Chipotle Mexican Grill, Inc.

CMG · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Valuation
Market cap	$48,924	$82,164	$62,765	$38,463	$49,188	$39,016	$23,552	$12,149	$8,132	$10,616	$13,501	$21,246	$16,500	$9,375	$10,536	$6,637	$2,795	$2,031	$4,803	$1,827	–	–	–	$877	$707
Enterprise value	$52,951	$85,282	$65,521	$41,295	$51,632	$41,221	$25,523	$11,472	$7,623	$10,198	$12,841	$20,487	$15,922	$8,906	$10,083	$6,291	$2,530	$1,847	$4,636	$1,673	–	–	–	–	–
P/E (TTM) at period end	31.86×	53.56×	51.08×	42.78×	75.33×	109.67×	67.26×	68.81×	46.14×	462.82×	28.39×	47.70×	50.39×	33.72×	49.02×	37.08×	22.04×	25.98×	68.06×	44.10×	–	–	–	–	–
P/S (TTM) at period end	4.10×	7.26×	6.36×	4.45×	6.52×	6.52×	4.22×	2.50×	1.82×	2.72×	3.00×	5.17×	5.13×	3.43×	4.64×	3.62×	1.84×	1.53×	4.42×	2.22×	–	–	–	4.29×	5.37×
P/B at period end	17.28×	22.48×	20.50×	16.24×	21.41×	19.31×	13.99×	8.43×	5.96×	7.57×	6.34×	10.56×	10.73×	7.52×	10.09×	8.19×	3.97×	3.26×	8.54×	3.85×	–	–	–	5.44×	5.71×
EV / EBITDA (TTM)	23.05×	37.88×	34.90×	28.53×	48.73×	77.97×	38.86×	24.92×	17.56×	56.36×	14.36×	24.95×	25.32×	16.49×	23.70×	17.64×	9.55×	10.45×	30.54×	17.39×	–	–	–	–	–
EV / Sales (TTM)	4.44×	7.54×	6.64×	4.78×	6.84×	6.89×	4.57×	2.36×	1.70×	2.61×	2.85×	4.99×	4.95×	3.26×	4.44×	3.43×	1.67×	1.39×	4.27×	2.03×	–	–	–	–	–
Returns
Return on equity	54.3%	42.0%	40.1%	38.0%	28.4%	17.6%	20.8%	12.2%	12.9%	1.6%	22.3%	22.1%	21.3%	22.3%	20.6%	22.1%	18.0%	12.6%	12.6%	8.7%	12.2%	2.3%	(4.0%)	(10.7%)	(19.4%)
Return on invested capital	19.6%	19.6%	18.0%	15.4%	12.9%	6.4%	8.4%	21.7%	14.7%	1.6%	25.1%	27.8%	26.9%	29.9%	33.3%	30.2%	25.9%	14.2%	16.1%	11.7%	10.0%	2.3%	(4.1%)	(10.9%)	(20.0%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.23×	1.52×	1.57×	1.28×	1.58×	1.73×	1.61×	1.81×	1.94×	1.85×	2.91×	3.50×	3.34×	2.93×	3.18×	3.30×	2.91×	2.75×	2.75×	2.92×	0.42×	0.27×	0.20×	0.97×	0.73×
Debt / equity	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00×	0.00×	–	–	–	0.00×	0.00×	0.02×	–	–	–
Effective tax rate	23.6%	23.7%	24.2%	23.9%	19.7%	(21.1%)	23.6%	(34.2%)	36.1%	40.8%	38.2%	37.6%	38.7%	39.3%	38.5%	38.1%	37.9%	38.5%	38.1%	39.3%	(24.7%)	(0.3%)	–	–	–
Share count
Diluted shares outstanding	1,343	1,377	1,386	1,403	1,426	1,421	1,415	1,398	1,428	1,488	1,575	1,576	1,564	1,589	1,589	1,587	1,605	1,657	1,657	1,623	1,319	1,273	1,119	997	803

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Revenue and gross profit
Revenue	$12,424	$11,926	$11,314	$9,872	$8,635	$7,547	$5,985	$5,586	$4,865	$4,476	$3,904	$4,501	$4,108	$3,215	$2,731	$2,270	$1,836	$1,518	$1,332	$1,086	$823	$628	$471	$316	$205	$132
Cost of revenue	($9,426)	($8,899)	($8,296)	($7,286)	($6,573)	($5,840)	($4,944)	($4,444)	($3,954)	($3,720)	($3,406)	($3,327)	($2,991)	($2,360)	($1,991)	($1,680)	($1,347)	($1,140)	($1,045)	($843)	($651)	($512)	($218)	–	–	–
Gross profit	$2,998	$3,026	$3,018	$2,586	$2,062	$1,707	$1,041	$1,142	$911	$756	$498	$1,174	$1,118	$855	$740	$589	$489	$379	$287	$243	$172	$116	$252	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($701)	($652)	($697)	($634)	($564)	($607)	($466)	($452)	($375)	($296)	($276)	($250)	($274)	($204)	($183)	($149)	($119)	($99)	($89)	($85)	($65)	($54)	($223)	($34)	($26)	($21)
Total operating expenses	($1,178)	($1,090)	($1,101)	($1,028)	($902)	($902)	($751)	($699)	($653)	($485)	($464)	($411)	($407)	($322)	($284)	($239)	($202)	($175)	($163)	($134)	($110)	($85)	($246)	–	–	–
Total costs and expenses	($10,604)	($9,990)	($9,398)	($8,314)	($7,474)	($6,742)	($5,694)	($5,142)	($4,607)	($4,206)	($3,870)	($3,738)	($3,397)	($2,682)	($2,275)	($1,919)	($1,548)	($1,315)	($1,208)	($978)	($761)	($597)	($465)	($323)	($222)	($156)
Operating income	$1,820	$1,936	$1,916	$1,558	$1,160	$805	$290	$444	$258	$271	$35	$764	$711	$533	$456	$351	$288	$204	$124	$108	$62	$31	$6	($8)	($18)	($25)
Earnings
EBITDA	$2,198	$2,297	$2,251	$1,877	$1,447	$1,060	$529	$657	$460	$434	$181	$894	$821	$629	$540	$426	$357	$265	$177	$152	$96	$59	$28	–	–	–
Interest income	–	$74	$94	$63	$21	$8	$4	$14	$10	$5	$4	$6	$4	$2	$2	$2	$1	$1	$3	$6	–	–	–	–	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($3)	($0)	($0)	($0)	($0)	–	–	–	–	–	–
Pre-tax income	$1,870	$2,010	$2,010	$1,621	$1,182	$813	$294	$458	$268	$276	$39	$770	$714	$534	$458	$350	$289	$204	$127	$114	$68	$30	$6	($8)	($17)	($24)
Income tax expense	($450)	($474)	($476)	($392)	($282)	($160)	$62	($108)	$92	($99)	($16)	($294)	($269)	($207)	($180)	($135)	($110)	($77)	($49)	($43)	($27)	$7	$0	–	–	–
Net income	$1,419	$1,536	$1,534	$1,229	$899	$653	$356	$350	$177	$176	$23	$476	$445	$327	$278	$215	$179	$127	$78	$71	$41	$38	$6	($8)	($17)	($24)
Per share
Diluted EPS (GAAP)	$1.09	$1.14	$1.11	$0.89	$0.64	$0.458	$0.2504	$0.2476	$0.1262	$0.1234	$0.0154	$0.302	$0.2826	$0.2094	$0.175	$0.1352	$0.1128	$0.079	$0.0472	$0.0426	$0.0256	$0.0286	$0.0048	($0.0069)	($0.0173)	($0.0299)
Basic EPS (GAAP)	$1.09	$1.15	$1.12	$0.89	$0.65	$0.4642	$0.2548	$0.2524	$0.127	$0.1238	$0.0156	$0.306	$0.287	$0.2116	$0.1764	$0.1378	$0.1146	$0.0798	$0.0478	$0.0432	$0.0258	$0.0286	$0.0048	($0.0069)	($0.0173)	($0.0299)
Basic shares outstanding	1,306	1,337	1,368	1,378	1,393	1,407	1,396	1,387	1,391	1,425	1,463	1,555	1,552	1,548	1,576	1,561	1,562	1,588	1,638	1,634	1,603	1,314	1,273	1,119	997	803
Margins
Gross margin	24.1%	25.4%	26.7%	26.2%	23.9%	22.6%	17.4%	20.5%	18.7%	16.9%	12.8%	26.1%	27.2%	26.6%	27.1%	26.0%	26.7%	24.9%	21.5%	22.3%	20.9%	18.5%	53.6%	–	–	–
Operating margin	14.7%	16.2%	16.9%	15.8%	13.4%	10.7%	4.8%	7.9%	5.3%	6.0%	0.9%	17.0%	17.3%	16.6%	16.7%	15.4%	15.7%	13.4%	9.3%	10.0%	7.5%	4.9%	1.3%	(2.5%)	(8.6%)	(18.8%)
Net margin	11.4%	12.9%	13.6%	12.4%	10.4%	8.7%	5.9%	6.3%	3.6%	3.9%	0.6%	10.6%	10.8%	10.2%	10.2%	9.5%	9.7%	8.4%	5.9%	6.5%	5.0%	6.0%	1.3%	(2.4%)	(8.4%)	(18.2%)

Analyst consensus

Buy67 analysts

Bearish · 0 · Hold · 22 · Bullish · 45

Earnings history

	EPS	Estimate
Q3 2024	$0.27	$0.25	Beat
Q4 2024	$0.25	$0.24	Beat
Q1 2025	$0.29	$0.28	Beat
Q2 2025	$0.33	$0.33	Match
Q3 2025	$0.29	$0.29	Match
Q4 2025	$0.25	$0.24	Beat
Q1 2026	$0.24	$0.24	Match
Q2 2026	$0.33	$0.32	Beat

Peers

Company overview

IPO dateJan 26, 2006

CEOScott Boatwright

Employees130,301

SectorConsumer Cyclical

IndustryRestaurants

CountryUS

ExchangeNew York Stock Exchange

Websitewww.chipotle.com

Chipotle Mexican Grill, Inc., along with its affiliated companies, oversees the ownership and daily running of Chipotle Mexican Grill eateries. By February 15, 2022, its global presence included roughly 3,000 restaurant locations spread across the United States, Canada, the United Kingdom, France, Germany, and other parts of Europe. The company was established in 1993 and maintains its principal office in Newport Beach, California.

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