--- title: "Chipotle Mexican Grill | 10-K: FY2025 Revenue Beats Estimate at USD 11.93 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/274874412.md" datetime: "2026-02-04T21:53:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274874412.md) - [en](https://longbridge.com/en/news/274874412.md) - [zh-HK](https://longbridge.com/zh-HK/news/274874412.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/274874412.md) | [繁體中文](https://longbridge.com/zh-HK/news/274874412.md) # Chipotle Mexican Grill | 10-K: FY2025 Revenue Beats Estimate at USD 11.93 B Revenue: As of FY2025, the actual value is USD 11.93 B, beating the estimate of USD 11.91 B. EPS: As of FY2025, the actual value is USD 1.14, beating the estimate of USD 1.1323. EBIT: As of FY2025, the actual value is USD 1.936 B. #### Segment Revenue - **U.S. Segment Total Revenue**: $11,679,417 thousand for the year ended December 31, 2025, compared to $11,111,732 thousand for the year ended December 31, 2024. This includes food and beverage revenue of $11,620,085 thousand in 2025 and $11,045,450 thousand in 2024, and delivery service revenue of $59,332 thousand in 2025 and $66,282 thousand in 2024. - **All Other Revenue (Canada, Europe, international partner-operated restaurants)**: $246,184 thousand for the year ended December 31, 2025, compared to $202,121 thousand for the year ended December 31, 2024. - **Total Consolidated Revenue**: Increased 5.4% to $11,925,601 thousand for the year ended December 31, 2025, from $11,313,853 thousand for the year ended December 31, 2024. #### Operational Metrics - **Comparable Restaurant Sales**: Decreased 1.7% for the year ended December 31, 2025, compared to an increase of 7.4% for the year ended December 31, 2024. This decrease was due to a -2.9% change in transactions, partially offset by a 1.2% increase in average check. - **Food, Beverage and Packaging Costs**: $3,527.0 million for the year ended December 31, 2025, compared to $3,374.5 million for the year ended December 31, 2024. As a percentage of total revenue, these costs decreased by 0.2% to 29.6% in 2025 from 29.8% in 2024, primarily due to a 0.6% benefit from menu price increases and cost efficiencies, partially offset by 0.4% inflation and a 0.2% impact from tariffs enacted in 2025. - **Labor Costs**: $2,991.7 million for the year ended December 31, 2025, compared to $2,789.8 million for the year ended December 31, 2024. As a percentage of total revenue, labor costs increased by 0.4% to 25.1% in 2025 from 24.7% in 2024, driven by a 0.7% impact from lower sales volumes and 0.4% from restaurant wage inflation, partially offset by a 0.5% benefit from menu price increases. - **Occupancy Costs**: $624.9 million for the year ended December 31, 2025, compared to $563.4 million for the year ended December 31, 2024. As a percentage of total revenue, these costs increased by 0.2% to 5.2% in 2025 from 5.0% in 2024, due to the impact of lower sales volumes and expenses from new restaurants, with a 0.1% benefit from menu price increases. - **Other Operating Costs**: $1,755.8 million for the year ended December 31, 2025, compared to $1,568.5 million for the year ended December 31, 2024. As a percentage of total revenue, these costs increased by 0.8% to 14.7% in 2025 from 13.9% in 2024, primarily due to 0.5% higher marketing and promotional activities, 0.2% lower sales volumes, and 0.2% inflation in natural gas and electricity, partially offset by a 0.2% benefit from menu price increases. - **General and Administrative Expenses**: $652.0 million for the year ended December 31, 2025, compared to $697.5 million for the year ended December 31, 2024. As a percentage of total revenue, these expenses decreased by -0.7% to 5.5% in 2025 from 6.2% in 2024, mainly due to decreases in stock-based compensation (excluding August 2024 retention awards), performance bonuses, legal contingencies, and conference costs, partially offset by increased legal services, outside services for corporate initiatives, wages, and August 2024 retention awards. - **Depreciation and Amortization**: $361.4 million for the year ended December 31, 2025, compared to $335.0 million for the year ended December 31, 2024. As a percentage of total revenue, it remained flat at 3.0% for both years. - **Interest and Other Income, Net**: $73.7 million for the year ended December 31, 2025, compared to $93.9 million for the year ended December 31, 2024, a decrease of -21.5%. This was mainly due to lower investment balances in U.S. Treasury securities and money market funds, and decreased interest income from lower interest rates. - **Provision for Income Taxes**: $473.8 million for the year ended December 31, 2025, compared to $476.1 million for the year ended December 31, 2024. The effective income tax rate decreased by -0.1% to 23.6% in 2025 from 23.7% in 2024, primarily due to increases in U.S. federal income tax credits and lower nondeductible expenses, partially offset by a reduction in tax benefits from option exercises and equity vesting. - **Net Income**: $1,535,761 thousand for the year ended December 31, 2025, compared to $1,534,110 thousand for the year ended December 31, 2024. #### Cash Flow - **Cash Provided by Operating Activities**: $2.1 billion for the year ended December 31, 2025, flat compared to $2.1 billion for the year ended December 31, 2024. This was due to an increase in operating cash flows from the timing of tax-related payments (including H.R.1 - One Big Beautiful Bill Act impacts) offset by other changes in non-tax operating assets and liabilities. - **Cash Used in Investing Activities**: - $35.1 million for the year ended December 31, 2025, compared to - $837.5 million for the year ended December 31, 2024. The change was primarily due to an $895.3 million decrease in investment purchases net of maturities, partially offset by increased capital expenditures of $72.7 million for new restaurant development. - **Cash Used in Financing Activities**: - $2.5 billion for the year ended December 31, 2025, compared to - $1.1 billion for the year ended December 31, 2024. This change was mainly due to increased repurchases of common stock by $1.4 billion. - **Total Capital Expenditures**: $666.3 million for 2025. The average development and construction cost per new restaurant was about $1.5 million, or $1.3 million net of landlord reimbursements. #### Unique Metrics - **Restaurants in Operation (as of December 31, 2025)**: Chipotle Mexican Grill, Inc. operated 3,938 Chipotle restaurants in the U.S., 104 international Chipotle restaurants, and 14 international partner-operated restaurants. - **New Restaurant Openings (2025)**: 334 company-owned restaurants were opened, with 257 including a Chipotlane, and 11 partner-operated restaurants were opened in the Middle East. - **Digital Sales**: Represented 36.7% of total food and beverage revenue in 2025, up from 35.1% in 2024. - **Average Restaurant Sales**: $3.104 million for 2025, a -3.4% decrease compared to $3.213 million for 2024. - **Stock Repurchases (2025)**: $2,417,673 thousand of stock was repurchased at an average price of $42.54 per share. As of December 31, 2025, $1,710,669 thousand remained authorized for repurchases. #### Outlook / Guidance For 2026, Chipotle Mexican Grill, Inc. anticipates comparable restaurant sales to be approximately flat. The company expects to open between 350 to 370 new restaurants, including 10 to 15 international partner-operated restaurants, with approximately 80% of new company-owned restaurants featuring a Chipotlane. Total capital expenditures for 2026 are projected to be about $834.1 million, with $531.8 million allocated for new restaurant construction and $266.9 million for existing restaurant investments and technology. ### Related Stocks - [Chipotle Mexican Grill, Inc. (CMG.US)](https://longbridge.com/en/quote/CMG.US.md) ## Related News & Research - [Community Trust & Investment Co. 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