Filing Flows › Chipotle Mexican Grill (CMG) › Q3 2025
Chipotle Mexican Grill (CMG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Chipotle Mexican Grill (CMG) reported revenue of $3.0B for the third quarter 2025 (Q3 2025), +8% from a year earlier and -2% from the quarter before. Operating margin was 15.9%, net earnings $382M (12.7% of revenue).
Chipotle Mexican Grill, Q3 2025: revenue $3.0B (+8% year over year), operating margin 15.9%, net earnings $382M, operating cash flow $570M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | -2% | +8% |
| Operating profit | $477M | -15% | +0.8% |
| Net earnings | $382M | -12% | -1% |
| Operating cash flow | $570M | +1% | +28% |
| Free cash flow | $406M | +1% | +36% |
What changed
Revenue was $3.0B in Q3 2025, up 8% year over year and down 2% from the previous quarter. Food and beverage revenue was the largest line at 100% of revenue. Food and beverage revenue added $0.21B year over year (up 8%), 101% of the total change. Delivery service revenue declined 9%.
Operating profit was $0.48B, a 15.9% margin (down 1.1 points year over year). Of the extra revenue versus a year earlier, 2% reached operating profit, below the 17% margin then. Total costs grew 9% against revenue growth of 8%. The fastest-growing cost line was General & admin (+16%). Net earnings were $0.38B, down 1% year over year. The effective tax rate was 23.1%.
Operating cash flow was $0.57B (up 28% year over year), 149% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.16B left free cash flow of $0.41B.
Questions
What was Chipotle Mexican Grill's revenue in the third quarter 2025?
Chipotle Mexican Grill (CMG) reported revenue of $3.0B for the third quarter 2025 (Q3 2025), +8% from a year earlier and -2% from the quarter before.
Was Chipotle Mexican Grill profitable in the third quarter 2025?
Operating profit was $477M (15.9% of revenue) and net earnings $382M.