Chipotle Mexican Grill, Inc.

CMG

Consumer CyclicalLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. It sells food and beverages, such as burritos, burrito bowls, quesadillas, tacos, and salads, as well as kids's meals, chips, and sides. It offers Mexican-inspired meals using responsibly sourced meats, such as chicken, beef, and pork branded as Responsibly Raised. The company also provides digital ordering through its website, mobile app, and third-party delivery platforms. It has operations in the United States, Canada, France, Germany, and the United Kingdom. Chipotle Mexican Grill, Inc. was founded in 1993 and is headquartered in Newport Beach, California.

Valuation

Market Cap$36.1B

Current Price$31.13as of Jun 23, 2026

P/E Ratio23.54

P/B Ratio12.77

EV / EBITDA17.22

EV / Sales3.43

Profitability

Operating Margin16.9%

Net Profit Margin12.9%

EBITDA Margin19.9%

Returns

ROE54.3%

ROCE25.8%

ROIC %-

ROA17.1%

Solvency

Current Ratio1.23

Debt / Equity1.79

Debt / Assets0.56

CFO / Net Profit1.38

Price History▼ 42.13% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$11.9B▲ 5.4%

EBITDA$2.4B▲ 2.3%

Net Profit$1.5B▲ 0.1%

Cash from Ops (CFO)$2.1B▲ 0.4%

Free Cash Flow (FCF)$1.4B▼ 4.2%

Revenue CAGR 3Y11.4%

Revenue CAGR 5Y-

Net Profit CAGR 3Y19.5%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$11.9B	$2.4B	$1.5B	$1.4B	54.3%	5.4%	0.1%
2024	$11.3B	$2.3B	$1.5B	$1.5B	42.0%	14.6%	24.9%
2023	$9.9B	$2.0B	$1.2B	$1.2B	40.1%	14.3%	36.7%
2022	$8.6B	$1.5B	$899M	$844M	38.0%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	8,634.65	9,871.65	11,313.85	11,925.60
Operating Revenue	-	8,634.65	9,871.65	11,313.85	11,925.60
Cost Of Revenue	-	6,572.53	7,285.56	8,296.16	8,899.39
Gross Profit	-	2,062.12	2,586.09	3,017.69	3,026.21
Operating Expense	-	851.02	952.98	1,032.51	1,013.40
Selling General And Administration	-	564.19	633.58	697.48	652.02
Total Expenses	-	7,423.55	8,238.54	9,328.67	9,912.79
Operating Income	-	1,211.10	1,633.11	1,985.18	2,012.81
Total Operating Income As Reported	-	1,160.40	1,557.81	1,916.33	1,935.80
EBITDA	-	1,497.93	1,952.51	2,320.21	2,374.19
Normalized EBITDA	-	1,548.63	2,027.81	2,389.05	2,451.20
EBIT	-	1,211.10	1,633.11	1,985.18	2,012.81
Interest Income	-	21.13	62.69	93.90	73.72
Net Interest Income	-	21.13	62.69	93.90	73.72
Other Income Expense	-	-50.70	-75.30	-68.85	-77.01
Interest Income Non Operating	-	21.13	62.69	93.90	73.72
Net Non Operating Interest Income Expense	-	21.13	62.69	93.90	73.72
Pretax Income	-	1,181.53	1,620.51	2,010.23	2,009.52
Tax Provision	-	282.43	391.77	476.12	473.76
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-12.12	-18.22	-16.31	-18.16
Net Income Continuous Operations	-	899.10	1,228.74	1,534.11	1,535.76
Net Income From Continuing And Discontinued Operation	-	899.10	1,228.74	1,534.11	1,535.76
Net Income From Continuing Operation Net Minority Interest	-	899.10	1,228.74	1,534.11	1,535.76
Net Income	-	899.10	1,228.74	1,534.11	1,535.76
Net Income Common Stockholders	-	899.10	1,228.74	1,534.11	1,535.76
Net Income Including Noncontrolling Interests	-	899.10	1,228.74	1,534.11	1,535.76
Normalized Income	-	937.68	1,285.82	1,586.65	1,594.62
Diluted NI Availto Com Stockholders	-	899.10	1,228.74	1,534.11	1,535.76
Basic Average Shares	-	1,392.55	1,377.75	1,368.34	1,337.34
Diluted Average Shares	-	1,403.10	1,385.50	1,376.56	1,342.62
Reconciled Depreciation	-	286.83	319.39	335.03	361.38
Reconciled Cost Of Revenue	-	6,572.53	7,285.56	8,296.16	8,899.39
Total Unusual Items	-	-50.70	-75.30	-68.85	-77.01
Total Unusual Items Excluding Goodwill	-	-50.70	-75.30	-68.85	-77.01
Special Income Charges	-	-50.70	-75.30	-68.85	-77.01
Other Special Charges	-	29.56	36.93	41.90	49.51
Impairment Of Capital Assets	-	21.14	38.37	26.95	27.50
Depreciation Amortization Depletion Income Statement	-	286.83	319.39	335.03	361.38
Depreciation And Amortization In Income Statement	-	286.83	319.39	335.03	361.38
General And Administrative Expense	-	564.19	633.58	697.48	652.02
Other Gand A	-	564.19	633.58	697.48	652.02
Rent Expense Supplemental	-	460.42	503.26	563.37	624.90
Other Operating Expenses	21.26	29.56	-	-	-

Peer Comparison

Consumer Cyclical sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Chipotle Mexican Grill, Inc.this co.	CMG	$36.1B	23.54	12.77	54.3%	17.22
D.R. Horton, Inc.	DHI	$41.5B	11.58	1.72	14.8%	9.85
Yum! Brands, Inc.	YUM	$40.8B	26.18	-5.57	-21.3%	19.14
Carnival Corporation & plc	CCL	$38.6B	13.98	3.14	22.5%	9.35
Las Vegas Sands Corp.	LVS	$33.6B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Chipotle Mexican Grill, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$11.9B

$2.4B

$1.5B

$1.4B

54.3%

5.4%

0.1%

2024

$11.3B

$2.3B

$1.5B

42.0%

14.6%

24.9%

2023

$9.9B

$2.0B

$1.2B

40.1%

14.3%

36.7%

2022

$8.6B

$1.5B

$899M

$844M

38.0%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

8,634.65

9,871.65

11,313.85

11,925.60

Operating Revenue

8,634.65

9,871.65

11,313.85

11,925.60

Cost Of Revenue

6,572.53

7,285.56

8,296.16

8,899.39

Gross Profit

2,062.12

2,586.09

3,017.69

3,026.21

Operating Expense

851.02

952.98

1,032.51

1,013.40

Selling General And Administration

564.19

633.58

697.48

652.02

Total Expenses

7,423.55

8,238.54

9,328.67

9,912.79

Operating Income

1,211.10

1,633.11

1,985.18

2,012.81

Total Operating Income As Reported

1,160.40

1,557.81

1,916.33

1,935.80

EBITDA

1,497.93

1,952.51

2,320.21

2,374.19

Normalized EBITDA

1,548.63

2,027.81

2,389.05

2,451.20

EBIT

1,211.10

1,633.11

1,985.18

2,012.81

Interest Income

21.13

62.69

93.90

73.72

Net Interest Income

21.13

62.69

93.90

73.72

Other Income Expense

-50.70

-75.30

-68.85

-77.01

Interest Income Non Operating

21.13

62.69

93.90

73.72

Net Non Operating Interest Income Expense

21.13

62.69

93.90

73.72

Pretax Income

1,181.53

1,620.51

2,010.23

2,009.52

Tax Provision

282.43

391.77

476.12

473.76

Tax Rate For Calcs

Tax Effect Of Unusual Items

-12.12

-18.22

-16.31

-18.16

Net Income Continuous Operations

899.10

1,228.74

1,534.11

1,535.76

Net Income From Continuing And Discontinued Operation

899.10

1,228.74

1,534.11

1,535.76

Net Income From Continuing Operation Net Minority Interest

899.10

1,228.74

1,534.11

1,535.76

Net Income

899.10

1,228.74

1,534.11

1,535.76

Net Income Common Stockholders

899.10

1,228.74

1,534.11

1,535.76

Net Income Including Noncontrolling Interests

899.10

1,228.74

1,534.11

1,535.76

Normalized Income

937.68

1,285.82

1,586.65

1,594.62

Diluted NI Availto Com Stockholders

899.10

1,228.74

1,534.11

1,535.76

Basic Average Shares

1,392.55

1,377.75

1,368.34

1,337.34

Diluted Average Shares

1,403.10

1,385.50

1,376.56

1,342.62

Reconciled Depreciation

286.83

319.39

335.03

361.38

Reconciled Cost Of Revenue

6,572.53

7,285.56

8,296.16

8,899.39

Total Unusual Items

-50.70

-75.30

-68.85

-77.01

Total Unusual Items Excluding Goodwill

-50.70

-75.30

-68.85

-77.01

Special Income Charges

-50.70

-75.30

-68.85

-77.01

Other Special Charges

29.56

36.93

41.90

49.51

Impairment Of Capital Assets

21.14

38.37

26.95

27.50

Depreciation Amortization Depletion Income Statement

286.83

319.39

335.03

361.38

Depreciation And Amortization In Income Statement

286.83

319.39

335.03

361.38

General And Administrative Expense

564.19

633.58

697.48

652.02

Other Gand A

564.19

633.58

697.48

652.02

Rent Expense Supplemental

460.42

503.26

563.37

624.90

Other Operating Expenses

21.26

29.56

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Chipotle Mexican Grill, Inc.this co.

CMG

$36.1B

23.54

12.77

54.3%

17.22

D.R. Horton, Inc.

DHI

$41.5B

11.58

1.72

14.8%

9.85

Yum! Brands, Inc.

YUM

$40.8B

26.18

-5.57

-21.3%

19.14

Carnival Corporation & plc

CCL

$38.6B

13.98

3.14

22.5%

9.35

Las Vegas Sands Corp.

LVS

$33.6B

Chipotle Mexican Grill, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Chipotle Mexican Grill, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on