodwill	21.9	21.9	21.9	0.0%	0.0%
Investments	896	1,070	1,542	-16.3%	-41.9%
Cash and equivalents	351	699	749	-49.8%	-53.2%
Receivables	156	95.8	144	+63.3%	+8.7%
Inventory	49.5	46.4	48.9	+6.6%	+1.2%
Other assets	4,841	4,755	4,308	+1.8%	+12.4%
Total assets	8,995	9,282	9,204	-3.1%	-2.3%

Questions

What was Chipotle Mexican Grill's revenue in Q4 FY2025?

Chipotle Mexican Grill (CMG) reported revenue of $3.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.9% on the same quarter a year earlier.

How much did Chipotle Mexican Grill earn in Q4 FY2025?

Net income for Q4 FY2025 was $331 million, down 0.3% on the year, and diluted earnings per share $0.25.

When did Chipotle Mexican Grill report Q4 FY2025 results?

Chipotle Mexican Grill filed its 10-K for the year that ended with the quarter on 4 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,961	2,021	2,213	2,220	2,181	2,369	2,515	2,472	2,516	2,702	2,973	2,794	2,845	2,875	3,063	3,003	2,984	3,088	3,349	3,293
Operating income	158	190	338	336	296	368	432	395	363	441	586	473	416	479	559	477	420	397	526	452
Operating margin	8%	9%	15%	15%	14%	16%	17%	16%	14%	16%	20%	17%	15%	17%	18%	16%	14%	13%	16%	14%
Pre-tax income	168	190	348	340	303	377	448	413	382	461	608	503	439	502	577	497	434	406	533	457
Tax rate	20%	17%	25%	24%	26%	23%	24%	24%	26%	22%	25%	23%	24%	23%	24%	23%	24%	25%	24%	26%
Net income	133	158	260	257	224	292	342	313	282	359	456	387	332	387	436	382	331	303	404	340
Net margin	7%	8%	12%	12%	10%	12%	14%	13%	11%	13%	15%	14%	12%	13%	14%	13%	11%	10%	12%	10%
Diluted EPS	$0.09	$0.11	$0.18	$0.18	$0.16	$0.21	$0.25	$0.23	$0.20	$0.26	$0.33	$0.28	$0.24	$0.28	$0.32	$0.29	$0.25	$0.23	$0.32	$0.27
Operating cash flow	438	283	287	352	402	455	583	480	265	569	563	446	527	557	561	570	426	651	681	590
Capital expenditure	122	96.2	100	139	144	120	137	131	172	133	140	148	173	145	161	163	197	180	217	243
Free cash flow	317	187	186	213	258	335	445	349	93.5	437	422	299	354	412	401	406	228	471	463	347
Buybacks	166	263	259	108	200	127	95.0	216	155	27.0	145	490	339	554	443	687	742	701	654	110
Shares outstanding	1,402m	n/a	1,388m	1,386m	1,381m	1,379m	1,379m	1,372m	1,371m	1,373m	1,369m	1,363m	1,355m	1,347m	1,341m	1,322m	1,302m	1,283m	1,265m	1,265m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 4 February 2026: the filing.