Chipotle Mexican Grill management check
CMG · Consumer Discretionary · Restaurants · CEO Scott Boatwright
Filings as of
3 good · 4 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $133, against $124 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.32 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.0% of net income$15.5m of reported pay in fiscal 2025, against $1.5bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 0.7 years of payThe CEO holds 318,609 shares, directly or through trusts (unvested awards not counted): about 0.7 years of pay. Light activity: no buys, $96k sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.6% a year over the last three fiscal years. Stock-based pay was 1.0% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Brian Niccol, Scott Boatwright. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 59 | 70 | |
| Pay for performance | 66 | 79 | |
| CEO cost | 50 | 44 | |
| Skin in the game | 28 | 36 | |
| Dilution | 69 | 74 | |
| Stable leadership | 30 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Restaurants, by management score. Chipotle Mexican Grill is 38th of 47 in its sector.
- 223MCDMcDonald's66
- 303DRIDarden Restaurants61
- 324DPZDomino's60
- 356CMGChipotle Mexican Grill58
- 438YUMYum! Brands48
- 448SBUXStarbucks47
Pay versus performance
From the proxy statement filed April 28, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Scott Boatwright | $15.5m | $0 | $6.1m | $133 | $124 | $1.5bn |
| 2024 | Brian Niccol, Scott Boatwright | $22.1m | $33.4m | $12.7m | $217 | $126 | $1.5bn |
| 2023 | Brian Niccol | $22.5m | $95.3m | $7.2m | $165 | $123 | $1.2bn |
| 2022 | Brian Niccol | $17.2m | $0 | $6.5m | $100 | $109 | $899.0m |
| 2021 | Brian Niccol | $17.9m | $66.2m | $5.4m | $126 | $121 | $653.0m |
The board says pay is tied most to Restaurant Cash Flow Dollars. Its other key measures: Restaurant Cash Flow (RCF) Dollars, Comparable Restaurant Sales (CRS) Growth, Site Assessment Requests (SARs), RCF Margin %.
Insiders and the CEO's stake
Scott Boatwright (Chief Executive Officer) held 318,609 shares directly after their latest Form 4 on Aug 22, 2026, roughly $11.2m at that filing's price.
Light activity: no buys, $96k sold in six months.
- SoldMatthew R BushController, PAO$96kAug 21, 2026
Leadership and governance on file
- Sep 14, 2026Leadership change8-K 5.02
- Jan 12, 2026Leadership change8-K 5.02
- Nov 25, 2025Leadership change8-K 5.02
- Sep 5, 2025Leadership change8-K 5.02
- Aug 26, 2025Leadership change8-K 5.02
- May 7, 2025Leadership change8-K 5.02
- Dec 20, 2024Leadership change8-K 5.02
- Nov 12, 2024Leadership change8-K 5.02
- Aug 28, 2024Leadership change8-K 5.02
- Aug 13, 2024Leadership change8-K 5.02
- Jul 9, 2024Leadership change8-K 5.02
- Sep 14, 2023Leadership change8-K 5.02
Latest shareholder vote results: Jun 17, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $5.3bn returned to owners in buybacks and dividends, 91% of net income, and $649.7m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.5bn | $8.6bn | $9.9bn | $11.3bn | $11.9bn |
| Net income | $653.0m | $899.0m | $1.2bn | $1.5bn | $1.5bn |
| Stock-based pay | $176.4m | $98.0m | $124.0m | $131.7m | $119.5m |
| Buybacks | $466.5m | $830.1m | $592.3m | $1.0bn | $2.4bn |
| Dividends | — | — | — | — | — |
| Diluted shares | 29m | 1403m | 1386m | 1377m | 1343m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.