Company profile
SEC EDGAR ↗- Industry
- Retail-Eating Places
- Listed
- NYSE: CMG
- Headquarters
- Newport Beach, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $11.9B
- Net income
- $1.54B
- Total assets
- $8.99B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $11.9B | $1.54B | $8.99B |
| FY2024 | $11.3B | $1.53B | $9.20B |
| FY2023 | $9.87B | $1.23B | $8.04B |
| FY2022 | $8.63B | $899.1M | $6.93B |
| FY2021 | $7.55B | $653.0M | $6.65B |
| FY2020 | $5.98B | $355.8M | $5.98B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
4 verified Decision Records on Chipotle, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 2015 | Vertical-Integration Bet | Read the story → | Vertical-Integration Bet Casebook → |
| 2018 | The Turnaround | Read the story → | The Turnaround Casebook → |
| 2018 | The Turnaround | Read the story → | The Turnaround Casebook → |
| 2023 | Vertical-Integration Bet | Read the story → | Vertical-Integration Bet Casebook → |
Run one of these yourself
The decisions Chipotle faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Business ModelThe Pricing Model ChangeWhat does changing how you charge cost before it starts paying?See the pack →Crisis & ReinventionThe TurnaroundIs this plan a turnaround, and can it be finished?See the pack →Boundaries of the FirmThe Vertical IntegrationWhat must you own, and what can you safely buy?See the pack →
The analyses
The Pricing Power Play · Business Model
Chipotle Proved It Had Pricing Power. Then It Found the Edge of It.
Five price hikes since June 2021 carried Chipotle to $11.3B in revenue. But in 2025 it posted its first-ever full-year negative comps - about -1.7%, with transactions down 3.2%. The pricing-power moat was real. It was also a lagging indicator.
8 min
The Turnaround · Crisis & Reinvention
Chipotle's Recovery Stalled for Nearly Three Years — Then Throughput Fixed the Line
Everyone remembers the E. coli outbreak. But Chipotle's recovery stalled for nearly three years after it cleaned up the kitchen — comparable sales were still down ~25% well into 2016. The real fix wasn't sanitation. It was throughput.
8 min
The Turnaround · Crisis & Reinvention
Chipotle's Turnaround Started in 2018, When a New CEO Rebuilt It Around a Digital Kitchen
January 2016: same-store sales fell 36.4% and revenue would drop 13% to its lowest in a decade. The comeback wasn't a food-safety fix — the real turnaround didn't start until a new CEO arrived in 2018 and rebuilt the company around a digital kitchen.
8 min
The Crisis & Recovery · Boundaries of the Firm
Chipotle's $2.5M-a-Store Brand Promise Met an Outbreak Whose Source Was Never Found
In 2015 an E. coli outbreak sickened 55 people across 11 states and wiped out Chipotle's first-ever sales decline since its IPO. Investigators never identified the food. The brand promise that made Chipotle worth $2.5M a store is what made the silence unsurvivable.
8 min
The Vertical Integrator · Boundaries of the Firm
Chipotle Refused to Franchise for 30 Years. Then It Did - and Told You Exactly Why.
The legend is that Chipotle never franchises, on principle. The truth is sharper: it owns 3,644 U.S. restaurants because its zero-debt balance sheet lets it - and in July 2023 it handed the Middle East to a franchise partner the moment that math stopped working.
7 min