Chipotle Mexican Grill

Chipotle Mexican Grill owns and operates Chipotle restaurants serving burritos, burrito bowls, quesadillas, tacos, and salads, with a focus on responsibly sourced, classically cooked real food. The first restaurant opened in Denver in 1993. At December 31, 2025 it owned 3,938 restaurants in the United States and 104 internationally, and 14 more international restaurants were partner-operated. It reports one segment, and its revenue comes from sales by its restaurants.

Nearly all revenue is food and beverage sales at company-owned restaurants ($11,866.1 million of $11,925.6 million in 2025); the rest is delivery service revenue. Digital orders through the website, the app, or delivery aggregators were 36.7% of food and beverage revenue in 2025. Restaurant costs are food, beverage and packaging, labor, occupancy, and other operating costs. Labor was 25.1% of revenue in 2025, up on lower sales volumes and wage inflation. Chipotle prints no gross profit, so this page derives it as revenue less those four lines, which exclude depreciation and amortization.

Management expects to open about 350 to 370 restaurants in 2026, after 334 company-owned openings in 2025, with around 80% of new company-owned restaurants including a Chipotlane. Its strategy also calls for expanding in company-owned and partner-operated markets and in new regions. Chipotle has no outstanding debt and $500.0 million of undrawn revolving credit capacity, and the board added $1.8 billion to its share repurchase authorization in December 2025.

Comparable restaurant sales fell 1.7% in 2025 as transactions fell 2.9%, and management expects 2026 comparable sales to be about flat, so growth depends on new restaurants. Costs are exposed to wage inflation, higher minimum wages, a tight labor market and tariffs, which had a 0.2% impact on food, beverage and packaging costs as a percentage of total revenue in 2025. The fast-casual, quick-service and casual dining segments are highly competitive. Operating lease payments due total $8,309 million, $569 million of it in 2026.