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CMGChipotle Mexican Grill

Consumer discretionary · Restaurants · NYSE
CMG quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 5.4%, free cash flow down to $1.4B

XBRL, from each 10-K
RevenueStatements ↓
$11.9B
from $11.3B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.5B
from $1.5B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.4B
from $1.5B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$1.14
from $1.11 in FY2024
FY2016FY2025
Operating marginStatements ↓
16.2%
from 16.9% in FY2024
FY2016FY2025
Total debtStatements ↓
$0
from $0 in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.07Sales (ttm)12.7BNet income (ttm)1.4BSales growth+5.4%EPS growth+2.7%Sales Q/Q+9.6%
Free cash flow1.5BGross margin-Oper. margin14.1%Net margin10.8%FCF margin11.9%ROE56.1%
ROA14.6%R&D / sales-Dividend-Debt/Eq0.00Curr. ratio0.81Cash634.2M
Op. cash flow (ttm)2.3BEBITDA2.3BEBITDA margin19.3%Net debt-634.2MQuick ratio0.78ROIC60.3%
Tax rate23.6%Stock pay / sales1.0%Shares out.1.3BShares Y/Y-2.5%Book / share1.94Cash / share0.50
Sales / share10.05Asset turnover1.35Days sales out.5Sales 3Y CAGR+11.4%Sales 5Y CAGR+14.8%EPS 3Y CAGR+21.2%
EPS 5Y CAGR-38.1%Employees130,301Sales / employee98K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +5.4%+14.6% → +5.4% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

CMG against Consumer discretionary peers

Ten years, side by side → · All 47 →
GrowthProfitBalanceCleanInsiders
CMGPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth
+5.4%24th of 47 · median +5.4%
Net margin
10.8%25th of 47 · median 10.8%
Return on equity
56.1%6th of 34 · median 32.5%
Free cash flow margin
11.9%17th of 45 · median 9.4%
Debt / equity (less is better)
0.002nd of 28 · median 0.73
CMG and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CMG Chipotle Mexican Grill$12.7B +5.4%-10.8%56.1%11.9%0.00
LVS Las Vegas Sands$13.6B +15.2%-11.8%-17.7%-
DRI Darden Restaurants$13.4B +9.4%20.3%8.8%57.2%7.9%1.26
ULTA Ulta Beauty$13.0B +9.7%39.3%9.3%45.8%8.9%0.13
HLT Hilton Worldwide$12.7B +7.7%-13.4%-15.2%-
EBAY eBay Inc.$12.4B +7.9%72.2%16.9%47.6%19.5%1.53

Profitability

2 of 3
  • !
    Net margin below the peer median10.8% vs 10.8%
  • ✓
    Return on equity above 15%56.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 0.6% → 12.9%

Balance sheet

2 of 3
  • ✓
    Debt smaller than equityDebt / equity 0.00 on the latest balance sheet (peer median 0.73)
  • !
    Current ratio below 1Current ratio 0.81
  • ✓
    More cash than debtNet cash $1.3B
Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.00

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.4B last year
  • ✓
    Share count down over 5 years−5.5%
  • ✓
    Cash from operations above net income$2.1B vs $1.5B
Free cash flow, FY2016 to FY2025: 96.3M → 1.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 11.9B Net income 1.5B
FY2016 revenue 3.9B · Revenues, 0001058090-19-000007 FY2016 net income 22.9M · NetIncomeLoss, 0001058090-19-000007 3.9B FY2016 FY2017 revenue 4.5B · Revenues, 0001058090-20-000010 FY2017 net income 176.3M · NetIncomeLoss, 0001058090-20-000010 4.5B FY2017 FY2018 revenue 4.9B · Revenues, 0001058090-21-000010 FY2018 net income 176.6M · NetIncomeLoss, 0001058090-21-000010 4.9B FY2018 FY2019 revenue 5.6B · Revenues, 0001058090-22-000011 FY2019 net income 350.2M · NetIncomeLoss, 0001058090-22-000011 5.6B FY2019 FY2020 revenue 6.0B · Revenues, 0001058090-23-000010 FY2020 net income 355.8M · NetIncomeLoss, 0001058090-23-000010 6.0B FY2020 FY2021 revenue 7.5B · Revenues, 0001562762-24-000023 FY2021 net income 653.0M · NetIncomeLoss, 0001562762-24-000023 7.5B FY2021 FY2022 revenue 8.6B · Revenues, 0001058090-25-000014 FY2022 net income 899.1M · NetIncomeLoss, 0001058090-25-000014 8.6B FY2022 FY2023 revenue 9.9B · Revenues, 0001058090-26-000009 FY2023 net income 1.2B · NetIncomeLoss, 0001058090-26-000009 9.9B FY2023 FY2024 revenue 11.3B · Revenues, 0001058090-26-000009 FY2024 net income 1.5B · NetIncomeLoss, 0001058090-26-000009 11.3B FY2024 FY2025 revenue 11.9B · Revenues, 0001058090-26-000009 FY2025 net income 1.5B · NetIncomeLoss, 0001058090-26-000009 11.9B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $11.9B of revenue came from

by product, year to Dec 31, 2025
  • Food and beverage revenue $11.9B · 100%
  • Delivery service revenue $59.5M · 0%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CMG's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue11.9B
FY2016: 3.9BFY2017: 4.5BFY2018: 4.9BFY2019: 5.6BFY2020: 6.0BFY2021: 7.5BFY2022: 8.6BFY2023: 9.9BFY2024: 11.3BFY2025: 11.9B FY2017FY2019FY2021FY2023FY2025
Net income1.5B
FY2016: 22.9MFY2017: 176.3MFY2018: 176.6MFY2019: 350.2MFY2020: 355.8MFY2021: 653.0MFY2022: 899.1MFY2023: 1.2BFY2024: 1.5BFY2025: 1.5B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.4B
FY2016: 96.3MFY2017: 251.4MFY2018: 334.2MFY2019: 387.7MFY2020: 290.5MFY2021: 839.6MFY2022: 844.0MFY2023: 1.2BFY2024: 1.5BFY2025: 1.4B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)1.14
FY2016: 0.77FY2017: 6.17FY2018: 6.31FY2019: 12.38FY2020: 12.52FY2021: 22.90FY2022: 0.64FY2023: 0.89FY2024: 1.11FY2025: 1.14 FY2017FY2019FY2021FY2023FY2025
Diluted shares1.3B
FY2016: 29.8MFY2017: 28.6MFY2018: 28.0MFY2019: 28.3MFY2020: 28.4MFY2021: 28.5MFY2022: 1.4BFY2023: 1.4BFY2024: 1.4BFY2025: 1.3B FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Food and beverage revenue 11.9B99.5% +5.5%
Delivery service revenue 59.5M0.5% -10.4%

10-K 0001058090-26-000009, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.9B4.5B4.9B5.6B6.0B7.5B8.6B9.9B11.3B11.9B
SG&A276.2M296.4M375.5M451.6M466.3M606.9M564.2M633.6M697.5M652.0M
Operating income34.6M270.8M258.4M444.0M290.2M804.9M1.2B1.6B1.9B1.9B
Pretax income38.7M275.7M268.4M458.3M293.8M812.8M1.2B1.6B2.0B2.0B
Income tax15.8M99.5M-91.9M108.1M-62.0M159.8M282.4M391.8M476.1M473.8M
Net income22.9M176.3M176.6M350.2M355.8M653.0M899.1M1.2B1.5B1.5B
EPS (diluted)0.776.176.3112.3812.5222.900.640.891.111.14
Diluted shares29.8M28.6M28.0M28.3M28.4M28.5M1.4B1.4B1.4B1.3B
Depreciation & amortization146.4M163.3M202.0M212.8M238.5M254.7M286.8M319.4M335.0M361.4M
EBITDA180.9M434.1M460.3M656.7M528.7M1.1B1.4B1.9B2.3B2.3B
Operating margin0.9%6.0%5.3%7.9%4.8%10.7%13.4%15.8%16.9%16.2%
Net margin0.6%3.9%3.6%6.3%5.9%8.7%10.4%12.4%13.6%12.9%
Revenue growth-+14.7%+8.7%+14.8%+7.1%+26.1%+14.4%+14.3%+14.6%+5.4%
EPS growth-+701%+2.3%+96.2%+1.1%+82.9%-97.2%+39.1%+24.7%+2.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash87.9M184.6M250.0M480.6M608.0M815.4M384.0M560.6M748.5M350.5M
Short-term investments329.8M324.4M426.8M400.2M343.6M260.9M515.1M734.8M674.4M698.6M
Receivables40.5M40.5M62.3M80.5M104.5M99.6M106.9M115.5M144.0M156.5M
Inventory15.0M19.9M21.6M26.1M26.4M32.8M35.7M39.3M48.9M49.5M
Current assets522.4M629.5M814.8M1.1B1.4B1.4B1.2B1.6B1.8B1.5B
Property & equipment1.3B1.3B1.4B1.5B1.6B1.8B2.0B2.2B2.4B2.7B
Goodwill21.9M21.9M21.9M21.9M21.9M21.9M21.9M21.9M21.9M21.9M
Total assets2.0B2.0B2.3B5.1B6.0B6.7B6.9B8.0B9.2B9.0B
Accounts payable78.4M82.0M113.1M115.8M122.0M163.2M184.6M197.6M210.7M212.8M
Current liabilities281.8M323.9M450.0M666.6M822.2M873.7M921.9M1.0B1.2B1.2B
Total debt---0000000
Total liabilities623.6M681.2M824.2M3.4B4.0B4.4B4.6B5.0B5.5B6.2B
Shareholders' equity1.4B1.4B1.4B1.7B2.0B2.3B2.4B3.1B3.7B2.8B
Retained earnings2.2B2.4B2.6B2.9B3.3B3.9B4.8B6.1B1.6B619.9M

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow355.2M468.2M621.6M721.6M663.8M1.3B1.3B1.8B2.1B2.1B
Capital spending258.8M216.8M287.4M333.9M373.4M442.5M479.2M560.7M593.6M666.3M
Free cash flow96.3M251.4M334.2M387.7M290.5M839.6M844.0M1.2B1.5B1.4B
Stock-based pay (added back)64.2M65.3M69.2M91.4M82.6M176.4M98.0M124.0M131.7M119.5M
Buybacks836.8M285.2M160.9M190.6M54.4M466.5M830.1M592.3M1.0B2.4B
Investing cash flow326.8M-86.6M-387.6M-292.0M-432.7M-522.0M-830.0M-946.0M-837.5M-35.1M
Financing cash flow-836.3M-285.9M-166.5M-201.7M-104.9M-548.6M-929.4M-660.7M-1.1B-2.5B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)64.2M65.3M69.2M91.4M82.6M176.4M98.0M124.0M131.7M119.5M
Stock-based pay / revenue1.6%1.5%1.4%1.6%1.4%2.3%1.1%1.3%1.2%1.0%
Operating lease cost---308.6M------
Operating lease cash paid---295.1M316.2M359.4M386.2M421.6M466.2M520.3M
Right-of-use assets--02.5B2.8B3.1B3.3B3.6B4.0B4.5B
Operating lease liabilities-1.4M10.7M2.9B3.2B3.5B3.7B4.1B4.5B5.1B
Finance lease liabilities--2.4M-1.8M1.5M----

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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