Chipotle Mexican Grill ranks as the largest fast-casual restaurant chain in the United States. Steve Ells founded the company in 1993 in Denver, Colorado, using an $85,000 loan from his father to convert a former ice cream shop into a burrito restaurant.
The chain serves burritos, bowls, tacos, and salads made with fresh ingredients in front of customers. Chipotle operates over 3,700 company-owned restaurants across the United States, Canada, United Kingdom, France, Germany, Kuwait, and United Arab Emirates.
Unlike most restaurant chains, Chipotle does not franchise. The company owns and operates every North American and European location. Digital sales now represent over 34% of total revenue as the chain expands its Chipotlane drive-thru pickup lanes.
Chipotle Mexican Grill History
Chipotle Mexican Grill Co-founders
Chipotle Mexican Grill Revenue
Chipotle generated $11.31 billion in revenue during 2024, marking a 14.6% increase from the previous year. The company has posted consistent double-digit revenue growth annually since 2021.
Chipotle Mexican Grill Acquisitions
Chipotle has taken an unusual approach to growth by creating and investing in new restaurant concepts rather than acquiring existing brands. Most of these ventures did not succeed, and the company has since focused exclusively on its core Mexican brand.
In 2011, Chipotle opened ShopHouse Southeast Asian Kitchen, an Asian fast-casual concept developed entirely in-house. The chain grew to 15 locations before management closed all restaurants in March 2017 due to disappointing financial performance.
The company invested in Pizzeria Locale in 2013, partnering with the original Boulder restaurant owners to create a fast-casual pizza chain. Chipotle operated five locations in the Denver area until July 2023, when it shut down all remaining Pizzeria Locale restaurants and dissolved the business.
Chipotle launched Tasty Made in 2016 as a burger concept featuring fresh, never-frozen beef. The single Ohio location closed in February 2018 after failing to meet expectations. The company also briefly supported Soul Daddy, a soul food concept that operated three locations for less than five weeks in 2011.
In February 2023, Chipotle tested Farmesa Fresh Eatery, a bowl-focused concept through a ghost kitchen partnership with Kitchen United. The company abandoned Farmesa in April 2024 after the concept failed to generate sufficient customer interest. Management has indicated the company will continue focusing on growing the core Chipotle brand rather than diversifying into other cuisines.
Chipotle Mexican Grill Competitors
Chipotle competes in the fast-casual Mexican restaurant segment against regional chains and national brands. The company holds the largest market share in this category with over 3,700 locations compared to competitors operating fewer than 800 each.
| Company | Headquarters | Primary Offering |
|---|---|---|
| Qdoba Mexican Eats | San Diego, California | Fast-Casual Mexican |
| Moe’s Southwest Grill | Atlanta, Georgia | Southwestern Cuisine |
| Taco Bell | Irvine, California | Quick-Service Mexican |
| Del Taco | Lake Forest, California | Mexican-American |
| Baja Fresh | Scottsdale, Arizona | Fast-Casual Mexican |
| Rubio’s Coastal Grill | Carlsbad, California | Seafood-Mexican |
| Pancheros Mexican Grill | Iowa City, Iowa | Fast-Casual Burritos |
| Freebirds World Burrito | Austin, Texas | Build-Your-Own Burritos |
| Barberitos | Athens, Georgia | Southwestern Burritos |
| District Taco | Washington, D.C. | Yucatan-Style Mexican |
Chipotle Mexican Grill Market Cap
Chipotle’s market capitalization stands at approximately $49.61 billion as of December 2025. This ranks the company as the 466th most valuable company globally and among the top restaurant stocks by market value.
FAQs
When was Chipotle Mexican Grill founded?
Steve Ells founded Chipotle Mexican Grill on July 13, 1993, in Denver, Colorado, near the University of Denver campus.
Does McDonald’s own Chipotle?
No, McDonald’s fully divested from Chipotle in October 2006. McDonald’s was an early investor from 1998 to 2006 but sold its entire stake.
How many Chipotle restaurants are there?
Chipotle operates over 3,700 restaurants as of December 2024 across the United States, Canada, United Kingdom, France, Germany, Kuwait, and UAE.
Does Chipotle franchise its restaurants?
Chipotle owns and operates all restaurants in North America and Europe. The company uses franchise partners only in Middle Eastern markets.
Where is Chipotle Mexican Grill headquartered?
Chipotle is headquartered in Newport Beach, California. The company relocated from Denver, Colorado, in 2018 under CEO Brian Niccol.
