Chipotle Mexican Grill Files 2024 10-K

TL;DR

CMG filed its 2024 10-K. All systems go.

AI Summary

Chipotle Mexican Grill Inc. filed its 2024 10-K report on February 5, 2025, detailing its fiscal year ending December 31, 2024. The company, headquartered in Newport Beach, CA, operates in the retail-eating places sector. Key financial data and business operations for the fiscal year are presented in this comprehensive filing.

Why It Matters

This filing provides investors and the public with a detailed overview of Chipotle's financial performance and business operations for the 2024 fiscal year, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not inherently contain new, high-risk information.

Key Numbers

• 20241231 — Fiscal Year End (The report covers the period ending December 31, 2024.)
• 20250205 — Filing Date (The 10-K was filed on February 5, 2025.)

Key Players & Entities

• CHIPOTLE MEXICAN GRILL INC (company) — Filer
• 0001058090 (company) — Central Index Key
• 5812 (company) — Standard Industrial Classification
• 841219301 (company) — IRS Number
• 610 NEWPORT CENTER DR (company) — Business Address
• 949-524-4000 (company) — Business Phone
• CMG (company) — Ticker Symbol

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share CMG New York Stock Exchange

Filing Documents

• cmg-20241231.htm (10-K) — 1580KB
• exh42-capitalstock.htm (EX-4.2) — 10KB
• exh1014-directorcompensati.htm (EX-10.14) — 22KB
• cmg-20241231xex191.htm (EX-19.1) — 49KB
• cmg-20241231xex211.htm (EX-21.1) — 13KB
• cmg-20241231xex231.htm (EX-23.1) — 4KB
• cmg-20241231xex311.htm (EX-31.1) — 9KB
• cmg-20241231xex312.htm (EX-31.2) — 9KB
• cmg-20241231xex321.htm (EX-32.1) — 6KB
• cmg-20241231_g1.jpg (GRAPHIC) — 86KB
• cmg-20241231_g2.jpg (GRAPHIC) — 107KB
• image.jpg (GRAPHIC) — 6KB
• 0001058090-25-000014.txt ( ) — 9571KB
• cmg-20241231.xsd (EX-101.SCH) — 66KB
• cmg-20241231_cal.xml (EX-101.CAL) — 105KB
• cmg-20241231_def.xml (EX-101.DEF) — 267KB
• cmg-20241231_lab.xml (EX-101.LAB) — 817KB
• cmg-20241231_pre.xml (EX-101.PRE) — 548KB
• cmg-20241231_htm.xml (XML) — 1263KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) 35 Consolidated Balance Sheets 37 Consolidated Statements of Income and Comprehensive Income 38 Consolidated Statements of Shareholders' Equity 39 Consolidated Statements of Cash Flows 40

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 41 Note 1 – Description of Business and Summary of Significant Accounting Policies 41 Note 2 – Supplemental Balance Sheet Information 48 Note 3 – Revenue Recognition 49 Note 4 – Fair Value Measurements 50 Note 5 – Equity Investments 51 Note 6 – Income Taxes 52 Note 7 – Shareholders' Equity 55 Note 8 – Stock-Based Compensation and Employee Benefit Plans 55 Note 9 – Leases 59 Note 10 – Earnings Per Share 60 Note 11 – Commitments and Contingencies 60 Note 12 – Debt 61 Note 13 – Related Party Transactions 61 Note 14 – Segment Reporting 61 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 64 Item 9A.

Controls and Procedures

Controls and Procedures 64 Item 9B. Other Information 66 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III Item 10. Directors, Executive Officers and Corporate Governance 66 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 67 Item 13. Certain Relationships and Related Transactions, and Director Independence 67 Item 14. Principal Accounting Fees and Services 67 PART IV Item 15. Exhibits, Financial Statement Schedules 68 Item 16. Form 10-K Summary 70

Signatures

Signatures 71 Table of Contents PART I Cautionary Note Regarding Forward-Looking Statements This report includes "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the number of new restaurants we expect to open in 2025 and the number that will include a Chipotlane; our expectation to generate positive cash flow and that our cash from operations will be sufficient to meet ongoing capital expenditures, working capital requirements and other cash needs for the foreseeable future; our expected capital expenditures in 2025 for the construction of new restaurants, remodeling existing restaurants, new equipment and hardware, and technology; our ability to manage risks and pricing volatility in our supply chain; our expectations regarding the outcomes of pending legal matters; the effectiveness of our food safety and cybersecurity programs; our plans for continuing stock buybacks ; and all other statements that are not historical facts. We use words such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe,""estimate," "seek," "expect," "predict," "could," "project," "potential", "goal" and other similar terms and phrases, including references to assumptions, to identify forward-looking statements. These forward-looking statements are based on currently available operating, financial and competitive information and our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the risks and uncertainties described in this report under the heading "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," so you should not place undue reliance on forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including: increasing wage inflation including as a result of state or local regulations mandating higher min

BUSINESS

ITEM 1. BUSINESS General Chipotle Mexican Grill, Inc., a Delaware corporation, together with its subsidiaries ("Chipotle," "we," "us," or "our") owns and operates Chipotle Mexican Grill restaurants, which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos, and salads. We strive to cultivate a better world by serving responsibly sourced, classically cooked, real food with wholesome ingredients and without artificial colors, flavors or preservatives. We are passionate about providing a great guest experience and making our food more accessible to everyone while continuing to be a brand with a demonstrated purpose. Our first Chipotle restaurant opened in Denver, Colorado in 1993. Over 30 years later, our devotion to seeking out high-quality ingredients, raised with respect for animals, farmers, and the environment, remains at the core of our commitment to Food with Integrity. As of December 31, 2024, we owned and operated 3,644 Chipotle restaurants throughout the United States ("U.S.") and 82 international Chipotle restaurants. Additionally, we had three international licensed restaurants. We manage our U.S. operations based on ten regions and aggregate our operations to one reportable segment. Our revenue is derived from sales by our restaurants. 3 Table of Contents Business Strategy We are a brand with a demonstrated purpose of Cultivating a Better World. Our mission is to win today while we grow our future by focusing on five key fundamental strategies: Running successful restaurants with a people accountable culture that provides great Food with Integrity while delivering exceptional in-restaurant and digital experiences; Amplifying technology and innovation to drive growth and productivity at our restaurants, support centers and in our supply chain; Making the brand visible, relevant, and loved to acquire new guests and improve overall guest engagement; Sustaining world class people leadership by de

View Full Filing

View this 10-K filing on SEC EDGAR