中文版正在生成中，先为你展示英文版分析。
AI核心结论
CMG delivered 5.4% revenue growth to $11.93B in FY2025, but net income was nearly flat at $1.54B (+0.1%) as the company aggressively returned $2.43B to shareholders via buybacks, sharply reducing cash and equity.
营业收入
$11.93B
同比 ++5.41%
每股收益（基本）
$1.15
同比 ++2.68%
营业利润
$1.94B
同比 ++1.02%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Chipotle Mexican Grill (CMG) FY2025 营收 $11.93B，同比增长 5.4%。 净利润 $1.54B，同比增长 0.1%，稀释每股收益 $1.14。
CMG grew total revenue by 5.4% year-over-year from $11.31B to $11.93B in FY2025, reflecting ongoing restaurant expansion and comparable sales growth as the company continues to scale its footprint.
来源: Source: 10-K Income Statement, FY2025
Operating margin declined modestly from 16.9% to 16.2% year-over-year, suggesting modest cost pressures — likely from labor, food costs, or occupancy — that partially offset revenue gains.
来源: Source: 10-K Income Statement & Key Ratios, FY2025
CMG repurchased $2.43B in shares in FY2025, more than double the $1.00B repurchased in FY2024 (+142.2%), which was the primary driver of the $2.47B in financing cash outflows and a 53.2% decline in cash to $350.5M.
来源: Source: 10-K Cash Flow Statement, FY2025
Operating cash flow remained robust at $2.11B (+0.4% YoY), demonstrating the business's strong cash generation capability even as net income was essentially flat, with D&A of $361.4M adding back non-cash charges.
来源: Source: 10-K Cash Flow Statement, FY2025
Stockholders' equity fell 22.6% from $3.66B to $2.83B, driven by the large share repurchase program, while total liabilities rose 11.1% to $6.16B, pushing the debt-to-equity ratio to 2.18x.
来源: Source: 10-K Balance Sheet, FY2025
CMG spent $2.43B on share repurchases in FY2025, causing cash to drop 53.2% to $350.5M and stockholders' equity to decline 22.6%. This significantly reduces the company's liquidity buffer and financial flexibility in the event of an economic downturn or unexpected operational disruption.
来源: Source: 10-K Cash Flow & Balance Sheet, FY2025
Total liabilities increased 11.1% to $6.16B while equity declined, pushing the debt-to-equity ratio to 2.18x. Although long-term debt remains at zero, the growing liability base (likely driven by lease obligations) increases financial risk if operating cash flows were to deteriorate.
来源: Source: 10-K Balance Sheet, FY2025
Operating margin contracted from 16.9% to 16.2% in FY2025, indicating that cost growth is outpacing revenue growth. Sustained cost pressures from labor inflation, food commodity prices, or occupancy costs could further compress margins in future periods.
来源: Source: 10-K Income Statement & Key Ratios, FY2025
Despite a 5.4% increase in revenue, net income grew only 0.1% to $1.54B, suggesting that incremental revenue is not translating efficiently to the bottom line. This dynamic, if persistent, could signal structural cost challenges or reinvestment needs.
来源: Source: 10-K Income Statement, FY2025
Current assets fell 17.6% to $1.47B, primarily due to the sharp drop in cash, while the current ratio declined to 1.23x. Although still above 1.0x, the trend indicates tightening near-term liquidity that warrants monitoring.
来源: Source: 10-K Balance Sheet, FY2025
FY2025 实际 EPS $0.25，分析师一致预期 $0.24，超预期 +3.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $11.93B | $11.31B | +5.41% |
营业利润 | $1.94B | $1.92B | +1.02% |
净利润 | $1.54B | $1.53B | +0.11% |
每股收益（基本） | $1.15 | $1.12 | +2.68% |
每股收益（稀释） | $1.14 | $1.11 | +2.70% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $8.99B | $9.2B | -2.28% |
流动资产 | $1.47B | $1.78B | -17.61% |
总负债 | $6.16B | $5.55B | +11.09% |
流动负债 | $1.19B | $1.17B | +1.66% |
股东权益 | $2.83B | $3.66B | -22.57% |
现金及等价物 | $350.55M | $748.54M | -53.17% |
长期债务 | $0 | $0 | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $2.11B | $2.11B | +0.42% |
投资活动现金流 | $-35.08M | $-837.53M | +95.81% |
筹资活动现金流 | $-2.47B | $-1.07B | -130.13% |
股票回购 | $2.43B | $1B | +142.17% |
折旧及摊销 | $361.38M | $335.03M | +7.87% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 16.2% | 16.9% | -0.71% |
净利率 | 12.9% | — | — |
净资产收益率 | 54.3% | — | — |
总资产收益率 | 17.1% | — | — |
流动比率 | $1.235 | — | — |
资产负债率 | $2.178 | — | — |
Restaurants 行业其他公司
CMG's revenue grew 5.4% year-over-year to $11.93B in FY2025, up from $11.31B in FY2024. This growth reflects continued restaurant expansion and positive comparable sales performance across the chain.
The headline takeaway from CMG's FY2025 results is that while revenue grew a solid 5.4%, net income was nearly flat at $1.54B (+0.1%) due to margin compression. The most notable financial event was the $2.43B share buyback program, which more than doubled the prior year's repurchases and cut the company's cash balance by over half to $350.5M.
CMG's cash and equivalents fell 53.2% from $748.5M to $350.5M in FY2025, primarily because the company spent $2.43B on share repurchases — more than double the $1.00B spent in FY2024. Operating cash flow of $2.11B was strong but was not enough to offset the massive capital return program.
Based on the financial data, key risks include the significant reduction in financial flexibility from aggressive buybacks, rising total liabilities (up 11.1% to $6.16B), and operating margin compression from 16.9% to 16.2%. The tightening current ratio of 1.23x also signals reduced near-term liquidity compared to prior periods.
CMG remains fundamentally healthy with $2.11B in operating cash flow, zero long-term debt, and a net margin of 12.9%, but the aggressive buyback strategy has reduced cash by 53% and stockholders' equity by 22.6%, leaving the company with less of a financial cushion than in prior years. The debt-to-equity ratio of 2.18x, driven largely by lease obligations and reduced equity, is a metric investors should monitor going forward.