Chipotle Mexican Grill, Inc. (CMG) financials

NYSE · Consumer Cyclical · Restaurants · 130,301 employees · CEO Scott Boatwright

Price: $31.89 +1.95%
Market cap: $40.3B
Enterprise value: $45.3B
Last report: Q3 '26 filed 2026-10-29
Next report: 2027-02-02 EPS est. $0.25

Revenue (TTM)$12.7B+7.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)14.5%-2.3 pp vs a year agoOperating income $1.84B

Net income (TTM)$1.38B-10.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.51B-4.0% vs a year agoCapex $838M

Diluted EPS (TTM)$1.07-5.3% vs a year agoSum of the last 4 quarters

Net cash-$4.7B-32.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $40.3B
Revenue: $12.7B
Revenue growth: +9%
Profit margin: 10.8%
P/E: 29.8×
P/S: 3.2×
EV / EBITDA: 20.2×
Free cash flow: $1.51B
Net income: $1.38B
Revenue estimate: $13B
Earnings: 2027-02-02
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-28): revenue in line, EPS missed by 6.9%Revenue $3.29B vs $3.29B expected (+0.2%); EPS $0.27 vs $0.29 (-6.9%).
Revenue growth accelerating: 9.6% year on yearQ3 '26 revenue $3.29B, against an average of 7.3% over the four quarters before.
Operating margin 14.5% (TTM), -2.3 pp on a year agoOperating income grew -7.1% while revenue grew 7.9%.
Capex 6.6% of revenue (a year ago 5.4%)$838M invested in the last 4 quarters (+30.6% on a year earlier). Free cash flow $1.51B = 109.6% of net income.
Returned $2.21B to shareholders = 146.2% of free cash flowBuybacks $2.21B (a year earlier $2.02B), dividends $0, stock-based pay $85.4M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 5.4% in a year1.27B diluted shares in Q3 '26, 1.34B a year earlier.
Net debt $4.7BCash + short-term investments $903M, debt incl. leases $5.6B; a year ago net debt $3.56B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$3.29B	$3B	+9.6%
Gross margin	23.3%	24.5%	-1.2 pp
Operating income	$452M	$498M	-9.3%
Operating margin	13.7%	16.6%	-2.9 pp
Net income	$340M	$382M	-11.1%
Diluted EPS	$0.27	$0.29	-6.9%
Operating cash flow	$590M	$570M	+3.6%
Capex	$243M	$163M	+48.6%
Free cash flow	$347M	$406M	-14.5%
R&D	$0	$0	–
Stock-based compensation	$31.9M	$18.8M	+69.3%

Reported vs consensus

2026-10-28

	Actual	Consensus	vs consensus
Revenue	$3.29B	$3.29B	+0.2%
EPS (as estimated)	$0.27	$0.29	-6.9%

From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Food and Beverage	$3.28B	+9.7%	99.5%	–	–
Delivery Service	$15.2M	+7.3%	0.5%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
U. S. Segment	$3.21B	+9.3%	100.0%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
U.S.Segment	–	–	$639M	+2.5%	–	–	$2.54B
Corporate (unallocated)	–	–	-$192M	-29.0%	–	–	$674M
Material Reconciling Items	–	–	$5.42M	+94.2%	–	–	$14.3M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $2.35B
Capex: -$838M
Buybacks: -$2.21B
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $85.4M
Free cash flow: $1.51B
Returned to shareholders / FCF: 146.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	29.8×	51.2×	32.2× – 76.0×
EV / EBITDA	20.2×	33.9×	22.8× – 47.2×
EV / Sales	3.6×	6.1×	4.5× – 7.6×
Price / FCF	26.7×	48.9×	34.2× – 58.6×
Price / Book	16.4×	19.7×	16.3× – 22.6×
FCF yield	3.7%	2.1%	1.7% – 2.9%
Return on invested capital	16.7%	15.6%	10.8% – 19.0%
Return on equity	55.7%	40.5%	28.4% – 54.3%

Analysts

Consensus target $40.59 (+27.3%)
range $32.00 – $50.00 · rating Buy

Strong buy0

Buy45

Hold23

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$13B	+9.0%	$1.09	-4.1%	29.2×	18
FY2027	$14.4B	+10.7%	$1.33	+21.4%	24.0×	21
FY2028	$15.8B	+9.8%	$1.54	+15.7%	20.8×	8
FY2029	$17.7B	+11.9%	$1.75	+14.0%	18.2×	5
FY2030	$17.9B	+1.3%	$1.65	-5.8%	19.3×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 203 figures Chipotle Mexican Grill, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$0	–	–	–	–	–
Accounts and Financing Receivable, Allowance for Credit Loss	$1.67M2025-12-31	$2.95M	-43.4%	$1.67M	$2.95M	-43.4%
Accounts Payable, Current	$308M	$260M	+18.5%	$213M	$211M	+1.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$99.5M	$95.8M	+3.9%	$156M	$144M	+8.7%
Accounts Receivable, Credit Loss Expense (Reversal)	-$16K	-$379K	+95.8%	-$657K	$215K	-405.6%
Accrued Liabilities, Current	$233M	$197M	+18.3%	$182M	$180M	+1.5%
Accrued Salaries, Current	$177M2025-12-31	$196M	-9.3%	$177M	$196M	-9.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$2.53B2025-12-31	$2.25B	+12.5%	$2.53B	$2.25B	+12.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$9.31M	-$7.93M	-17.5%	-$7.29M	-$10.3M	+29.1%
Additional Paid in Capital, Common Stock	$2.3B	$2.18B	+5.5%	$2.2B	$2.08B	+6.1%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7.37M	4.23M	+74.1%	4.29M	2.21M	+94.1%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$32.5M	$19.2M	+69.2%	$121M	$135M	-9.9%
Assets	$9.43B	$9.28B	+1.6%	$8.99B	$9.2B	-2.3%
Assets, Current	$1.17B	$1.77B	-33.9%	$1.47B	$1.78B	-17.6%
Capital Expenditures Incurred but Not yet Paid	$41.9M	$25.9M	+61.9%	$89.4M	$82.6M	+8.2%
Cash and Cash Equivalents, at Carrying Value	$634M	$699M	-9.2%	$351M	$749M	-53.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$670M	$730M	-8.2%	$386M	$778M	-50.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$406M	-$146M	+379.0%	-$392M	$192M	-304.2%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	11.5B	11.5B	0.0%	11.5B	11.5B	0.0%
Common Stock, Shares, Issued	1.26B	1.33B	-4.6%	1.3B	1.36B	-4.0%
Common Stock, Value, Issued	$12.7M	$13.3M	-4.6%	$13M	$13.6M	-4.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$340M	$382M	-10.9%	$1.54B	$1.53B	+0.5%
Contract with Customer, Liability, Current	$224M	$207M	+8.2%	$240M	$239M	+0.8%
Cost, Direct Labor	$848M	$757M	+12.0%	$2.99B	$2.79B	+7.2%
Cost, Direct Material	$972M	$902M	+7.7%	$3.53B	$3.37B	+4.5%
Costs and Expenses	$2.84B	$2.53B	+12.5%	$9.99B	$9.4B	+6.3%
Current Federal Tax Expense (Benefit)	–	–	–	$299M	$413M	-27.6%
Current Foreign Tax Expense (Benefit)	–	–	–	$1.08M	$1.64M	-33.9%
Current Income Tax Expense (Benefit)	–	–	–	$394M	$519M	-24.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$94.2M	$104M	-9.8%
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	$1.77M	$4.74M	-62.7%	$4.29M	$5.21M	-17.6%
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	$104K	$0	–	$0	$693K	-100.0%
Debt Securities, Held-to-maturity, Current	$268M	$723M	-62.9%	$699M	$674M	+3.6%
Debt Securities, Held-to-maturity, Noncurrent	$20.4M	$270M	-92.4%	$120M	$799M	-85.0%
Deferred Compensation Liability, Current and Noncurrent	$46.5M2025-12-31	$36.5M	+27.3%	$46.5M	$36.5M	+27.3%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$72.2M	-$32.8M	+320.6%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$607K	$9K	+6,644.4%
Deferred Income Tax Expense (Benefit)	$5.67M	$104M	-94.6%	$79.5M	-$42.9M	+285.1%
Deferred Income Tax Liabilities, Net	$169M	$140M	+20.4%	$126M	$46.2M	+172.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$6.64M	-$10.2M	+165.1%
Deferred Tax Assets, Net of Valuation Allowance	$1.42B2025-12-31	$1.31B	+8.4%	$1.42B	$1.31B	+8.4%
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$43.1M2025-12-31	$35.2M	+22.5%	$43.1M	$35.2M	+22.5%
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$4.13M2025-12-31	$3.87M	+6.8%	$4.13M	$3.87M	+6.8%
Deferred Tax Assets, State Taxes	$701K2025-12-31	$872K	-19.6%	$701K	$872K	-19.6%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$68.1M2025-12-31	$61.6M	+10.6%	$68.1M	$61.6M	+10.6%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$25.2M2025-12-31	$26.1M	-3.3%	$25.2M	$26.1M	-3.3%
Deferred Tax Assets, Valuation Allowance	$45.4M2025-12-31	$39.1M	+16.0%	$45.4M	$39.1M	+16.0%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$1.77M2025-12-31	$1.75M	+0.9%	$1.77M	$1.75M	+0.9%
Deferred Tax Liabilities, Gross	$1.54B2025-12-31	$1.35B	+14.0%	$1.54B	$1.35B	+14.0%
Deferred Tax Liabilities, Net	$126M2025-12-31	$46.2M	+172.0%	$126M	$46.2M	+172.0%
Deferred Tax Liabilities, Property, Plant and Equipment	$324M2025-12-31	$263M	+23.4%	$324M	$263M	+23.4%
Depreciation, Depletion and Amortization	$103M	$90.5M	+13.4%	$361M	$335M	+7.9%
Earnings Per Share, Basic	$0.27	$0.29	-6.9%	$1.15	$1.12	+2.7%
Earnings Per Share, Diluted	$0.27	$0.29	-6.9%	$1.14	$1.11	+2.7%
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	-$39K	$599K	-106.5%	-$416K	-$1.64M	+74.6%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	–	–	–	$422M	–	–
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	21.0%	21.0%	0.0%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	–	–	–	$0	–	–
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	–	–	–	0.0%	0.3%	-100.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-02