Chipotle Mexican Grill, Inc. (CMG) Income Statement
CMG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCMG revenue and net income
Where CMG's revenue goes
2025Each bar shows an amount and its share of revenue. CMG kept 12.9% of revenue as net income.
CMG profit margins
CMG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.4% | +11.4% | +14.8% | +10.2% |
| Gross profit | +0.3% | +13.6% | +23.8% | +9.9% |
| Operating income | +5.0% | +20.2% | +47.3% | +10.2% |
| Net income | +0.1% | +19.5% | +34.0% | +12.4% |
| EPS (diluted) | +2.7% | +20.7% | +40.7% | +14.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CMG quarterly EPS vs estimates
Chipotle beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.29).
CMG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.93B | $11.31B | $9.87B | $8.63B | $7.55B | $5.98B | $5.59B | $4.86B | $4.48B | $3.90B |
| Cost of revenue | $8.90B | $8.30B | $7.29B | $6.57B | $5.84B | $4.94B | $4.44B | $3.95B | $3.72B | $3.41B |
| Gross profit | $3.03B | $3.02B | $2.59B | $2.06B | $1.71B | $1.04B | $1.14B | $911.0M | $756.2M | $498.2M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $652.0M | $697.5M | $897.7M | $814.9M | $828.9M | $689.1M | $620.4M | $487.2M | $402.7M | $379.2M |
| Total operating expenses | $1.01B | $1.10B | $1.03B | $901.7M | $902.1M | $750.9M | $698.5M | $652.6M | $485.4M | $463.6M |
| Operating income | $2.01B | $1.92B | $1.56B | $1.16B | $804.9M | $290.2M | $444.0M | $258.4M | $270.8M | $34.6M |
| Interest income | $73.7M | $93.9M | $50.8M | $21.1M | $7.8M | $3.6M | $14.3M | $10.1M | $4.9M | $4.2M |
| Interest expense | — | — | — | $21.1M | $30.8M | $57.5M | $31.9M | $0 | $1.5M | $4.2M |
| Income before taxes | $2.01B | $2.01B | $1.62B | $1.18B | $812.8M | $293.8M | $458.3M | $268.4M | $275.7M | $38.7M |
| Income taxes | $473.8M | $476.1M | $391.8M | $282.4M | $159.8M | −$62.0M | $108.1M | $91.9M | $99.5M | $15.8M |
| Net income | $1.54B | $1.53B | $1.23B | $899.1M | $653.0M | $355.8M | $350.2M | $176.6M | $176.3M | $22.9M |
| EBITDA | $2.37B | $2.32B | $1.95B | $1.50B | $1.10B | $574.8M | $690.9M | $535.5M | $459.8M | $222.0M |
| EPS (diluted) | $1.16 | $1.13 | $0.90 | $0.66 | $0.51 | $0.21 | $0.28 | $0.18 | $0.12 | $0.02 |
| Gross margin | 25.4% | 26.7% | 26.2% | 23.9% | 22.6% | 17.4% | 20.5% | 18.7% | 16.9% | 12.8% |
| Operating margin | 16.9% | 16.9% | 15.8% | 13.4% | 10.7% | 4.8% | 7.9% | 5.3% | 6.0% | 0.9% |
| Net margin | 12.9% | 13.6% | 12.4% | 10.4% | 8.7% | 5.9% | 6.3% | 3.6% | 3.9% | 0.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.35B | $3.09B | $2.98B | $3.00B | $3.06B | $2.88B | $2.85B | $2.79B | $2.97B | $2.70B | $2.52B | $2.47B |
| Cost of revenue | $2.50B | $2.37B | $2.28B | $2.27B | $2.23B | $2.12B | $2.14B | $2.08B | $2.11B | $1.96B | $1.88B | $1.82B |
| Gross profit | $844.6M | $719.0M | $698.8M | $735.6M | $838.2M | $753.6M | $704.3M | $712.2M | $859.4M | $741.9M | $638.3M | $649.8M |
| Sales, general & admin | $190.5M | $203.7M | $160.3M | $146.7M | $172.2M | $172.8M | $191.2M | $126.6M | $178.8M | $204.6M | $169.2M | $159.5M |
| Total operating expenses | $319.0M | $300.4M | $253.0M | $237.3M | $263.1M | $260.0M | $288.5M | $238.9M | $273.3M | $300.6M | $274.9M | $254.9M |
| Operating income | $525.6M | $418.5M | $445.7M | $498.3M | $575.1M | $493.6M | $415.7M | $473.3M | $586.1M | $441.3M | $363.4M | $394.9M |
| Interest income | $7.7M | $8.7M | $13.3M | $19.8M | $18.4M | $22.3M | $23.4M | $29.3M | $21.9M | $19.4M | $18.9M | $18.4M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $8.9M | — |
| Income before taxes | $533.3M | $405.8M | $433.6M | $497.0M | $577.4M | $501.5M | $439.1M | $502.6M | $607.9M | $460.7M | $382.4M | $413.3M |
| Income taxes | $129.7M | $103.0M | $102.7M | $114.9M | $141.3M | $114.9M | $107.3M | $115.2M | $152.2M | $101.4M | $100.3M | $100.1M |
| Net income | $403.5M | $302.8M | $330.9M | $382.1M | $436.1M | $386.6M | $331.8M | $387.4M | $455.7M | $359.3M | $282.1M | $313.2M |
| EBITDA | $631.6M | $515.2M | $538.4M | $588.8M | $666.1M | $580.8M | $513.0M | $585.6M | $684.4M | $537.2M | $469.1M | $490.3M |
| EPS (diluted) | $0.33 | $0.24 | $0.25 | $0.29 | $0.33 | $0.29 | $0.25 | $0.27 | $0.34 | $0.27 | $0.21 | $0.23 |
| Gross margin | 25.2% | 23.3% | 23.4% | 24.5% | 27.4% | 26.2% | 24.8% | 25.5% | 28.9% | 27.5% | 25.4% | 26.3% |
| Operating margin | 15.7% | 13.6% | 14.9% | 16.6% | 18.8% | 17.2% | 14.6% | 16.9% | 19.7% | 16.3% | 14.4% | 16.0% |
| Net margin | 12.1% | 9.8% | 11.1% | 12.7% | 14.2% | 13.4% | 11.7% | 13.9% | 15.3% | 13.3% | 11.2% | 12.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CMG's financial statements (latest annual report filed February 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CMG financial results
In fiscal year 2025 (ended December 31, 2025), Chipotle reported revenue of $11.9 billion, up 5.4% from the year before. It had net income of $1.5 billion (up 0.1%), a net profit margin of 12.9%. Diluted earnings per share came to $1.16. Over five years revenue grew at an average rate of 14.8% a year.
See the CMG stock overview for the latest quote and news, or the CMG chart for price history and technical indicators.
CMG income statement FAQ
What is Chipotle's annual revenue?
Chipotle reported total revenue of $11.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 5.4% from $11.3 billion the previous year.
Is Chipotle profitable?
Yes. Chipotle reported net income of $1.5 billion in fiscal 2025, a net profit margin of 12.9%; its operating margin was 16.9%.
What is Chipotle's gross margin?
Chipotle's gross margin was 25.4% in fiscal 2025: for every $100 of revenue, Chipotle kept $25 after the direct cost of its products and services.
How fast is Chipotle growing?
Revenue grew 14.8% a year on average over the last five fiscal years, from $6.0 billion to $11.9 billion.
What are Chipotle's earnings per share?
Chipotle earned $1.16 per diluted share in fiscal 2025, compared with $1.13 a year earlier.
When will Chipotle report its next earnings?
Chipotle is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Chipotle's fiscal year end?
Chipotle's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 4, 2026.