CMG financial statements

The full income statement, balance sheet, and cash-flow statement for Chipotle Mexican Grill Inc. (CMG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 1.37B2024-09 1.36B2024-12 1.36B2025-03 1.35B2025-06 1.34B2025-09 1.32B2025-12 1.30B2026-03 1.28B2026-06 1.27B-7.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	11.9B YoY+5.4%	11.3B YoY+14.6%	9.87B YoY+14.3%	8.63B YoY+14.4%	7.55B YoY+26.1%
Selling, general & administrative	652M YoY-6.5%	697M YoY+10.1%	634M YoY+12.3%	564M YoY-7.0%	607M YoY+30.1%
General & administrative	652M YoY-6.5%	697M YoY+10.1%	634M YoY+12.3%	564M YoY-7.0%	607M YoY+30.1%
Provision for credit losses	-657K YoY-405.6%	215K YoY-86.3%	1.57M YoY+306.6%	-760K YoY-254.2%	493K YoY+200.6%
Operating income	1.94B YoY+1.0%	1.92B YoY+23.0%	1.56B YoY+34.2%	1.16B YoY+44.2%	805M YoY+177.4%
Other non-operating income	73.7M YoY-21.5%	93.9M YoY+49.8%	62.7M YoY+196.7%	21.1M YoY+170.2%	7.82M YoY+116.2%
Pre-tax income	2.01B YoY-0.0%	2.01B YoY+24.0%	1.62B YoY+37.2%	1.18B YoY+45.4%	813M YoY+176.7%
Income tax	474M YoY-0.5%	476M YoY+21.5%	392M YoY+38.7%	282M YoY+76.8%	160M YoY+357.8%
Net income	1.54B YoY+0.1%	1.53B YoY+24.9%	1.23B YoY+36.7%	899M YoY+37.7%	653M YoY+83.5%
	$1.14 YoY+2.7%	$1.11 YoY+24.7%	$0.89 YoY+39.1%	$0.64 YoY+39.7%	$0.46 YoY+82.9%
EPS (basic)	$1.15 YoY+2.7%	$1.12 YoY+25.8%	$0.89 YoY+36.9%	$0.65 YoY+40.0%	$0.46 YoY+82.2%
	1.34B YoY-2.3%	1.37B YoY-0.7%	1.38B YoY-1.1%	1.39B YoY-1.0%	1.41B YoY+0.8%
	1.34B YoY-2.5%	1.38B YoY-0.6%	1.39B YoY-1.3%	1.40B YoY-1.6%	1.43B YoY+0.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.47B YoY-17.6%	1.78B YoY+9.9%	1.62B YoY+37.8%	1.18B YoY-14.9%	1.38B YoY-2.7%
Cash & equivalents	351M YoY-53.2%	749M YoY+33.5%	561M YoY+46.0%	384M YoY-52.9%	815M YoY+34.1%
Short-term investments	699M YoY+3.6%	674M YoY-8.2%	735M YoY+42.6%	515M YoY+97.4%	261M YoY-24.1%
Accounts receivable	156M YoY+8.7%	144M YoY+24.6%	116M YoY+8.1%	107M YoY+7.3%	99.6M YoY-4.7%
Inventory	49.5M YoY+1.2%	48.9M YoY+24.5%	39.3M YoY+10.2%	35.7M YoY+8.7%	32.8M YoY+24.1%
Prepaid expenses	120M YoY+23.5%	97.5M YoY-17.0%	117M YoY+35.9%	86.4M YoY+9.7%	78.8M YoY+43.4%
Other current assets	22.4M YoY+29.3%	17.3M YoY-12.7%	19.8M YoY+14.8%	17.2M	—
	8.99B YoY-2.3%	9.20B YoY+14.4%	8.04B YoY+16.1%	6.93B YoY+4.1%	6.65B YoY+11.2%
Property, plant & equipment	2.68B YoY+12.1%	2.39B YoY+10.1%	2.17B YoY+11.2%	1.95B YoY+10.3%	1.77B YoY+11.7%
Operating lease right-of-use	4.46B YoY+11.6%	4.00B YoY+11.8%	3.58B YoY+8.4%	3.30B YoY+5.9%	3.12B YoY+12.7%
Goodwill	21.9M YoY+0.0%	21.9M YoY+0.0%	21.9M YoY+0.0%	21.9M YoY+0.0%	21.9M YoY+0.0%
Long-term investments	197M YoY-77.3%	868M YoY+53.8%	564M YoY+45.5%	388M YoY+41.5%	274M YoY+168.1%
Other non-current assets	131M YoY+15.0%	114M YoY+80.3%	63.1M YoY-0.1%	63.2M YoY+11.4%	56.7M YoY-3.9%
	1.19B YoY+1.7%	1.17B YoY+13.4%	1.03B YoY+11.8%	922M YoY+5.5%	874M YoY+6.3%
Accounts payable	213M YoY+1.0%	211M YoY+6.6%	198M YoY+7.1%	185M YoY+13.1%	163M YoY+33.7%
Accrued liabilities	182M YoY+1.5%	180M YoY+21.7%	148M YoY+0.1%	148M YoY-14.7%	173M YoY+5.1%
Deferred revenue	240M YoY+0.8%	239M YoY+13.8%	210M YoY+14.5%	183M YoY+17.1%	156M YoY+22.4%
Current lease liability	302M YoY+8.8%	278M YoY+12.0%	248M YoY+5.0%	236M YoY+8.0%	219M YoY+6.8%
	6.16B YoY+11.1%	5.55B YoY+11.4%	4.98B YoY+9.3%	4.56B YoY+4.7%	4.36B YoY+9.9%
Long-term debt	0.00	0.00	0.00	0.00	0.00
Non-current lease liability	4.77B YoY+12.0%	4.26B YoY+12.1%	3.80B YoY+8.8%	3.50B YoY+5.9%	3.30B YoY+11.8%
Operating lease liability (total)	5.08B YoY+11.8%	4.54B YoY+12.1%	4.05B YoY+8.6%	3.73B YoY+6.0%	3.52B YoY+11.5%
Finance lease liability (total)	—	—	—	—	1.51M YoY-17.9%
Deferred tax liabilities	126M YoY+172.0%	46.2M YoY-48.1%	89.1M YoY-9.6%	98.6M YoY-30.4%	142M YoY-5.1%
Other non-current liabilities	76.7M YoY+7.9%	71.1M YoY+20.7%	58.9M YoY+34.4%	43.8M YoY+13.7%	38.5M YoY-0.8%
	2.83B YoY-22.6%	3.66B YoY+19.4%	3.06B YoY+29.3%	2.37B YoY+3.1%	2.30B YoY+13.7%
Preferred stock	—	0.00	0.00	0.00	0.00
Common stock	13.0M YoY-4.0%	13.6M YoY-27.5%	18.7M YoY+4924.4%	373K YoY+0.5%	371K YoY+1.1%
Additional paid-in capital	2.20B YoY+6.1%	2.08B YoY+7.2%	1.94B YoY+5.9%	1.83B YoY+5.8%	1.73B YoY+11.6%
Retained earnings	620M YoY-60.6%	1.57B YoY-74.0%	6.06B YoY+25.4%	4.83B YoY+22.9%	3.93B YoY+19.9%
Treasury stock	—	0.00 YoY-100.0%	4.94B YoY+15.5%	4.28B YoY+27.6%	3.36B YoY+19.8%
Accumulated other comprehensive income	-7.29M YoY+29.1%	-10.3M YoY-54.5%	-6.66M YoY+15.6%	-7.89M YoY-47.3%	-5.35M YoY-26.6%
Total liabilities & equity	8.99B YoY-2.3%	9.20B YoY+14.4%	8.04B YoY+16.1%	6.93B YoY+4.1%	6.65B YoY+11.2%
	1.30B YoY-4.0%	1.36B YoY-27.5%	1.87B YoY+0.4%	1.87B YoY+0.5%	1.86B YoY+1.2%
	—	1.36B	—	—	1.86B
	1.30B YoY-3.9%	1.36B YoY-1.1%	1.37B YoY-0.7%	1.38B YoY-1.5%	1.40B YoY-0.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.11B YoY+0.4%	2.11B YoY+18.0%	1.78B YoY+34.8%	1.32B YoY+3.2%	1.28B YoY+93.1%
Depreciation & amortization	361M YoY+7.9%	335M YoY+4.9%	319M YoY+11.4%	287M YoY+12.6%	255M YoY+6.8%
Share-based compensation	120M YoY-9.3%	132M YoY+6.2%	124M YoY+26.5%	98.0M YoY-44.4%	176M YoY+113.5%
Deferred income taxes	79.5M YoY+285.1%	-42.9M YoY-351.7%	-9.51M YoY+78.0%	-43.2M YoY-249.6%	-12.4M YoY-111.4%
Change in receivables	11.4M YoY-61.1%	29.3M YoY+161.0%	11.2M YoY-20.0%	14.0M YoY+731.4%	1.69M YoY+156.0%
Change in inventory	710K YoY-92.8%	9.80M YoY+168.5%	3.65M YoY+21.2%	3.01M YoY-52.9%	6.39M YoY+1522.3%
Change in payables	-7.45M YoY-188.0%	8.47M YoY+59.4%	5.31M YoY-70.8%	18.2M YoY-15.1%	21.4M YoY+655.6%
	-35.1M YoY+95.8%	-838M YoY+11.5%	-946M YoY-14.0%	-830M YoY-59.0%	-522M YoY-20.6%
Capital expenditure	666M YoY+12.3%	594M YoY+5.9%	561M YoY+17.0%	479M YoY+8.3%	442M YoY+18.5%
Free cash flow	1.45B YoY-4.2%	1.51B YoY+23.6%	1.22B YoY+44.9%	844M YoY+0.5%	840M YoY+189.0%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	-2.47B YoY-130.1%	-1.07B YoY-62.5%	-661M YoY+28.9%	-929M YoY-69.4%	-549M YoY-423.2%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.43B YoY+142.2%	1.00B YoY+69.1%	592M YoY-28.6%	830M YoY+78.0%	466M YoY+757.5%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	4.08M YoY+95.1%	2.09M YoY+147.8%	843K YoY+386.7%	-294K YoY+87.1%	-2.27M YoY-20.0%
FX effect on cash	-416K YoY+74.6%	-1.64M YoY-529.1%	381K YoY+137.8%	-1.01M YoY+3.1%	-1.04M YoY-196.6%
Net change in cash	-392M YoY-304.2%	192M YoY+8.5%	177M YoY+140.5%	-437M YoY-307.8%	210M YoY+65.2%
Income taxes paid	423M YoY-20.5%	533M YoY+33.1%	400M YoY+45.1%	276M	—
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	48.2B YoY-41.0%	81.7B YoY+30.2%	62.8B YoY+63.2%	38.5B YoY-21.5%	49.0B YoY+25.6%
P/E	31.4× YoY-41.1%	53.3× YoY-0.7%	53.6× YoY+12.8%	47.6× YoY-36.6%	75.1× YoY-31.6%
P/S	4.0× YoY-44.1%	7.2× YoY+9.7%	6.6× YoY+44.0%	4.6× YoY-29.6%	6.5× YoY-0.4%
P/B	17.0× YoY-23.9%	22.4× YoY+2.8%	21.7× YoY+31.6%	16.5× YoY-22.5%	21.3× YoY+10.4%
P/FCF	33.3× YoY-38.4%	54.1× YoY+19.5%	45.2× YoY+6.2%	42.6× YoY-27.0%	58.4× YoY-56.6%
	3.2% YoY+69.8%	1.9% YoY+0.7%	1.9% YoY-11.3%	2.1% YoY+57.8%	1.3% YoY+46.2%
	3.0% YoY+62.4%	1.8% YoY-16.3%	2.2% YoY-5.8%	2.3% YoY+37.0%	1.7% YoY+130.2%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CMG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CMG filings on SEC EDGAR → Not investment advice.