Chipotle Mexican Grill (CMG): what its 10-K says it depends on

Suppliers

Independent third-party distributors

depends onnamed as a risk

In addition, we rely on independent third-party distributors to maintain an inventory of our ingredients and supplies, and deliver them to our restaurants on a timely, as needed basis.Risk factors (Item 1A)

Partners and platforms

Third-party delivery aggregators

depends on · Over 16% of our 2025 food and beverage revenuenamed as a risk

Over 16% of our 2025 food and beverage revenue consisted of delivery orders for which we are reliant on third-party delivery companies.Risk factors (Item 1A)

Also named by YUM

Alshaya Group

depends on · 14 international partner-operated Chipotle restaurantsnamed as a risk

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.Risk factors (Item 1A)

Also named by ULTA

Workday

depends on

Leveraging our People Technology platforms by adding succession planning capabilities in Workday, including a dedicated process for Field Leader and above.Business (Item 1)

Also named by DOCU, FIVE, NOW, RMNI

Other companies

Chipotle Rewards

36.7% of food and beverage revenue

Digital sales represented 36.7% of food and beverage revenue in 2025, compared to 35.1% in 2024.Business (Item 1)

Places

United States

concentrated in · 3,938 Chipotle restaurants

As of December 31, 2025, we owned 3,938 Chipotle restaurants throughout the United States (“U.S.”) and 104 international Chipotle restaurants.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Mexico

depends onnamed as a risk

In addition, we source some ingredients (including avocados, tomatoes, beef, pork, limes, peppers and spices), restaurant equipment, packaging and paper products outside the U.S. (including from Mexico, Canada and China), which could subject them to increased tariffs, trade sanctions or taxes.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Canada

depends onnamed as a risk

In addition, we source some ingredients (including avocados, tomatoes, beef, pork, limes, peppers and spices), restaurant equipment, packaging and paper products outside the U.S. (including from Mexico, Canada and China), which could subject them to increased tariffs, trade sanctions or taxes.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

China

depends onnamed as a risk

In addition, we source some ingredients (including avocados, tomatoes, beef, pork, limes, peppers and spices), restaurant equipment, packaging and paper products outside the U.S. (including from Mexico, Canada and China), which could subject them to increased tariffs, trade sanctions or taxes.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Hazards

Avian influenza

named as a risk

We may experience shortages, delays or interruptions in the supply of ingredients and other supplies to our restaurants due to higher or more lucrative demand from other sources; inclement weather or natural disasters; animal disease outbreaks (such as avian flu); social or labor unrest; shortages of agricultural workers (including due to changes in immigration laws); operational disruptions at our suppliers, distributors or transportation providers (including due to cyberattacks, malware or ransomware); financial distress or insolvency of suppliers or distributors, or the inability of suppliers or distributors to manage adverse business conditions; or other conditions beyond our control.Risk factors (Item 1A)

Also named by CVLG, FLO, MRK, ZTS

Food-borne illness

named as a risk

We may have higher risk for food safety incidents than some of our competitors because we use fresh, unprocessed produce, handle raw chicken in our restaurants, rely on employees cooking with traditional methods and don't use artificial preservatives or frozen ingredients in our menu items.Risk factors (Item 1A)

Also named by USFD

Commodities and inputs

Beef

exposed to its pricenamed as a risk

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.Risk factors (Item 1A)

Also named by CAG, CPB, DRI, MCD, QSR, TXRH, YUM

Dairy

exposed to its pricenamed as a risk

Any increase in the prices of the ingredients most critical to our menu, such as chicken, beef, dairy (for cheese, sour cream and queso), avocados, tortillas and pork, would have a particularly adverse effect on our operating results.Risk factors (Item 1A)

Also named by KHC, MDLZ, SBUX

Chicken

exposed to its pricenamed as a risk

Any increase in the prices of the ingredients most critical to our menu, such as chicken, beef, dairy (for cheese, sour cream and queso), avocados, tortillas and pork, would have a particularly adverse effect on our operating results.Risk factors (Item 1A)

Also named by CAVA, MCD

Pork

exposed to its pricenamed as a risk

Any increase in the prices of the ingredients most critical to our menu, such as chicken, beef, dairy (for cheese, sour cream and queso), avocados, tortillas and pork, would have a particularly adverse effect on our operating results.Risk factors (Item 1A)

Also named by CAG, HRL

Tomatoes

depends onnamed as a risk

In addition, we have a limited number of suppliers for some of our ingredients, including lemon and lime juice, tomatoes and adobo.Risk factors (Item 1A)

Also named by CAG, CPB

Avocados

exposed to its pricenamed as a risk

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.Risk factors (Item 1A)

Tortillas

exposed to its pricenamed as a risk

Any increase in the prices of the ingredients most critical to our menu, such as chicken, beef, dairy (for cheese, sour cream and queso), avocados, tortillas and pork, would have a particularly adverse effect on our operating results.Risk factors (Item 1A)

Lemon and lime juice

depends onnamed as a risk

In addition, we have a limited number of suppliers for some of our ingredients, including lemon and lime juice, tomatoes and adobo.Risk factors (Item 1A)

Adobo

depends onnamed as a risk

In addition, we have a limited number of suppliers for some of our ingredients, including lemon and lime juice, tomatoes and adobo.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

If the Food and Drug Administration or other government agency adopts new laws and regulations in response to real or perceived emerging food safety, such as concerns over phthalates, PFAS, microplastics or heavy metals in the U.S. food supply, it could impose new processes that disrupt our suppliers’ operations, increase costs or both.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Laws and programs

One Big Beautiful Bill Act

subject tonamed as a risk

Changes in tax laws and government regulations, such as the One Big Beautiful Bill Act, enacted in the U.S. in July 2025;Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

U.S. tariffs on imports

subject tonamed as a risk

Tariffs imposed on commodities or goods, including recent tariffs imposed or threatened to be imposed by the U.S. on other countries, and any retaliation measures taken by such countries.Risk factors (Item 1A)

Also named by AAP, ABT, ALLY, ATR, AZO, BBW, BWA, DG and 19 more

Americans with Disabilities Act

subject tonamed as a risk

public accommodations and safety conditions, including the Americans with Disabilities Act and similar state laws that give civil rights protections to individuals with disabilities in the context of employment, public accommodations, online resources and other areas;Risk factors (Item 1A)

Also named by AMT, DRI, ELS, HHH, HLT, LLYVA, LYV, PLD and 3 more

California Climate Corporate Data Accountability Act

subject tonamed as a risk

For example, measuring Scope 1, 2 and 3 greenhouse gas emissions relating to our business, developing reduction plans and initiatives, and creating and disclosing achievable reduction goals can be costly, difficult and time consuming and is subject to evolving reporting standards, including California’s Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act, and similar proposals by other national, local and international regulatory agencies.Risk factors (Item 1A)

Also named by ALL, BBSI, DKS, FCNCA, PTC, TSCO

Extended producer responsibility (EPR) packaging laws

subject tonamed as a risk

We could incur shortages of or increased costs for certain food packaging we use due to changes made by our suppliers to comply with these EPR laws.Risk factors (Item 1A)

Also named by MO

New York City Fair Workweek law

subject tonamed as a risk

For example, in 2022 we settled a complaint alleging that we violated New York City’s Fair Workweek law and Earned Safe and Sick Time Act, and we currently are cooperating with a second audit by New York City of our compliance with employment law requirements, which could result in additional liabilities.Risk factors (Item 1A)