Filing Flows › Chipotle Mexican Grill (CMG) › Q2 2025
Chipotle Mexican Grill (CMG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Chipotle Mexican Grill (CMG) reported revenue of $3.1B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +7% from the quarter before. Operating margin was 18.2%, net earnings $436M (14.2% of revenue).
Chipotle Mexican Grill, Q2 2025: revenue $3.1B (+3% year over year), operating margin 18.2%, net earnings $436M, operating cash flow $561M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | +7% | +3% |
| Operating profit | $559M | +17% | -5% |
| Net earnings | $436M | +13% | -4% |
| Operating cash flow | $561M | +0.8% | -0.2% |
| Free cash flow | $401M | -3% | -5% |
What changed
Revenue was $3.1B in Q2 2025, up 3% year over year and up 7% from the previous quarter. Food and beverage revenue was the largest line at 99% of revenue. Food and beverage revenue added $0.09B year over year (up 3%), 103% of the total change. Delivery service revenue declined 14%.
Operating profit was $0.56B, a 18.2% margin (down 1.5 points year over year). Operating profit fell $0.03B even though revenue rose $0.09B versus a year earlier, so costs grew faster than sales. Total costs grew 5% against revenue growth of 3%. Net earnings were $0.44B, down 4% year over year. The effective tax rate was 24.5%.
Operating cash flow was $0.56B (roughly flat year over year), 129% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.04B of share-based compensation. Capital expenditures of $0.16B left free cash flow of $0.40B.
Questions
What was Chipotle Mexican Grill's revenue in the second quarter 2025?
Chipotle Mexican Grill (CMG) reported revenue of $3.1B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +7% from the quarter before.
Was Chipotle Mexican Grill profitable in the second quarter 2025?
Operating profit was $559M (18.2% of revenue) and net earnings $436M.