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Chipotle Mexican Grill, Inc.

CMG Consumer Cyclical Restaurants

Chipotle Mexican Grill, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.9 billion, up 5.41% from fiscal 2024.

Revenue
+9.65%
EPS
−7.38%
Free cash flow
−14.5%

Quarter to September 2026, against a year earlier

35.33 0.13 +0.37%
Market cap
$44.8B
P/E
33.1×
Fwd P/E
29.8×
Dividend yield
—
F-score
5/9
Altman Z
6.99
Beneish M
−2.60
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • U. S. Segment
  • Other, not broken out

Every year since 2018 →

Insider Decisions last twelve months

Sold, $m 5.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 2 — — — — — 1 — — —
Insider Ownership 0.43%

Capital & Financial Ratios $m

Size
Market Cap 44,780.00
Revenue ttm 12,713.48
Net income ttm 1,377.18
Free cash flow ttm 1,509.93
Net debt Q (902.56)
Valuation
P/E 33.06
Forward P/E 29.80
Price / sales 3.52
Forward P/S Powerpack
Price / FCF 29.61
Price / book 18.21 (above 6: high)
Financial health
Current ratio Q 0.81 (below 1: weak)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 0.00
Growth
Revenue growth Q +9.65% (above 0%: growing)
Operating income growth Q −5.28% (below 0%: shrinking)
EPS, this year −6.55% (below 0%: weak)
EPS, next year A +21.41% (at or above 15%: strong)
Revenue, next year A +9.02%
EPS, past 5 yrs +35.41% (at or above 15%: strong)
EPS, next 5 yrs A +9.50%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 4.3×; over the ten years it ranged from 1.6× in 2017 to 8.4× in 2024.
P/E against its own 10 years 9.02%
10-year low 10-year high
P/S against its own 10 years 33.33%
10-year low 10-year high
P/B against its own 10 years 56.73%
10-year low 10-year high
EV/Sales against its own 10 years 33.88%
10-year low 10-year high
EV/FCF against its own 10 years 6.67%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,295 1,423 1,049 903
Receivables 168 211 248 100
Inventory 39 49 50 49
Other — — — —
1,621 1,781 1,467 1,172
2023 2024 2025 Q'26
Payables 198 211 213 308
ST’ Debt — — — —
Other — — — —
1,031 1,169 1,188 1,447

Compound Annual Growth %

10y 5y 3y
Sales 10.23% 14.79% 11.36%
Cash Flow 11.96% 26.07% 16.90%
Earnings 12.44% 33.98% 19.54%
Book Value 2.89% 6.98% 6.13%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.29 Actual 0.27

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.24 0.25 Beat by 0.01
Q1 FY26 0.24 0.24 Met by 0.00
Q2 FY26 0.32 0.33 Beat by 0.01
Q3 FY26 0.29 0.27 Miss by 0.02
Q4 FY26 0.25 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.23 0.32 0.27 — —
’25 0.28 0.32 0.29 0.25 1.14
’24 0.26 0.33 0.28 0.24 1.11
’23 0.21 0.25 0.23 0.20 0.89
’22 0.11 0.19 0.18 0.16 0.64
’21 0.09 0.13 0.14 0.09 0.46
’20 0.05 0.01 0.06 0.13 0.25
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,088 3,349 3,293 — —
’25 2,875 3,063 3,003 2,984 11,926
’24 2,702 2,973 2,794 2,845 11,314
’23 2,369 2,515 2,472 2,516 9,872
’22 2,021 2,213 2,220 2,181 8,635
’21 1,742 1,893 1,952 1,961 7,547
’20 1,411 1,365 1,601 1,608 5,985
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 651 681 590 — —
’25 557 561 570 426 2,114
’24 569 563 446 527 2,105
’23 455 583 480 265 1,783
’22 283 287 352 402 1,323
’21 306 257 281 438 1,282
’20 182 123 244 115 664
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 471 463 347 — —
’25 412 401 406 228 1,448
’24 437 422 299 374 1,532
’23 335 445 349 94 1,223
’22 187 186 213 258 844
’21 219 134 172 318 844
’20 104 35 162 (11) 290
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.9% a year for ten years. It grew 23.8% a year over the last ten.

Implied
11.9%
10 years, reported
23.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,904 4,476 4,865 5,586 5,985 7,547 8,635 9,872 11,314 11,926 12,713 +13.2% 13,001 14,383 15,811 +9.9%
Gross margin, % 12.76 16.89 18.73 20.45 17.40 22.62 23.88 26.20 26.67 25.38 23.84 +12.6 pt
EBT 39 276 268 458 294 813 1,182 1,621 2,010 2,010 1,830 +55.1%
EBT margin, % 0.99 6.16 5.52 8.20 4.91 10.77 13.68 16.42 17.77 16.85 14.39 +15.9 pt
Net income 23 176 177 350 356 653 899 1,229 1,534 1,536 1,377 +59.5%
Per share, $
Per share, $ Revenue 2.67 3.14 3.50 4.03 4.29 5.37 6.20 7.17 8.27 8.92 10.05 +14.3%
Earnings 0.02 0.12 0.13 0.25 0.25 0.46 0.65 0.89 1.12 1.15 1.07 +61.3%
Cash flow 0.24 0.33 0.45 0.52 0.48 0.91 0.95 1.29 1.54 1.58 1.86 +23.1%
Capex (0.18) (0.15) (0.21) (0.23) (0.27) (0.31) (0.34) (0.41) (0.42) (0.50) (0.66) +12.2%
Free cash flow 0.07 0.18 0.24 0.29 0.21 0.60 0.61 0.89 1.12 1.08 1.19 +36.5%
Book value 0.96 0.96 1.04 1.21 1.45 1.63 1.70 2.22 2.67 2.12 1.94 +9.2%
Shares, m 1,463 1,425 1,391 1,387 1,396 1,407 1,393 1,378 1,368 1,337 1,295 (1.0%)
Valuation, ×
Valuation, × P/E 457.32 47.41 68.14 66.32 108.92 75.33 42.45 50.35 54.24 32.17 33.06 100.3
P/S 2.81 1.86 2.47 4.16 6.47 6.52 4.42 6.27 7.29 4.15 3.52 4.6
P/B 7.82 6.12 8.34 13.80 19.16 21.41 16.12 20.20 22.57 17.48 18.21 15.3
EV/Sales 2.70 1.75 2.33 4.00 6.31 6.38 4.32 6.14 7.17 4.06 3.45 4.5
EV/FCF 109.60 31.18 33.94 55.61 129.97 57.03 44.18 49.53 52.94 33.46 29.01 59.7
Cash, $m
Cash, $m Operating cash flow 355 468 622 722 664 1,282 1,323 1,783 2,105 2,114 2,348 +21.9%
Capex (259) (217) (287) (320) (373) (438) (479) (561) (573) (666) (838) +11.1%
Free cash flow 96 251 334 402 290 844 844 1,223 1,532 1,448 1,510 +35.1%
Balance, $m
Balance, $m Working capital 241 306 365 406 598 508 254 590 612 279 (275) +1.7%
Net debt (418) (509) (677) (881) (952) (1,076) (899) (1,295) (1,423) (1,049) (903) +10.8%
Shareholders’ equity 1,402 1,364 1,441 1,683 2,020 2,297 2,368 3,062 3,656 2,831 2,455 +8.1%
Returns, %
Returns, % ROA 0.97 8.66 8.19 9.50 6.42 10.34 13.24 16.41 17.79 16.88 14.72 +15.9 pt
ROIC 2.19 19.78 21.12 34.59 16.97 41.20 49.37 55.11 53.65 67.91 72.26 +65.7 pt
ROE 1.30 12.74 12.58 22.41 19.21 30.25 38.54 45.26 45.67 47.36 48.52 +46.1 pt
People
People Employees 64,570 68,890 73,000 83,000 88,000 97,660 104,958 116,068 130,504 131,534 — +8.2%
Revenue/emp, $m 0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.09 0.09 0.09 — +4.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Chipotle Mexican Grill owns and operates restaurants serving burritos, burrito bowls, quesadillas, tacos and salads. Guests can eat in, carry out, order digitally or use delivery services. Its menu centers on food prepared with ingredients that the company seeks to source responsibly, without artificial colors, flavors or preservatives.

Founded in 1993, Chipotle is headquartered in Denver. Scott Boatwright is its chief executive officer. The company runs its business as one reportable segment, with U.S. operations organized into regions.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
U. S. Segment 11,679 97.94%
Other, not broken out 246 2.06%
Gross margin 25.38%
Operating margin 16.23%
Pre-tax margin 16.85%

Revenue by segment since 2018

Chipotle Mexican Grill, Inc. vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MCD McDonald's Corporation $196.8B 22.6× 20.2× +1.12% (above 0%: growing) +5.73% (above 0%: growing) +57.94% (above 0%: growing) 58.89% 50.23% Compare
SBUX Starbucks Corporation $121.0B 61.1× 44.7× −4.47% (below 0%: shrinking) +85.71% (above 0%: growing) +8.93% (above 0%: growing) 68.01% 10.85% Compare
YUM Yum! Brands, Inc. $45.3B 13.2× 16.7× +3.79% (above 0%: growing) +320.20% (above 0%: growing) −13.59% (below 0%: shrinking) 66.94% 112.85% Compare
CMG Chipotle Mexican Grill, Inc. $44.8B 33.1× 29.8× +9.65% (above 0%: growing) −7.38% (below 0%: shrinking) −14.54% (below 0%: shrinking) 23.33% 13.72%
QSR Restaurant Brands International Inc. $35.5B 16.3× 14.7× +3.10% (above 0%: growing) +110.13% (above 0%: growing) −8.26% (below 0%: shrinking) 49.39% 27.80% Compare
DRI Darden Restaurants, Inc. $25.9B 22.1× 19.6× +5.11% (above 0%: growing) −7.24% (below 0%: shrinking) −41.21% (below 0%: shrinking) 20.50% 9.98% Compare
YUMC Yum China $17.0B 17.2× 15.5× +8.45% (above 0%: growing) +19.74% (above 0%: growing) +2.28% (above 0%: growing) 0.00% 12.97% Compare
TXRH Texas Roadhouse, Inc. $12.6B 30.7× 28.0× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50% Compare
DPZ Domino's Pizza Inc $11.2B 18.8× 16.4× +3.36% (above 0%: growing) +12.75% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
Median of peers $30.7B 20.4× 18.2× +3.58% +16.24% −0.49% 44.78% 16.68%

All 55 Restaurants stocks →

From the latest earnings call

Updated

  • CFO Adam Rymer said industry headwinds slowed sales during the quarter, but trends normalized by late August before softening again in October.
  • CEO Scott Boatwright said Chipotle’s equipment upgrades were improving restaurant operations, while the company plans to begin a national catering rollout in early 2027.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
TD Cowen Nov 1, 2026 Downgrade — —
Telsey Advisory Oct 29, 2026 Target cut Outperform 48.00 → 40.00
KeyBanc Oct 29, 2026 Target cut Outperform 42.00 → 40.00
RBC Oct 29, 2026 Target cut Outperform 45.00 → 40.00
Bernstein Oct 29, 2026 Target cut Outperform 50.00 → 43.00
Mizuho Oct 27, 2026 Target cut Outperform 43.00 → 37.00
Wells Fargo Oct 21, 2026 Target cut Outperform 45.00 → 40.00
Raymond James Oct 21, 2026 Target cut Outperform 42.50 → 37.00
Gordon Haskett Oct 21, 2026 Target cut Hold 42.00 → 36.00
Citi Oct 21, 2026 Target cut Buy 45.00 → 43.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 90.50%
Held by the ten largest 50.77%
Holder Shares Stake Change
Vanguard 157.58m 12.45% −1.64m
BlackRock 129.93m 10.27% +18.45m
Capital Group 76.73m 6.06% −47.62m
JPMorgan Chase 66.17m 5.23% +17.02m
State Street 55.67m 4.40% +826.98k
T. Rowe Price 38.69m 3.06% −15.40m
Geode Capital Management 36.37m 2.87% +6.11m
Fidelity (FMR) 34.29m 2.71% +3.94m
Norges Bank 25.85m 2.04% +25.85m
Arrowstreet Capital 21.24m 1.68% +4.76m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 April 2026

Ownership

Directors and executive officers, together 0.45%
The Vanguard Group, Inc. 11.25%
Capital World Investors 7.92%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Chipotle Mexican Grill, Inc. (CMG) Latest News

5 Nov

Impact 3 · · Zacks
Impact 3 · · The Motley Fool

3 Nov

Impact 3 · · StockStory

2 Nov

Impact 3 · · Trefis

1 Nov

Impact 3 · · TIKR

30 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · customerexperiencedive.com
Impact 4 · · 24/7 Wall St.
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Impact 3 · · InvestorsHub

28 Oct

Impact 3 · · nrn.com
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Impact 3 · · StockStory
Impact 3 · · Investing.com
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Impact 3 · · Associated Press

CMG metrics, ten years each

stockrow.com/CMG · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com