Chipotle Mexican Grill

Capital is primarily reinvested in high‑return new units and equipment that improves throughput and margins. Average development spend per new restaurant in 2024 was about $1.5 million gross and $1.3 million net of landlord reimbursements, which is efficient relative to cash generation.

Management authorized ongoing repurchases and had $652 million of capacity remaining as of 9/30/2025, after repurchasing roughly $1.0 billion in 2024 and an additional $1.68 billion in the first nine months of 2025. Stock‑based compensation is present but moderate for a company of this scale.

M&A is minimal; the Cultivate Next Fund is targeted and strategically aligned. Overall, we view capital allocation as disciplined and shareholder‑minded.