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Chipotle Mexican Grill Inc. (CMG-2.80%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $11.3 billion for the year, a 14.6% increase from the previous year. The increase is attributed to a 7.4% rise in comparable restaurant sales and the opening of 304 new restaurants.
Food, beverage, and packaging costs accounted for 29.8% of total revenue, slightly up from 29.5% the previous year. This was due to higher ingredient usage and inflation in ingredient costs.
Labor costs remained at 24.7% of total revenue, with wage inflation offset by sales leverage. The company reported a net income of $1.53 billion, with diluted earnings per share of $1.11, up from $0.89 the previous year.
Chipotle's digital sales represented 35.1% of total food and beverage revenue in 2024, a slight decrease from 37.4% in 2023.
The company opened 304 new restaurants, with 257 featuring a Chipotlane, and plans to open 315 to 345 new locations in 2025.
Chipotle's Cultivate Next Fund invested $63 million in strategically aligned companies, with the fund authorized to invest up to $100 million.
As of December 31, 2024, Chipotle had $2.2 billion in cash and marketable investments, with no outstanding borrowings under its $500 million credit facility.
The company continues to focus on its growth strategy, emphasizing new restaurant openings, digital sales, and sustainability initiatives.
Chipotle's stock repurchase program saw the repurchase of 5,536,371 shares in the fourth quarter of 2024, with $1.0 billion remaining available for repurchases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chipotle Mexican Grill Inc. annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.