# CHIPOTLE MEXICAN GRILL INC (CMG) Informational only - not investment advice. CIK: 0001058090 SIC: 5812 Retail-Eating Places SIC breadcrumb: [Retail Trade](/division/G/) > [Eating And Drinking Places](/major-group/58/) > [SIC 5812 Retail-Eating Places](/industry/5812/) Latest 10-K filed: 2026-02-04 SEC page: https://www.sec.gov/edgar/browse/?CIK=1058090 Filing source: https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-04 · accession 0001058090-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001058090.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 11,925,601,000 USD | 2025 | verified | | Net income | 1,535,761,000 USD | 2025 | verified | | Assets | 8,994,531,000 USD | 2025 | verified | | Free cash flow | 1,447,590,000 USD | 2025 | computed | | Net margin | 12.88% | 2025 | computed | | Operating margin | 16.23% | 2025 | computed | | Revenue YoY | +5.41% | 2025 | computed | | ROE | 54.26% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Restaurants and food-service operators](/compare/restaurants/) · SIC 5812 Retail-Eating Places No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including CMG - Restaurants and food-service operators: [peer review](/compare/restaurants/) · [market-risk page](/compare/restaurants/risk/) ### Peer percentile fingerprint | Ratio | CMG | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 12.9% | 3.5% | 88 | 25 | | Operating margin | 16.2% | 5.0% | 82 | 23 | | Revenue growth | 5.4% | 5.4% | 50 | 25 | | FCF margin | 12.1% | 5.1% | 79 | 25 | | ROE | 54.3% | 8.6% | 88 | 18 | | ROA | 17.1% | 3.6% | 88 | 25 | | Liabilities / equity | 2.18 | 1.98 | 53 | 18 | | Current ratio | 1.23 | 0.81 | 75 | 25 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 5812 Retail-Eating Places, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 11925601000 | USD | 2025 | 2026-02-04 | | Net income | 1535761000 | USD | 2025 | 2026-02-04 | | Assets | 8994531000 | USD | 2025 | 2026-02-04 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001058090.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 3,904,384,000 | 4,476,412,000 | 4,864,985,000 | 5,586,369,000 | 5,984,634,000 | 7,547,061,000 | 8,634,652,000 | 9,871,649,000 | 11,313,853,000 | 11,925,601,000 | | Net income | 22,938,000 | 176,253,000 | 176,553,000 | 350,158,000 | 355,766,000 | 652,984,000 | 899,101,000 | 1,228,737,000 | 1,534,110,000 | 1,535,761,000 | | Operating income | 34,567,000 | 270,794,000 | 258,368,000 | 443,958,000 | 290,164,000 | 804,943,000 | 1,160,403,000 | 1,557,813,000 | 1,916,333,000 | 1,935,798,000 | | Diluted EPS | 0.77 | 6.17 | 6.31 | 12.38 | 12.52 | 22.90 | 0.64 | 0.89 | 1.11 | 1.14 | | Operating cash flow | 355,160,000 | 468,216,000 | 621,552,000 | 721,632,000 | 663,847,000 | 1,282,081,000 | 1,323,179,000 | 1,783,477,000 | 2,105,076,000 | 2,113,926,000 | | Capital expenditures | 258,842,000 | 216,777,000 | 287,390,000 | 333,912,000 | 373,352,000 | 442,475,000 | 479,164,000 | 560,731,000 | 593,603,000 | 666,336,000 | | Share buybacks | 836,760,000 | 285,218,000 | 160,937,000 | 190,617,000 | 54,401,000 | 466,462,000 | 830,140,000 | 592,349,000 | 1,001,559,000 | 2,425,516,000 | | Assets | 2,026,103,000 | 2,045,692,000 | 2,265,518,000 | 5,104,604,000 | 5,982,896,000 | 6,652,958,000 | 6,927,504,000 | 8,044,362,000 | 9,204,374,000 | 8,994,531,000 | | Liabilities | 623,610,000 | 681,247,000 | 824,179,000 | 3,421,578,000 | 3,962,761,000 | 4,355,584,000 | 4,559,481,000 | 4,982,155,000 | 5,548,828,000 | 6,163,924,000 | | Stockholders' equity | 1,402,493,000 | 1,364,445,000 | 1,441,339,000 | 1,683,026,000 | 2,020,135,000 | 2,297,374,000 | 2,368,023,000 | 3,062,207,000 | 3,655,546,000 | 2,830,607,000 | | Cash and cash equivalents | 87,880,000 | 184,569,000 | 249,953,000 | 480,626,000 | 607,987,000 | 815,374,000 | 384,000,000 | 560,609,000 | 748,537,000 | 350,545,000 | | Free cash flow | 96,318,000 | 251,439,000 | 334,162,000 | 387,720,000 | 290,495,000 | 839,606,000 | 844,015,000 | 1,222,746,000 | 1,511,473,000 | 1,447,590,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 0.59% | 3.94% | 3.63% | 6.27% | 5.94% | 8.65% | 10.41% | 12.45% | 13.56% | 12.88% | | Operating margin | 0.89% | 6.05% | 5.31% | 7.95% | 4.85% | 10.67% | 13.44% | 15.78% | 16.94% | 16.23% | | Return on equity | 1.64% | 12.92% | 12.25% | 20.81% | 17.61% | 28.42% | 37.97% | 40.13% | 41.97% | 54.26% | | Return on assets | 1.13% | 8.62% | 7.79% | 6.86% | 5.95% | 9.81% | 12.98% | 15.27% | 16.67% | 17.07% | | Liabilities / equity | 0.44 | 0.50 | 0.57 | 2.03 | 1.96 | 1.90 | 1.93 | 1.63 | 1.52 | 2.18 | | Current ratio | 1.85 | 1.94 | 1.81 | 1.61 | 1.73 | 1.58 | 1.28 | 1.57 | 1.52 | 1.23 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001058090.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 9.20 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 10.50 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 12.32 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 341,790,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 2,471,948,000 | | 11.32 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 2,516,320,000 | 282,086,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 2,701,848,000 | 359,287,000 | 13.01 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 359,287,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 2,973,117,000 | | 0.33 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 455,671,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 2,793,576,000 | | 0.28 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,845,310,000 | 331,764,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 2,875,253,000 | 386,599,000 | 0.28 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 386,599,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 3,063,393,000 | | 0.32 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 436,127,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 3,003,444,000 | | 0.29 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 2,983,511,000 | 330,932,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 3,088,242,000 | 302,824,000 | 0.23 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 302,824,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 3,348,562,000 | | 0.32 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CMG's latest 10-K: [/company/CMG/business/](/company/CMG/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CMG's latest 10-K: [/company/CMG/risk-factors/](/company/CMG/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1058090/000105809026000066/cmg-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-31 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Note Regarding Forward-Looking Statements Certain statements in this report are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the number of new restaurants we expect to open in 2026, and the number with Chipotlanes, the number of new international partner-operated restaurants we expect to open, our anticipated comparable restaurant sales for 2026, the expected impact of tariffs on our food, beverage and packaging costs during the 2026 third quarter and on an ongoing basis, our expectation to generate positive cash flow for the foreseeable future, our expectations for utilization of cash flow from operations, our ability to manage prices, risks and volatility in our supply chain, our plans for continuing stock buybacks and the volume of buybacks, and the period of time during which our cash and short-term investment will fund our operations. We use words such as “anticipate,” “believe,” “could,” “should,” “may,” “approximately,” “estimate,” “expect,” “intend,” “project,” “target,” "goal," and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this report are based on currently available operating, financial, and competitive information available to us as of the date of this filing and speak only as of the date they are made. We assume no obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements, including but not limited to: wage inflation and state or local regulations mandating higher minimum wages; the competitive labor market, which impacts our ability to attract and retain qualified employees; the impact of any union organizing efforts and our responses to such efforts; increases in ingredient and other operating costs due to inflation, global conflicts, severe weather, our Food with Integrity philosophy, tariffs, or trade restrictions; intermittent supply shortages relating to our Food with Integrity philosophy, rapid expansion, limited time offerings, and supply chain disruptions; risks and impacts of food safety incidents and food-borne illnesses; our reliance on certain information technology systems and potential material failures, interruptions, or outages; risks that our investments in new technology and technological innovations may not generate returns; privacy and cybersecurity risks, including breaches, unauthorized access, theft, modification, destruction, or ransom of guest or employee personal or confidential information stored on our network or the network of third party providers; the impact of competition, including from sources outside the restaurant industry; the impact of government laws and regulations relating to our employees, employment practices, restaurant design and construction, and the sale of food or alcoholic beverages; our ability to achieve our planned growth, such as the costs and availability of suitable new restaurant sites, construction materials, and contractors and restaurant equipment; the expected costs and risks related to our international expansion, including through partner-operated restaurants in the Middle East, Asia, and Mexico; our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in guests' perceptions of our brand, including as a result of negative publicity or social media posts and decreased consumer spending or restaurant visits, or the inability to increase menu prices or realize the benefits of menu price increases; failure to meet market expectations for our financial performance or any announced guidance and the impact thereof; the potential impact of activist shareholder actions or tactics; failure to attract or retain key executive talent; the impact of our brand, marketing, promotional, advertising, and pricing strategies, digital platform and menu innovations; our reliance on third party delivery services and the information technology infrastructure; and enforcement and litigation risks, including possible governmental actions and potential litigation related to food safety incidents, cybersecurity incidents, employment or privacy laws, advertising claims, contract disputes, or other matters. In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and macroeconomic environment. These statements also are subject to other risk factors described from time to time in our SEC reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.Chipotle.com. As of June 30, 2026, we owned 4,074 Chipotle restaurants throughout the United States and 112 international Chipotle restaurants. Additionally, we had 15 international partner-operated restaurants. We manage our U.S. operations based on 12 regions and aggregate our operations to one reportable segment. Throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations” we discuss the following key operating metrics which we believe will drive our financial results and long-term growth model. We believe these metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies: •Comparable restaurant sales •Food, beverage, and packaging as a percentage of total revenue •Labor as a percentage of total revenue •Occupancy as a percentage of total revenue •Other operating costs as a percentage of total revenue •New restaurant openings 14 Table of Contents Second Quarter 2026 Financial Highlights, year-over-year: •Total revenue increased 9.3% to $3.3 billion •Comparable restaurant sales increased 2.2% •Diluted earnings per share remained flat at $0.32 Sales Trends. Comparable restaurant sales increased 2.2% for the three months ended June 30, 2026. The increase is attributable to a 1.2% increase in average check and a 1.0% increase in transactions. Comparable restaurant sales represent the change in period-over-period total revenue for company-owned restaurants in operation for at least 13 full calendar months. Digital sales represented 38.3% of total food and beverage revenue for the three months ended June 30, 2026, an increase from 35.5% for the three months ended June 30, 2025. We believe these results reflect the success of our Recipe for Growth strategy (as discussed in our Annual Report on Form 10-K for the fiscal year ending December 31, 2025) and related initiatives against the dynamic consumer environment that has persisted in 2026. We have recently experienced low-single-digit headwinds to our comparable restaurant sales trends that we believe are tied to that environment as customers respond to, among other things, recent U.S. food safety concerns and geopolitical developments. While our outlook remains positive, our financial results could be materially adversely impacted if these disruptions or trends worsen throughout the third quarter of 2026 or beyond. Restaurant Development. During the three months ended June 30, 2026, we opened 100 company-owned restaurants, which included 80 restaurants with a Chipotlane. We also opened one international partner-operated restaurant. Restaurant Activity The following table details company-owned restaurant unit data for the periods indicated. [[GREPCENT_TABLE]] [["","Three months ended June 30,","","Six months ended June 30,"],["","2026","","2025","","2026","","2025"],["Beginning of period","4,090","","","3,781","","","4,042","","","3,726"],["Openings","100","","","61","","","149","","","118"],["Permanent closures","(3)","","","(2)","","","(4)","","","(4)"],["Relocations","(1)","","","(1)","","","(1)","","","(1)"],["Total at end of period","4,186","","","3,839","","","4,186","","","3,839"]] [[/GREPCENT_TABLE]] The following table details partner-operated restaurant unit data for the periods indicated. [[GREPCENT_TABLE]] [["","Three months ended June 30,","","Six months ended June 30,"],["","2026","","2025","","2026","","2025"],["Beginning of period","14","","","5","","","14","","","3"],["Openings","1","","","-","","","1","","","2"],["Total at end of period","15","","","5","","","15","","","5"]] [[/GREPCENT_TABLE]] 15 Table of Contents Results of Operations Our results of operations as a percentage of total revenue and period-over-period changes are discussed in the following section. Revenue [[GREPCENT_TABLE]] [["","Three months ended June 30,","","Percentage","","Six months ended June 30,","","Percentage"],["","2026","","2025","","change","","2026","","2025","","change"],["","(dollars in millions)","","","","(dollars in millions)"],["Food and beverage revenue","$","3,332.8","","","$","3,047.8","","","9.4","%","","$","6,405.5","","","$","5,907.6","","","8.4","%"],["Delivery service revenue","15.8","","","15.6","","","0.8","%","","31.3","","","31.1","","","0.7","%"],["Total revenue","$","3,348.6","","","$","3,063.4","","","9.3","%","","$","6,436.8","","","$","5,938.6","","","8.4","%"],["Average restaurant sales (1)","$","3.102","","","$","3.142","","","(1.3","%)","","$","3.102","","","$","3.142","","","(1.3","%)"],["Comparable restaurant sales increase/(decrease)","2.2%","","(4.0%)","","","","1.4","%","","(2.3","%)"],["Transactions","1.0%","","(4.9%)","","","","0.8%","","(3.7%)"],["Average check","1.2%","","0.9%","","","","0.6%","","1.4%"],["Menu price increase","1.6%","","1.9%","","","","1.3%","","2.4%"],["Check mix","(0.4","%)","","(1.0","%)","","","","(0.7","%)","","(1.0","%)"]] [[/GREPCENT_TABLE]] (1)Average restaurant sales refers to the average trailing 12-month food and beverage revenue for company-owned restaurants in operation for at least 12 full calendar months. The following is a summary of the change in restaurant sales for the period indicated: [[GREPCENT_TABLE]] [["","Three months ended","","Six months ended"],["","(dollars in millions)"],["For the period ended June 30, 2025","$","3,063.4","","","$","5,938.6"],["Change from:"],["Comparable restaurant sales","65.9","","","79.9"],["Restaurants not yet in comparable base opened in 2026","66.0","","","80.1"],["Restaurants not yet in comparable base opened in 2025","161.9","","","353.9"],["Closures","(9.8)","","","(18.9)"],["Other","1.2","","","3.2"],["For the period ended June 30, 2026","$","3,348.6","","","$","6,436.8"]] [[/GREPCENT_TABLE]] Food, Beverage and Packaging Costs [[GREPCENT_TABLE]] [["","Three months ended June 30,","","Percentage","","Six months ended June 30,","","Percentage"],["","2026","","2025","","change","","2026","","2025","","change"],["","(dollars in millions)","","","","(dollars in millions)"],["Food, beverage and packaging","$","993.6","","","$","886.0","","","12.1","%","","$","1,906.9","","","$","1,724.4","","","10.6","%"],["As a percentage of total revenue","29.7","%","","28.9","%","","0.8","%","","29.6","%","","29.0","%","","0.6","%"]] [[/GREPCENT_TABLE]] Food, beverage and packaging costs increased 0.8% as a percentage of total revenue for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was driven by 1.4% of inflation, primarily from beef and freight, and 0.5% of higher protein and produce usage. These increases were partially offset by a 0.5% benefit from menu price increases and 0.5% of lower avocado and dairy costs. 16 Table of Contents Food, beverage and packaging costs increased 0.6% as a percentage of total revenue for the six months ended June 30, 2026 compared to th [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm Complete FY 2025 MD&A: /company/CMG/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-04 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion together with our consolidated financial statements and related notes included in Item 8. “Financial Statements and Supplementary Data.” This section of the Form 10-K generally discusses 2025 items and year-to-year comparisons of 2025 to 2024. Discussions of 2023 items and year-to-year comparisons of 2024 and 2023 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 on our Annual Report on Form 10-K for the year ended December 31, 2024. The discussion contains forward-looking statements involving risks, uncertainties and assumptions that could cause our results to differ materially from expectations. See “Cautionary Note Regarding Forward-Looking Statements.” Factors that might cause such differences include those described in Item 1A. “Risk Factors”, 7A. "Quantitative and Qualitative Disclosure About Market Risk", and elsewhere in this report. Overview As of December 31, 2025, we owned 3,938 Chipotle restaurants throughout the United States, and 104 international Chipotle restaurants. Additionally, we had 14 international partner-operated restaurants. We manage our U.S. operations based on 11 regions and aggregate our operations to one reportable segment. Throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations” we discuss the following key operating metrics which we believe will drive our financial results and long-term growth model. We believe these metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies: •Comparable restaurant sales •Food, beverage, and packaging as a percentage of total revenue •Labor as a percentage of total revenue •Occupancy as a percentage of total revenue •Other operating costs as a percentage of total revenue •New restaurant openings 2025 Financial Highlights, year-over-year: •Total revenue increased 5.4% to $11.9 billion •Comparable restaurant sales decreased 1.7% •Diluted earnings per share was $1.14, a 2.7% increase from $1.11 Sales Trends. Comparable restaurant sales decreased 1.7% for the year ended December 31, 2025. The decrease is attributable to lower transactions of 2.9%, partially offset by a 1.2% increase in average check. Comparable restaurant sales represent the change in period-over-period total revenue for company-owned restaurants in operation for at least 13 full calendar months. Digital sales represented 36.7% of total food and beverage revenue. For 2026, management is anticipating comparable restaurant sales to be about flat. Restaurant Development. During the year ended December 31, 2025, we opened 334 company-owned restaurants, which included 257 restaurants with a Chipotlane. We expect to open approximately 350 to 370 restaurants in 2026, which includes 10 to 15 international partner-operated restaurants. We expect around 80% of our new company-owned restaurants will include a Chipotlane. Partner-Operated Restaurants. During the year ended December 31, 2025, 11 partner-operated restaurants were opened in the Middle East. 24 Table of Contents Restaurant Activity The following table details company-owned restaurant unit data for the years indicated. [[GREPCENT_TABLE]] [["","","","Year ended December 31,"],["","","","","","2025","","2024"],["Beginning of period","","","","","3,726","","3,437"],["Openings","","","","","334","","304"],["Permanent closures","","","","","(13)","","(7)"],["Relocations","","","","","(5)","","(8)"],["Total at end of period","","","","","4,042","","3,726"]] [[/GREPCENT_TABLE]] The following table details partner-operated restaurant unit data for the years indicated. [[GREPCENT_TABLE]] [["","","","Year ended December 31,"],["","","","","","2025","","2024"],["Beginning of period","","","","","3","","","-"],["Openings","","","","","11","","","3"],["Total at end of period","","","","","14","","","3"]] [[/GREPCENT_TABLE]] Results of Operations Our results of operations as a percentage of total revenue and period-over-period change are discussed in the following section. Revenue [[GREPCENT_TABLE]] [["","","","","","Year ended December 31,","","Percentage"],["","","","","","","","2025","","2024","","change"],["","","","","","(dollars in millions)"],["Food and beverage revenue","","","","","","","$","11,866.1","","$","11,247.4","","5.5%"],["Delivery service revenue","","","","","","","59.6","","66.5","","(10.4","%)"],["Total revenue","","","","","","","$","11,925.6","","$","11,313.9","","5.4%"],["Average restaurant sales (1)","","","","","","","$","3.104","","$","3.213","","(3.4%)"],["Comparable restaurant sales increase/(decrease)","","","","","","","(1.7%)","","7.4%"],["Transactions","","","","","","","(2.9%)","","5.3%"],["Average check","","","","","","","1.2%","","2.1%"],["Menu price increase","","","","","","","2.1%","","2.9%"],["Check mix","","","","","","","(0.9","%)","","(0.8","%)"]] [[/GREPCENT_TABLE]] (1)Average restaurant sales refers to the average trailing 12-month food and beverage revenue for company-owned restaurants in operation for at least 12 full calendar months. 25 Table of Contents The following is a summary of the change in restaurant sales for the period indicated: [[GREPCENT_TABLE]] [["","","","Year ended"],["","","","(dollars in millions)"],["For the period ended December 31, 2024","","","$","11,313.9"],["Change from:"],["Comparable restaurant sales","","","(191.3)"],["Restaurants not yet in comparable base opened in 2025","","","327.0"],["Restaurants not yet in comparable base opened in 2024","","","481.8"],["Closures","","","(31.6)"],["Other (1)","","","25.8"],["For the period ended December 31, 2025","","","$","11,925.6"]] [[/GREPCENT_TABLE]] (1)Other includes the impact of gift card breakage adjustments, as $20.1 million of additional gift card breakage revenue was recorded during the year ended December 31, 2025 as compared to the year ended December 31, 2024. Food, Beverage and Packaging Costs [[GREPCENT_TABLE]] [["","Year ended December 31,","","Percentage"],["","2025","","2024","","change"],["","(dollars in millions)"],["Food, beverage and packaging","$","3,527.0","","$","3,374.5","","4.5%"],["As a percentage of total revenue","29.6%","","29.8%","","(0.2","%)"]] [[/GREPCENT_TABLE]] Food, beverage and packaging costs decreased 0.2% as a percentage of total revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was primarily due to a 0.6% benefit from menu price increases and, to a lesser extent, cost of sales efficiencies. These decreases were partially offset by 0.4% of inflation, primarily beef and chicken, and a 0.2% impact from tariffs enacted in 2025. We estimate that the tariffs enacted in 2025 will impact food, beverage and packaging costs by about 15 basis points on an ongoing basis. These estimates could vary based on future tariff policy changes. Labor Costs [[GREPCENT_TABLE]] [["","Year ended December 31,","","Percentage"],["","2025","","2024","","change"],["","(dollars in millions)"],["Labor costs","$","2,991.7","","$","2,789.8","","7.2%"],["As a percentage of total revenue","25.1%","","24.7%","","0.4","%"]] [[/GREPCENT_TABLE]] Labor costs increased 0.4% as a percentage of total revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily due to a 0.7% impact from lower sales volumes and 0.4% from restaurant wage inflation. This increase is partially offset by a 0.5% benefit from menu price increases. 26 Table of Contents Occupancy Costs [[GREPCENT_TABLE]] [["","Year ended December 31,","","Percentage"],["","2025","","2024","","change"],["","(dollars in millions)"],["Occupancy costs","$","624.9","","$","563.4","","10.9%"],["As a percentage of total revenue","5.2%","","5.0%","","0.2","%"]] [[/GREPCENT_TABLE]] Occupancy costs increased 0.2% as a percentage of total revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was due to the impact from lower sales volumes, as a 0.1% benefit from menu price increases was offset by expenses associated with new restaurants. Other Operating Costs [[GREPCENT_TABLE]] [["","Year ended December 31,","","Percentage"],["","2025","","2024","","change"],["","(dollars in millions)"],["Other operating costs","$","1,755.8","","$","1,568.5","","11.9%"],["As a percentage of total revenue","14.7%","","13.9%","","0.8","%"]] [[/GREPCENT_TABLE]] Other operating costs increased 0.8% as a percentage of total revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was due to the impact from several items, primarily 0.5% of higher marketing and promotional activities, 0.2% of lower sales volumes, and 0.2% of inflation in natural gas and electricity. This increase was partially offset by a 0.2% benefit from menu price increases. General and Administrative Expenses [[GREPCENT_TABLE]] [["","Year ended December 31,","","Percentage"],["","2025","","2024","","change"],["","(dollars in millions)"],["General and administrative expenses","$","652.0","","$","697.5","","(6.5%)"],["As a percentage of total revenue","5.5%","","6.2%","","(0.7","%)"]] [[/GREPCENT_TABLE]] 27 Table of Contents The following is a summary of the change in general and administrative expenses for the period indicated: [[GREPCENT_TABLE]] [["","","","Year ended"],["","","","(dollars in millions)"],["For the period ended December 31, 2024","","","$","697.5"],["Change from:"],["Stock-based compensation, excluding August 2024 retention awards","","","(31.8)"],["Performance bonuses","","","(28.0)"],["Legal contingencies","","","(22.5)"],["Conferences, primarily biennial All Managers\u2019 Conference","","","(16.2)"],["Legal services","","","4.3"],["Outside services related to corporate initiatives","","","11.1"],["Wages","","","17.6"],["Stock-based compensation, August 2024 retention awards","","","17.7"],["Other","","","2.4"],["For the period ended December 31, 2025","","","$","652.0"]] [[/GREPCENT_TABLE]] Depreciation and Amortization [[GREPCENT_TABLE]] [["","Year ended December 31,","","Percentage"],["","2025","","2024","","change"],["","(dollars in millions)"],["Depreciation and amortization","$","361.4","","$","335.0","","7.9%"],["As a percentage of total revenue","3.0%","","3.0%","","-","%"]] [[/GREPCENT_TABLE]] Depreciation and amortization remained flat as a percentage of total revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024. Increased depreciation expense associated with existing restaurants and the impact from lower sales volumes was offset by the benefit of menu price increases. Interest and Other Income, Net [[GREPCENT_TABLE]] [["","Year ended December 31,","","Percentage"],["","2025","","2024","","change"],["","(dollars in millions)"],["Interest and other income, net","$","73.7","","$","93.9","","(21.5%)"],["As a percentage of total revenue","0.6%","","0.8%","","(0.2%)"]] [[/GREPCENT_TABLE]] Interest and other income, net decreased in dollar terms for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to lower investment balances in U.S. Treasury securities and money market funds and decreased interest income due to lower interest rates in the current year. 28 Table of Contents Provision for Income Taxes [[GREPCENT_TABLE]] [["","Year ended December 31,","","Percentage"],["","2025","","2024","","change"],["","(dollars in millions)"],["Provision for income taxes","$","473.8","","","$","476.1","","","(0.5%)"],["Effective income tax rate","23.6%","","23.7%","","(0.1%)"]] [[/GREPCENT_TABLE]] The effective income tax rate decreased 0.1% fo [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CMG/mda/fy2025/ All MD&A years: /company/CMG/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CMG/mda/fy2024/): filed 2025-02-05; accession 0001058090-25-000014 (https://www.sec.gov/Archives/edgar/data/1058090/000105809025000014/cmg-20241231.htm) - [FY 2023 MD&A](/company/CMG/mda/fy2023/): filed 2024-02-08; accession 0001562762-24-000023 (https://www.sec.gov/Archives/edgar/data/1058090/000156276224000023/cmg-20231231x10k.htm) - [FY 2022 MD&A](/company/CMG/mda/fy2022/): filed 2023-02-09; accession 0001058090-23-000010 (https://www.sec.gov/Archives/edgar/data/1058090/000105809023000010/cmg-20221231x10k.htm) - [FY 2021 MD&A](/company/CMG/mda/fy2021/): filed 2022-02-11; accession 0001058090-22-000011 (https://www.sec.gov/Archives/edgar/data/1058090/000105809022000011/cmg-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5812 Retail-Eating Places) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CMG.md · JSON record: /company/CMG.json · verified financials: /company/CMG/financials.json / /company/CMG/financials.csv · machine TOC for the whole site: /llms.txt