Chipotle (NYSE: CMG) expands buyback with $1.8B new authorization, $1.85B remaining

Rhea-AI Filing Summary

Chipotle Mexican Grill, Inc. announced that its Board of Directors authorized an additional $1.8 billion for share repurchases on December 4, 2025. With this new authorization, a total of approximately $1.85 billion remained available for share repurchases as of December 5, 2025, giving the company substantial capacity to continue buying back its stock. Chipotle has repurchased approximately $2.3 billion of shares year to date through December 5, 2025, reflecting significant recent capital return to shareholders. The share repurchase program has been in place since 2008, has no expiration date, and the authorization can be modified, suspended, or discontinued at any time.

Insights

Equity Capital Allocation Analyst

Chipotle expands its ongoing share repurchase capacity with a large new authorization.

Chipotle reports that its Board authorized an additional $1.8 billion in share repurchases, bringing total remaining authorization to about $1.85 billion as of December 5, 2025. The company also states it has repurchased approximately $2.3 billion of shares year to date through the same date, indicating active use of buybacks during the year.

The disclosure explains a shift in approach: instead of authorizing repurchase pools quarterly, the Board now intends to approve larger dollar amounts designed to cover multiple quarters. The repurchase program, in place since 2008, has no expiration date and can be modified, suspended, or discontinued at any time, so actual repurchase activity will depend on future Board decisions and market conditions.

The sizeable remaining authorization provides flexibility for continued capital return via share repurchases. Future periodic reports and updates may show how quickly Chipotle draws down the approximately $1.85 billion remaining and how that interacts with its other capital needs and growth plans.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 4, 2025

CHIPOTLE MEXICAN GRILL, INC.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation) 1-32731 (Commission File Number) 84-1219301 (I.R.S. Employer Identification No.)

610 Newport Center Drive, Suite 1100

Newport Beach, CA 92660

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (949) 524-4000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, par value $0.01 per share			CMG			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 7.01 Regulation FD Disclosure.

Chipotle Mexican Grill, Inc. (“Chipotle”) today announced that its Board of Directors, on December 4, 2025, had authorized an additional $1.8 billion for share repurchases. Historically, Chipotle’s Board has authorized additional share repurchase pools on a quarterly basis; however, beginning with this authorization, the Board intends to authorize share repurchase pools with a larger dollar amount to cover multiple quarters. Including this additional authorization, as of December 5, 2025 a total of approximately $1.85 billion remains authorized for share repurchases. Chipotle has repurchased approximately $2.3 billion of shares year to date through December 5, 2025. Chipotle has had a share repurchase program in place since 2008. There is no expiration date for this program and the repurchase authorization may be modified, suspended, or discontinued at any time.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Chipotle Mexican Grill, Inc.
December 8, 2025			By:			/s/ Matthew R. Bush
						Matthew R. Bush
						Vice President, Controller (principal accounting officer)

FAQ

How much additional share repurchase authorization did Chipotle (CMG) announce?

Chipotle’s Board authorized an additional $1.8 billion for share repurchases on December 4, 2025. This expands the company’s capacity to buy back its common stock.

What is Chipotle’s total remaining share repurchase authorization after this increase?

Including the new authorization, Chipotle states that approximately $1.85 billion remained authorized for share repurchases as of December 5, 2025.

How much stock has Chipotle repurchased in 2025 so far?

Chipotle reports it has repurchased approximately $2.3 billion of shares year to date through December 5, 2025, reflecting substantial buyback activity during the year.

Does Chipotle’s share repurchase program have an expiration date?

No. Chipotle states that its share repurchase program, in place since 2008, has no expiration date, and the authorization may be modified, suspended, or discontinued at any time.

How is Chipotle changing its approach to authorizing share repurchases?

The company notes that the Board previously authorized share repurchase pools on a quarterly basis. Beginning with this authorization, the Board intends to approve larger dollar amounts designed to cover multiple quarters.

What type of stock is covered by Chipotle’s repurchase authorization?

The authorization covers Chipotle’s common stock, par value $0.01 per share, which is listed on the New York Stock Exchange under the symbol CMG.