Prepared 2026-10-13 for the Business Model Canvas Gallery (display #106). Independent educational project; not affiliated with Chipotle Mexican Grill, Inc. Not investment advice.
Company: Chipotle Mexican Grill, Inc. (NYSE: CMG), Newport Beach, California. First restaurant opened in Denver, Colorado in 1993. Owns and operates Chipotle restaurants serving burritos, burrito bowls, quesadillas, tacos, and salads made with fresh, high-quality ingredients under a “Food with Integrity” philosophy. One reportable segment; U.S. ops managed across 11 regions.
Fiscal year: Calendar year ending December 31. FY2025 = year ended December 31, 2025; FY2024 = year ended December 31, 2024. Labeled with Chipotle’s fiscal / calendar year.
Why FY2025: the brief asked for the latest completed full fiscal year. Chipotle reported FY2025 results on Feb 3, 2026 (8-K Ex. 99.1) and filed its FY2025 Form 10-K (period ended Dec 31, 2025) shortly after, so FY2025 is the latest completed year; FY2024 is the comparison year. As of this brief (Oct 13, 2026), FY2026 is still in progress.
Labels: FACT = company filing / release · SECONDARY = press / third party · INFERENCE = our reading / arithmetic.
| Item ($ thousands) | FY2025 | FY2024 | Change |
|---|---|---|---|
| Food and beverage revenue | 11,866,051 | 11,247,384 | |
| Delivery service revenue | 59,550 | 66,469 | |
| Total revenue | 11,925,601 | 11,313,853 | +5.4% |
| Food, beverage and packaging | 3,526,992 (29.6%) | 3,374,516 (29.8%) | |
| Labor | 2,991,680 (25.1%) | 2,789,789 (24.7%) | |
| Occupancy | 624,898 (5.2%) | 563,374 (5.0%) | |
| Other operating costs | 1,755,824 (14.7%) | 1,568,482 (13.9%) | |
| G&A | 652,017 (5.5%) | 697,483 (6.2%) | |
| Depreciation & amortization | 361,382 (3.0%) | 335,030 (3.0%) | |
| Pre-opening costs | 49,507 | 41,897 | |
| Impairment, closure, disposals | 27,503 | 26,949 | |
| Income from operations | 1,935,798 | 1,916,333 | op. margin 16.2% vs 16.9% |
| Interest and other income, net | 73,721 | 93,897 | |
| Income before taxes | 2,009,519 | 2,010,230 | |
| Provision for income taxes | 473,758 (ETR 23.6%) | 476,120 (23.7%) | |
| Net income | 1,535,761 | 1,534,110 | diluted EPS $1.14 vs $1.11 (+2.7%) |
| Restaurant-level operating margin (non-GAAP) | 25.4% | 26.7% | |
| Adjusted net income (non-GAAP) | 1,568,407 | 1,538,831 | adj. diluted EPS $1.17 vs $1.12 |
| Operating cash flow | 2,113,926 | 2,105,076 | |
| CapEx (leasehold / PPE purchases) | 666,336 | 593,603 | |
| Share repurchases | ~2.4B (avg $42.54/share) | ~1.0B |
INFERENCE (arithmetic): net income ≈ 12.9% of FY2025 total revenue; operating margin 16.2%; food & beverage ≈ 99.5% of revenue; delivery service fees ≈ 0.5%.
Comparable restaurant sales −1.7% for FY2025 (transactions −2.9%, average check +1.2%). Digital sales = 36.7% of food and beverage revenue (vs 35.1% in 2024). Average restaurant sales (trailing 12-month F&B for restaurants open ≥12 months) ≈ $3.10M at Dec 31, 2025. Quarterly figures are context only — the atlas uses full-year figures.
| Dec 31, 2025 | |
|---|---|
| Company-owned U.S. Chipotle | 3,938 |
| Company-owned international Chipotle | 104 |
| Total company-owned | 4,042 |
| International partner-operated | 14 |
| Total Chipotle restaurants | 4,056 |
FY2025 openings: 334 company-owned (257 with a Chipotlane) + 11 international partner-operated. Chipotle owns and operates all North America and Europe restaurants; partner-operated (license/franchise or minority JV) used for Middle East (Alshaya) and planned Mexico/Asia expansion. Long-term goal cited in 10-K: 7,000 restaurants in the U.S. and Canada.
Restaurant-level operating margin (non-GAAP) = total revenue − direct restaurant costs (food/bev/packaging + labor + occupancy + other operating) = 25.4% of revenue / $3.03B (INFERENCE from reconciliation tables).
State full-year revenue explicitly for atlas: FY2025 total revenue $11.93B (+5.4%); FY2025 net income $1.54B; FY2025 income from operations $1.94B (16.2% margin). Primary engine: company-owned restaurant food sales → retail/DTC.
# Chipotle Mexican Grill — research brief *Prepared 2026-10-13 for the Business Model Canvas Gallery (display #106). Independent educational project; not affiliated with Chipotle Mexican Grill, Inc. Not investment advice.* **Company:** Chipotle Mexican Grill, Inc. (NYSE: CMG), Newport Beach, California. First restaurant opened in Denver, Colorado in 1993. Owns and operates Chipotle restaurants serving burritos, burrito bowls, quesadillas, tacos, and salads made with fresh, high-quality ingredients under a “Food with Integrity” philosophy. One reportable segment; U.S. ops managed across 11 regions. **Fiscal year:** Calendar year ending December 31. **FY2025 = year ended December 31, 2025**; FY2024 = year ended December 31, 2024. Labeled with Chipotle’s fiscal / calendar year. **Why FY2025:** the brief asked for the latest completed full fiscal year. Chipotle reported FY2025 results on Feb 3, 2026 (8-K Ex. 99.1) and filed its FY2025 Form 10-K (period ended Dec 31, 2025) shortly after, so FY2025 is the latest completed year; FY2024 is the comparison year. As of this brief (Oct 13, 2026), FY2026 is still in progress. Labels: **FACT** = company filing / release · **SECONDARY** = press / third party · **INFERENCE** = our reading / arithmetic. ## Sources 1. Chipotle Form 10-K for the year ended Dec 31, 2025 — https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm 2. Chipotle Q4 and full year 2025 results release (8-K Ex. 99.1), Feb 3, 2026 — https://www.sec.gov/Archives/edgar/data/1058090/000105809026000007/cmg-20260203xex991.htm 3. Chipotle IR / newsroom FY2025 release — https://ir.chipotle.com/2026-02-03-CHIPOTLE-ANNOUNCES-FOURTH-QUARTER-AND-FULL-YEAR-2025-RESULTS 4. Chipotle investor relations — https://ir.chipotle.com ## Full-year financials (FY2025 vs FY2024) — FACT [1][2] | Item ($ thousands) | FY2025 | FY2024 | Change | |---|---|---|---| | Food and beverage revenue | **11,866,051** | 11,247,384 | | | Delivery service revenue | **59,550** | 66,469 | | | **Total revenue** | **11,925,601** | 11,313,853 | **+5.4%** | | Food, beverage and packaging | 3,526,992 (29.6%) | 3,374,516 (29.8%) | | | Labor | 2,991,680 (25.1%) | 2,789,789 (24.7%) | | | Occupancy | 624,898 (5.2%) | 563,374 (5.0%) | | | Other operating costs | 1,755,824 (14.7%) | 1,568,482 (13.9%) | | | G&A | 652,017 (5.5%) | 697,483 (6.2%) | | | Depreciation & amortization | 361,382 (3.0%) | 335,030 (3.0%) | | | Pre-opening costs | 49,507 | 41,897 | | | Impairment, closure, disposals | 27,503 | 26,949 | | | **Income from operations** | **1,935,798** | 1,916,333 | op. margin 16.2% vs 16.9% | | Interest and other income, net | 73,721 | 93,897 | | | Income before taxes | 2,009,519 | 2,010,230 | | | Provision for income taxes | 473,758 (ETR 23.6%) | 476,120 (23.7%) | | | **Net income** | **1,535,761** | 1,534,110 | diluted EPS $1.14 vs $1.11 (+2.7%) | | Restaurant-level operating margin (non-GAAP) | **25.4%** | 26.7% | | | Adjusted net income (non-GAAP) | 1,568,407 | 1,538,831 | adj. diluted EPS $1.17 vs $1.12 | | Operating cash flow | 2,113,926 | 2,105,076 | | | CapEx (leasehold / PPE purchases) | 666,336 | 593,603 | | | Share repurchases | ~2.4B (avg $42.54/share) | ~1.0B | | INFERENCE (arithmetic): net income ≈ 12.9% of FY2025 total revenue; operating margin 16.2%; food & beverage ≈ 99.5% of revenue; delivery service fees ≈ 0.5%. Comparable restaurant sales −1.7% for FY2025 (transactions −2.9%, average check +1.2%). Digital sales = 36.7% of food and beverage revenue (vs 35.1% in 2024). Average restaurant sales (trailing 12-month F&B for restaurants open ≥12 months) ≈ $3.10M at Dec 31, 2025. Quarterly figures are context only — the atlas uses full-year figures. ## Restaurant footprint — FACT [1][2] | | Dec 31, 2025 | |---|---| | Company-owned U.S. Chipotle | 3,938 | | Company-owned international Chipotle | 104 | | **Total company-owned** | **4,042** | | International partner-operated | 14 | | **Total Chipotle restaurants** | **4,056** | FY2025 openings: 334 company-owned (257 with a Chipotlane) + 11 international partner-operated. Chipotle owns and operates all North America and Europe restaurants; partner-operated (license/franchise or minority JV) used for Middle East (Alshaya) and planned Mexico/Asia expansion. Long-term goal cited in 10-K: 7,000 restaurants in the U.S. and Canada. ## Cost mix (FY2025 % of total revenue) — FACT [2] - Food, beverage & packaging: 29.6% - Labor: 25.1% - Occupancy: 5.2% - Other restaurant operating costs: 14.7% - G&A: 5.5% - D&A: 3.0% Restaurant-level operating margin (non-GAAP) = total revenue − direct restaurant costs (food/bev/packaging + labor + occupancy + other operating) = 25.4% of revenue / $3.03B (INFERENCE from reconciliation tables). ## Business model notes — FACT [1] - **Company-owned model:** nearly all restaurants Chipotle-owned; “the only restaurant company of its size that owns and operates all its restaurants in North America and Europe” (earnings release About section). - **Revenue:** almost entirely food & beverage sales in restaurants; small delivery-service fee line; gift-card breakage; Chipotle Rewards deferrals reduce recognized digital sales until redeemed. - **Digital / Chipotlanes:** app, website, and third-party delivery aggregators; Chipotlane = drive-through lane for digital pickup. >16% of 2025 F&B revenue was delivery via third-party aggregators (10-K risk factors). - **Food with Integrity:** Responsibly Raised® meats, produce grown to Chipotle standards; competitive differentiation claim. - **Human capital:** 130,301 employees worldwide at Dec 31, 2025 (127,116 U.S.); ~90% of in-restaurant leadership roles filled by internal promotion in 2025. - **Capital returns:** no dividend policy; FY2025 buybacks ~$2.4B; $1.7B remaining authorization at year-end. - **Recipe for Growth (2026 strategy):** protect core ops, menu innovation, modernize tech/Rewards, global expansion, talent. ## Atlas ranking note State full-year revenue explicitly for atlas: **FY2025 total revenue $11.93B (+5.4%)**; **FY2025 net income $1.54B**; **FY2025 income from operations $1.94B (16.2% margin)**. Primary engine: company-owned restaurant food sales → **retail/DTC**.