Chipotle Mexican Grill Inc (NYSE: CMG) is a fast-casual restaurant company that owns and operates Mexican food restaurants across the United States, Canada, and internationally. Revenue comes almost entirely from food and beverage sales at company-owned restaurants, supplemented by a delivery service revenue line, with no franchise royalty stream from domestic locations. As of December 31, 2025, Chipotle operated 4,042 company-owned restaurants plus a small number of partner-operated locations, including 11 opened in the Middle East during 2025. The company owns and operates all of its U.S. and Canadian restaurants directly, making it one of the largest employer-operators in the restaurant industry. Digital sales represented 36.7% of total food and beverage revenue in FY2025. Comparable restaurant sales declined 1.7% in FY2025, driven by a 2.9% drop in transactions partially offset by a 1.2% increase in average check. Capital expenditures totaled $666.3 million in FY2025, with new restaurant construction averaging approximately $1.5 million per unit before landlord reimbursements.

Revenue model

Transactional revenue from food and beverage sales at company-owned restaurants, with a secondary delivery service revenue line. No domestic franchise or royalty revenue. Digital orders represented 36.7% of food and beverage revenue in FY2025.

Products and services

Mexican food restaurant meals sold through in-restaurant, digital, and delivery channels. Chipotlane drive-through pickup format included in 257 of the 334 new restaurants opened in FY2025.

Customers and end markets

Individual consumers purchasing meals at fast-casual Mexican food restaurants. No disclosed customer concentration. End demand is retail dining, including dine-in, digital pickup, and third-party delivery.

Value-chain role

Vertically integrated restaurant operator. Chipotle owns and operates its restaurants rather than franchising domestically, handling food preparation, staffing, and guest experience directly. The company holds purchase obligations of $1.887 billion as of December 31, 2025, reflecting direct supplier procurement.

Geographic exposure

Primarily United States and Canada via 4,042 company-owned restaurants as of December 31, 2025. International presence through partner-operated restaurants, including 11 opened in the Middle East during FY2025. Plans for 10 to 15 additional international partner-operated openings in 2026.

Source: SEC 10-K, filed 2026-02-04

Industry: Retail-Eating Places Peers: Aramark Darden Restaurants Inc Domino's Pizza Inc Dutch Bros Inc McDonald's Corp Starbucks Corp Texas Roadhouse Inc Yum! Brands Inc Wendy's Co