Chipotle Mexican Grill, Inc.

chipotle.com

What Do They Do?

Runs restaurants serving burritos, burrito bowls, and other meals to diners.

How Do They Make Money?

Guests pay for restaurant food and drinks at the point of sale. For marketplace delivery orders, Chipotle receives payment from the delivery partner after the food reaches the guest.

revenue

Segment	Share	Revenue	How money arrives
Food and beverage revenue Sold outright	100% FY2022: 99%		Sold outright
Delivery service revenue Usage-based	0.5% FY2022: 0.9%		Usage-based

Who Are Their Customers?

Guests order at restaurants or through Chipotle's app and website; delivery orders can also come through third-party delivery partners' channels.

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.

Operating income, FY2025

16% of revenue

▲ +1% vs FY2024 ($1.9B, 17%)

Net income, FY2025

13% of revenue

▲ 0% vs FY2024 ($1.5B, 14%)

Free cash flow, FY2025

12% of revenue

▼ −4% vs FY2024 ($1.5B, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $3.1B in Q2 FY2025
Net income: ▼ −7%; vs $436.1M in Q2 FY2025

Food and beverage revenue share of revenue vs 99.5% in Q2 FY2025

Jul 29, 2026 Raises full-year comparable restaurant sales guidance Management's outlook calls for comparable restaurant sales growth in the low single digit range.

Growing. Revenue grew 58% in 4 years, from $7.5B in FY2021 to $11.9B in FY2025, about 12% a year.

Partner-operated restaurants The latest report describes international partner-operated restaurants alongside company-owned restaurants and includes partner-operated markets in its expansion strategy; the older report describes Chipotle-owned and operated restaurants.

Revenue over time

Food and beverage revenue Delivery service revenue

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments