Is The Business Growing

For the most part, Chipotle as a business is growing, although this past year they did start to see slower growth. Looking at the 4 key components of growth, here’s how they played out:

Revenue

Growing but slowly compared to previous years. Quarterly growth slowed to ~7.5% in Q3, down from nearly 15% in late 2024.

Net Income

This one pretty much flattened out at ~$382M (Q3 2025). Which was slightly lower than Q3 2024 ($387M) due to rising labor costs.

Equity

This one is stable at $3.22B (as of Q3 2025). Shareholder equity is lower than the $3.6B seen in 2024, largely due to aggressive stock buybacks (over $1.2B in 2025).

Free Cash Flow

This one is growing at ~$1.22B (YTD through Q3). Despite lower profits, cash generation remains robust, fueling their plan to open 300+ stores annually.

All-in-all, the business is growing but showing some signs of slowing down. They did say they planned to open over 300 more stores in 2025 and so I’ll be curious to see what the actual number is when they release their annual report in a few days. But a company opening 300+ stores is definitely another sign of growth.