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Chipotle Mexican Grill logo

Chipotle Mexican Grill Business Segments

Business, geographic, and product segment breakdowns

Chipotle Mexican Grill generates $12.1B in annual revenue across 1 key segments: Business Segments ($11.9B). The company-wide operating margin is 15.27%. Based on the Q1 2026 filing.

Business Segments (TTM)$11.9B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$40.1B
P/E Ratio27.61
ROE49.23%

Products & Services

Number of restaurants

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Chipotle3644.003697.003750.003822.003938.003983.00

Contract With Customer, Liability, Revenue Recognized, Excluding Opening Balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Chipotle Rewards$37.6M$40M$42.2M$48.4M$46M$46.6M

Revenue deferred

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Chipotle Rewards$45M$41.6M$45.7M$50.3M$46.1M$50.1M

Unearned revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gift card liability$181.8M$145.4M$144.8M$141M$174.6M$138.1M
Chipotle Rewards$56.8M$58.4M$61.9M$63.7M$63.8M$67.3M
Deferred licensing revenue$0——$2M$2M$2M

Total Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Food and beverage revenue$2.8B$2.9B$3B$3B$3B$3.1B
Delivery service revenue$15.3M$15.4M$15.6M$14.2M$14.3M$15.5M

Breakage revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gift card liability$1.9M$7M$7M$7M$7M—

Revenue recognized from gift card liability balance at the beginning of the year

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gift card liability$16M$53M$14.6M$8.2M$32.9M$56.2M

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Long-Lived Assets$142.8M———$207.8M—

Business Segments

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total Revenue$2.8B$2.8B$3B$2.9B$2.9B$3B
Food, beverage and packaging$846.3M$818.5M$862M$877.4M$875.8M$888.1M
Labor$703.9M$705.3M$741.2M$740.8M$744.2M$789.1M
Operating Income (Loss)$608.1M$653.1M$728.2M$623.6M$582.7M$602.2M
Other operating costs$318.6M$321.3M$336.7M$351.1M$349.2M$366.2M
Occupancy$142.5M$146M$150M$153.5M$157.5M$164.5M
Marketing$84.9M$85.9M$83M$89.6M$102.8M$104.6M
D&A$76.4M$79.5M$82.7M$82.4M$83.9M$86M
Other segment items$11M$12.9M$16.6M$19.1M$23M$19.9M