Chipotle Mexican Grill (CMG) financial statements
Chipotle Mexican Grill reported revenue of $11.9B in fiscal 2025, up 13.2% a year over 9 years.
Net income was $1.5B and the operating margin 16.2%, against 0.9% in 2016.
Free cash flow was $1.4B, and the company returned $2.4B in net buybacks.
The diluted share count fell 10% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Chipotle Mexican Grill's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.9B | $4.5B | $4.9B | $5.6B | $6.0B | $7.5B | $8.6B | $9.9B | $11.3B | $11.9B |
| Selling, general and admin | $276M | $296M | $375M | $452M | $466M | $607M | $564M | $634M | $697M | $652M |
| Operating income | $35M | $271M | $258M | $444M | $290M | $805M | $1.2B | $1.6B | $1.9B | $1.9B |
| Pre-tax income | $39M | $276M | $268M | $458M | $294M | $813M | $1.2B | $1.6B | $2.0B | $2.0B |
| Income tax | $16M | $99M | -$92M | $108M | -$62M | $160M | $282M | $392M | $476M | $474M |
| Net income | $23M | $176M | $177M | $350M | $356M | $653M | $899M | $1.2B | $1.5B | $1.5B |
| EPS (diluted) | $0.02 | $0.12 | $0.13 | $0.25 | $0.25 | $0.46 | $0.64 | $0.89 | $1.11 | $1.14 |
| Diluted shares | 1.49B | 1.43B | 1.40B | 1.41B | 1.42B | 1.43B | 1.40B | 1.39B | 1.38B | 1.34B |
| Operating margin | 0.9% | 6.0% | 5.3% | 7.9% | 4.8% | 10.7% | 13.4% | 15.8% | 16.9% | 16.2% |
| Net margin | 0.6% | 3.9% | 3.6% | 6.3% | 5.9% | 8.7% | 10.4% | 12.4% | 13.6% | 12.9% |
Balance sheet
Fiscal years, from Chipotle Mexican Grill's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $418M | $509M | $677M | $881M | $952M | $1.1B | $899M | $1.3B | $1.4B | $1.0B |
| Receivables | $40M | $40M | $62M | $81M | $104M | $100M | $107M | $116M | $144M | $156M |
| Inventory | $15M | $20M | $22M | $26M | $26M | $33M | $36M | $39M | $49M | $50M |
| Total current assets | $522M | $630M | $815M | $1.1B | $1.4B | $1.4B | $1.2B | $1.6B | $1.8B | $1.5B |
| Property, plant and equipment | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B | $1.8B | $2.0B | $2.2B | $2.4B | $2.7B |
| Goodwill | $22M | $22M | $22M | $22M | $22M | $22M | $22M | $22M | $22M | $22M |
| Total assets | $2.0B | $2.0B | $2.3B | $5.1B | $6.0B | $6.7B | $6.9B | $8.0B | $9.2B | $9.0B |
| Total current liabilities | $282M | $324M | $450M | $667M | $822M | $874M | $922M | $1.0B | $1.2B | $1.2B |
| Total liabilities | $624M | $681M | $824M | $3.4B | $4.0B | $4.4B | $4.6B | $5.0B | $5.5B | $6.2B |
| Shareholders' equity | $1.4B | $1.4B | $1.4B | $1.7B | $2.0B | $2.3B | $2.4B | $3.1B | $3.7B | $2.8B |
| Net debt | -$88M | -$185M | -$250M | -$481M | -$608M | -$815M | -$384M | -$561M | -$749M | -$351M |
Cash flow
Fiscal years, from Chipotle Mexican Grill's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $355M | $468M | $622M | $722M | $664M | $1.3B | $1.3B | $1.8B | $2.1B | $2.1B |
| Capital spending | $259M | $217M | $287M | $334M | $373M | $442M | $479M | $561M | $594M | $666M |
| Free cash flow | $96M | $251M | $334M | $388M | $290M | $840M | $844M | $1.2B | $1.5B | $1.4B |
| Stock-based compensation | $64M | $65M | $69M | $91M | $83M | $176M | $98M | $124M | $132M | $120M |
| Share buybacks (net) | -$837M | -$285M | -$161M | -$191M | -$54M | -$466M | -$830M | -$592M | -$1.0B | -$2.4B |
| Free cash flow margin | 2.5% | 5.6% | 6.9% | 6.9% | 4.9% | 11.1% | 9.8% | 12.4% | 13.4% | 12.1% |
Questions
What was Chipotle Mexican Grill's revenue in 2025?
$11.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Chipotle Mexican Grill generate?
$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From Chipotle Mexican Grill's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.