CHIPOTLE MEXICAN GRILL INC (CMG)

Chipotle Mexican Grill, Inc. is a Delaware corporation that owns and operates Chipotle Mexican Grill restaurants. The restaurants serve a menu of burritos, burrito bowls, quesadillas, tacos, and salads, made with responsibly sourced, classically cooked ingredients and without artificial colors, flavors or preservatives. The first restaurant opened in Denver, Colorado in 1993. The company's "Recipe for Growth" strategy centers on strengthening the core business, evolving brand messaging and menu innovation, modernizing the business with technology including AI and a relaunched Rewards Program, expanding globally, and developing talent.

The company manages its U.S. operations through 11 regions and aggregates them into one reportable segment. Revenue comes from restaurant sales. As of December 31, 2025, it owned 3,938 restaurants in the United States and 104 international restaurants, plus 14 international partner-operated restaurants. Partner-operated restaurants are run by third parties under license or franchise agreements, or are ones in which Chipotle holds a minority, non-controlling interest. Digital sales, generated through the Chipotle website, app, or third-party delivery aggregators, were 36.7% of food and beverage revenue in 2025, up from 35.1% in 2024. Chipotle also builds "Chipotlanes," a drive-through format for picking up digital orders.

Chipotle serves restaurant guests in the United States and in Canada, France, Germany, and the United Kingdom, where it has international operations. It competes in the fast-casual, quick-service, and casual dining segments, against locally owned restaurants, national and regional chains, and food delivery services. Its main competitors include formats that claim to serve higher quality ingredients without artificial additives, serve food quickly, and price reasonably. At year-end 2025 it employed 130,301 people worldwide, including 127,116 in the U.S., along with 1,233 contract workers.

Chipotle sources ingredients through multiple independently owned and operated regional distribution centers that buy from suppliers selected for adherence to its Food with Integrity standards, quality, and price. It has sought to add suppliers to limit price volatility and supply risk, though certain key ingredients come from a small number of suppliers. Its meats are branded "Responsibly Raised" and are produced without non-therapeutic antibiotics or added growth hormones. Food safety is overseen by internal quality assurance teams and an independent Food Safety Advisory Council. The company holds registered trademarks in the U.S. and several other countries, and is subject to federal, state, local and international regulation.