$CMG

CHIPOTLE MEXICAN GRILL INC

CIK:0001058090|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 3,348,562	$ 3,063,393	$ 6,436,804	$ 5,938,646
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Food, beverage and packaging	993,573	885,989	1,906,919	1,724,392
Labor	836,450	756,261	1,641,861	1,474,487
Occupancy	174,210	154,250	344,091	304,091
Other operating costs	499,764	428,663	980,407	843,824
General and administrative expenses	190,471	172,151	394,191	344,934
Depreciation and amortization	98,327	90,945	195,045	178,156
Pre-opening costs	16,364	10,610	28,005	18,820
Impairment, closure costs, and asset disposals	13,808	5,467	23,627	11,635
Total operating expenses	2,822,967	2,504,336	5,514,146	4,900,339
Income from operations	525,595	559,057	922,658	1,038,307
Interest and other income, net	7,677	18,355	16,419	40,608
Income before income taxes	533,272	577,412	939,077	1,078,915
Provision for income taxes	129,725	141,285	232,706	256,189
Net income	$ 403,547	$ 436,127	$ 706,371	$ 822,726
Earnings per share:
Basic (in usd per share)	$ 0.32	$ 0.32	$ 0.55	$ 0.61
Diluted (in usd per share)	$ 0.32	$ 0.32	$ 0.55	$ 0.61
Weighted-average common shares outstanding:
Basic (in shares)	1,277,363	1,344,955	1,287,792	1,349,737
Diluted (in shares)	1,279,064	1,350,236	1,290,462	1,355,478
Other comprehensive income/(loss), net of income taxes:
Foreign currency translation adjustments	$ (1,220)	$ 2,506	$ (1,944)	$ 2,941
Comprehensive income	402,327	438,633	704,427	825,667
Food and beverage revenue
Total revenue	3,332,792	3,047,754	6,405,522	5,907,585
Delivery service revenue
Total revenue	$ 15,770	$ 15,639	$ 31,282	$ 31,061

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating activities

Net income

$ 706,371

$ 822,726

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

195,045

178,156

Deferred income tax provision

37,805

(9,890)

Impairment, closure costs, and asset disposals

22,981

11,056

Provision for credit losses

(335)

(1,247)

Stock-based compensation expense

54,518

75,150

Other

906

7,622

Changes in operating assets and liabilities:

Accounts receivable

54,640

39,946

Inventory

2,773

8,493

Prepaid expenses and other current assets

(1,809)

(3,606)

Operating lease assets

164,061

150,957

Other assets

3,354

(362)

Accounts payable

37,130

12,360

Accrued payroll and benefits

36,433

(24,689)

Accrued liabilities

45,300

2,126

Unearned revenue

(12,652)

(25,555)

Income tax payable/receivable

111,882

(13,433)

Operating lease liabilities

(127,943)

(113,450)

Other long-term liabilities

1,543

2,042

Net cash provided by operating activities

1,332,003

1,118,402

Investing activities

Purchases of leasehold improvements, property and equipment

(397,601)

(305,395)

Purchases of investments

(5,520)

(6,500)

Maturities of investments

349,766

319,962

Net cash (used in)/provided by investing activities

(53,355)

8,067

Financing activities

Repurchase of common stock

(1,354,905)

(997,055)

Tax withholding on stock-based compensation awards

(49,397)

(33,319)

Other financing activities

2,798

1,540

Net cash used in financing activities

(1,401,504)

(1,028,834)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

700

(786)

Net change in cash, cash equivalents, and restricted cash

(122,156)

96,849

Cash, cash equivalents, and restricted cash at beginning of period

385,909

778,379

Cash, cash equivalents, and restricted cash at end of period

263,753

875,228

Supplemental disclosures of cash flow information

Income taxes paid

^[1]

82,670

279,327

Purchases of leasehold improvements, property and equipment accrued in accounts payable and accrued liabilities

97,015

75,585

Repurchase of common stock accrued in accounts payable and accrued liabilities

$ 12,487

$ 9,016

[1]	(1) Included in the income taxes paid amount is $93,000 related to the purchase of federal transferable energy credits for the 2026 tax year.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 228,199	$ 350,545
Accounts receivable, net	100,307	156,466
Inventory	46,622	49,508
Prepaid expenses and other current assets	115,953	120,450
Income tax receivable	0	91,393
Investments	449,658	698,591
Total current assets	940,739	1,466,953
Leasehold improvements, property and equipment, net	2,866,970	2,679,361
Long-term investments	97,079	197,123
Restricted cash	35,554	35,364
Operating lease assets	4,768,273	4,463,010
Other assets	134,031	130,781
Goodwill	21,939	21,939
Total assets	8,864,585	8,994,531
Current liabilities:
Accounts payable	255,125	212,813
Accrued payroll and benefits	284,595	250,126
Accrued liabilities	219,020	182,448
Unearned revenue	218,795	240,375
Current operating lease liabilities	317,002	302,380
Income tax payable	20,543	0
Total current liabilities	1,315,080	1,188,142
Commitments and contingencies (Note 11)
Long-term operating lease liabilities	5,102,194	4,773,434
Deferred income tax liabilities	163,473	125,674
Other liabilities	84,047	76,674
Total liabilities	6,664,794	6,163,924
Shareholders' equity:
Common stock, $0.01 par value, 11,500,000 shares authorized, 1,267,838 and 1,304,360 shares issued as of June 30, 2026 and December 31, 2025, respectively	12,678	13,044
Additional paid-in capital	2,263,510	2,204,944
Accumulated other comprehensive loss	(9,233)	(7,289)
Retained earnings/(accumulated deficit)	(67,164)	619,908
Total shareholders' equity	2,199,791	2,830,607
Total liabilities and shareholders' equity	$ 8,864,585	$ 8,994,531