ChipotleMexicanGrillInc 10K 20160205

CHIPOTLE MEXICAN GRILL INC
10-K
02/05/2016
CHIPOTLE MEXICAN GRILL, INC.
Delaware
(State or other jurisdiction of
incorporation or organization)
1401 Wynkoop Street, Suite 500 Denver,
84-1219301
(IRS Employer
Identification No.)
80,202
CO
(Address of Principal Executive Offices)
____________________________
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(Zip Code)

10-K
02/05/2016
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
Common stock, par value $0.01 per share
New York Stock Exchange
____________________________

10-K
02/05/2016
TABLE OF CONTENTS
Item
Item
Item
Item
Item
Item
PART
Item
1.
1A.
1B.
2.
3.
4.
II
5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item
Item
PART
Item
9A.
9B.
III
10.
Item 11.
Item 12.
Item 13.
Item 14.
PART IV
Item 15.
PART I
Business
Risk Factors
Unresolved Staff Comments
Properties
Legal Proceedings
Mine Safety Disclosures
3
10
24
25
26
26
Market for Registrant’s Common

Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
Selected Financial Data
Management’s Discussion and Analysis
of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures
About Market Risk
Financial Statements and Supplementary
Data
Changes in and Disagreements With Accountants
on Accounting and Financial Disclosure
Controls and Procedures
Other Information
27
Directors, Executive Officers and Corporate

Governance
Executive Compensation
Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder
Matters
Certain Relationships and Related Transactions,
and Director Independence
Principal Accounting Fees and Services
61
Exhibits, Financial Statement Schedules

Signatures
62
63
____________________________
29
30
38
39
59
59
61
61
61
61
61

10-K
02/05/2016
Our sales and profitability will be further adversely affected if comparable restaurant sales conti
•
our ability to increase menu prices without

adversely impacting transaction counts
to such a degree that the impact from lower
transactions equals or exceeds the benefit
of the menu price increase and without “trade
down” by customers or other reduction
in average check in response to price increases;
•
weather, road construction and other factors

limiting access to our restaurants; and
•
changes in government regulation that

may impact customer perceptions of our
food, including initiatives regarding
menu labeling and marketing claims about
the origin or makeup of some of the ingredients
we serve.
____________________________
sales conti

10-K
02/05/2016
Our quarterly results may fluctuate significantly and could fall below the expectations of securiti
•
changes in comparable restaurant sales

and customer visits, including as a result
of perceptions about our brand, competition,
changes in consumer confidence or discretionary
spending, and other factors listed in these
Risk Factors;
•
additional negative publicity about the

occurrence of food-borne illnesses, the
ingredients we use, or other problems at
our restaurants;
•
fluctuations in supply costs, particularly

for our most significant food items, including
increased ingredient costs as a result
of changes we’ve made to enhance
the safety of our food;
•
labor availability and wages of restaurant

management and crew, as well as temporary
fluctuations in labor costs as a result
of large-scale changes in workforce;
•
our ability to raise menu prices without

adversely impacting customer traffic,
particularly if food and labor costs continue
to increase;
•
the timing of new restaurant openings and

related revenues and expenses;
•
operating costs at newly opened restaurants,

which are often materially greater during
the first several months of operation;
•
the impact of inclement weather, natural

disasters and other calamities, such as
freezes that have impacted produce crops
and droughts that have impacted livestock
and the supply of certain meats;
•
variations in general economic conditions,

including the impact of declining interest
rates on our interest income;
•
increases in infrastructure costs;
•
litigation, settlement costs and related

legal expense;
•
tax expenses, impairment charges and other

non-operating costs; and
•
potential distraction or unusual expenses

associated with our expansion into international
markets or initiatives to expand new concepts.
____________________________
curiti

10-K
02/05/2016
ITEM 2. PROPERTIES
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
11
74
5
351
76
19
4
22
116
36
4
120
30
8
24
16
6
4
70
45
24
58
36
2
9
24
5
45
4
115
39
1
159
10
20
61
7
16
15
149
8
1
84
30
5
18
1
____________________________
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10-K
02/05/2016
ITEM 2. PROPERTIES
Canada
France
Germany
United Kingdom
Total
11
4
1
7
2,010
____________________________
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10-K
02/05/2016
ITEM 5.MARKET FOR REGISTRANT S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF E
High
Low
2014.00
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
$622.90
$602.21
$697.93
$696.56
High
$480.87
$472.41
$575.92
$607.55
Low
2015.00
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
$727.97
$699.03
$758.61
$757.00
____________________________
$647.28
$598.04
$597.33
$477.97
ASES OF E

10-K
02/05/2016
Purchases of Equity Securities by the Issuer
Total Number of Shares Purchased

October
41,301
Purchased 10/1 through 10/31
November
166,807
December
401,137
Total
____________________________
609,245
Average Price Pai

$665.27
Total Number of Shares Purchased as Part

of Publicly Announced Plans or Programs(1)
41,301
Approximate Doll
May Yet Be Purch
$127,630,87
$599.47
166,807
$27,635,64
$526.61
401,137
$116,394,27
$555.95
609,245
$116,394,27
proximate Dolla
y Yet Be Purcha
$127,630,875
$27,635,641
$116,394,274
$116,394,274

10-K
02/05/2016
ITEM 6. SELECTED FINANCIAL DATA
Year ended December 31,

2015.00
Statement of Income:
Revenue
Food, beverage and packaging costs
Labor costs
Occupancy costs
Other operating costs
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Loss on disposal of assets
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Provision for income taxes
Net income
Earnings per share
Basic
Diluted
Weighted average common shares outstanding
Basic
Diluted
$4,501,223
1,503,835
1,045,726
262,412
514,963
250,214
130,368
16,922
13,194
3,737,634
763,589
6,278
769,867
(294,265)
$475,602
$4,108
$15.30
$15.10
$1
$1
____________________________
$445
31,092
31,494
December 31,
2015.00
Balance Sheet Data:
Total current assets
Total assets
Total current liabilities
Total liabilities
Total shareholders’ equity
201
$814,647
$2,725,066
$279,942
$597,092
$2,127,974
2014 (1)
$859
$2,527
$245
$514
$2,012
2014.00
2013.00
2012.00
2011.00
$4,108,269
1,420,994
904,407
230,868
434,244
273,897
110,474
15,609
6,976
3,397,469
710,800
3,503
714,303
(268,929)
$445,374
$3,214,591
1,073,514
739,800
199,107
347,401
203,733
96,054
15,511
6,751
2,681,871
532,720
1,751
534,471
(207,033)
$327,438
$2,731,224
891,003
641,836
171,435
286,610
183,409
84,130
11,909
5,027
2,275,359
455,865
1,820
457,685
(179,685)
$278,000
$2,269,548
$14.35
$14.13
$10.58
$10.47
$8.82
$8.75
$6.89
$6.76
31,038
31,512
30,957
31,281
31,513
31,783
14 (1)
2013 (1)
$859,511
$2,527,317
$245,710
$514,948
$2,012,369
2012 (1)
$653,095
$1,996,068
$199,228
$457,780
$1,538,288
$214,945
2011 (1)
$537,745
$1,659,805
$186,852
$413,879
$1,245,926
$494,954
$1,419,070
$157,453
$374,844
$1,044,226
2011.00
$2,269,548
738,720
543,119
147,274
251,208
149,426
74,938
8,495
5,806
1,918,986
350,562
(857)
349,705
(134,760)
$214,945
$6.89
$6.76
31,217
31,775
11 (1)
$494,954
$1,419,070
$157,453
$374,844
$1,044,226

10-K
02/05/2016
Restaurant Openings, Relocations and Closures
Beginning of year
Openings
Relocations
Total restaurants at end of year
____________________________
2015.00
1,783
229
(2)
2,010
2014.00
1,595
192
(4)
1,783
2013.00
1,410
185
0
1,595

10-K
02/05/2016
Revenue
Revenue
Average restaurant sales
Comparable restaurant sales increases
Number of restaurants as of the end of the
period
Number of restaurants opened in the period,
net of relocations
____________________________

2015.00
(dollars in millions)
$4,501.20
$2.42
0.2%
2,010
227
2014.00
$4,108.30
$2.47
2014.00
2013.00
$4,108.30
$2.47
16.8%
1,783
$3,214.60
$2.17
5.6%
1,595
188
185
% increase (decrease)
2015 over 2014
% increase
2014 over 2013
9.6%
(1.9%)
27.8%
14.0%
12.7%
11.8%

10-K
02/05/2016
Food, Beverage and Packaging Costs
Food, beverage and packaging

As a percentage of revenue

2015.00
$1,503.80
33.4%
____________________________
2014.00
2013.00
$1,421.00
34.6%
$1,073.50
2013.00
$1,073.50
33.4%
% increase
2015 over 2014
% increase
2014 over 2013
5.8%
32.4%

10-K
02/05/2016
Labor Costs
Labor costs

2015.00
$1,045.70
23.2%
____________________________
2014.00
2013.00
$904.40
22.0%
$739.80
2013.00
$739.80
23.0%
% increase
2015 over 2014
% increase
2014 over 2013
15.6%
22.3%

10-K
02/05/2016
Occupancy Costs
Occupancy costs

2015.00
$262.40
5.8%
____________________________
2014.00
2013.00
$230.90
5.6%
$199.10
6.2%
% increase
2015 over 2014
% increase
2014 over 2013
13.7%
16.0%

10-K
02/05/2016
Other Operating Costs


2015.00
$515.00
11.4%
____________________________
2014.00
2013.00
$434.20
10.6%
$347.40
2013.00
$347.40
10.8%
% increase
2015 over 2014
% increase
2014 over 2013
18.6%
25.0%

10-K
02/05/2016
General and Administrative Expenses
General and administrative expense

____________________________

2015.00
$250.20
5.6%
2014.00
$273.90
6.7%
2013.00
$203.70
6.3%
% decrease
2015 over 2014
% increase
2014 over 2013
(8.6%)
34.4%

10-K
02/05/2016
Depreciation and Amortization

____________________________

2015.00
$130.40
2.9%
2014.00
2013.00
$110.50
2.7%
$96.10
2013.00
$96.10
3.0%
% increase
2015 over 2014
% increase
2014 over 2013
18.0%
15.0%

10-K
02/05/2016
Loss on Disposal of Assets


2015.00
$13.20
0.3%
____________________________
2014.00
2013.00
$7.00
0.2%
$6.80
0.2%
% increase
2015 over 2014
% increase
2014 over 2013
89.1%
3.3%

10-K
02/05/2016
Income Tax Provision

Effective tax rate

2015.00
$294.30
38.2%
____________________________
2014.00
2013.00
$268.90
37.6%
$207.00
2013.00
$207.00
38.7%
% increase
2015 over 2014
% increase
2014 over 2013
9.4%
29.9%

10-K
02/05/2016
Quarterly Financial Data/Seasonality
Revenue
Operating income
Net income
Number of restaurants opened in quarter
Comparable restaurant sales increase
(decrease)
Revenue
Operating income
Net income
Number of restaurants opened in quarter
Comparable restaurant sales increase
____________________________
2015 Quarters Ended

March 31
$1,089.00
$197.80
$122.60
49
10.4%
2014 Quarters Ended

March 31
$904.20
$135.70
$83.10
44
13.4%
June 30
$1,197.80
$227.40
$140.20
June 30
$1,050.10
$179.80
$110.30
ne 30
$1,197.80
$227.40
$140.20
48
4.3%
September 30
$1,216.90
$234.80
$144.90
53
2.6%
December 31
$997.50
$103.60
$67.90
79
(14.6%)
ne 30
$1,050.10
$179.80
$110.30
45
17.3%
September 30
$1,084.20
$207.40
$130.80
43
19.8%
December 31
$1,069.80
$187.90
$121.20
60
16.1%

10-K
02/05/2016
Contractual Obligations
Operating leases
Deemed landlord financing
Other contractual obligations (1)
Total contractual cash obligations
____________________________
Total
(in thousands)
$3,468,012
$4,316
$286,281
$3,758,609
1 year
$239,683
$421
$285,850
$525,954
2-3 years
$486,064
$846
$431
$487,341
4-5 years
2015.00
After 5 years
$485,184
$855
$-
$2,257,081
$2,194
$-
$486,039
$2,259,275

10-K
02/05/2016
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Registered Public

Accounting Firm
Consolidated Balance Sheet as of December 31,
2015 and 2014
Consolidated Statement of Income and Comprehensive
Income for the years ended December 31,
2015, 2014 and 2013
Consolidated Statement of Shareholders’
Equity for the years ended December 31,
2015, 2014 and 2013
Consolidated Statement of Cash Flows for
the years ended December 31, 2015, 2014
and 2013
Notes to Consolidated Financial Statements
____________________________
40
41
42
43
44
45

10-K
02/05/2016
CONSOLIDATED BALANCE SHEET
December 31,
2015.00
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net of allowance
for doubtful accounts of $1,176 and $1,199
as of December 31, 2015 and December 31,
2014, respectively
Inventory
Prepaid expenses and other current assets
Income tax receivable
Investments
Total current assets
Leasehold improvements, property and
equipment, net
Long term investments
Other assets
Goodwill
Total assets
Liabilities and shareholders' equity
Current liabilities:
Accounts payable
Accrued payroll and benefits
Accrued liabilities
Total current liabilities
Deferred rent
Deferred income tax liability
Other liabilities
Total liabilities
Shareholders' equity:
Preferred stock, $0.01 par value, 600,000
shares authorized, no shares issued as
of December 31, 2015 and December 31, 2014,
respectively
Common stock $0.01 par value, 230,000 shares
authorized, and 35,790 and 35,394 shares
issued as of December 31, 2015 and December
31, 2014, respectively
Additional paid-in capital
Treasury stock, at cost, 5,206 and 4,367
common shares at December 31, 2015 and December
31, 2014, respectively
Accumulated other comprehensive income
(loss)
Retained earnings
Total shareholders' equity
$248,005
38,283
15,043
39,965
58,152
415,199
814,647
1,217,220
622,939
48,321
21,939
$2,725,066
$85,709
64,958
129,275
279,942
251,962
32,305
32,883
597,092
0
358
1,172,628
(1,234,612)
(8,273)
2,197,873
2,127,974
Total liabilities and shareholders' equity
____________________________
$2,725,066
2014.00
(as adjusted)
$419,465
34,839
15,332
34,795
16,488
338,592
859,511
1,106,984
496,106
42,777
21,939
$2,527,317
$69,613
73,894
102,203
245,710
219,414
21,561
28,263
514,948
0
354
1,038,932
(748,759)
(429)
1,722,271
2,012,369
$2,527,317

10-K
02/05/2016
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
Revenue
Restaurant operating costs (exclusive
of depreciation and amortization shown
separately below):
Food, beverage and packaging
Labor
Occupancy
General and administrative expenses
Pre-opening costs
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Net income
Other comprehensive income (loss), net
of income taxes:
Foreign currency translation adjustments
Unrealized loss on investments, net of
income taxes of $946 ,
$0
, and $0
of income taxes
Comprehensive income
Earnings per share:
Basic
Diluted
Weighted average common shares outstanding:
Basic
Diluted
____________________________

2015.00
$4,501,223
1,503,835
1,045,726
262,412
514,963
250,214
130,368
16,922
13,194
3,737,634
763,589
6,278
769,867
(294,265)
$475,602
20
$4,10
$44
(6,322)
(1,522)
(7,844)
$467,758
$44
$15.30
$15.10
$
$
31,092
31,494
2014.00
$4,108,269
2013.00
$3,214,591
1,420,994
904,407
230,868
434,244
273,897
110,474
15,609
6,976
3,397,469
710,800
3,503
714,303
(268,929)
$445,374
1,073,514
739,800
199,107
347,401
203,733
96,054
15,511
6,751
2,681,871
532,720
1,751
534,471
(207,033)
$327,438
(2,049)
0
596
0
(2,049)
596
$443,325
$328,034
$14.35
$14.13
$10.58
$10.47
31,038
31,512
30,957
31,281

10-K
02/05/2016
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY
Common Stock
Shares
Balance, December 31, 2012
Stock-based compensation
Stock plan transactions and other
Excess tax benefit on stock-based compensation,
net of utilization of $29
Acquisition of treasury stock
Net income
of income tax
Excess tax benefit on stock-based compensation
Net income
of income tax
Net income
of income tax
____________________________
Amount
34,912
$349
333
35,245
$352
149
35,394
$354
396
35,790
$358
Additional
Paid-In
Capital
Treasury Stock
Shares
$816,612
64,781
97
38,350
$919,840
97,618
(193)
21,667
$1,038,932
59,465
(211)
74,442
$1,172,628
Amount
Retained
Earnings
3,819
($521,518)
393
(138,903)
4,212
($660,421)
155
(88,338)
4,367
($748,759)
839
(485,853)
5,206
($1,234,612)
$949,459
$1,276,897
$1,722,271
$2,197,873
tained
rnings
$949,459
Accumulated Othe
Comprehensive
Income (Loss)
$1,024
327,438
596
$1,276,897
$1,620
445,374
###
$1,722,271
($429)
$1,245,926
64,781
100
38,350
(138,903)
327,438
596
$1,538,288
97,618
(191)
21,667
(88,338)
445,374
(2,049)
###
$2,012,369
59,465
(207)
74,442
(485,853)
475,602
(7,844)
($8,273)
$2,127,974
475,602
$2,197,873
Total

10-K
02/05/2016
CONSOLIDATED STATEMENT OF CASH FLOWS

2015.00
Operating activities
Net income
Adjustments to reconcile net income to
net cash provided by operating activities:
Deferred income tax (benefit) provision
Bad debt allowance
Stock-based compensation expense
Other
Changes in operating assets and liabilities:
Accounts receivable
Inventory
Prepaid expenses and other current assets
Other assets
Accounts payable
Accrued liabilities
Income tax payable/receivable
Deferred rent
Other long-term liabilities
Net cash provided by operating activities
Investing activities
Purchases of leasehold improvements,
property and equipment
Purchases of investments
Maturities of investments
Net cash used in investing activities
Financing activities
Stock plan transactions and other financing
activities
Net cash used in financing activities
Effect of exchange rate changes on cash
and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents at beginning
of year
Cash and cash equivalents at end of year
Supplemental disclosures of cash flow
information
Income taxes paid
Increase (decrease) in purchases of leasehold
improvements, property and equipment
accrued in accounts payable and accrued
$475,602
20
$44
130,368
11,666
13,194
(23)
57,911
(74,442)
582
(3,504)
262
(5,259)
(5,619)
19,525
(7,440)
32,756
32,911
4,826
683,316
(257,418)
(559,372)
352,650
(464,140)
(460,675)
74,442
(207)
(386,440)
(4,196)
(171,460)
419,465
$248,005
$41
$248,547
($2,870)
$28
$
liabilities
Increase in acquisition of treasury stock
accrued in accrued liabilities
____________________________
$25,178
$-
2014.00
2013.00
$445,374
$327,438
110,474
(20,671)
6,976
9
96,440
(21,667)
104
96,054
2,103
6,751
19
63,657
(38,379)
507
(10,966)
(2,307)
(658)
1,071
2,168
35,019
8,831
27,025
4,845
682,067
(7,238)
(1,950)
(6,806)
(1,354)
2,052
12,020
44,334
25,715
3,857
528,780
(252,590)
(199,926)
(521,004)
254,750
(518,844)
(387,639)
159,250
(428,315)
(88,338)
21,667
(66)
(138,903)
38,379
173
(66,737)
(224)
(100,351)
536
96,262
323,203
650
322,553
$419,465
$323,203
$280,687
$9,424
$160,973
($1,736)
$-

10-K
02/05/2016
Leasehold Improvements, Property and Equipment
Leasehold improvements and buildings

Furniture and fixtures
Equipment
____________________________
3-20 years
4-7 years
3-10 years

10-K
02/05/2016
2. Supplemental Financial Information

equipment were as follows:
December 31,
Land
Leasehold improvements and buildings
Furniture and fixtures
Equipment
Accumulated depreciation
____________________________
2015.00
$13,052
1,419,418
142,825
362,800
1,938,095
(720,875)
$1,217,220
2014.00
$11,062
$1,106,984
2014.00
$11,062
1,267,108
127,260
315,230
1,720,660
(613,676)
$1,106,984

10-K
02/05/2016
2. Supplemental Financial Information
Accrued liabilities were as follows:
Gift card liability

Transaction tax payable
Treasury stock liability
Other accrued expenses
____________________________
December 31,
2015.00
$51,055
15,634
25,178
37,408
$129,275
2014.00
$48,105
22,929
0
31,169
$102,203

10-K
02/05/2016
4. Income Taxes

2015.00
Current tax:
U.S. Federal
U.S. State
Foreign
Deferred tax:
U.S. Federal
U.S. State
Foreign
Valuation allowance
____________________________
2014.00
$244,470
37,957
172
282,599
$248,219
41,225
156
289,600
11,000
699
(2,288)
9,411
2,255
$294,265
(13,890)
(6,740)
(3,075)
(23,705)
3,034
$268,929
2013.00
$165,731
39,136
63
204,930
5,238
(3,105)
(1,330)
803
1,300
$207,033

10-K
02/05/2016
4. Income Taxes
Statutory U.S. federal income tax rate

State income tax, net of related federal
income tax benefit
Other
Effective income tax rate
____________________________

2015.00
2014.00
35.00 %
35.00 %
3.60
3.70
(0.40)
38.20 %
(1.10)
37.60 %
2013.00
35.00 %
4.20
(0.50)
38.70 %

10-K
02/05/2016
4. Income Taxes
December 31,
2015.0
Long-term deferred income tax liability:
equipment
Goodwill and other assets
Prepaid assets and other
Total long-term deferred income tax liability
Long-term deferred income tax asset:
Deferred rent
Gift card liability
Capitalized transaction costs
Stock-based compensation and other employee
benefits
Foreign net operating loss carry-forwards
State credits
Allowances, reserves and other
Valuation allowance
Total long-term deferred income tax asset
Net long-term deferred income tax liability
____________________________
$192,12
$32,30
cember 31,
2015.00
2014.00
(as adjusted)
$192,125
$175,808
1,696
8,297
202,118
1,519
6,091
183,418
57,716
3,171
502
83,058
52,147
1,451
503
87,713
11,407
4,783
18,577
(9,401)
169,813
$32,305
8,618
4,281
14,656
(7,512)
161,857
$21,561

10-K
02/05/2016
4. Income Taxes
Beginning of year
Increase resulting from prior year tax
position
Increase resulting from current year tax
position
End of year
____________________________
2015.00
1,342
402
2014.00
0
0
2,032
###
$3,776
$1,342
2013.00
0
0
0
$-

10-K
02/05/2016
6. Stock Based Compensation
Stock-based compensation expense

Stock-based compensation expense, net
of tax
Stock-based compensation expense recognized
as capitalized development
____________________________

2015.00
$59,465
36,666
1,554
2014.00
$97,618
2014.00
$97,618
60,084
2013.00
$64,781
39,465
1,178
1,124

10-K
02/05/2016
Outstanding, beginning of year

Granted
Exercised
Forfeited
Outstanding, end of year
____________________________
Shares
2,087
379
(716)
(56)
1,694
2015.00
Weighted-Average
$395.46
$659.12
$297.25
$554.73
$490.70
Shares
1,690
764
(315)
(52)
2,087
2014.00
Weighted-Average
$312.44
$545.66
$310.32
$419.74
$395.46
Shares
1,449
672
(369)
(62)
1,690
2013.00
Weighted-Average
$274.92
$320.21
$176.23
$329.76
$312.44

10-K
02/05/2016
Shares
Outstanding as of December 31, 2015
Vested and expected to vest as of December 31,
Weighted-Average
1,694
1,640
$490.70
$486.10
321
$339.72
2015.00
Exercisable as of December 31, 2015
____________________________
Weighted-Average Remaining Years of Contractual

Life
Aggregate Intrins
4.90
4.80
$92,773
$92,622
3.50
$45,112

10-K
02/05/2016
Risk-free interest rate

Expected life (years)
Expected dividend yield
Volatility
Weighted-average Black-Scholes fair
value per share at date of grant
____________________________
2015.00
1.10 %
3.40
0.00 %
30.80 %
$156.32
2014.00
0.80
3.40
0.00
33.30
$136.18
2014.00
%
%
%
2013.00
0.50 %
3.40
0.00 %
35.40 %
$82.51

10-K
02/05/2016
Shares
Outstanding, beginning of year
Granted
Vested
Forfeited
Outstanding, end of year
____________________________
70
47
(1)
0
116
2015.00
Grant Date Fair V
Per Share
$525.60
$785.32
$413.07
$534.55
$511.88
Shares
71
2
(2)
(1)
70
2014.00
Grant Date Fair V
Per Share
$520.27
$495.92
$284.11
$410.55
$525.60
Shares
120
68
(117)
—
71
2013.00
Grant Date Fair V
Per Share
$218.34
$527.45
$215.76
$—
$520.27

10-K
02/05/2016
Risk-free interest rate

Expected life (years)
Expected dividend yield
Volatility
____________________________
2015.00
1.00 %
2.90
0.00 %
33.70 %

10-K
02/05/2016
7. Employee Benefit Plans
Unrealized gains (losses) on investments

held in rabbi trust
____________________________

2015.00
($571)
December 31,
2014.00
$184
2013.00
$722

10-K
02/05/2016
8. Leases
2016.00
2017.00
2018.00
2019.00
2020.00
Thereafter
Total minimum lease payments
____________________________
$239,683
241,366
244,698
245,251
239,933
2,257,081
$3,468,012

10-K
02/05/2016
8. Leases
Minimum rentals
Contingent rentals
Sublease rental income

2015.00
$227,602
$4,542
($1,879)
____________________________
2014.00
$200,575
$4,616
($1,838)
2013.00
$178,395
$2,719
($1,726)
2013.00
$178,395
$2,719
($1,726)

10-K
02/05/2016
9. Earnings Per Share
Stock awards subject to performance conditions

Stock awards that were antidilutive
Total stock awards excluded from diluted
earnings per share
____________________________

2015.00
266
289
555
31,
2014.00
385
232
617
2013.00
381
393
774

10-K
02/05/2016
9. Earnings Per Share
Net income
Shares:
Weighted average number of common shares
outstanding
Dilutive stock awards
Diluted weighted average number of common
shares outstanding
Basic earnings per share
Diluted earnings per share
____________________________

2015.00
$475,602
31,092
402
31,494
$15.30
$15.10
,
2014.00
$445,374
2013.00
$327,438
31,038
30,957
474
31,512
324
31,281
$14.35
$14.13
$10.58
$10.47

10-K
02/05/2016
11. Quarterly Financial Data (Unaudited)
Revenue
Operating income
Net income
March 31
$1,089,043
$197,801
$122,641
$3.95
$3.88
March 31
Revenue
Operating income
Net income
____________________________
$904,163
$135,650
$83,069
$2.67
$2.64
June 30
$1,197,783
$227,416
$140,204
$4.51
$4.45
June 30
$1,050,073
$179,842
$110,270
$3.55
$3.50
September 30
$1,216,890
$234,759
$144,883
$4.65
$4.59
2015.00
December 31
$997,507
$103,613
$67,874
$2.19
$2.17
September 30
$1,084,222
$207,436
$130,801
$4.22
$4.15
2014.00
December 31
$1,069,811
$187,872
$121,234
$3.91
$3.84

10-K
02/05/2016
Securities Authorized for Issuance Under Equity Compensation Plans
(a)
Number of Securities
to be Issued Upon
Exercise of Outstanding
Options and Rights (1)
Equity Compensation Plans Approved by

Security Holders
Equity Compensation Plans Not Approved
by Security Holders
Total
____________________________
1,810,275
None
1,810,275
(b)
Weighted-Average
Exercise Price of
Outstanding Options and
Rights (1)
(c)
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation Plans
(excluding securities
reflected in column (a)) (2)
$490.70
3,236,113
None
N/A
$490.70
3,236,113

10-K
02/05/2016
SIGNATURES
CHIPOTLE MEXICAN GRILL, INC.

By:
/s/ JOHN R. HARTUNG
Name:
Title:
John R. Hartung
Chief Financial Officer
____________________________

10-K
02/05/2016
SIGNATURES
Signature
/s/ STEVE ELLS
Date
February 4, 2016
Title
Co-Chief Executiv
of the Board of D
(principal execut
Steve Ells
/s/ MONTGOMERY F. MORAN
February 4, 2016
Co-Chief Executiv
(principal execut
Montgomery F. Moran
/s/ JOHN R. HARTUNG
February 4, 2016
Chief Financial O
(principal financ
February 4, 2016
Director
February 4, 2016
Director
February 4, 2016
Director
February 4, 2016
Director
February 4, 2016
Director
February 4, 2016
Director
February 4, 2016
Director
John R. Hartung
/s/ ALBERT S. BALDOCCHI
Albert S. Baldocchi
/s/ JOHN S. CHARLESWORTH
John S. Charlesworth
/s/ NEIL W. FLANZRAICH
Neil W. Flanzraich
/s/ PATRICK J. FLYNN
Patrick J. Flynn
/s/ DARLENE J. FRIEDMAN
Darlene J. Friedman
/s/ STEPHEN GILLETT
Stephen Gillett
/s/ KIMBAL MUSK
Kimbal Musk
____________________________

10-K
02/05/2016
EXHIBIT INDEX
Exhibit Number
10.1†
10.2†
10.2.3†
10.2.4†
10.2.5†
10.3†
10.3.1†
10.3.2†
10.3.3†
10.3.4†
10.3.5†
10.3.6†
10.5†
10.6†
10.6.1†
Exhibit Description
3.10 Amended and Restated Certificate of Incorporation
3.20 Certificate of Amendment of Amended and
Restated Certificate of Incorporation
of Chipotle Mexican Grill, Inc.
of Chipotle Mexican Grill, Inc. (implementing
simple majority voting)
of Chipotle Mexican Grill, Inc. (removing
plurality voting standard)
3.50 Amended and Restated Bylaws of Chipotle
Mexican Grill, Inc.
4.10 Form of Stock Certificate for Shares of
Common Stock
Amended and Restated Chipotle Mexican
Grill, Inc. 2011 Stock Incentive Plan
Amended and Restated Chipotle Mexican
Grill, Inc. 2006 Stock Incentive Plan
Form of 2009 Stock Appreciation Rights
Agreement
Form of 2011 Stock Appreciation Rights
Agreement
Form of 2011 Performance-Based Stock Appreciation
Rights Agreement
Chipotle Mexican Grill, Inc. 2011 Stock
Incentive Plan
Form of Board Restricted Stock Units Agreement
Form of 2013 Performance Share Agreement
Form of Performance Share Agreement
Form of Stock Appreciation Rights Agreement
Form of Performance-Based Stock Appreciation
Rights Agreement
Amendment No. 1 to Chipotle Mexican Grill,
Inc. 2011 Stock Incentive Plan
10.40 Amended and Restated Registration Rights
Agreement dated January 31, 2006 among
Chipotle Mexican Grill, Inc., McDonald’s
Corporation and certain shareholders
Board Pay Policies
Chipotle Mexican Grill, Inc. Supplemental
Deferred Investment Plan
Inc. Supplemental Deferred Investment
Description of Exhibit In
by Reference
Form File No.
8-A/A 001-32731
10-Q 001-32731
8-K
001-32731
8-K
001-32731
8-K
001-32731
10-K
001-32731
8-K
001-32731
10-K
001-32731
10-K
001-32731
10-K
001-32731
10-K
001-32731
8-K
001-32731
10-Q
10-Q
10-Q
10-Q
10-Q
001-32731
001-32731
001-32731
001-32731
001-32731
10-K
001-32731
10-K
001-32731
10-Q
10-K
001-32731
001-32731
10-Q
001-32731
10.6.2†
10.7†
Plan
Inc. Supplemental Deferred Investment
Plan
Form of Director and Officer Indemnification
Agreement
____________________________
10-Q
001-32731
8-K
001-32731
of Exhibit Incorporated Herein
e
Filing Date
December 16, 2009
July 19, 2013
Exhibit Number Filed Herewith

3.10
3.20
May 15, 2015
3.10
May 15, 2015
3.20
September 4, 2015
3.10
February 10, 2012
4.10
May 15, 2015
10.10
February 17, 2011
10.20
February 19, 2009
10.2.7
February 17, 2011
10.2.10
February 17, 2011
10.2.11
May 26, 2011
10.10
July 22, 2014

May 23, 2008
April 22, 2015
April 20, 2012
April 20, 2012
10.10
10.30
10.20
10.10
10.20
February 10, 2012
10.3.1
March 17, 2006
10.60
April 22, 2015

February 23, 2007
10.10
10.11
August 1, 2007
10.10
October 31, 2007
10.10
March 21, 2007
10.10

10-K
02/05/2016
SUBSIDIARIES OF THE REGISTRANT
Subsidiary
CMG Strategy Co., LLC
CMG Pepper, LLC
Chipotle Mexican Grill of Colorado, LLC
Chipotle Mexican Grill of Maryland, LLC
Chipotle Mexican Grill of Kansas, LLC
Chipotle Services, LLC
Chipotle Mexican Grill U.S. Finance Co.,
LLC
CMGGC, LLC
Chipotle Mexican Grill Texas Holdings,
LLC
Chipotle Texas, LLC
Chipotle Mexican Grill Canada Corp.
Chipotle Mexican Grill Holdings GmbH
Chipotle Mexican Grill Management GmbH
Chipotle Mexican Grill UK Limited
Chipotle Mexican Grill France SAS
CMG Purchasing Partners, LLP
CMG Purchasing Co., LLC
ShopHouse, LLC
Chipotle Mexican Grill Germany GMBH
CMG Concessions, LLC
PL Restaurant Holdings, LLC
____________________________
Jurisdiction of Incorporation
Colorado
Colorado
Colorado
Maryland
Kansas
Colorado
Colorado
Colorado
Colorado
Colorado
Nova Scotia, Canada
Switzerland
Switzerland
United Kingdom
France
Colorado
Colorado
Colorado
Germany
Colorado
Colorado

10-K
02/05/2016
CERTIFICATION
/s/ Steve Ells

Steve Ells
Founder, Chairman and Co-Chief Executive Officer
(Principal Executive Officer)
____________________________

10-K
02/05/2016
CERTIFICATION
/s/ Montgomery F. Moran

Montgomery F. Moran
Co-Chief Executive Officer
____________________________

10-K
02/05/2016
CERTIFICATION
/s/ John R. Hartung

John R. Hartung
(Principal Financial Officer)
____________________________

10-K
02/05/2016
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
/s/ Steve Ells

Steve Ells
Founder, Chairman and Co-Chief Executive
Officer
/s/ Montgomery F. Moran
Montgomery F. Moran
Co-Chief Executive Officer
____________________________
/s/ John R. Hartung

John R. Hartung
(Principal Financial Officer)

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