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
2 verified Decision Cases on Chipotle, and the casebook each one belongs to.
| Fork date | Decision type | What Chipotle chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2015 | Crisis Response | Close all regional stores | the specific food item responsible for either outbreak was never identified (2016-02) | Read the story → | Crisis Response Casebook → |
| 2023 | Vertical-Integration Bet | Franchise the Middle East | three international licensed restaurants were open (2024) | 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 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
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
More from Stratrix
The Business Model Wizard
Make the seven choices that define your model, test your numbers against real companies, and meet the rival AI would build against you.
Free · about twelve minutesBuild your Model Thesis →Test a decision, free
Set a live decision against the companies that made it before you.
AcquisitionsThe Distance TestDivestituresThe Divestiture TestDiversificationThe Diversification TestMake or buyThe Make-or-Buy TestWeekly email
Stratonomics, every Tuesday
One data story every Tuesday: what happened, what it means, and the figures you can quote. Free.