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Chipotle Mexican Grill (CMG) FY2025 results: revenue $11.9 billion, up 5.4% on the year

Chipotle Mexican Grill Inc. (CMG) reported revenue of $11.9 billion for fiscal 2025, the year ended 31 December 2025, up 5.4% on the year before. Net income was $1.5 billion, up 0.1%, and diluted earnings per share $1.14. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2026.

Revenue
$11.9 billion
+5.4% on the year
FY2018FY2025
Operating margin
16.2%
16.9% a year earlier
FY2018FY2025
Net income
$1.5 billion
+0.1% on the year
FY2018FY2025
Diluted EPS
$1.14
+2.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Food cost ratio improved in Q4: Food, beverage and packaging costs fell to 30.2% of revenue from 30.4%, on menu price increases, lower dairy costs and cost of sales efficiencies. Beef, chicken and tariffs partly offset.
  • Labor ratio rose on lower volumes: Labor rose to 25.5% of revenue from 25.2%, which the company attributed to lower sales volumes and wage inflation, partly offset by menu price increases.
Read the Q4 FY2025 earnings call summary

From this 10-K

Chipotle owns and runs its own restaurants, selling burritos, burrito bowls, quesadillas, tacos and salads, and everything it earns comes from sales at those restaurants. The first one opened in Denver, Colorado in 1993. At 31 December 2025 the company owned 3,938 restaurants in the United States and 104 outside it, with a further 14 run by partners, meaning restaurants operated by other companies under licence or franchise agreements, or ones in which Chipotle holds a minority stake and does not run day to day. United States operations are managed in 11 regions and the whole company reports as one segment.

Chipotle Mexican Grill Inc., the 10-K for 2025

Chipotle owns and runs its own restaurants, selling burritos, burrito bowls, quesadillas, tacos and salads, and everything it earns comes from sales at those restaurants. The first one opened in Denver, Colorado in 1993. At 31 December 2025 the company owned 3,938 restaurants in the United States and 104 outside it, with a further 14 run by partners, meaning restaurants operated by other companies under licence or franchise agreements, or ones in which Chipotle holds a minority stake and does not run day to day. United States operations are managed in 11 regions and the whole company reports as one segment.

What it says about the food

The company describes its food as responsibly sourced and classically cooked, without artificial colours, flavours or preservatives. In restaurants it owns, animal products are meant to come from animals raised without non-therapeutic antibiotics or added growth hormones, under criteria the company sets itself, and the meat is branded Responsibly Raised. Produce is bought from suppliers whose practices meet the company's own Food with Integrity standards, which cover environmental considerations and employee welfare. The company publishes a sustainability report every two years with an interim update in between.

Buying the ingredients

Supply runs through several independently owned regional distribution centres, which buy from suppliers the company selects on their adherence to its standards, and on quality, price and availability. It has deliberately widened the number of suppliers per ingredient to soften price swings and reduce dependence on one or two of them, though certain key ingredients still come from a small number of suppliers. Industry news, trade tariffs, weather, exchange rates, foreign demand and geopolitical events are all watched for what they do to ingredient prices and supply.

Digital orders and the Chipotlane

Digital sales are orders placed through the Chipotle website, the Chipotle app or third-party delivery aggregators, and they were 36.7 percent of food and beverage sales in 2025 against 35.1 percent in 2024. The Chipotlane is the company's drive through format for guest pick-up of digital orders. Investment also goes into technology behind the counter and into the Rewards programme, which the company has relaunched.

Opening restaurants

334 company-owned restaurants opened during 2025, 257 of them with a Chipotlane, and 11 partner-operated restaurants opened in the Middle East. The company says it expects to open approximately 350 to 370 restaurants in 2026, including 10 to 15 partner-operated ones outside the United States, and that around 80 percent of new company-owned restaurants will carry a Chipotlane.

People

Chipotle employed 130,301 people worldwide at the end of 2025, plus 1,233 contract workers. Of the employees, 127,116 were in the United States and 3,185 in Canada, France, Germany and the United Kingdom. Within the United States, 125,408 worked in restaurants and 1,708 in the Restaurant Support Centers and field leadership. There were no union petitions or campaigns during 2025, and the company continues to bargain with the one restaurant that voted to form a union in 2022.

From Chipotle's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 4 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue11,92611,3149,872+5.4%
Operating income1,9361,9161,558+1.0%
Operating margin16.2%16.9%15.8%
Pre-tax income2,0102,0101,621-0.0%
Income tax474476392-0.5%
Effective tax rate23.6%23.7%24.2%
Net income1,5361,5341,229+0.1%
Net margin12.9%13.6%12.4%
Diluted EPS$1.14$1.11$0.89+2.7%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,1142,1051,783+0.4%
Capital expenditure666594561+12.3%
Free cash flow1,4481,5111,223-4.2%
Free cash flow margin12.1%13.4%12.4%
Cash from investing-35.1-838-946
Cash from financing-2,471-1,074-661
Depreciation and amortisation361335319+7.9%
Share-based compensation120132124-9.3%
Buybacks2,4261,002592+142.2%
Diluted shares, weighted1,343m1,377m1,386m-2.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,8313,6563,062-22.6%
Debt0.00.00.0
Operating lease liabilities4,7734,2633,804+12.0%
Other liabilities1,3901,2861,179+8.1%
Total liabilities and equity8,9959,2048,044-2.3%
Fixed assets2,6792,3902,170+12.1%
Goodwill21.921.921.90.0%
Investments8961,5421,299-41.9%
Cash and equivalents351749561-53.2%
Receivables156144116+8.7%
Inventory49.548.939.3+1.2%
Other assets4,8414,3083,838+12.4%
Total assets8,9959,2048,044-2.3%

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