Companies · CMG
Chipotle
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 29, 2026
Q3 2026: Chipotle navigates tariff relief and traffic recovery amid persistent labor inflation.
Chipotle reported Q3 2026 revenue of $3.3 billion (+9.6% YoY) with comparable restaurant sales growth of 2.1%, driven by a 0.8% transaction increase and 1.3% average check lift. Digital sales reached 38.8% of food and beverage revenue. The company benefited from 0.5% tariff relief in food costs but faced 0.7% inflation (primarily beef and freight) and 0.5% labor cost headwinds as a percentage of revenue from wage inflation and performance bonuses. New restaurant openings accelerated to 84 company-owned units in Q3 2026 versus 84 in Q3 2025, with partner-operated expansion entering Mexico, Saudi Arabia, and South Korea. Elevated equipment replacement costs are expected to persist through 2027.
Tone: cautiousRevenue
$11.9B
CMG 10-K · FY 2025
Employees
130,301
Revenue growth YoY
+5.4%
Founded
1993
Profile
CMG 10-K Item 1 · Feb 4, 2026Chipotle Mexican Grill owns and operates fast-casual Mexican restaurants across the United States and internationally, serving burritos, burrito bowls, quesadillas, tacos, and salads made from responsibly sourced ingredients without artificial colors, flavors, or preservatives. The company operates 4,042 company-owned restaurants plus 14 partner-operated international locations as of December 31, 2025. Revenue is derived entirely from restaurant sales, with digital channels representing 36.7% of food and beverage revenue in 2025.
Read filing description ↓ Collapse description ↑
Chipotle Mexican Grill, Inc., a Delaware corporation, together with its subsidiaries owns and operates Chipotle Mexican Grill restaurants, which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos, and salads. We strive to cultivate a better world by serving responsibly sourced, classically cooked, real food with wholesome ingredients and without artificial colors, flavors or preservatives. We are passionate about providing a great guest experience and making our food more accessible to everyone while continuing to be a brand with a demonstrated purpose. Our first Chipotle restaurant opened in Denver, Colorado in 1993. Over 30 years later, our devotion to seeking out high-quality ingredients, raised with respect for animals, farmers, and the environment, remains at the core of our commitment to Food with Integrity. 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. Partner-operated restaurants represent Chipotle restaurants over which Chipotle does not have a controlling financial interest and for which Chipotle does not directly manage day-to-day operations. This includes restaurants operated by third parties pursuant to license or franchise agreements and restaurants in which Chipotle holds a minority, non-controlling ownership interest. We manage our U.S. operations based on 11 regions and aggregate our operations to one reportable segment. Our revenue is derived from sales by our restaurants.
Primary products
- burritos
- burrito bowls
- quesadillas
- tacos
- salads
Business segments
End markets
Geographies
“Among our main competitors are restaurant formats that claim to serve higher quality ingredients without artificial flavors, colors and preservatives, and that serve food quickly and at a reasonable price.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased 5.4% year-over-year to $11.9 billion, driven by new restaurant openings, partially offset by a 1.7% decline in comparable restaurant sales.
The rest of CMG is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.