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CHIPOTLE MEXICAN GRILL INC

CMG· NYSE· Retail-Eating Places

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
12.1%
ROIC, 5 yr avg
65.7%
Revenue, 5 yr CAGR
+14.8%
We record prices for the companies we cover; CMG is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
1.34B
Revenue
$11.9B
Free cash flow
$1.4B
Owner earnings
$1.3B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
16.2%
Net
12.9%
Free cash flow
12.1%
Owner earnings
11.1%
Stock pay
1.0%

Returns

ROIC, FY2025
83.0%
ROIC, 5 yr avg
65.7%
ROE, FY2025
54.3%
ROE, 5 yr avg
40.5%

Growth (CAGR)

Revenue, 3 yr
11.4%
Revenue, 5 yr
14.8%
Revenue, 9 yr
13.2%
Diluted EPS, 3 yr
21.2%
Diluted EPS, 5 yr
35.4%
Diluted EPS, 9 yr
61.3%
Free cash flow, 3 yr
19.7%
Free cash flow, 5 yr
37.9%
Free cash flow, 9 yr
35.1%

Financial health · FY2025

Cash and investments
$1.0B
Total debt
$0
Net cash
$1.0B
Debt/Equity
0.0x
Debt/FCF
0.0x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.1%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$11.9B

+13.2% a year over 9 years

FY2016: Revenue $3.9BFY2017: Revenue $4.5BFY2018: Revenue $4.9BFY2019: Revenue $5.6BFY2020: Revenue $6.0BFY2021: Revenue $7.5BFY2022: Revenue $8.6BFY2023: Revenue $9.9BFY2024: Revenue $11.3BFY2025: Revenue $11.9B
FY2016FY2025

Margins

Operating16.2%Net12.9%

FY2025

FY2016: Operating 0.9%, Net 0.6%FY2017: Operating 6.0%, Net 3.9%FY2018: Operating 5.3%, Net 3.6%FY2019: Operating 7.9%, Net 6.3%FY2020: Operating 4.8%, Net 5.9%FY2021: Operating 10.7%, Net 8.7%FY2022: Operating 13.4%, Net 10.4%FY2023: Operating 15.8%, Net 12.4%FY2024: Operating 16.9%, Net 13.6%FY2025: Operating 16.2%, Net 12.9%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$1.4BOwner earnings$1.3B

Free cash flow +35.1% a year

FY2016: Free cash flow $96.3M, Owner earnings $32.2MFY2017: Free cash flow $251.4M, Owner earnings $186.2MFY2018: Free cash flow $334.2M, Owner earnings $265.0MFY2019: Free cash flow $387.7M, Owner earnings $296.3MFY2020: Free cash flow $290.5M, Owner earnings $207.9MFY2021: Free cash flow $839.6M, Owner earnings $663.2MFY2022: Free cash flow $844.0M, Owner earnings $746.0MFY2023: Free cash flow $1.2B, Owner earnings $1.1BFY2024: Free cash flow $1.5B, Owner earnings $1.4BFY2025: Free cash flow $1.4B, Owner earnings $1.3B
FY2016FY2025

Diluted shares

1.34B

-9.8% over 9 years, net buybacks

FY2016: Diluted shares 1.49BFY2017: Diluted shares 1.43BFY2018: Diluted shares 1.40BFY2019: Diluted shares 1.41BFY2020: Diluted shares 1.42BFY2021: Diluted shares 1.43BFY2022: Diluted shares 1.40BFY2023: Diluted shares 1.39BFY2024: Diluted shares 1.38BFY2025: Diluted shares 1.34B
FY2016FY2025

Return on invested capital

83.0%

FY2025

FY2016: ROIC –FY2017: ROIC –FY2018: ROIC –FY2019: ROIC 42.3%FY2020: ROIC –FY2021: ROIC 53.0%FY2022: ROIC 60.1%FY2023: ROIC 66.9%FY2024: ROIC 65.5%FY2025: ROIC 83.0%
FY2016FY2025

Net cash

$1.0B

$1.0B more cash than debt

FY2016: Net cash –FY2017: Net cash –FY2018: Net cash –FY2019: Net cash $880.8MFY2020: Net cash $951.6MFY2021: Net cash $1.1BFY2022: Net cash $899.1MFY2023: Net cash $1.3BFY2024: Net cash $1.4BFY2025: Net cash $1.0B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$3.9B$4.5B$4.9B$5.6B$6.0B$7.5B$8.6B$9.9B$11.3B$11.9B
Revenue growth–14.7%8.7%14.8%7.1%26.1%14.4%14.3%14.6%5.4%
Gross margin––––––––––
Operating margin0.9%6.0%5.3%7.9%4.8%10.7%13.4%15.8%16.9%16.2%
Net income$22.9M$176.3M$176.6M$350.2M$355.8M$653.0M$899.1M$1.2B$1.5B$1.5B
Net margin0.6%3.9%3.6%6.3%5.9%8.7%10.4%12.4%13.6%12.9%
Diluted EPS$0.02s$0.12s$0.13s$0.25s$0.25s$0.46s$0.64$0.89$1.11$1.14
Return on invested capital?–––42.3%–53.0%60.1%66.9%65.5%83.0%
Cash
Operating cash flow$355.2M$468.2M$621.6M$721.6M$663.8M$1.3B$1.3B$1.8B$2.1B$2.1B
Capital expenditure$258.8M$216.8M$287.4M$333.9M$373.4M$442.5M$479.2M$560.7M$593.6M$666.3M
Free cash flow$96.3M$251.4M$334.2M$387.7M$290.5M$839.6M$844.0M$1.2B$1.5B$1.4B
Stock-based compensation$64.2M$65.3M$69.2M$91.4M$82.6M$176.4M$98.0M$124.0M$131.7M$119.5M
Owner earnings?$32.2M$186.2M$265.0M$296.3M$207.9M$663.2M$746.0M$1.1B$1.4B$1.3B
Free cash flow per share$0.06$0.18$0.24$0.27$0.20$0.59$0.60$0.88$1.10$1.08
Capital allocation
Dividends paid––––––––––
Share repurchases$836.8M$285.2M$160.9M$190.6M$54.4M$466.5M$830.1M$592.3M$1.0B$2.4B
Diluted shares1.49Bs1.43Bs1.40Bs1.41Bs1.42Bs1.43Bs1.40B1.39B1.38B1.34B
Share count change?-5.5%-4.1%-2.1%1.2%0.4%0.3%-1.6%-1.3%-0.6%-2.5%
Balance sheet
Cash and equivalents$87.9M$184.6M$250.0M$480.6M$608.0M$815.4M$384.0M$560.6M$748.5M$350.5M
Short-term investments$329.8M$324.4M$426.8M$400.2M$343.6M$260.9M$515.1M$734.8M$674.4M$698.6M
Total debt–––$0$0$0$0$0$0$0
Net debt–––-$880.8M-$951.6M-$1.1B-$899.1M-$1.3B-$1.4B-$1.0B
Shareholders' equity$1.4B$1.4B$1.4B$1.7B$2.0B$2.3B$2.4B$3.1B$3.7B$2.8B

Latest filings

All on EDGAR
2026-10-2910-QQuarterly report
2026-10-288-KEarnings release
2026-07-3110-QQuarterly report
2026-07-298-KEarnings release
2026-04-3010-QQuarterly report
2026-04-298-KEarnings release
2026-04-28DEF 14AProxy statement
2026-02-0410-KAnnual report
2026-02-038-KEarnings release
2025-10-3010-QQuarterly report

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