Chipotle Mexican Grill (CMG) 10-K Summary — Year Ended Dec 31, 2023

Chipotle Mexican Grill reported increases in revenue and profitability for the most recent fiscal year. The company maintains a strong liquidity position with cash and investments, and plans to continue investing in new restaurant construction and share repurchases.

Key takeaway

Year ended Dec 31, 2023 · FY2025 10-K

Financial snapshot

Selected annual figures reported with the filing, shown separately from the narrative summary.

Annual revenue

$9.9B

Revenue reported for the fiscal year.

Operating income

$1.6B

Income from operations reported for the year.

Net income

$1.2B

Net income reported for the year.

Operating cash flow

$1.8B

Cash generated by operating activities.

Annual revenue trend

Reported annual revenue and its change from the preceding fiscal year.

Period ended	Revenue	Year-over-year change
Dec 31, 2021	$7.5B	n/a
Dec 31, 2022	$8.6B	+14.4%
Dec 31, 2023	$9.9B	+14.3%

Business overview

Chipotle Mexican Grill operates a chain of fast-casual Mexican restaurants. The company focuses on new restaurant construction and existing restaurant maintenance. Its business is supported by cash from operations and available credit.

Financial performance

Revenue grew compared to the prior year, contributing to higher operating income and net income. Operating cash flow was positive, reflecting the company's ability to generate funds from operations.

Material risks

The filing references risk factors but does not provide specific details in the supplied context. The company's performance depends on maintaining comparable restaurant sales and managing operational challenges.

Liquidity and capital

The company has a significant cash and investment balance and undrawn borrowing capacity. It plans to use cash flow for new restaurant construction, share repurchases, and general corporate purposes.

What to watch

Investors should monitor comparable restaurant sales trends, as they are key to the company's cash flow projections.