CHIPOTLE MEXICAN GRILL INC
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 4, 2026
CMG$35.74+3.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| PART I | ||
|---|---|---|
| Item 1. | Business | 4 |
| Item 1A. | Risk Factors | 9 |
| Item 1B. | Unresolved Staff Comments | 20 |
| Item 1C. | Cybersecurity | 20 |
| Item 2. | Properties | 21 |
| Item 3. | Legal Proceedings | 21 |
| Item 4. | Mine Safety Disclosures | 21 |
| PART II | ||
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 22 |
| Item 6. | Reserved | 23 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 |
| Item 7A. | Quantitative and Qualitative Disclosure About Market Risk | 32 |
| Item 8. | Financial Statements and Supplementary Data | 34 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | 34 | |
| Consolidated Balance Sheets | 36 | |
| Consolidated Statements of Income and Comprehensive Income | 37 | |
| Consolidated Statements of Shareholders’ Equity | 38 | |
| Consolidated Statements of Cash Flows | 39 | |
| Notes to Consolidated Financial Statements | 40 | |
| Note 1 – Description of Business and Summary of Significant Accounting Policies | 40 | |
| Note 2 – Supplemental Balance Sheet Information | 47 | |
| Note 3 – Revenue Recognition | 48 | |
| Note 4 – Fair Value Measurements | 49 | |
| Note 5 – Equity Investments | 50 | |
| Note 6 – Income Taxes | 51 | |
| Note 7 – Shareholders’ Equity | 55 | |
| Note 8 – Stock-Based Compensation and Employee Benefit Plans | 55 | |
| Note 9 – Leases | 58 | |
| Note 10 – Earnings Per Share | 60 | |
| Note 11 – Commitments and Contingencies | 60 | |
| Note 12 – Debt | 61 | |
| Note 13 – Related Party Transactions | 61 | |
| Note 14 – Segment Reporting | 61 | |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 63 |
| Item 9A. | Controls and Procedures | 63 |
| Item 9B. | Other Information | 65 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 65 |
| PART III | ||
| Item 10. | Directors, Executive Officers and Corporate Governance | 65 |
| Item 11. | Executive Compensation | 65 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 66 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 66 |
| Item 14. | Principal Accountant Fees and Services | 66 |
| PART IV | ||
| Item 15. | Exhibits, Financial Statement Schedules | 67 |
| Signatures | 70 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.