CHIPOTLE MEXICAN GRILL INC
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 4, 2026
CMG$35.92+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net income | $1,535,761 | $1,534,110 | $1,228,737 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 361,382 | 335,030 | 319,394 |
| Deferred income tax provision | 79,483 | (42,937) | (9,505) |
| Impairment, closure costs, and asset disposals | 26,576 | 24,582 | 37,025 |
| Provision for credit losses | (657) | 215 | 1,570 |
| Stock-based compensation expense | 119,543 | 131,730 | 124,016 |
| Other | (14,661) | (3,472) | (13,080) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (11,383) | (29,274) | (11,216) |
| Inventory | (710) | (9,797) | (3,649) |
| Prepaid expenses and other current assets | (33,042) | 9,244 | (39,211) |
| Operating lease assets | 332,685 | 285,587 | 254,241 |
| Other assets | (5,155) | (17,690) | 4,204 |
| Accounts payable | (7,449) | 8,467 | 5,313 |
| Accrued payroll and benefits | (12,113) | 34,857 | 57,048 |
| Accrued liabilities | (10,499) | 27,284 | 3,188 |
| Unearned revenue | 40,710 | 46,139 | 35,685 |
| Income tax payable/receivable | (24,125) | (14,363) | (5,237) |
| Operating lease liabilities | (258,228) | (217,894) | (214,477) |
| Other long-term liabilities | (4,192) | 3,258 | 9,431 |
| Net cash provided by operating activities | 2,113,926 | 2,105,076 | 1,783,477 |
| Investing activities | |||
| Purchases of leasehold improvements, property and equipment | (666,336) | (593,603) | (560,731) |
| Purchases of investments | (28,222) | (986,673) | (1,115,131) |
| Maturities of investments | 659,476 | 722,637 | 729,853 |
| Proceeds from sale of equipment | - | 20,113 | - |
| Net cash used in investing activities | (35,082) | (837,526) | (946,009) |
| Financing activities | |||
| Repurchase of common stock | (2,425,516) | (1,001,559) | (592,349) |
| Tax withholding on stock-based compensation awards | (49,458) | (74,229) | (69,146) |
| Other financing activities | 4,076 | 2,089 | 843 |
| Net cash used in financing activities | (2,470,898) | (1,073,699) | (660,652) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (416) | (1,635) | 381 |
| Net change in cash, cash equivalents, and restricted cash | (392,470) | 192,216 | 177,197 |
| Cash, cash equivalents, and restricted cash at beginning of year | 778,379 | 586,163 | 408,966 |
| Cash, cash equivalents, and restricted cash at end of year | $385,909 | $778,379 | $586,163 |
| Supplemental disclosures of cash flow information | |||
| Income taxes paid | $423,481 | $532,862 | $400,229 |
| Purchases of leasehold improvements, property and equipment accrued in accounts payable and accrued liabilities | $89,429 | $82,636 | $76,415 |
| Repurchase of common stock accrued in accounts payable and accrued liabilities | $22,958 | $7,279 | $5,643 |
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