CMG · CIK 0001058090
What Chipotle Mexican Grill, Inc. told the SEC could break it.
Chipotle's disclosures cluster on the cost and supply of its ingredients. Prices for staples like beef, avocados and produce swing on factors beyond its control — limited sources, weather and climate, animal-disease outbreaks, food-safety concerns and geopolitical conflict — and certain key ingredients are bought from only a small number of suppliers, a reliance it is working to reduce by adding sources. Trade policy adds to the pressure: tariffs enacted in 2025 added 0.2% to that year's cost of sales and are estimated to raise food, beverage and packaging costs by about 15 basis points on an ongoing basis, with items like avocados, tomatoes, beef and limes sourced from Mexico, Canada and China.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- beef, avocados and produce price volatilitymedium
Chipotle's ingredient costs (beef, avocados, produce) fluctuate due to limited sources, weather/climate, animal disease outbreaks, food safety concerns, and geopolitical conflicts — factors beyond its control.
“The prices for some of our ingredients, such as beef, avocados and other produce fluctuate due to factors beyond our control, such as limited sources, seasonal shifts, climate conditions or inclement weather, natural disasters, inflation, military and geopolitical conflicts and industry demand, including as a result of animal disease outbreaks, international commodity markets, food safety concerns, product recalls and government regulation.”
SEC filing →As of 2026
Regulatory & policy
- 2025 tariffs on imported ingredients/packaging (~15 bps ongoing)medium
Tariffs enacted in 2025 added 0.2% to 2025 cost of sales and are estimated to raise food, beverage and packaging costs by ~15 bps on an ongoing basis; Chipotle sources avocados, tomatoes, beef, pork, limes, peppers and spices from Mexico, Canada and China.
“These decreases were partially offset by 0.4% of inflation, primarily beef and chicken, and a 0.2% impact from tariffs enacted in 2025. We estimate that the tariffs enacted in 2025 will impact food, beverage and packaging costs by about 15 basis points on an ongoing basis.”
Supplier concentration
- key ingredients from a small number of suppliersmedium
Certain key Chipotle ingredients are purchased from a small number of suppliers; the company is actively trying to add suppliers to reduce reliance and avoid supply shortages.
“We have also sought to increase the number of suppliers for our ingredients to help mitigate pricing volatility and reduce our reliance on one or several suppliers, which could create supply shortages. In addition, we closely monitor industry news, trade tariffs, weather, exchange rates, foreign demand, geopolitical crises and other world events that may affect our ingredient prices or available supply. Certain key ingredients are purchased from a small number of suppliers.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Alshaya Group
“As of December 31, 2025, we had 14 international partner-operated Chipotle restaurants in the Middle East in partnership with the Alshaya Group, and we have plans to open more partner-operated Chipotle restaurants in the Middle East, Mexico and Asia.”
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