CMG on NYSE

Chipotle Mexican Grill

Logo: https://www.chipotle.com/ Specifically: https://www.chipotle.com/content/dam/chipotle/global-site-design/en/brand/logos/cmg-medallion-logo.svg, Non-free logo, via Wikipedia6

American Mexican restaurant chain

Chipotle Mexican Grill, Inc. ( chih-POAT-lay), also known simply as Chipotle, is an American multinational chain of fast casual restaurants specializing in bowls, tacos, and Mission burritos made to order in front of the customer. As of December 2025, Chipotle has 4,000 locations. Its name derives from chipotle, the Nahuatl name (from chilpoctli) for a smoked and dried jalapeño chili pepper.3 It was founded by Steve Ells.1 Its chief executive is Brian Niccol.1 It employed about 45,200 people in 2013.1 Its revenue was $4.5 billion in 2015.1 Its shares trade on NYSE under the symbol CMG.1 Wikipedia text CC BY-SA 4.0

$29.82 down 0.76 (2.47%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

Jul 13, 1993Founded1
Oct 18, 2021Oct 15, 2026

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  • TickerCMG on NYSE1
  • Industryfast food1
  • HeadquartersDenver1
  • Founded inDenver1
  • Websitechipotle.com
  • Legal formS.A.1
  • Business address610 Newport Center Dr, Suite 1100, Newport Beach, Ca 926607
  • Filer categoryLarge accelerated filer7
  • LEI529900REP5VGTPCP1J714
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressc/o CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 28536984
Chipotle Brandon
Photo: User:proshob, CC BY-SA 3.0, via Wikimedia Commons10

Chipotle Mexican Grill, Inc. ( chih-POAT-lay), also known simply as Chipotle, is an American multinational chain of fast casual restaurants specializing in bowls, tacos, and Mission burritos made to order in front of the customer. As of December 2025, Chipotle has 4,000 locations. Its name derives from chipotle, the Nahuatl name (from chilpoctli) for a smoked and dried jalapeño chili pepper.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.2%Operating margin11
12.9%Net margin11
5.4%Revenue growth, 202511
54.3%Return on equity11
0.00×Debt to equity11
$1.4BFree cash flow11

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Food and Beverage brought in 100% of the revenue Chipotle Mexican Grill broke down this way in fiscal 2025.

  1. Food and Beverage$11.9B11100%up 6% from 2024
  2. Delivery Service$59.5M110%down 10% from 2024
Products and services by year
Products and services202320242025
Food and Beverage$9.8B$11.2B$11.9B
Delivery Service$67.5M$66.5M$59.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs83¢$9.9B
  • Income tax4¢$473.8M
  • Profit13¢$1.5B

Out of $11.9B in revenue.11

Where each dollar of operating cash went, fiscal 2025

  • Capital spending22¢$666.3M
  • Share buybacks78¢$2.4B

Out of $2.1B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.11

Financial statements

Revenue1213141511$11.9B in 2025+113% since 2019
0$5.0B$10.0B$15.0B2019: $5.6B$5.6B20192020: $6.0B$6.0B2020+7%2021: $7.5B$7.5B2021+26%2022: $8.6B$8.6B2022+14%2023: $9.9B$9.9B2023+14%2024: $11.3B$11.3B2024+15%2025: $11.9B$11.9B2025+5%
Operating income1213141511$1.9B in 2025+336% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $444.0M$444.0M20192020: $290.2M$290.2M2020−35%2021: $804.9M$804.9M2021+177%2022: $1.2B$1.2B2022+44%2023: $1.6B$1.6B2023+34%2024: $1.9B$1.9B2024+23%2025: $1.9B$1.9B2025+1%
Net income1213141511$1.5B in 2025+339% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $350.2M$350.2M20192020: $355.8M$355.8M2020+2%2021: $653.0M$653.0M2021+84%2022: $899.1M$899.1M2022+38%2023: $1.2B$1.2B2023+37%2024: $1.5B$1.5B2024+25%2025: $1.5B$1.5B2025+0%

Every line of the income statement as filed: the last 3 fiscal years, latest first.11

Period ending2025-12-312024-12-312023-12-31
Total revenue$11.9B$11.3B$9.9B
Food, beverage and packaging$3.5B$3.4B$2.9B
Labor$3.0B$2.8B$2.4B
Occupancy$624.9M$563.4M$503.3M
Other operating costs$1.8B$1.6B$1.4B
General and administrative expenses$652.0M$697.5M$633.6M
Depreciation and amortization$361.4M$335.0M$319.4M
Pre-opening costs$49.5M$41.9M$36.9M
Impairment, closure costs, and asset disposals$27.5M$26.9M$38.4M
Total operating expenses$10.0B$9.4B$8.3B
Income from operations$1.9B$1.9B$1.6B
Interest and other income, net$73.7M$93.9M$62.7M
Income before income taxes$2.0B$2.0B$1.6B
Provision for income taxes$473.8M$476.1M$391.8M
Net income$1.5B$1.5B$1.2B
Basic (in usd per share)$1.15$1.12$0.89
Diluted (in usd per share)$1.14$1.11$0.89
Basic (in shares)1.3B shares1.4B shares1.4B shares
Diluted (in shares)1.3B shares1.4B shares1.4B shares
Foreign currency translation adjustments$3.0M-$3.6M$1.2M
Comprehensive income$1.5B$1.5B$1.2B

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Corporate structure

Chipotle Mexican Grill sits at the top of its group. 24 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Chipotle Mexican Grill

  • Capital World Investors Filed SCHEDULE 13G/A on Chipotle Mexican Grill, latest Aug 12, 2026 (4 filings since Nov 13, 2025)
  • BlackRock Filed SCHEDULE 13G/A on Chipotle Mexican Grill, latest Jul 27, 2026 (4 filings since Feb 1, 2022)
  • JPMorgan Chase Filed SCHEDULE 13G on Chipotle Mexican Grill, latest Jul 16, 2026
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Chipotle Mexican Grill, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Chipotle Mexican Grill, latest Mar 26, 2026 (8 filings since Feb 9, 2022)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on Chipotle Mexican Grill, latest Feb 16, 2024 (4 filings since Feb 14, 2022)
  • Chipotle Mexican Grill Wilmington, Delaware, United States
    • APAC Exploration Group, LLC Subsidiary · Delaware, United States
    • APAC Exploration Pte. Ltd. Subsidiary · Singapore
    • Chipotle Mexican Grill Canada Corp. Subsidiary · Nova Scotia, Canada
    • Chipotle Mexican Grill France SAS Subsidiary · France
    • Chipotle Mexican Grill Germany GMBH Subsidiary · Germany
    • Chipotle Mexican Grill of Berwyn Heights, LLC Subsidiary · Maryland, United States
    • Chipotle Mexican Grill of Colorado, LLC Subsidiary · Colorado, United States
    • Chipotle Mexican Grill of Kansas, LLC Subsidiary · Kansas, United States
    • Chipotle Mexican Grill of Maryland, LLC Subsidiary · Maryland, United States
    • Chipotle Mexican Grill Texas Holdings, LLC Subsidiary · Colorado, United States
    • Chipotle Mexican Grill U.S. Finance Co., LLC Subsidiary · Colorado, United States
    • Chipotle Mexican Grill UK Limited Subsidiary · United Kingdom
    • Chipotle Services, LLC Subsidiary · Colorado, United States
    • Chipotle Ventures, LLC Subsidiary · Delaware, United States
    • CMG Concessions, LLC Subsidiary · Colorado, United States
    • CMG Licensing, LLC Subsidiary · Delaware, United States
    • CMG of Prince Georges, LLC Subsidiary · Maryland, United States
    • CMG Pepper, LLC Subsidiary · Colorado, United States
    • CMG Strategy Co., LLC Subsidiary · Colorado, United States
    • CMGGC, LLC Subsidiary · Florida, United States
    • EMEA Tortilla, Ltd. Subsidiary · United Kingdom
    • N793WF Lease, LLC Subsidiary · New Jersey, United States
    • PL Restaurant LLC Subsidiary · Colorado, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Chipotle Mexican Grill reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$5.2B11 Dec 31, 2025$4.6B11 Dec 31, 2024+12.3%
Accumulated depreciation$2.5B11 Dec 31, 2025$2.2B11 Dec 31, 2024+12.5%
Property and equipment, net$2.7B11 Dec 31, 2025$2.4B11 Dec 31, 2024+12.1%
Operating-lease assets (leased space)$4.5B11 Dec 31, 2025$4.0B11 Dec 31, 2024+11.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$350.5M11 Dec 31, 2025$748.5M11 Dec 31, 2024−53.2%
Marketable securities, current$698.6M11 Dec 31, 2025$674.4M11 Dec 31, 2024+3.6%
Stakes in other companies (equity method)$28.2M11 Dec 31, 2025$28.1M11 Dec 31, 2024+0.4%
Long-term investments$197.1M11 Dec 31, 2025$868.0M11 Dec 31, 2024−77.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$21.9M11 Dec 31, 2025$21.9M11 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$49.5M11 Dec 31, 2025$48.9M11 Dec 31, 2024+1.2%

Properties, in its own words

As of December 31, 2025, Chipotle and our consolidated subsidiaries owned and operated 4,042 restaurants. Our main office is located at 610 Newport Center Drive, Suite 1100, Newport Beach, CA 92660 and our telephone number is (949) 524-4000. We lease our main office and substantially all of the properties on which we operate restaurants. We own 17 properties and operate restaurants on all of them. For additional information regarding the lease terms and provisions, see Note 1. “Description of Business and Summary of Significant Accounting Policies” and Note 9. “Leases” in our consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data.”

Item 2 of the 10-K filed Feb 4, 2026.20

The story

Founded by Steve Ells on Jul 13, 1993, in Denver.1

History

Steve Ells attended the Culinary Institute of America in Hyde Park, New York. Afterward, he became a line cook for Jeremiah Tower at Stars in San Francisco. There, Ells observed the popularity of the taquerías and San Francisco burritos in the Mission District. In 1993, Ells took what he learned in San Francisco and opened the first Chipotle Mexican Grill in Denver, Colorado, in a former Dolly Madison Ice Cream store at 1644 East Evans Avenue, near the University of Denver campus, using an $85,000 loan from his father. Ells and his father calculated that the store would need to sell 107 burritos per day to be profitable. After one month, the original restaurant was selling over 1,000 burritos a day. The second store opened in 1995 using Chipotle's cash flow, and the third was opened using an SBA loan. To fund additional growth, Ells' father invested $1.5 million. Afterwards, Ells created a board of directors and business plan, raising an additional $1.8 million for the company. Ells had originally planned to use funds from the first Chipotle to open a fine-dining restaurant, but instead focused on Chipotle Mexican Grill when the restaurants saw success.

In 1998, the first restaurant outside of Colorado opened in Kansas City, Missouri.

In 1998, McDonald's made an initial minority investment in the company. By 2001, McDonald's had grown to be Chipotle's largest investor. The investment from McDonald's allowed the firm to quickly expand, from 16 restaurants in 1998 to over 500 by 2005. On January 26, 2006, Chipotle made its initial public offering (IPO) after increasing the share price twice due to high pre-IPO demand. At the time, Chipotle had 500 stores. In its first day as a public company, the stock rose exactly 100%, resulting in the best U.S.-based IPO in six years, and the second-best IPO for a restaurant after Boston Market. The money from the offering was then used to fund new store growth.

In March 2005, Monty Moran was appointed president and chief operating officer of Chipotle while Ells remained chairman and CEO.

In October 2006, McDonald's fully divested from Chipotle. This was part of a larger initiative for McDonald's to divest all of its non-core business restaurants—Chipotle, Donatos Pizza, and Boston Market—so that it could focus on the main McDonald's chain. McDonald's had invested approximately $360 million into Chipotle, and took out $1.5 billion. McDonald's had attempted to get Chipotle to add drive-through windows and a breakfast menu, which Ells resisted. In 2008, Chipotle opened its first location outside of the United States in Toronto.

In January 2009, president and chief operating officer Monty Moran was promoted to co-CEO, a position that he would share with Ells, while Moran retained his president position.

In a list of fastest-growing restaurant chains in 2009, Chipotle was ranked eighth, based on increases in U.S. sales over the past year, and in 2010 Chipotle was ranked third. Consumer Reports ranked Chipotle as the best Mexican fast-food chain in 2011. The company serves approximately 750,000 customers per day.

In December 2010, Chipotle hired chef Nate Appleman to develop new cuisine. Appleman has won Rising Star Chef from the James Beard Foundation, was named "Best New Chef" by the Food & Wine magazine, and competed on The Next Iron Chef.

Read the full text

In 2010, U.S. Immigration and Customs Enforcement (ICE) audited Chipotle's Minneapolis restaurants, and found that some employees had been hired using fraudulent documents. In December, Chipotle fired 450 employees from its Minneapolis restaurants as a result of the audit, resulting in protests by local groups. In February 2011, ICE expanded the audit to include 60 restaurants in Virginia and Washington, D.C. which resulted in 40 workers being fired. In April 2011, the criminal division of the attorney general's office in Washington, D.C., joined the case, and ICE agents began interviewing employees at 20 to 25 restaurants in other locations, such as Los Angeles and Atlanta. In response to the government investigations, Chipotle hired former director of ICE Julie Myers Wood and high-profile attorneys Robert Luskin and Gregory B. Craig.

In April 2014, Chipotle announced an increase in menu prices for the first time in nearly three years, due to increasing costs for steak, avocados, and cheese. The price increase was expected to be rolled out from the end of the second quarter of 2014 through the end of the third quarter. In late 2015, Chipotle expanded its mobile strategy through delivery partnerships with tech startups like Tapingo, a delivery service that targets college campuses.

In December 2016, Chipotle announced that co-CEO Monty Moran had stepped down from his role effective immediately with Ells becoming the sole CEO. Eleven months later, Ells announced in November 2017 that he would be stepping down as CEO.

In December 2017, Chipotle announced it signed a 15-year lease and in late 2018 will move around 450 corporate employees—currently housed in multiple buildings around downtown Denver—into the new 1144 Fifteenth Tower and occupy around 126,000 square feet, or 5 floors, of the 40-story tower.

In February 2018, Chipotle announced that Taco Bell CEO Brian Niccol would replace Ells as CEO starting on March 5 while Ells would retain his chairman position. Many industry analysts praised Niccol's appointment saying that Chipotle "needed new blood". Chipotle stock went up $30.27, or 12.04%, as a result of the announcement. However, other analysts criticized the announcement by saying that "the move goes against everything the burrito chain stands for".

In May 2018, Chipotle announced that it would relocate its headquarters from Denver to Newport Beach, California. Corporate functions handled in their Denver and New York offices would move to Newport Beach or to an existing office in Columbus, Ohio. This move would impact 400 workers, some being offered relocation and retention packages.

In May 2018, Chipotle announced the "Chipotlane" and began testing it in the U.S. The Chipotlane acts as a drive-thru, but it is for mobile order pickup only; customers are unable to order food at the handout window but are welcome to pick up their mobile orders through the Chipotlane or inside the restaurant. As of 2023, there are over 500+ locations, which include the Chipotlane in order to make the restaurant run more efficiently.

In June 2018, the company announced the closing of 65 under-performing restaurants.

Ells broke all ties with the company in March 2020 by resigning as its chairman and departing from its board of directors.

In January 2023, the company announced plans to hire 15,000 workers and expand to 7,000 locations, up from a previous goal of 6,000. This would double its footprint. At the time of the announcement, it had more than 100,000 employees. An article in The Wall Street Journal in July noted the chain would focus on opening 700–800 new locations in small towns and cities as part of its plan to expand by nearly 3,800 locations in territory traditionally dominated by chains like McDonald's and Applebee's.

In 2023 Chipotle saw $9.9 billion in revenue with 14.3% growth year on year and $3 million in average unit volumes (per restaurant revenue) and 7.9% growth in comparable sales; in 2023, 37.4% of their revenue came via online orders, third-party delivery services or their new Chipotlanes.

In September 2024, Chipotle announced it was collaborating with Vebu, a company that develops automation and robotics equipment for the food industry, on a new automated avocado processing machine, Autocado. The companies claimed that this machine could peel and cut an avocado in less than 30 seconds and operate unattended on a large batch, which could significantly reduce the time and labor required to prepare large quantities of guacamole.

Chipotle's share price fell more than 9% after fiscal second quarter results showed same-store sales shrinking by 4%, compared to 0.4% in the prior quarter.

In April 2025, Chipotle announced the opening of a location in Mexico by early 2026, looking to expand into new markets in the region.

In August 2025, Chipotle announced plans of delivering food via drone aircraft within the greater Dallas area through a partnership with Zipline.

In July 2026, Chipotle opened its first restaurant in Mexico in San Pedro Garza Garcia, Nuevo Leon, in partnership with Alsea. The company planned additional restaurants in Nuevo Leon during 2026 and an expansion into Mexico City in 2027.

In August 2026, Chipotle opened its first restaurant in Saudi Arabia, in Riyadh, through a franchise partnership with Alshaya Group.

In September 2026, Chipotle opened its first restaurant in South Korea, in the Gangnam District, via a joint venture with SPC Group.Korean media reported long queues at the Gangnam restaurant from its opening day, with a line of more than 100 meters forming before the noon opening and an average wait of about three hours. S&C Restaurants Holdings, the joint venture that operates Chipotle in South Korea, said it planned to open a second and third restaurant by the end of 2026, all directly operated, and Korean media reported that the second would be inside the Shinsegae Department Store’s Gangnam branch.

Expansion attempts into other types of cuisines

In the 2010s, Ells tried to diversify the company by creating or acquiring several subsidiaries. These subsidiaries offered very different cuisines compared to their parent company. Examples include soul food (Soul Daddy), Asian cuisine (ShopHouse Southeast Asian Kitchen), pizza (Pizzeria Locale), and burgers (Tasty Made). In 2023, Chipotle had also tried incorporating California-inspired bowls into the Farmesa Fresh Eatery concept. The few test locations were not a financial success, and all concepts were discontinued.

In 2011, Steve Ells was a judge for the TV show America's Next Great Restaurant and investor of ANGR Holdings, the company that would launch the winning concept's restaurants. Chipotle agreed to purchase Ells' investment in ANGR at his cost, provide support for ANGR operations, and invest a total of $2.3 million in cash contributions. The winning concept, Soul Daddy, was quickly closed after operating for eight weeks.

In September 2011, Chipotle opened an Asian fast-casual concept restaurant named ShopHouse Southeast Asian Kitchen in Washington, D.C. The company said the new restaurant "would follow the Chipotle service format and its focus on 'food with integrity' in ingredients". Chipotle's plan was to start with only one store and see how the restaurant worked out before expanding the concept.

On July 29, 2016, the company announced the opening of its first Tasty Made burger restaurant in the fall.

The newer restaurant concepts did not perform as well as they had hoped, so ShopHouse Southeast Asian Kitchen and Tasty Made were closed in March 2017 and February 2018 respectively, leaving only Pizzeria Locale operating besides the parent company.

In February 2023, Chipotle opened their first Farmesa Fresh Eatery in Santa Monica, California, serving bowls containing customers' choice of a protein, a green or grain, two sides, a topping, and a selection of up to five sauces. Some of the choices included steak, salmon, whipped potatoes, sweet potato chips, beets, and cauliflower.

In July 2023, Chipotle exited the highly competitive pizza restaurant industry by announcing that they were closing all of their remaining Pizzeria Locale locations and would "dissolve the business". Chipotle also abandoned Farmesa in April 2024.

2017

In April 2017, Chipotle first announced that their point of sale payment system was compromised during a three-week period from late March to mid-April but gave very little information about the incident. The following month, the company later revealed that 2,250 restaurants in 47 states were involved which could potentially affect hundreds of thousands of customers who may had their credit or debit card account information with security codes stolen. A few restaurants in Canada were also affected. Some security experts criticized the way Chipotle had downplayed the incident. During the same month, a credit union in New Hampshire filed a class action lawsuit on the behalf of banks and credit unions against Chipotle for failure to provide elementary credit card data security in the most recent data breach after a similar data breach that had occurred in 2004. In July 2017, Gainesville, Florida, police reported that an unidentified person took more than $17,000 from an ATM at a local credit union by stealing from 40 different accounts that can be traced directly to the data breach.

2019

A number of Chipotle mobile ordering app customers claimed that their mobile ordering app accounts had been hacked and reported fraudulent orders charged to their credit cards. Chipotle claimed that the customers were using unsecured passwords, and that any fraudulent orders were a result of this. The customers then argued that the passwords they were using were secure, and that their complaints involved an issue with the server.

From Wikipedia’s article on Chipotle Mexican Grill, shared under CC BY-SA 4.0.8

Leadership

Who has led Chipotle Mexican Grill, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (41)

Products and brands

  • Tex-Mex

Listed on Wikidata.1

Chipotle's menu consists of five items: burritos, bowls, tacos, quesadillas, and salads. The price of each item is based on the choice of chicken, pork carnitas, barbacoa, steak, tofu-based "sofritas", or vegetarian (with guacamole or queso, which would be at an extra charge otherwise). Additional optional toppings are offered free of charge, including: rice, beans, four types of salsa, fajita vegetables, sour cream, cheese, and lettuce. Although Chipotle styles itself as a "Mexican Grill", its menu is more accurately characterized as Cal-Mex, a form of Mexican-American cuisine with its roots in California. When asked in 2007 about expanding the menu, Steve Ells said, "[I]t's important to keep the menu focused, because if you just do a few things, you can ensure that you do them better than anybody else." Chipotle also offers a children's menu. Some restaurants sell beer and margaritas in addition to soft drinks and fruit drinks.

The majority of food is prepared in each restaurant. Some exceptions are the beans and carnitas, which are prepared at a central kitchen in Chicago, Illinois. None of the restaurants have freezers, microwave ovens, or can openers.

The chain experimented with breakfast foods at two airports in the Washington (D.C.) metropolitan area but decided against expanding the menu in that direction. Starting in 2009, selected restaurants had offered a pozole soup, which has since been discontinued. Starting in 2009, Chipotle tested a vegan chicken product (made by Gardein) called "Garden Blend" in various cities but discontinued it in 2010.

In 2013, Chipotle began testing the tofu-based "sofritas" option (made by Hodo Soy) in Northern California restaurants; following its successful trial, it was rolled out nation-wide in 2014.

Read the full text

In June 2015, Chipotle began test marketing a pork and chicken chorizo-type sausage as a new protein option at selected locations in the Kansas City area. Some food writers have expressed their health related concerns over the protein's relatively high sodium content since a 4-ounce (110 g) serving contains 293 calories and 803 milligrams of sodium while the American Heart Association's recommended daily amount is less than 1,500 milligrams of sodium. In contrast, the protein options with next highest sodium contents are Barbacoa with 530 milligrams and sofritas with 555 milligrams. An earlier version of the Mexican sausage was tested in Denver and New York City in 2011, but that test was terminated when that version of the sausage was perceived as looking too greasy. Chorizo was discontinued in September 2017 but was returned to the menu in the following year for a limited time.

In July 2020, Chipotle began test marketing a cauliflower rice option at 55 locations in Colorado and Wisconsin.

In August 2021, Chipotle began testing a company-made vegan chorizo made with pea protein. The vegan chorizo (now called plant-based chorizo) was subsequently released nation-wide as a limited-time only item on January 3, 2022, before being removed on March 4, 2022.

Chipotle accepts fax orders, and in 2005 the company added the ability to order online from their website. For both online and fax orders, customers proceed to the front of the line to pay for pre-ordered food. In 2009, Chipotle released an app for the iPhone that allows users to find nearby Chipotle locations, place an order, and prepay with a credit card. In 2013, Chipotle released an Android app that allows users to locate nearby Chipotle locations, place an order, prepay with a credit or gift card, and access favorites and recent orders.

In late 2021, the company added a non-food item to the menu—cilantro soap. According to published reports, the soap sold out the day after its release. The soap was produced after an August 2021 Instagram post of what was thought to be a mock photo of the product. It was an effort to engage fans and haters of the herb that, "plays into a larger trend of turning digital moments into real life experiences," according to Chris Brandt, Chipotle's Chief Marketing Officer. Chipotle uses green marketing and its "Food with Integrity" platform to boost its brand image.

Nutrition

In 2003, a Center for Science in the Public Interest report stated that Chipotle's burritos contain over 1,000 calories, which is nearly equivalent to two meals' worth of food. When a burrito with carnitas, rice, vegetables, cheese, guacamole, and salsa was compared with a typical Big Mac, the burrito had more fat, cholesterol, carbohydrates, and sodium than the Big Mac, but it also had more protein and fiber. The restaurant has also received praise—Health.com included the restaurant in its list of the "Healthiest Fast Food Restaurants".

Chipotle's vegetarian options include rice, black beans, fajita vegetables (onions and bell peppers), salsa, guacamole, queso and cheese. All items other than the meats, cheese, sour cream, queso and honey vinaigrette dressing are vegan. As of late 2013, Chipotle developed a new cooking strategy for the pinto beans, eliminating the bacon and making them vegetarian and vegan-friendly. The cheese is processed with vegetable-based rennet in order to be suitable for vegetarians. In April 2010, Chipotle began testing a vegan "Garden Blend" option, which is a plant-based meat alternative marinated in chipotle adobo, at six locations in the U.S. The flour tortillas used for the burritos and soft tacos are the only items that contain gluten.

Portion size irregularities

Some customers took to the social media platform TikTok accusing Chipotle of reducing portion sizes. In June 2024, a Wells Fargo analyst and his team set investigated the matter and ordered 75 identically configured items from 8 different Chipotle locations in New York City. The team weighed each bowl and reported that portion sizes varied widely, ranging from 14 to 27 ounces (400 to 770 g) with a median weight of 21.5 ounces (610 g).

Food sourcing

In 1999, while looking for ways to improve the taste of the carnitas, founder Steve Ells was prompted by an article written by Edward Behr to visit Concentrated Animal Feeding Operations (CAFOs). Ells found the CAFOs "horrific", and began sourcing from open-range pork suppliers. This caused an increase in both the price and the sales of the carnitas burritos.

In 2001, Chipotle released a mission statement called Food With Integrity, which highlighted Chipotle's efforts to increase their use of naturally raised meat, organic produce, and dairy without added hormones.

Ells testified before the United States Congress in support of the Preservation of Antibiotics for Medical Treatment Act, which was aimed to reduce the amount of antibiotics given to farm animals.

From 2006 to 2012, the Coalition of Immokalee Workers (CIW), a Floridian farmworker organization, protested Chipotle's refusal to sign a Fair Food agreement, which would commit the restaurant chain to pay a penny-per-pound premium on its Florida tomatoes to boost tomato harvesters' wages, and to only buy Florida tomatoes from growers who comply with the Fair Food Code of Conduct. In 2009, the creators of the documentary film Food, Inc. (along with 31 other leaders in the sustainable food movement) signed an open letter of support for the CIW's campaign, stating that, "If Chipotle is sincere in its wishes to reform its supply chain, the time has come to work with the Coalition of Immokalee Workers as a true partner in the protection of farmworkers rights." In September 2009, Chipotle announced that it would sidestep partnership with the CIW and instead work directly with East Coast Growers and Packers to increase wages for its tomato pickers. Ells framed the dispute as a fundamental issue of control, stating that, "the CIW wants us to sign a contract that would let them control Chipotle's decisions regarding food in the future". In October 2012, Chipotle signed an agreement with the CIW to improve working conditions.

In January 2015, Chipotle pulled carnitas from its menu in a third of its restaurants; company officials cited animal welfare problems at one of the suppliers, found during a regular audit, as the reason. Subsequently, a false rumor spread online claiming it was done to appease Muslims who consider pork to be unclean, leading to some protests on social media. The company still uses antibiotic-free and hormone-free steak in its restaurants, despite being briefly forced to "serve beef that is not naturally raised" during the summer of 2013, posting an in-store notice each time that occurred. Roberto Ferdman of The Washington Post opined that Chipotle's stated mission to sell "food with integrity" may be "untenable" if meat producers continue to breach Chipotle's ethical standards.

Also in 2015, Chipotle stopped using genetically modified corn and soybeans in their foods, claiming to be the first nationwide restaurant to cook completely GMO free. However, in 2019, Chipotle paid $6.5 million to settle a lawsuit where the plaintiffs claimed that the company's food "may have been sourced from livestock that consumed GMO animal feed".

In 2017, Chipotle committed to transitioning away from birds bred to maximize growth at the expense of animal well-being. However, in 2024, investigations by animal welfare groups showed that they were failing to meet these standards.

From Wikipedia’s article on Chipotle Mexican Grill, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • APAC Exploration Group, LLC Delaware9
  • APAC Exploration Pte. Ltd. Singapore9
  • CMG Concessions, LLC Colorado9
  • CMG Licensing, LLC Delaware9
  • CMG Pepper, LLC Colorado9
  • CMG Strategy Co., LLC Colorado9
  • CMG of Prince Georges, LLC Maryland9
  • CMGGC, LLC Florida9
  • Chipotle Mexican Grill Canada Corp. Nova Scotia, Canada9
  • Chipotle Mexican Grill France SAS France9
  • Chipotle Mexican Grill Germany GMBH Germany9
  • Chipotle Mexican Grill Texas Holdings, LLC Colorado9
  • Chipotle Mexican Grill U.S. Finance Co., LLC Colorado9
  • Chipotle Mexican Grill UK Limited United Kingdom9
  • Chipotle Mexican Grill of Berwyn Heights, LLC Maryland9
  • Chipotle Mexican Grill of Colorado, LLC Colorado9
  • Chipotle Mexican Grill of Kansas, LLC Kansas9
  • Chipotle Mexican Grill of Maryland, LLC Maryland9
  • Chipotle Services, LLC Colorado9
  • Chipotle Ventures, LLC Delaware9
  • EMEA Tortilla, Ltd. United Kingdom9
  • N793WF Lease, LLC New Jersey9
  • PL Restaurant LLC Colorado9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Employees over time

  • 201345,2001

Timeline

  1. Sep 14, 20268-K Executive or director change74
  2. Aug 5, 20268-K Regulation FD disclosure75
  3. Jul 29, 20268-K Results of operations; Other events76
  4. Jul 8, 20268-K Other events77
  5. Jun 17, 20268-K Shareholder vote78
  6. Apr 29, 20268-K Results of operations79
  7. Apr 27, 20268-K Regulation FD disclosure80
  8. Feb 3, 20268-K Results of operations81
  9. Jan 12, 20268-K Executive or director change; Regulation FD disclosure82
  10. Dec 8, 20258-K Regulation FD disclosure83
  11. Nov 25, 20258-K Executive or director change84
  12. Oct 29, 20258-K Results of operations85
  13. Aug 26, 2024New chief executive Scott Boatwright becomes CEO21
  14. Mar 6, 2018New chief executive Brian Niccol becomes CEO1
  15. Feb 19, 2009New chief executive Montgomery F. Moran becomes CEO23
  16. Jan 26, 2006New chief executive Steve Ells becomes CEO1
  17. Jul 13, 1993Founded Founded in Denver1

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.29 a share, on Oct 29, 2025.86

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results76
  2. Apr 29, 2026Reported quarterly or annual results79
  3. Feb 3, 2026Reported quarterly or annual results81
  4. Oct 29, 2025Reported quarterly or annual results85
  5. Jul 23, 2025Reported quarterly or annual results87
  6. Apr 23, 2025Reported quarterly or annual results88
  7. Feb 4, 2025Reported quarterly or annual results89
  8. Oct 29, 2024Reported quarterly or annual results90

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

483 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 281 insider forms, 22 large holders, 114 other. The latest 20:

  1. Oct 1, 20264 PRIMARY DOCUMENT EDGAR
  2. Sep 21, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 15, 20263 PRIMARY DOCUMENT EDGAR
  4. Sep 14, 20268-K EDGAR
  5. Aug 25, 20264 PRIMARY DOCUMENT EDGAR
  6. Aug 25, 20264 PRIMARY DOCUMENT EDGAR
  7. Aug 25, 20264 PRIMARY DOCUMENT EDGAR
  8. Aug 25, 20264 PRIMARY DOCUMENT EDGAR
  9. Aug 25, 20264 PRIMARY DOCUMENT EDGAR
  10. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  11. Aug 21, 2026144 EDGAR
  12. Aug 12, 2026SCHEDULE 13G/A EDGAR
  13. Aug 10, 20264 PRIMARY DOCUMENT EDGAR
  14. Aug 5, 20268-K EDGAR
  15. Jul 31, 202610-Q EDGAR
  16. Jul 29, 20268-K EDGAR
  17. Jul 27, 2026SCHEDULE 13G/A EDGAR
  18. Jul 16, 2026SCHEDULE 13G EDGAR
  19. Jul 8, 20268-K EDGAR
  20. Jun 17, 20268-K EDGAR

The 483 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

103 open-market trades by officers, directors and large owners since October 2021: 4 buys and 99 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 21, 2026Bush Matthew RController, PAOSale2,675$35.75$95.6KForm 4
Feb 24, 2026FILIKRUSHEL PATRICIADirectorSale3,350$36.58$122.5KForm 4
Feb 6, 2026Garner Curtis EPres, Chief Strgy & Tech OffSale61,077$40.01$2.4MForm 4
Dec 12, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale67,646$36.05$2.4MForm 4
Dec 1, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale61,892$34.67$2.1MForm 4
Aug 25, 2025Eskenazi IleneChief Legal and HR OfficerSale26,576$43.15$1.1MForm 4
Jul 7, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale15,750$56.32$887.0KForm 4
Jun 25, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale63,000$55.14$3.5MForm 4
Jun 12, 2025Hickenlooper Robin SDirectorSale2,250$51.21$115.2KForm 4
Jun 12, 2025FILIKRUSHEL PATRICIADirectorSale2,076$51.13$106.1KForm 4
Jun 6, 2025Boatwright ScottChief Executive OfficerSale19,000$52.48$997.1KForm 4
Jun 4, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale23,302$52.14$1.2MForm 4
Jun 2, 2025Theodoredis Roger EChief Legal Officer & GCSale113,875$49.70$5.7MForm 4
May 21, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale23,134$50.84$1.2MForm 4
May 14, 2025McConnell JamieChief Accountg & Admin OfficerSale3,087$52.42$161.8KForm 4
Mar 13, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale6,891$48.56$334.6KForm 4
Mar 12, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale6,930$50.21$348.0KForm 4
Mar 11, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale6,940$50.53$350.7KForm 4
Mar 5, 2025Gutierrez MauricioDirectorBuy9,400$53.00$498.2KForm 4
Feb 25, 2025Garner Curtis EPres, Chief Strgy & Tech OffSale20,937$52.36$1.1MForm 4

All 103 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Scott BoatwrightChief Executive Officer53$1.1M$15.5M97
2025Curt GarnerPresident, Chief Strategy and Technology Officer$841.2K$7.7M97
2025Jack HartungFormer President and Chief Strategy Officer; Former Chief Financial and Administrative Officer$518.5K$7.4M97
2025Chris BrandtFormer President, Chief Brand Officer$781.2K$6.3M97
2025Roger Theodoredis*Former General Counsel, Chief Legal Officer$661.9K$5.0M97
2025Adam Rymer*Chief Financial Officer$650.0K$4.0M97
2024Scott BoatwrightChief Executive Officer53$768.5K$19.1M97
2024Jack HartungFormer President and Chief Strategy Officer; Former Chief Financial and Administrative Officer$886.2K$17.5M97
2024Curt GarnerPresident, Chief Strategy and Technology Officer$813.8K$16.0M97
2024Chris BrandtFormer President, Chief Brand Officer$754.6K$14.1M97
2024Roger Theodoredis*Former General Counsel, Chief Legal Officer$641.9K$10.7M97
2024Adam Rymer*Chief Financial Officer$428.7K$5.4M97
2023Jack HartungFormer President and Chief Strategy Officer; Former Chief Financial and Administrative Officer$865.0K$8.4M97
2023Curt GarnerPresident, Chief Strategy and Technology Officer$775.4K$7.4M97
2023Chris BrandtFormer President, Chief Brand Officer$720.4K$6.6M97
2023Scott BoatwrightChief Executive Officer53$607.5K$6.3M97

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.129,925,735$4.4B0.1%+18,448,813
Vanguard Capital Management LLC83,815,448$2.8B0.1%−857,874
Jpmorgan Chase & Co66,168,691$2.2B0.1%+17,021,297
Vanguard Portfolio Management LLC60,320,683$2.1B0.1%−764,038
State Street Corp55,667,783$1.9B0.1%+826,977
Capital World Investors45,806,251$1.6B0.2%−34,865,767
Geode Capital Management, LLC36,374,611$1.2B0.1%+6,111,186
Fmr LLC34,290,443$1.2B0.1%+3,944,117
Capital International Investors30,126,283$1.0B0.2%−12,675,888
Norges Bank25,846,578$878.8M0.1%New
Arrowstreet Capital, Limited Partnership21,242,855$722.3M0.3%+4,764,607
Morgan Stanley19,771,645$672.2M0.0%+1,741,409
Two Sigma Investments, LP18,486,484$628.5M0.5%+10,271,077
Alliancebernstein L.P.16,205,965$518.8M0.2%−2,392,261
Goldman Sachs Group Inc13,227,451$449.7M0.0%−2,931,770
Northern Trust Corp12,772,603$434.3M0.1%−749,699
Invesco Ltd.12,753,285$433.6M0.0%+2,554,540
Assenagon Asset Management S.A.11,498,388$390.9M0.3%+8,215,114
Bank Of America Corp /de/11,278,915$383.5M0.0%−694,837
American Century Companies Inc11,229,940$381.8M0.2%+4,339,938
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC10,845,627$368.8M0.1%+2,541,795
Amundi10,752,786$365.6M0.1%−1,227,406
Clearbridge Investments, LLC10,014,522$340.5M0.3%−1,692,296
D. E. Shaw & Co., Inc.9,906,819$336.8M0.2%−4,449,495
Charles Schwab Investment Management Inc8,154,311$277.2M0.0%+276,379

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

38 trades disclosed by members of Congress, the latest 25. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 2, 2026Byron DonaldsRepublican, HouseSale$1,001 - $15,000+27.5%Report
Apr 2, 2026Byron DonaldsRepublican, HouseSale$1,001 - $15,000+27.5%Report
Nov 18, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−19.8%Report
Nov 3, 2025Julia LetlowRepublican, HouseSale$1,001 - $15,000+18.1%Report
Nov 3, 2025Markwayne Mullin, SenateSale$15,001 - $50,000+18.1%Report
Oct 30, 2025Cleo FieldsDemocratic, HouseSale$15,001 - $50,000+21.6%Report
Oct 9, 2025Byron DonaldsRepublican, HouseBuy$1,001 - $15,000−41.9%Report
Oct 9, 2025Byron DonaldsRepublican, HouseBuy$1,001 - $15,000−41.9%Report
Sep 12, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000+40.0%Report
Sep 4, 2025Byron DonaldsRepublican, HouseSale$1,001 - $15,000+46.7%Report
Sep 4, 2025Byron DonaldsRepublican, HouseSale$1,001 - $15,000+46.7%Report
Aug 26, 2025Julia LetlowRepublican, HouseBuy$1,001 - $15,000−49.3%Report
Jun 12, 2025John W. HickenlooperDemocratic, SenatePartial sale$100,001 - $250,000+69.1%Report
Jun 3, 2025Cleo FieldsDemocratic, HouseBuy$1,001 - $15,000−69.8%Report
May 12, 2025Jefferson ShreveRepublican, HouseSale$50,001 - $100,000+73.5%Report
Apr 17, 2025Jefferson ShreveRepublican, HouseBuy$50,001 - $100,000−84.6%Report
Mar 20, 2025Byron DonaldsRepublican, HouseBuy$1,001 - $15,000−75.5%Report
Mar 20, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+75.5%Report
Mar 13, 2025Jefferson ShreveRepublican, HouseSale$15,001 - $50,000+78.6%Report
Feb 26, 2025Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000+73.9%Report
Jan 13, 2025Robert P. Bresnahan, Jr.Republican, HouseSale$1,001 - $15,000+79.6%Report
Dec 11, 2024Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−81.5%Report
Sep 12, 2024John W. HickenlooperDemocratic, SenatePartial sale$100,001 - $250,000+85.0%Report
Dec 13, 2023John W. HickenlooperDemocratic, SenatePartial sale$100,001 - $250,000+100.2%Report
Dec 4, 2023John R. CurtisRepublican, HouseSale$1,001 - $15,000+101.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Chipotle Mexican Grill is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCHIPOTLE MEXICAN GRILL INC2
  • CIK0001058090
  • Employer ID (EIN)84-121930120
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company20
  • Incorporated inDelaware20
  • Fiscal year endsDecember 312
  • Industry code (SIC)5812 Retail-Eating Places2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address610 Newport Center Dr, Suite 1100, Newport Beach, CA 926602
  • Phone949-524-40002
  • Shares outstanding1,265,418,000 as of Jul 24, 202617
  • Public float$64.0B as of Jun 30, 202520
  • AuditorErnst & Young LLP, Irvine, California PCAOB ID 42; it also attests to the company’s internal control over financial reporting20
  • On EDGAR sinceJun 11, 20022
  • Filings1,686 in all: 4 (924), 8-K (171), SC 13G/A (112), 144 (78), 10-Q (62), 3 (47), SC 13G (40), DEFA14A (30)2
    All 45 form types

    4/A (27), DEF 14A (22), 10-K (21), UPLOAD (19), PX14A6G (18), ARS (14), NO ACT (11), CORRESP (9), S-8 (8), SC 13D/A (8), 425 (7), S-1/A (7), SCHEDULE 13G/A (6), PRE 14A (5), 8-K/A (4), 5 (3), REGDEX (3), SCHEDULE 13G (3), 3/A (2), 424B1 (2), 8-A12B (2), CERTNYS (2), FWP (2), S-1 (2), S-3ASR (2), SEC STAFF LETTER (2), 144/A (1), 15-12B (1), 25-NSE (1), 424B2 (1), 8-A12B/A (1), EFFECT (1), PRER14A (1), REGDEX/A (1), S-4 (1), S-4/A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 4, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Apr 28, 2026
    Latest 8-K (8-K) Sep 14, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.01 per shareCMGNew York Stock Exchange

From the cover page of the 10-K filed Feb 4, 2026 (Section 12(b) of the Exchange Act).20

Risk factors and legal proceedings

The risks Chipotle Mexican Grill names in Item 1A of its 10-K filed Feb 4, 2026: 23 risks under these headings, as written.20

  • Risks Related to our Brand Reputation and Restaurant Operations
  • Food safety and food-borne illness concerns may have an adverse effect on our business by negatively impacting our brand, decreasing sales and increasing costs.
  • Failure to maintain the value and reputation of the Chipotle brand could negatively impact our financial results.
  • The restaurant industry is highly competitive. If we are not able to compete successfully, our business, financial condition and results of operations would be adversely affected.
  • Our use of third-party delivery services may not be profitable and substandard service may negatively impact our reputation.
  • Risks Related to Human Capital
  • If we are not able to hire, train and retain qualified restaurant employees and/or appropriately plan our workforce, our growth plan and profitability could be adversely affected.
  • If we fail to comply with applicable employment and labor laws and regulations, it could have a material, adverse impact on our business.
  • Increases in the cost of labor, including mandated minimum wage increases and increases in the cost of health benefits, could adversely impact our business and profitability.
  • A failure to recruit, develop and retain effective leaders or the loss or shortage of management personnel with key capacities and skills could impact our strategic growth plans and jeopardize our ability to meet our business performance expectations and growth targets.
  • Risks Related to Cybersecurity, Data Privacy and IT Systems
  • We are heavily dependent on information technology systems and failures or interruptions in our IT systems could harm our ability to effectively operate our business and/or result in the loss of guests or employees.
The other 14 risks
  • Breaches or other unauthorized access, theft, modification or destruction of guest and/or employee personal information, or Chipotle confidential or proprietary information that is stored in our information technology systems or by third parties could damage our reputation and expose us to potential liabilities and loss of revenue.
  • If we fail to fully comply with privacy and data protection laws and regulations, we could incur significant civil and criminal penalties and liabilities, suffer reputational damage, and adverse publicity.
  • Risks Related to Our Supply Chain
  • Increases in the costs of ingredients, restaurant equipment and other materials could adversely affect our financial results.
  • Shortages or interruptions in the supply of ingredients could adversely affect our operating results.
  • If our supply chain capacity does not expand to support our new restaurant growth, our long-term growth goals could be impaired or delayed.
  • Legal and Regulatory Risks
  • We could be party to litigation or other legal proceedings that could adversely affect our business, results of operations and reputation.
  • We are subject to extensive laws, government regulation, and other legal requirements and our failure to comply with existing or new laws and regulations could adversely affect our operational efficiencies, ability to attract and retain talent and results of operations.
  • Risks Related to Our Growth and Business Strategy
  • If we are unable to meet our new restaurant opening goals, or maintain the attractiveness of our existing restaurants, our profitability could suffer.
  • Our failure to effectively manage and support our growth could have a negative adverse effect on our business and financial results.
  • If we partner with third parties or acquire new businesses that do not align with our core values or that do not fulfill their contractual responsibilities and commitments, our brand reputation and international growth plans could suffer.
  • Risks Related to Sustainability Factors
  • We are subject to evolving public disclosure obligations, including with respect to sustainability matters, which could expose us to numerous risks and could adversely affect our reputation and results of operations.
  • Climate change and volatile adverse weather conditions could adversely affect our restaurant sales or results of operations.
  • Risks Related to Macroeconomic Conditions
  • Our financial condition and results of operations have been, and may continue to be, adversely affected by a number of macroeconomic and other factors, many of which are largely outside our control.
  • Failure to meet market expectations for our financial performance or any announced guidance will likely adversely affect the market price and increase the volatility of our stock, and fluctuations in the stock market as a whole may also impact the market price and volatility of our stock.

Legal proceedings

For information regarding legal proceedings, see Note 11. “Commitments and Contingencies” in our consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data.”

The opening of Item 3, Legal Proceedings.20

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