Chipotle Mexican Grill (CMG) Operating Expenses (2010 - 2026)
Chipotle Mexican Grill's Operating Expenses came in at $2.82 billion for Q2 2026, up 12.7% from $2.5 billion a year earlier and up 4.9% from the prior quarter.
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Analysis
Chipotle Mexican Grill (CMG) Operating Expenses (2010 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Chipotle Mexican Grill reported Operating Expenses of $10.6 billion, up 9.9% year-over-year; for FY2025, it came in at $9.99 billion, up 6.3% from FY2024.
- Operating Expenses has increased in each of the last 16 years, with a five-year compound annual growth rate of 11.9% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $9.4 billion in FY2024 (+13.0%), $8.31 billion in FY2023 (+11.2%), $7.47 billion in FY2022 (+10.9%) and $6.74 billion in FY2021 (+18.4%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q1 2010.
- Year-over-year, Operating Expenses has increased for 40 consecutive quarters, with growth averaging 9.4% over the last eight quarters.
- Over the past five years, the year-over-year growth in Operating Expenses ranged from 4.5% (Q4 2022) to 20.9% (Q4 2021).
- Business Quant data shows CMG's Operating Expenses at $2.69 billion (Q1 2026), $2.56 billion (Q4 2025) and $2.53 billion (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 171.96 Bn | 166.78 Bn | 6.42 Bn | 3.76 Bn |
| 2 | Starbucks | 110.34 Bn | 97.96 Bn | - | 8.42 Bn |
| 3 | Yum Brands | 41.48 Bn | 38.36 Bn | 1.47 Bn | 1.51 Bn |
| 4 | Chipotle Mexican Grill | 39.00 Bn | 34.98 Bn | - | 2.82 Bn |
| 5 | Restaurant Brands International | 25.80 Bn | 21.35 Bn | 1.38 Bn | 1.80 Bn |
| 6 | Darden Restaurants | 24.38 Bn | 23.48 Bn | 1.68 Bn | 2.88 Bn |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 1.80 Bn |
| 8 | Yum China Holdings | 15.57 Bn | 9.23 Bn | 537.00 Mn | 2.79 Bn |
| 9 | Texas Roadhouse | 11.21 Bn | 10.55 Bn | - | 1.54 Bn |
| 10 | Luckin Coffee | 10.73 Bn | 9.81 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.82 Bn |
| Mar 31, 2026 | 2.69 Bn |
| Dec 31, 2025 | 2.56 Bn |
| Sep 30, 2025 | 2.53 Bn |
| Jun 30, 2025 | 2.50 Bn |
| Mar 31, 2025 | 2.40 Bn |
| Dec 31, 2024 | 2.43 Bn |
| Sep 30, 2024 | 2.32 Bn |
| Jun 30, 2024 | 2.39 Bn |
| Mar 31, 2024 | 2.26 Bn |
| Dec 31, 2023 | 2.15 Bn |
| Sep 30, 2023 | 2.08 Bn |
| Jun 30, 2023 | 2.08 Bn |
| Mar 31, 2023 | 2.00 Bn |
| Dec 31, 2022 | 1.88 Bn |
| Sep 30, 2022 | 1.88 Bn |
| Jun 30, 2022 | 1.88 Bn |
| Mar 31, 2022 | 1.83 Bn |
| Dec 31, 2021 | 1.80 Bn |
| Sep 30, 2021 | 1.71 Bn |
API Access
Chipotle Mexican Grill Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=CMG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "CMG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=CMG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();