Chipotle: growth far beyond its economy.

1. It outgrew its own economy many times over. Revenue rose from $3.9 billion in 2016 to $11.9 billion in 2025: 3.1 times as much. The US economy, counted the same way in money terms, grew about 60%. Whatever drove it, the economy around it does not account for growth of that size.
2. Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 205% in US dollars; the median among 52 large retailers grew 74%. It outgrew 88% of them.
3. Four decisions on record. Stratrix has verified four of Chipotle's big decisions, each with what happened next. The hardest year after: "Chipotle Refused to Franchise for 30 Years. Then It Did - and Told You Exactly Why", with its shares 96 points behind the S&P 500 over the next three years. The best: "Chipotle's Recovery Stalled for Nearly Three Years — Then Throughput Fixed the Line", 313 points ahead of the S&P 500 over the next three years.
4. Profitable every year. Chipotle made money in each of its last ten fiscal years, from $0 billion (2016) to $1.5 billion (2025).

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2023Chipotle Refused to Franchise for 30 Years. Then It Did - and Told You Exactly Why.Held in part · shares −96 pts vs the S&P 500 over 3 years
• 2018Chipotle's Turnaround Started in 2018, When a New CEO Rebuilt It Around a Digital KitchenStood · shares +274 pts vs the S&P 500 over 3 years
• 2018Chipotle's Recovery Stalled for Nearly Three Years — Then Throughput Fixed the LineStood · shares +313 pts vs the S&P 500 over 3 years
• 2015Chipotle's $2.5M-a-Store Brand Promise Met an Outbreak Whose Source Was Never FoundStood · shares −66 pts vs the S&P 500 over 3 years