Chipotle Mexican Grill
Serves customizable burritos and bowls through company-owned restaurants and digital pickup channels.
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Profile
Runs mostly company-owned fast-casual restaurants serving customizable burritos, bowls, quesadillas, tacos, and salads, with revenue tied primarily to restaurant sales. The U.S. is the core market, while digital ordering, Chipotlane pickup lanes, and partner-operated international locations extend access.
Operates fast-casual restaurants serving customizable burritos, burrito bowls, quesadillas, tacos, and salads, with sides, drinks, catering, and delivery adding to restaurant sales. Meals are assembled to order, while the website, app, Chipotle Rewards, and third-party delivery extend ordering beyond the counter.
Most locations are in the United States. Restaurants in the U.S., Canada, and Europe are company-owned, while partners operate a much smaller footprint in the Middle East and Mexico. Chipotlane pickup lanes pair new-store expansion with digital convenience.
Restaurant sales drive nearly all revenue, and U.S. operations form the only reportable segment. The model keeps menu execution, staffing, food safety, site selection, and ingredient sourcing inside the operating result; international partners add growth without direct day-to-day control.
Company facts
Categories
Key statistics
Year to date +1.4% · Average volume (30d) 18.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Robert W. Baird | Target | $44 | $40 | ||
| Aug 24, 2026 | Baird | Downgrade | Outperform | Neutral | ||
| Aug 4, 2026 | Argus Research | Reiterate | Buy | $60 | $45 | |
| Jul 30, 2026 | DA Davidson | Reiterate | Buy | $50 | ||
| Jul 30, 2026 | Stephens | Reiterate | Positive | $39 | $40 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.32 | $0.33 | +3.5% | $3.33B | $3.35B | +0.5% | +12.50% |
| Apr 29, 2026Q1 FY26 | $0.24 | $0.24 | +1.1% | $3.07B | $3.09B | +0.7% | +3.03% |
| Feb 3, 2026Q4 FY25 | $0.24 | $0.25 | +5.0% | $2.96B | $2.98B | +0.7% | +1.94% |
| Oct 29, 2025Q3 FY25 | $0.29 | $0.29 | +1.5% | $3.02B | $3.00B | −0.5% | −18.18% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.88B | $3.06B | $3.00B | $2.98B | $3.09B | $3.35B | |
| Gross profit | $753.6M | $838.2M | $735.6M | $698.8M | $719.0M | $844.6M | |
| Operating income | $493.6M | $575.1M | $498.3M | $445.7M | $418.5M | $525.6M | |
| Net income | $386.6M | $436.1M | $382.1M | $330.9M | $302.8M | $403.5M | |
| Diluted EPS | $0.28 | $0.32 | $0.29 | $0.25 | $0.23 | $0.32 | |
| Gross margin | 26.2% | 27.4% | 24.5% | 23.4% | 23.3% | 25.2% | |
| Operating margin | 17.2% | 18.8% | 16.6% | 14.9% | 13.6% | 15.7% |
Fiscal years (4-quarter sums)FY21 $7.55B · FY22 $8.63B · FY23 $9.87B · FY24 $11.31B · FY25 $11.93B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $677.9M · Total debt $5.42B · Total assets $8.86B · Shareholders' equity $2.20B
Dividends
No dividends on record.
Ownership
Shares outstanding 1.28B · Float 1.27B · 99.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 129.93M | 10.13% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 83.82M | 6.53% | 13F | Aug 13, 2026 |
| JPMorgan Chase & Co | 64.27M | 5.00% | 13G | Jul 16, 2026 |
| Vanguard Portfolio Management LLC | 60.32M | 4.70% | 13F | Aug 13, 2026 |
| State Street Corp | 55.67M | 4.34% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Matthew R. Bush | officer: Controller, PAO | −2,675 | $35.75 |
| Feb 24, 2026 | Patricia Filikrushel | director | −3,350 | $36.58 |
| Feb 6, 2026 | Curtis E. Garner | officer: Pres, Chief Strgy & Tech Off | −61,077 | $40.01 |
| Dec 12, 2025 | Curtis E. Garner | officer: Pres, Chief Strgy & Tech Off | −67,646 | $36.05 |
| Dec 1, 2025 | Curtis E. Garner | officer: Pres, Chief Strgy & Tech Off | −61,892 | $34.67 |
Peers
- Yum! Brands
Taco Bell — dominant mass-market Mexican QSR and largest direct cuisine rival.
- McDonald's
#1 US chain; digital loyalty and value meals compete for every restaurant visit.
- CAVA
Mediterranean fast-casual with same assembly-line format; near-parity AUVs.
- Shake Shack
Premium fast-casual burger; margin expansion benchmarked against CMG.
- Wingstop
Digital-first chicken QSR; 73% digital mix and fast-casual unit-economics peer.
- Sweetgreen
Urban salad-and-bowl fast-casual; same affluent lunch consumer as CMG.
- El Pollo Loco
California Mexican fast-casual; flame-grilled chicken in CMG West Coast markets.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Chipotle Mexican Grill | $38.00 | −0.08% | $48.78B | 34.9 | 30.0 | 3.9 | +9.3% |
| Yum! Brands | $153.86 | 0.00% | $42.41B | 19.3 | 22.6 | 4.9 | +12.2% |
| McDonald's | $265.11 | +0.04% | $188.28B | 21.5 | 20.0 | 6.8 | +3.7% |
| CAVA | $66.76 | −0.26% | $7.80B | 121.3 | 110.1 | 5.7 | +31.3% |
| Shake Shack | $69.75 | −0.23% | $2.82B | 74.1 | 56.4 | 1.8 | +17.2% |
| Wingstop | $113.85 | +0.18% | $3.09B | 27.0 | 23.8 | 4.3 | +6.4% |
| Sweetgreen | $7.08 | +1.51% | $828.2M | 69.7 | — | 1.2 | +3.8% |
| El Pollo Loco | $15.31 | +0.07% | $466.3M | 13.1 | 14.9 | 0.9 | +3.0% |
| Median | 27.0 | 23.2 | 4.3 | +6.4% |