At a glance
Chipotle Mexican Grill Inc is worth $41.63B, about 29 times its fiscal 2025 earnings. Revenue grew 5.4% to $11.93B in fiscal 2025, with 12.9% kept as profit; over 5 years it has grown 14.8% a year. It pays no dividend; it spent $5.32B buying back its shares over FY2021–FY2025. The stock returned +3.8% over the past year with dividends reinvested and −1.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.2% in the 2020 crash (S&P 500: 33.7%) and 28.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The business in plain English
Chipotle Mexican Grill owns and runs restaurants that serve a menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos and salads. It opened its first restaurant in Denver, Colorado, in 1993. The brand is built on what it calls "Food with Integrity." It brands its meats "Responsibly Raised" and aims to source them from animals raised without non-therapeutic antibiotics or added growth hormones. Its food is made without artificial colors, flavors or preservatives.
Its revenue comes from sales at its restaurants. It owns nearly all of them rather than franchising them out to independent owners. As of December 31, 2025, Chipotle owned 3,938 restaurants in the US and 104 abroad. Partners ran another 14 international locations under license, franchise or minority-stake deals. Its overseas employees work in Canada, France, Germany and the UK. The company reports a single business segment and manages its US restaurants in 11 regions.
Revenue was $11.9 billion in fiscal 2025, up 5.4%. Net income was $1.5 billion, almost unchanged from 2024. Digital sales are orders placed through Chipotle's website, its app or third-party delivery services. They made up 36.7% of food and beverage revenue in 2025, up from 35.1% in 2024. The company is also building more "Chipotlanes," which are drive-through lanes for picking up digital orders.
Price history
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CMG +3.8% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.29B, up 9.6% from a year earlier, and net income was $339.9M (-11.1%).
- For fiscal 2025, revenue was $11.93B (+5.4% year over year; +14.8% a year from FY2020 to FY2025) with a 12.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.8% good |
|---|---|
| Operating margin | 16.2% good |
| Free cash flow margin | 12.1% good |
| Return on equity (FY2025) | 54.3% good |
| Return on assets (FY2025) | 17.1% good |
| Net cash (cash minus debt) | $1.00B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.98B | $355.8M | $290.5M |
| FY2021 | $7.55B | $653.0M | $839.6M |
| FY2022 | $8.63B | $899.1M | $844.0M |
| FY2023 | $9.87B | $1.23B | $1.22B |
| FY2024 | $11.31B | $1.53B | $1.51B |
| FY2025 | $11.93B | $1.54B | $1.45B |
Valuation snapshot
| Market value | $41.63B |
|---|---|
| P/E ratio | 28.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Chipotle Mexican Grill’s market value went from $10.86B at the end of 2016 to $41.63B on Nov 2, 2026, about 3.8 times as much; since the end of 2025 it is down 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $41.63B | -14.9% |
| 2025 | $48.92B | -40.5% |
| 2024 | $82.16B | +30.9% |
| 2023 | $62.76B | +63.2% |
| 2022 | $38.46B | -21.8% |
| 2021 | $49.19B | +26.8% |
| 2020 | $38.80B | +66.8% |
| 2019 | $23.27B | +93.9% |
| 2018 | $12.00B | +47.0% |
| 2017 | $8.16B | -24.8% |
| 2016 | $10.86B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CMG price data to Nov 2, 2026 | -11.1% | +3.8% | -6.8% | -1.8% | +16.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.1% |
| 2025 | -38.6% |
| 2024 | +31.8% |
| 2023 | +64.8% |
| 2022 | -20.6% |
| 2021 | +26.1% |
| 2020 | +65.7% |
| 2019 | +93.9% |
| 2018 | +49.4% |
| 2017 | -23.4% |
| 2016 | -21.4% |
| 2015 | -29.9% |
| 2014 | +28.5% |
| 2013 | +79.1% |
| 2012 | -11.9% |
| 2011 | +58.8% |
| 2010 | +141.2% |
| 2009 | +42.2% |
| 2008 | -57.9% |
| 2007 | +158.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.1% over that stretch · deepest drop along the way 74.6%, back to its old high 18.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37% over that stretch · deepest drop along the way 50.2%, back to its old high 1.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.9% over that stretch · deepest drop along the way 28.8%, back to its old high 2 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 2 sales ($218K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 24, 2026 | Patricia Filikrushel Director | sell | $123K |
| Aug 21, 2026 | Matthew R Bush Controller, PAO | sell | $96K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Jun 30, 2026 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| JPMORGAN CHASE & CO | 5% | Jun 30, 2026 |
| Capital World Investors | 3.6% | Jun 30, 2026 |
ETFs with the most weight in CMG
| JXX Janus Henderson Transformational Growth ETF | 3.28% |
| MID American Century Mid Cap Growth Impact | 3.24% |
| FDG American Century Focused Dynamic Growth ETF | 2.9% |
| IWFG NYLI Winslow Focused Large Cap Growth ETF | 2.41% |
| MILN Global X Millennial Consumer ETF | 2.35% |
| RSPD Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 2.05% |
| CAML Congress Large Cap Growth ETF | 2.04% |
| XLY Consumer Discretionary Select Sector SPDR Fund | 1.99% |
What could go wrong
- Food safety scares can hit sales. Chipotle uses fresh produce, handles raw chicken in its restaurants and avoids frozen ingredients and preservatives. It says this may raise its food-safety risk above some rivals'. Any illness report, even a rumor, can hurt sales.
- Brand damage spreads fast online. The brand rests on fresh, responsibly sourced food in generous portions. Complaints about smaller portions, staff behavior or safety incidents can spread on social media before the company has time to respond.
- Rising wages and staffing pressures. Chipotle employed 130,301 people as of December 31, 2025, most of them in its own restaurants. Higher minimum wages, rising health-benefit costs or trouble hiring and keeping staff could squeeze profit and slow openings.
- Ingredient costs and a few key suppliers. Some key ingredients come from a small number of suppliers. Tariffs, weather, exchange rates or a supplier failure could raise costs or cause shortages. Its sourcing standards also limit which suppliers qualify.
- Growth depends on opening new restaurants. The growth plan relies on opening new restaurants and expanding abroad, partly through partners. Missed opening targets, a supply chain that can't keep pace, or partners who fall short could slow growth and dent profits.
- Missed expectations can sink the shares. Missing market expectations or company guidance can hit the shares hard. The stock lost 38.6% in calendar 2025. Its biggest peak-to-trough fall in the three years to October 28, 2026, was 59.9%.
Recent events
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Quarterly results released; Other company announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Chipotle pays no dividend and paid none in fiscal 2021 through 2025, so the stock provides no regular income. Investors needing cash would have to sell shares. The company returns cash through buybacks instead, which means buying its own shares on the market. Buybacks totaled about $5.3 billion over those five years. That includes $2.4 billion in fiscal 2025, more than that year's $1.4 billion of free cash flow (cash left after running and investing in the business). The split-adjusted share count fell 9.7% between February 2022 and October 2026.
The shares have fallen hard in downturns. They dropped 74.6% from December 2007 to November 2008 and did not regain their peak until June 2010. In the 2020 COVID crash they fell 50.2% within weeks but recovered by May 2020. In the 2022 bear market they fell 28.8% and recovered by August. They also lost 38.6% in calendar 2025. A single stock like Chipotle carries more risk than a diversified fund.
Questions investors ask
How does Chipotle make money?
Chipotle makes money by selling food and drinks in restaurants it owns and runs. As of December 31, 2025, it owned 3,938 restaurants in the US and 104 abroad. Partners ran another 14 international locations. The menu centers on burritos, burrito bowls, quesadillas, tacos and salads. Orders through its website, app and delivery services made up 36.7% of food and beverage revenue in 2025. Total revenue was $11.9 billion that year.
Does Chipotle pay a dividend?
No. Chipotle paid no dividends in fiscal 2021 through 2025, so the stock offers no income stream. Instead, it spent about $5.3 billion buying back its own shares over those five years, including $2.4 billion in fiscal 2025. Buybacks cut the number of shares outstanding, which raises each remaining share's slice of profits. But they put no cash in a shareholder's pocket. Income investors would need to sell shares to draw cash from a Chipotle holding.
How much has Chipotle stock fallen?
A lot. As of October 28, 2026, the shares were down 28.6% over one year and 22.4% year to date, after losing 38.6% in calendar 2025. Profit growth has also stalled. Net income rose just 0.1% in fiscal 2025. In the quarter ended September 30, 2026, it fell 11.1% from a year earlier, even as revenue grew 9.6%. Over the 10 years to October 28, 2026, the share price still rose 288%.
Does Chipotle have any debt?
Chipotle reported no borrowings on its balance sheet as of December 31, 2025. It held about $1.0 billion in cash and investments as of September 30, 2026. With no borrowings, there are no loan interest payments eating into profit. Free cash flow, the cash left after running and investing in the business, was $1.4 billion in fiscal 2025. Buybacks that year were larger, at $2.4 billion.
What is Chipotle's P/E ratio?
Chipotle's price-to-earnings (P/E) ratio was 25.2 as of October 28, 2026, based on diluted earnings of $1.14 per share for fiscal 2025. The P/E shows how many dollars investors pay for each dollar of yearly profit. The company's stock market value was about $36.3 billion on that date. Per-share figures reflect the 50-for-1 stock split in mid-2024. That is why earnings per share look small next to older reports.