C

CHIPOTLE MEXICAN GRILL, INC.

CMG · CIK 0001058090

18 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$11.93B5.4%
FY2025
Net income (FY)
$1.54B0.1%
FY2025
Free cash flow (FY)
$1.45B4.2%
FY2025
Diluted EPS (FY)
$1.142.7%
FY2025
The story, charted

The shape of the business

FY2016–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10BFY2016 · Revenue $3.90B · Net income $22.9M · 0001058090-19-000007 · filed 2019-02-08FY16Revenue $3.90BNet income $22.9M0001058090-19-000007 · filed 2019-02-08FY2017 · Revenue $4.48B · Net income $176.3M · 0001058090-20-000010 · filed 2020-02-05FY17Revenue $4.48BNet income $176.3M0001058090-20-000010 · filed 2020-02-05FY2018 · Revenue $4.86B · Net income $176.6M · 0001058090-21-000010 · filed 2021-02-10FY18Revenue $4.86BNet income $176.6M0001058090-21-000010 · filed 2021-02-10FY2019 · Revenue $5.59B · Net income $350.2M · 0001058090-22-000011 · filed 2022-02-11FY19Revenue $5.59BNet income $350.2M0001058090-22-000011 · filed 2022-02-11FY2020 · Revenue $5.98B · Net income $355.8M · 0001058090-23-000010 · filed 2023-02-09FY20Revenue $5.98BNet income $355.8M0001058090-23-000010 · filed 2023-02-09FY2021 · Revenue $7.55B · Net income $653.0M · 0001562762-24-000023 · filed 2024-02-08FY21Revenue $7.55BNet income $653.0M0001562762-24-000023 · filed 2024-02-08FY2022 · Revenue $8.63B · Net income $899.1M · 0001058090-25-000014 · filed 2025-02-05FY22Revenue $8.63BNet income $899.1M0001058090-25-000014 · filed 2025-02-05FY2023 · Revenue $9.87B · Net income $1.23B · 0001058090-26-000009 · filed 2026-02-04FY23Revenue $9.87BNet income $1.23B0001058090-26-000009 · filed 2026-02-04FY2024 · Revenue $11.31B · Net income $1.53B · 0001058090-26-000009 · filed 2026-02-04FY24Revenue $11.31BNet income $1.53B0001058090-26-000009 · filed 2026-02-04FY2025 · Revenue $11.93B · Net income $1.54B · 0001058090-26-000009 · filed 2026-02-04FY25Revenue $11.93BNet income $1.54B0001058090-26-000009 · filed 2026-02-04FY25Revenue $11.93BNet income $1.54B0001058090-26-000009 · filed 2026-02-04FY17FY19FY21FY23FY25

revenue 3.1× since FY2016 · net margin 0.6% → 12.9%

MarginsNet marginFCF margin
0%5%10%FY2016 · Net margin 0.6% · FCF margin 2.5%FY16Net margin 0.6%FCF margin 2.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 3.9% · FCF margin 5.6%FY17Net margin 3.9%FCF margin 5.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 3.6% · FCF margin 6.9%FY18Net margin 3.6%FCF margin 6.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 6.3% · FCF margin 6.9%FY19Net margin 6.3%FCF margin 6.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 5.9% · FCF margin 4.9%FY20Net margin 5.9%FCF margin 4.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 8.7% · FCF margin 11.1%FY21Net margin 8.7%FCF margin 11.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 10.4% · FCF margin 9.8%FY22Net margin 10.4%FCF margin 9.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 12.4% · FCF margin 12.4%FY23Net margin 12.4%FCF margin 12.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 13.6% · FCF margin 13.4%FY24Net margin 13.6%FCF margin 13.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 12.9% · FCF margin 12.1%FY25Net margin 12.9%FCF margin 12.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 12.9%FCF margin 12.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’17’19’21’23’25

FY2025: net 12.9% · free cash flow 12.1% of revenue

Cash engineOperating cash flowFree cash flow
$0$1B$2BFY2008 · OCF $198.5M · FCF $46.4M · 0001193125-11-039010 · filed 2011-02-17FY08OCF $198.5MFCF $46.4M0001193125-11-039010 · filed 2011-02-17FY2009 · OCF $260.7M · FCF $143.5M · 0001193125-12-052969 · filed 2012-02-10FY09OCF $260.7MFCF $143.5M0001193125-12-052969 · filed 2012-02-10FY2010 · OCF $289.2M · FCF $176.0M · 0001193125-13-046377 · filed 2013-02-08FY10OCF $289.2MFCF $176.0M0001193125-13-046377 · filed 2013-02-08FY2011 · OCF $411.1M · FCF $259.9M · 0001193125-14-035451 · filed 2014-02-05FY11OCF $411.1MFCF $259.9M0001193125-14-035451 · filed 2014-02-05FY2012 · OCF $420.0M · FCF $222.9M · 0001193125-14-035451 · filed 2014-02-05FY12OCF $420.0MFCF $222.9M0001193125-14-035451 · filed 2014-02-05FY2013 · OCF $528.8M · FCF $328.9M · 0001193125-14-035451 · filed 2014-02-05FY13OCF $528.8MFCF $328.9M0001193125-14-035451 · filed 2014-02-05FY2014 · OCF $682.1M · FCF $429.5M · 0001058090-17-000009 · filed 2017-02-07FY14OCF $682.1MFCF $429.5M0001058090-17-000009 · filed 2017-02-07FY2015 · OCF $683.3M · FCF $425.9M · 0001058090-18-000018 · filed 2018-02-08FY15OCF $683.3MFCF $425.9M0001058090-18-000018 · filed 2018-02-08FY2016 · OCF $355.2M · FCF $96.3M · 0001058090-19-000007 · filed 2019-02-08FY16OCF $355.2MFCF $96.3M0001058090-19-000007 · filed 2019-02-08FY2017 · OCF $468.2M · FCF $251.4M · 0001058090-20-000010 · filed 2020-02-05FY17OCF $468.2MFCF $251.4M0001058090-20-000010 · filed 2020-02-05FY2018 · OCF $621.6M · FCF $334.2M · 0001058090-21-000010 · filed 2021-02-10FY18OCF $621.6MFCF $334.2M0001058090-21-000010 · filed 2021-02-10FY2019 · OCF $721.6M · FCF $387.7M · 0001058090-22-000011 · filed 2022-02-11FY19OCF $721.6MFCF $387.7M0001058090-22-000011 · filed 2022-02-11FY2020 · OCF $663.8M · FCF $290.5M · 0001058090-23-000010 · filed 2023-02-09FY20OCF $663.8MFCF $290.5M0001058090-23-000010 · filed 2023-02-09FY2021 · OCF $1.28B · FCF $839.6M · 0001562762-24-000023 · filed 2024-02-08FY21OCF $1.28BFCF $839.6M0001562762-24-000023 · filed 2024-02-08FY2022 · OCF $1.32B · FCF $844.0M · 0001058090-25-000014 · filed 2025-02-05FY22OCF $1.32BFCF $844.0M0001058090-25-000014 · filed 2025-02-05FY2023 · OCF $1.78B · FCF $1.22B · 0001058090-26-000009 · filed 2026-02-04FY23OCF $1.78BFCF $1.22B0001058090-26-000009 · filed 2026-02-04FY2024 · OCF $2.11B · FCF $1.51B · 0001058090-26-000009 · filed 2026-02-04FY24OCF $2.11BFCF $1.51B0001058090-26-000009 · filed 2026-02-04FY2025 · OCF $2.11B · FCF $1.45B · 0001058090-26-000009 · filed 2026-02-04FY25OCF $2.11BFCF $1.45B0001058090-26-000009 · filed 2026-02-04FY25OCF $2.11BFCF $1.45B0001058090-26-000009 · filed 2026-02-04’09’13’17’21’25

FY2025: $2.11B operating cash − $666.3M capex = $1.45B free cash flow

Returns on capitalReturn on equityReturn on assets
0%20%40%FY2009 · ROE 18.0% · ROA 13.2%FY09ROE 18.0%ROA 13.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 22.1% · ROA 16.0%FY10ROE 22.1%ROA 16.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 20.6% · ROA 15.1%FY11ROE 20.6%ROA 15.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 22.3% · ROA 16.7%FY12ROE 22.3%ROA 16.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 21.3% · ROA 16.3%FY13ROE 21.3%ROA 16.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 22.1% · ROA 17.6%FY14ROE 22.1%ROA 17.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 22.3% · ROA 17.5%FY15ROE 22.3%ROA 17.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 1.6% · ROA 1.1%FY16ROE 1.6%ROA 1.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 12.9% · ROA 8.6%FY17ROE 12.9%ROA 8.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 12.2% · ROA 7.8%FY18ROE 12.2%ROA 7.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 20.8% · ROA 6.9%FY19ROE 20.8%ROA 6.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 17.6% · ROA 5.9%FY20ROE 17.6%ROA 5.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 28.4% · ROA 9.8%FY21ROE 28.4%ROA 9.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 38.0% · ROA 13.0%FY22ROE 38.0%ROA 13.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 40.1% · ROA 15.3%FY23ROE 40.1%ROA 15.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 42.0% · ROA 16.7%FY24ROE 42.0%ROA 16.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 54.3% · ROA 17.1%FY25ROE 54.3%ROA 17.1%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 54.3%ROA 17.1%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 18% (FY2009) → 54% (FY2025) · on assets 17.1%

Balance sheetLiabilitiesEquity
$0$5BFY2009 · Liabilities $258.0M · Equity $703.5MFY09Liabilities $258.0MEquity $703.5M0001193125-11-039010 · filed 2011-02-17FY2010 · Liabilities $310.7M · Equity $810.9MFY10Liabilities $310.7MEquity $810.9M0001193125-12-052969 · filed 2012-02-10FY2011 · Liabilities $381.1M · Equity $1.04BFY11Liabilities $381.1MEquity $1.04B0001193125-13-046377 · filed 2013-02-08FY2012 · Liabilities $422.7M · Equity $1.25BFY12Liabilities $422.7MEquity $1.25B0001193125-14-035451 · filed 2014-02-05FY2013 · Liabilities $471.0M · Equity $1.54BFY13Liabilities $471.0MEquity $1.54B0001193125-15-033771 · filed 2015-02-04FY2014 · Liabilities $514.9M · Equity $2.01BFY14Liabilities $514.9MEquity $2.01B0001058090-16-000058 · filed 2016-02-05FY2015 · Liabilities $597.1M · Equity $2.13BFY15Liabilities $597.1MEquity $2.13B0001058090-17-000009 · filed 2017-02-07FY2016 · Liabilities $623.6M · Equity $1.40BFY16Liabilities $623.6MEquity $1.40B0001058090-18-000018 · filed 2018-02-08FY2017 · Liabilities $681.2M · Equity $1.36BFY17Liabilities $681.2MEquity $1.36B0001058090-19-000007 · filed 2019-02-08FY2018 · Liabilities $824.2M · Equity $1.44BFY18Liabilities $824.2MEquity $1.44B0001058090-20-000010 · filed 2020-02-05FY2019 · Liabilities $3.42B · Equity $1.68BFY19Liabilities $3.42BEquity $1.68B0001058090-21-000010 · filed 2021-02-10FY2020 · Liabilities $3.96B · Equity $2.02BFY20Liabilities $3.96BEquity $2.02B0001058090-22-000011 · filed 2022-02-11FY2021 · Liabilities $4.36B · Equity $2.30BFY21Liabilities $4.36BEquity $2.30B0001058090-23-000010 · filed 2023-02-09FY2022 · Liabilities $4.56B · Equity $2.37BFY22Liabilities $4.56BEquity $2.37B0001562762-24-000023 · filed 2024-02-08FY2023 · Liabilities $4.98B · Equity $3.06BFY23Liabilities $4.98BEquity $3.06B0001058090-25-000014 · filed 2025-02-05FY2024 · Liabilities $5.55B · Equity $3.66BFY24Liabilities $5.55BEquity $3.66B0001058090-26-000009 · filed 2026-02-04FY2025 · Liabilities $6.16B · Equity $2.83BFY25Liabilities $6.16BEquity $2.83B0001058090-26-000009 · filed 2026-02-04FY25Liabilities $6.16BEquity $2.83B0001058090-26-000009 · filed 2026-02-04’09’13’17’21’25

FY2025: $8.99B assets · $6.16B liabilities · $2.83B equity

The receipts