Filing Flows › Chipotle Mexican Grill (CMG) › Q4 2025
Chipotle Mexican Grill (CMG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 4, 2026
Chipotle Mexican Grill (CMG) reported revenue of $3.0B for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -0.7% from the quarter before. Operating margin was 14.1%, net earnings $331M (11.1% of revenue).
Chipotle Mexican Grill, Q4 2025: revenue $3.0B (+5% year over year), operating margin 14.1%, net earnings $331M, operating cash flow $426M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | -0.7% | +5% |
| Operating profit | $420M | -12% | +1% |
| Net earnings | $331M | -13% | -0.3% |
| Operating cash flow | $426M | -25% | -19% |
| Free cash flow | $228M | -44% | -35% |
What changed
Revenue was $3.0B in Q4 2025, up 5% year over year and down 1% from the previous quarter. Food and beverage revenue was the largest line at 100% of revenue.
Operating profit was $0.42B, a 14.1% margin (down 0.5 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 15% margin then. Total costs grew 5% against revenue growth of 5%. Net earnings were $0.33B, roughly flat year over year. The effective tax rate was 23.7%.
Operating cash flow was $0.43B (down 19% year over year), 129% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.02B. Capital expenditures of $0.20B left free cash flow of $0.23B.
Questions
What was Chipotle Mexican Grill's revenue in the fourth quarter 2025?
Chipotle Mexican Grill (CMG) reported revenue of $3.0B for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -0.7% from the quarter before.
Was Chipotle Mexican Grill profitable in the fourth quarter 2025?
Operating profit was $420M (14.1% of revenue) and net earnings $331M.