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Chipotle Mexican Grill (CMG) stock

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NYSE: CMG NYSE Restaurants Next results ~February 2, 2027

B+ Fundamentals grade

Chipotle Mexican Grill owns and operates fast-casual restaurants serving burritos, burrito bowls, quesadillas, tacos and salads, prepared from ingredients the company sources under its own quality and animal-welfare standards, which it markets as "Responsibly Raised" and "Food with Integrity". The first restaurant opened in Denver, Colorado, in 1993.

Customers are individual diners who order in-restaurant, through the Chipotle app and website, or via third-party delivery services; digital orders are often collected through dedicated drive-through lanes called Chipotlanes. Revenue comes from food and beverage sales at its restaurants, including a Rewards loyalty programme; digital sales made up 36.7% of food and beverage revenue in 2025.

Chipotle manages US operations across 11 regions but reports as a single operating segment. As of 31 December 2025, it owned 3,938 restaurants in the United States and 104 internationally, plus 14 international restaurants run by partners under licence or franchise arrangements or minority ownership stakes. The company employed 130,301 people worldwide, mostly in the US, with further staff in Canada, France, Germany and the United Kingdom.

Based on Chipotle Mexican Grill's 10-K filed February 4, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$29

Cash-flow model

Base case. Range ~$22–$38 across our lower- and higher-growth cases (4%–14% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 14% above our base value.

Price used: $32.91, November 2, 2026

Chipotle Mexican Grill valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Chipotle Mexican Grill files

10-Q filed October 29: Chipotle Mexican Grill

Model value +2.6%

Revenue for the twelve months to September 2026 was $12.7bn, up 7.9% on a year earlier, faster than the 7.3% growth a quarter earlier. Free-cash-flow margin fell to 11.9% from 13.3% a year earlier. Operating margin narrowed to 14.1% from 16.4%. The diluted share count is down 4.6% on a year earlier, which lifts each remaining share. Our model value rises from $28.20 to $28.93 a share, against a share price of $32.15. The rating stays Hold. At that price, our model says the market is pricing in about 10.9% a year of cash-flow growth for five years, close to the 11.0% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 31: Chipotle Mexican Grill

Chipotle Mexican Grill generated $12.7bn in revenue for the twelve months to June 2026, up 7.9% on a year earlier and ahead of the prior quarter's 7.3% pace. Margins moved the other way, however: free-cash-flow margin slipped to 11.9% from 13.3%, while operating margin narrowed to 14.1% from 16.4%. A 4.6% reduction in the diluted share count has helped lift the value of each remaining share. The fundamentals grade improves from B to B+. Our model value is little changed at $28.20, close to the current share price of $28.73, and the rating stays Hold. At that price, the market appears to be pricing in cash-flow growth of around 9.5% a year for five years, not far off the 11.0% a year revenue growth already delivered.

10-Q on SEC EDGAR

Where Chipotle Mexican Grill stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.4bn, up 7.3% on a year earlier, faster than 5.7% a quarter earlier. Free-cash-flow margin held at 12.6%. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $27.20 a share, against a share price of $29.55. At that price, our model says the market is pricing in about 10.3% a year of cash-flow growth for five years, close to the 10.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

Chipotle Mexican Grill's trailing-twelve-month revenue grew 7.9% year on year, with a free-cash-flow margin of 11.9%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 36 restaurants companies we cover.

Our discounted-cash-flow model values the business at ~$29 per share in the base case (~$22–$38 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 7.9% (+0.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.6% in a year, so each share owns more of the business.

Things to watch

  • Weakest spot: stock pay as % of revenue. Stock pay as % of revenue of 0.9% ranks 24 of 40 restaurants companies we cover (median 0.8%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.27 against an average estimate of $0.29: missed by 7.1%
Revenue
$3.29bn, up 9.6% on a year earlier
Share reaction
+11.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
new restaurant openings 350 to 370 (2026); international partner-operated restaurant openings 10 to 15 (2026)
Next report
October 28, 2026; average EPS estimate $0.24

Chipotle Mexican Grill's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.2%
  • 1 week+15.8%
  • 1 month+1.7%
  • This year-11.1%
  • 1 year+3.8%
  • 5 years-7.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.7B
Operating margin
14.1%
Net margin
10.8%
EPS (TTM, diluted)
$1.07

Growth

Revenue growth
+7.9%
Change in growth rate
+0.5 pts
Share count change
−4.6%

Cash

Free cash flow (TTM)
$1.5B
FCF margin
11.9%
Stock pay % of revenue
0.9%

Earnings

Last results
October 28, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Announcement
  5. Announcement

    Chipotle launches oversized bag promo for family meals

    Chipotle Mexican Grill said it introduced a limited-edition 170-liter bag to promote its digital-exclusive Family Meals. The company noted that U.S. Rewards members can enter a sweepstakes from October 13 to November 10 by purchasing a meal for four to six people. Family Meals cost less than $10 per person and are available via the app or website.

    Company releaseRead source ↗
  6. Announcement

    Chipotle records vegetable-based track at Abbey Road

    Chipotle Mexican Grill said it recorded an original song at Abbey Road Studios using instruments made from fresh produce. The company collaborated with the London Vegetable Orchestra on the track, which required three months of experimentation. The song, titled From Ground to Sound, is now available on streaming platforms.

    Company releaseRead source ↗
  7. Leadership
  8. Announcement
  9. Results
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Chipotle Mexican Grill valuation models and calculator

What the price is pricing in

The share price implies about 11.5% a year of cash-flow growth for five years.That is close to the 11.0% a year revenue growth Chipotle Mexican Grill has delivered.

  • Priced in11.5%
  • Last 12 months7.9%
  • 3 years a year10.1%
  • 5 years a year11.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($32.47, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$29
Price used
$32.47close November 3, 2026
Implied change
▼ 11%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Chipotle Mexican Grill's free cash flow after stock-based pay with after-tax interest added back ($1.4B, FY2026 Q3 TTM), growing 10% and 9.6% in the next two years (forecasts, guidance and its record), then back to 9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$22–~$38 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Chipotle Mexican Grill's free cash flow after stock-based pay ( $1.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Chipotle Mexican Grill as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$29 ~$22–$38 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$19–$42 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$16 ~$14–$20 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$24 ~$16–$29 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Chipotle Mexican Grill with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −11%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$23$30$40$53$70
8.5% $13$17$23$30$39$51
10% $11$14$18$24$31$40

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$7.55$5.78$8.64$16.74$27.73$34.97$27.75$45.74$60.30$37.00$32.91
Market value$11.2bn$8.3bn$12.1bn$23.7bn$39.4bn$49.8bn$38.9bn$63.4bn$83.0bn$49.7bn$42.5bn
+ Net debt (− = net cash)−$88m−$185m−$250m−$481m−$608m−$815m−$384m−$561m−$749m−$351m−$634m
Enterprise value$11.1bn$8.1bn$11.8bn$23.2bn$38.8bn$49.0bn$38.6bn$62.8bn$82.3bn$49.3bn$41.9bn
Multiples
Price / sales 2.9x1.8x2.5x4.2x6.6x6.6x4.5x6.4x7.3x4.2x3.3x
Price / earnings n/m46.8x68.4x67.6x110.8x76.3x43.3x51.6x54.1x32.3x30.9x
Price / free cash flow 116.6x32.8x36.1x61.1x135.6x59.4x46.1x51.8x54.9x34.3x28.2x
EV / EBITDA 61.6x18.6x25.7x35.3x73.4x46.3x26.6x33.5x36.5x21.5x19.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

77 /100

Strong moat

How hard Chipotle Mexican Grill's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Net income has been a median 11.3% of total assets over 10 years.

  • Durability 8 / 20

    Operating margin has been a median 12.1%; its worst year was 4.7%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 9 of 9 years, at a median 10.7% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 8.3% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.10 −6% $13.0bn +9%
Next $1.34 +22% $14.4bn +11%

Next year's EPS estimate has moved −2.2% in 90 days, across 32 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.5% on 90 days ago. In the last 30 days, 3 analysts raised Chipotle Mexican Grill's forecast and 1 cut it.

Consensus EPS forecast Chipotle Mexican Grill, last 90 days
$1.00 $1.10 $1.20 $1.30 $1.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.15 Current fiscal year, 60 days ago: $1.15 Current fiscal year, 30 days ago: $1.15 Current fiscal year, 7 days ago: $1.15 Current fiscal year, Now: $1.10 $1.10 Next fiscal year, 90 days ago: $1.37 Next fiscal year, 60 days ago: $1.37 Next fiscal year, 30 days ago: $1.37 Next fiscal year, 7 days ago: $1.37 Next fiscal year, Now: $1.34 $1.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.15$1.37
60 days ago $1.15$1.37
30 days ago $1.15$1.37
7 days ago $1.15$1.37
Now $1.10$1.34

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.29 $0.27 −7.1%
Jun 2026 $0.32 $0.33 +4.0%
Mar 2026 $0.24 $0.24 +1.4%
Dec 2025 $0.24 $0.25 +4.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • new restaurant openings 2026 350 to 370 Maintained
    “350 to 370 new restaurant openings, which includes 10 to 15 international partner-operated restaurants.” source
  • international partner-operated restaurant openings 2026 10 to 15 Maintained
    “350 to 370 new restaurant openings, which includes 10 to 15 international partner-operated restaurants.” source
  • percentage of new company-owned restaurants with a Chipotlane 2026 about 80% Maintained
    “Around 80% of new company-owned restaurants will have a Chipotlane” source
  • estimated underlying full year effective tax rate before discrete items 2026 24% to 26% Non-GAAP Maintained
    “An estimated underlying full year effective tax rate between 24% and 26% before discrete items” source
  • new company-owned restaurant openings in the U.S. and Canada 2027 340 to 360 New
    “340 to 360 new company-owned restaurant openings in the U.S. and Canada” source
  • company-owned and partner-operated restaurants outside the U.S. and Canada · International 2027 15 to 25 New
    “Around 15 to 25 company-owned and partner-operated restaurants outside the U.S. and Canada.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Chipotle Mexican Grill's revenue by +10.0% next year and +9.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.5%, weight 70%) and the company's own record (+9.0%, weight 30%) . How the weights are set.

Analyst recommendations

35 analysts, Oct 2026
Buy2366%
Hold1234%
Sell00%

Monthly trend

  1. Oct 20264191235
  2. Sep 20263201235
  3. Aug 20264201135
  4. Jul 20264211035

Counts of recommendations published by analysts covering Chipotle Mexican Grill, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
1.93
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.7%
of shares
Employees
140,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +3.8%

$31.69 on October 31, 2025 to $32.91

ThenNowEffect
Revenue (last 12 months) $11.6bn $12.4bn +7.3%
Net margin 13.3% 11.4% −14.2%
P/E multiple 28.0x 30.4x +8.4%
Share count 1364m 1310m +4.1%

Biggest factor: net margin.

Last 3 years −19.4%

$40.81 on November 3, 2023 to $32.91

ThenNowEffect
Revenue (last 12 months) $9.3bn $12.4bn +33.8%
Net margin 12.0% 11.4% −4.8%
P/E multiple 51.1x 30.4x −40.5%
Share count 1395m 1310m +6.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CMG+26%−21%+65%+32%−39%−11%
Industry peers (median)+15%−15%+15%−1%−8%+6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CMG50%42%67%67%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CMG−18%−31%−17%−27%−51%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from November 10, 2015 to February 13, 2018. Getting back needed a 150% gain, reached on March 12, 2019, 392 days after the low.

Price behaviour

52-week range
$27.52 – $40.87
From 52-week high
−19.5%
vs 50-day average
−0.2%
vs 200-day average
−3.3%
Volatility (1 year)
40%
Beta vs S&P 500
0.46

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±8.2%
After a week
5 up, 6 down
typical move ±6.8%
After a month
6 up, 5 down
typical move ±8.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +11.8% 0.0% — —
July 29, 2026 +15.0% +0.1% +3.0% +11.1%
April 29, 2026 +3.4% +1.0% −0.4% −3.1%
February 3, 2026 +3.7% −1.3% −0.2% −3.8%
October 29, 2025 −19.2% −1.1% −20.6% −14.3%
July 23, 2025 −12.7% +0.9% −16.5% −18.1%
April 23, 2025 +5.2% +3.7% +7.3% +7.8%
February 4, 2025 −1.5% +1.1% −3.7% −11.8%
October 29, 2024 −8.0% −0.1% −7.3% +2.4%
July 24, 2024 −3.3% −2.8% +3.4% +1.7%
April 24, 2024 +6.8% −0.4% +7.7% +7.7%
February 6, 2024 +7.9% +1.1% +5.2% +8.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Chipotle Mexican Grill’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.94× the last 60 days’ realised volatility , richer than 12% of the 229 stocks we screen today.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

CMG Chipotle Mexican Grill Grade B+ $32.80

Sell the $27.50 put expiring December 18, 2026 (46 days) for $0.18 a share — $18.00 per contract.

Previous session · Bid $0.18, ask $0.19, quoted Mon 2 Nov, 17:18 New York time with CMG at $32.80. Option prices move with the shares: check the live chain at your broker before trading.

  • If CMG ends above $27.50: you keep the $18.00 — 0.7% on the $2,750 set aside, or 5.2% a year at that pace.
  • If it ends below $27.50: you buy 100 shares at an effective $27.32, 17% below today's price and 6% below our value of ~$29.
$18 −$546 Break-even $27.32 Our value $29.00 Price $32.80
Profit or loss per contract at expiry, by share price.
Premium
$18.00
Annualised
5.2%
Break-even
$27.32
Max gain
$18.00
Chance of buying
~8%
CMG Chipotle Mexican Grill Grade B+ $32.80

Own 100 shares, sell the $35.00 call expiring December 4, 2026 (32 days) for $0.57 a share — $57.00 per contract.

Previous session · Bid $0.57, ask $0.72, quoted Mon 2 Nov, 17:18 New York time with CMG at $32.80. Option prices move with the shares: check the live chain at your broker before trading.

  • If CMG ends below $35.00: you keep your shares and the $57.00 — 1.7% extra on the position, 19.8% a year at that pace.
  • If it ends above $35.00: your shares are sold at $35.00, a total return of 8.5% including the premium — at or above our value of ~$29.
$277 $0 −$644 Our value $29.00 Break-even $32.23 Price $32.80
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$57.00
Annualised
19.8%
Break-even
$32.23
Max gain
$277.5
Chance of selling
~31%

Collar

Own the shares, buy the $31.00 put and sell the $35.00 call, both expiring November 27, 2026 (25 days).

  • Net cost of $0.08 a share ($8.00 per contract of 100 shares).
  • Worst case at expiry: -5.7%, if the shares fall below $31.00 (-5.5% from today).
  • Best case at expiry: +6.5%, if the shares rise above $35.00 (+6.7%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $29.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Chipotle Mexican Grill in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Chipotle Mexican Grill
$9B $10B $11B $12B $13B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9.9B Revenue (TTM), FY24 Q1: $10.2B Revenue (TTM), FY24 Q2: $10.7B Revenue (TTM), FY24 Q3: $11B Revenue (TTM), FY24 Q4: $11.3B Revenue (TTM), FY25 Q1: $11.5B Revenue (TTM), FY25 Q2: $11.6B Revenue (TTM), FY25 Q3: $11.8B Revenue (TTM), FY25 Q4: $11.9B Revenue (TTM), FY26 Q1: $12.1B Revenue (TTM), FY26 Q2: $12.4B Revenue (TTM), FY26 Q3: $12.7B $12.7B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9.9B
FY24 Q1 $10.2B
FY24 Q2 $10.7B
FY24 Q3 $11B
FY24 Q4 $11.3B
FY25 Q1 $11.5B
FY25 Q2 $11.6B
FY25 Q3 $11.8B
FY25 Q4 $11.9B
FY26 Q1 $12.1B
FY26 Q2 $12.4B
FY26 Q3 $12.7B
Revenue growth, TTM YoY Chipotle Mexican Grill
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 14.3% Revenue growth, TTM YoY, FY24 Q1: 13.6% Revenue growth, TTM YoY, FY24 Q2: 14.9% Revenue growth, TTM YoY, FY24 Q3: 15.2% Revenue growth, TTM YoY, FY24 Q4: 14.6% Revenue growth, TTM YoY, FY25 Q1: 12.6% Revenue growth, TTM YoY, FY25 Q2: 8.6% Revenue growth, TTM YoY, FY25 Q3: 7.3% Revenue growth, TTM YoY, FY25 Q4: 5.4% Revenue growth, TTM YoY, FY26 Q1: 5.7% Revenue growth, TTM YoY, FY26 Q2: 7.3% Revenue growth, TTM YoY, FY26 Q3: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 14.3%
FY24 Q1 13.6%
FY24 Q2 14.9%
FY24 Q3 15.2%
FY24 Q4 14.6%
FY25 Q1 12.6%
FY25 Q2 8.6%
FY25 Q3 7.3%
FY25 Q4 5.4%
FY26 Q1 5.7%
FY26 Q2 7.3%
FY26 Q3 7.9%
Operating margin (TTM) Chipotle Mexican Grill
14% 15% 16% 17% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 15.8% Operating margin (TTM), FY24 Q1: 16.0% Operating margin (TTM), FY24 Q2: 16.7% Operating margin (TTM), FY24 Q3: 17.0% Operating margin (TTM), FY24 Q4: 16.9% Operating margin (TTM), FY25 Q1: 17.0% Operating margin (TTM), FY25 Q2: 16.6% Operating margin (TTM), FY25 Q3: 16.4% Operating margin (TTM), FY25 Q4: 16.2% Operating margin (TTM), FY26 Q1: 15.3% Operating margin (TTM), FY26 Q2: 14.7% Operating margin (TTM), FY26 Q3: 14.1% 14.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 15.8%
FY24 Q1 16.0%
FY24 Q2 16.7%
FY24 Q3 17.0%
FY24 Q4 16.9%
FY25 Q1 17.0%
FY25 Q2 16.6%
FY25 Q3 16.4%
FY25 Q4 16.2%
FY26 Q1 15.3%
FY26 Q2 14.7%
FY26 Q3 14.1%
FCF margin (TTM) Chipotle Mexican Grill
11% 11.5% 12% 12.5% 13% 13.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 12.4% FCF margin (TTM), FY24 Q1: 13.0% FCF margin (TTM), FY24 Q2: 12.2% FCF margin (TTM), FY24 Q3: 11.4% FCF margin (TTM), FY24 Q4: 13.4% FCF margin (TTM), FY25 Q1: 12.9% FCF margin (TTM), FY25 Q2: 12.7% FCF margin (TTM), FY25 Q3: 13.3% FCF margin (TTM), FY25 Q4: 12.1% FCF margin (TTM), FY26 Q1: 12.4% FCF margin (TTM), FY26 Q2: 12.6% FCF margin (TTM), FY26 Q3: 11.9% 11.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 12.4%
FY24 Q1 13.0%
FY24 Q2 12.2%
FY24 Q3 11.4%
FY24 Q4 13.4%
FY25 Q1 12.9%
FY25 Q2 12.7%
FY25 Q3 13.3%
FY25 Q4 12.1%
FY26 Q1 12.4%
FY26 Q2 12.6%
FY26 Q3 11.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Chipotle Mexican Grill took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $11.9B
  2. Other income $73.7M · 0.6%
  3. Selling, general and admin $652M · 5.5%
  4. Other operating costs $9.3B · 78.3%
  5. Operating income $1.9B · 16.2%
  6. Income tax $474M · 4.0%
  7. Net income $1.5B · 12.9%

Shares of revenue. Source: Chipotle Mexican Grill's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3.9 4.5 4.9 5.6 6.0 7.5 8.6 9.9 11.3 11.9 12.7
EBITDA 0.2 0.4 0.5 0.7 0.5 1.1 1.4 1.9 2.3 2.3 2.2
Operating income 0.0 0.3 0.3 0.4 0.3 0.8 1.2 1.6 1.9 1.9 1.8
Net income 0.0 0.2 0.2 0.4 0.4 0.7 0.9 1.2 1.5 1.5 1.4
Diluted EPS $0.02 $0.12 $0.13 $0.25 $0.25 $0.46 $0.64 $0.89 $1.11 $1.14 $1.07
Growth (year on year)
Revenue — +14.7% +8.7% +14.8% +7.1% +26.1% +14.4% +14.3% +14.6% +5.4% +7.9%
EBITDA — +139.9% +6.0% +42.7% −19.5% +100.4% +36.6% +29.7% +19.9% +2.0% −4.3%
Operating income — — −4.6% +71.8% −34.6% +177.4% +44.2% +34.2% +23.0% +1.0% −7.1%
Net income — — +0.2% +98.3% +1.6% +83.5% +37.7% +36.7% +24.9% +0.1% −10.4%
Diluted EPS — — +2.3% +96.2% +1.1% +82.9% +39.7% +39.1% +24.7% +2.7% −6.0%
Margins
EBITDA margin 4.6% 9.7% 9.5% 11.8% 8.8% 14.0% 16.8% 19.0% 19.9% 19.3% 17.2%
Operating margin 0.9% 6.0% 5.3% 7.9% 4.8% 10.7% 13.4% 15.8% 16.9% 16.2% 14.1%
Net margin 0.6% 3.9% 3.6% 6.3% 5.9% 8.7% 10.4% 12.4% 13.6% 12.9% 10.8%
Free-cash-flow margin 2.5% 5.6% 6.9% 6.9% 4.9% 11.1% 9.8% 12.4% 13.4% 12.1% 11.9%
Cash flow
Cash from operations 0.4 0.5 0.6 0.7 0.7 1.3 1.3 1.8 2.1 2.1 2.3
Capital spending 0.3 0.2 0.3 0.3 0.4 0.4 0.5 0.6 0.6 0.7 0.8
Free cash flow 0.1 0.3 0.3 0.4 0.3 0.8 0.8 1.2 1.5 1.4 1.5
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.0 0.2 0.3 0.3 0.2 0.7 0.7 1.1 1.4 1.3 1.4
Balance sheet
Cash 0.1 0.2 0.2 0.5 0.6 0.8 0.4 0.6 0.7 0.4 0.6
Total debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net debt (negative = net cash) −0.1 −0.2 −0.2 −0.5 −0.6 −0.8 −0.4 −0.6 −0.7 −0.4 −0.6
Diluted shares 1,489m 1,428m 1,398m 1,415m 1,421m 1,426m 1,403m 1,386m 1,377m 1,343m 1,292m
Returned to shareholders
Buybacks 0.8 0.3 0.2 0.2 0.1 0.5 0.8 0.6 1.0 2.4 2.2
Total returned 0.8 0.3 0.2 0.2 0.1 0.5 0.8 0.6 1.0 2.4 2.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 2 checks passed · September 30, 2026
What it owns · $9.4bn
Short-term assets $1.2bnLonger-term assets $8.3bn
What it owes, and who funded it · $9.4bn
Short-term liabilities $1.4bnLonger-term liabilities $5.5bnShareholders' equity $2.5bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $5.5bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Chipotle Mexican Grill's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2.2B
Returned to shareholders
146%
of free cash flow
Buybacks, last 3 fiscal years
$4B
Diluted share count
−4.6%
year over year
Total shareholder yield
5.3%
dividends 0.0% + buybacks 5.3% of market value

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated CMG YUMC DRI QSR YUM ARMK Median
Revenue, last 12 months $12.7bn $12.4bn $13.4bn $9.8bn $8.7bn $19.8bn $1.4bn
Revenue growth, last 12 months 7.9% 8.8% 8.1% 5.5% 10.3% 11.0% 4.6%
Revenue growth, 3-year average 10.1% 6.3% 7.5% 12.4% 7.7% 13.3% 5.1%
Revenue growth, latest quarter 9.6% 12.6% 5.1% 3.1% 12.2% 9.3% 4.5%
Gross margin — — 20.3% 65.3% 68.1% 4.7% 68.6%
Operating margin 14.1% 11.1% 11.7% 27.0% 31.0% 4.4% 4.9%
Operating margin, 3-year average 15.8% 10.5% 11.6% 26.4% 31.7% 4.3% 6.9%
Net margin 10.8% 7.8% 8.8% 15.3% 25.4% 1.9% 2.5%
Cash from operations / revenue 18.5% 12.7% 13.4% 19.1% 23.9% 4.6% 11.9%
Free-cash-flow margin 11.9% 7.6% 7.9% 16.2% 19.3% 2.2% 3.4%
Free-cash-flow margin, 3-year average 12.2% 6.9% 8.6% 15.7% 19.3% 1.9% 2.8%
Stock pay / revenue 0.9% 0.3% 0.6% 1.5% 0.8% 0.3% 0.8%
Change in share count −4.6% −5.5% −2.1% 0.4% −1.2% −0.1% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 7.9% 4.7% 14 of 44
Change in growth rate Growth +0.5pp +0.3pp 19 of 44
Operating margin Profitability 14.1% 5.2% 8 of 42
Net margin Profitability 10.8% 2.6% 8 of 44
Free-cash-flow margin Cash generation 11.9% 3.6% 10 of 44
Stock pay as % of revenue Cash generation 0.9% 0.8% 24 of 40
Long-term debt as % of assets Balance sheet 0.0% 29.0% 1 of 36
Change in share count Balance sheet -4.6% 0.3% 7 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Food and Beverage $11.9B 99.5% ▲ 5.5%
Delivery Service $59.5M 0.5% ▼ 10.4%

From Chipotle Mexican Grill's 10-K filed February 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$39B
Institutions reporting
1,189
Shares held vs prior quarter
▲ 0.7%
Positions opened / closed
100 / 155

Top buyers and sellers, Q2 2026: 486 institutions bought and 686 sold ; the biggest buyer was Blackrock, Inc (+18.4M shares) and the biggest seller Capital World Investors (−34.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.4B 129.9M 11.3% ▲ 16.5%
Vanguard Capital Management LLC $2.8B 83.8M 7.3% ▼ 1.0%
Jpmorgan Chase & Co $2.2B 66.2M 5.6% ▲ 34.6%
Vanguard Portfolio Management LLC $2.1B 60.3M 5.3% ▼ 1.3%
State Street Corp $1.9B 55.7M 4.9% ▲ 1.5%
Capital World Investors $1.6B 45.8M 4.0% ▼ 43.2%
Price T Rowe Associates Inc $1.3B 38.7M 3.4% ▼ 28.0%
Geode Capital Management, LLC $1.2B 36.4M 3.2% ▲ 20.2%
FMR LLC $1.2B 34.3M 3.0% ▲ 13.0%
Capital International Investors $1B 30.1M 2.6% ▼ 29.6%
Norges Bank $879M 25.8M 2.3% —
Arrowstreet Capital, Limited Partnership $722M 21.2M 1.9% ▲ 28.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Chipotle Mexican Grill's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7.2M 5 trades by 3 insiders · 0% under pre-set plans
Net ▼ $7.2M net selling
Insider Date Trade Shares Price Value
Bush Matthew R Controller, PAO August 21, 2026 Sell 2,675 $35.75 $95,631
Filikrushel Patricia Director February 24, 2026 Sell 3,350 $36.58 $122,543
Garner Curtis E Pres, Chief Strgy & Tech Off February 6, 2026 Sell 61,077 $40.01 $2.4M
Garner Curtis E Pres, Chief Strgy & Tech Off December 12, 2025 Sell 67,646 $36.05 $2.4M
Garner Curtis E Pres, Chief Strgy & Tech Off December 1, 2025 Sell 61,892 $34.67 $2.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 47 trades and filings

In the last 12 months, 4 members of Congress disclosed 1 purchase and 4 sales of Chipotle Mexican Grill shares.

  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 2, 2026, filed October 27, 2026
  • Byron Donalds(R-FL 19):Sale (full), $1,001 - $15,000, traded April 2, 2026, filed May 13, 2026
  • Byron Donalds(R-FL 19):Sale (full), $1,001 - $15,000, traded April 2, 2026, filed May 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 3, 2026
  • October 29, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Chipotle Mexican Grill was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Chipotle Mexican Grill in brief

What does Chipotle Mexican Grill do?
Chipotle Mexican Grill is a US-listed company in the restaurants industry. Its financial year ends in December.
What is Chipotle Mexican Grill's stock ticker?
Chipotle Mexican Grill trades under the ticker CMG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Chipotle Mexican Grill's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Chipotle Mexican Grill reported revenue of $12.7B, 7.9% higher than a year earlier, according to its SEC filings.
What is Chipotle Mexican Grill's free cash flow?
Chipotle Mexican Grill's free-cash-flow margin is 11.9% of revenue over the trailing twelve months, ranking 10 of the 44 restaurants companies we cover.
What is Chipotle Mexican Grill's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Chipotle Mexican Grill's free cash flow after stock-based pay gives ~$29 per share in the base case, and ~$22–$38 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Chipotle Mexican Grill's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Jpmorgan Chase & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Chipotle Mexican Grill buying back stock, and does it pay a dividend?
Chipotle Mexican Grill spent $2.2B on share repurchases over the trailing twelve months, and its diluted share count fell 4.6% over the year.
What is Chipotle Mexican Grill's market cap?
On November 2, 2026, Chipotle Mexican Grill's market capitalisation was about $42.5B, with a price-to-earnings ratio of 30.9 and net debt of -$634M. Market figures come from third-party market data and may be delayed.
Who are Chipotle Mexican Grill's competitors?
In our Restaurants peer group, the companies closest to Chipotle Mexican Grill are Yum China Holdings, Inc., Darden Restaurants, Restaurant Brands International Inc., Yum! Brands and Aramark. The side-by-side comparison below sets their revenue, margins and growth against Chipotle Mexican Grill's.
Are insiders buying or selling Chipotle Mexican Grill stock?
Over the last 12 months, Chipotle Mexican Grill's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Chipotle Mexican Grill's next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Chipotle Mexican Grill announces its own schedule.