Does Chipotle Pay Dividends?

Chipotle Dividends

Last Updated on 06/29/2021 by GS Staff

Does Chipotle pay dividends?

No, Chipotle (CMG) does not pay dividends. The company is mainly using its retained earnings for expansion and share buybacks as reflected in the latest 2020 Annual Report. Per the report:

We are not required to pay any dividends and have not declared or paid any cash dividends on our common stock. We intend to
continue to retain earnings for use in the operation and expansion of our business and to repurchase shares of common stock (subject to market conditions), and therefore do not anticipate paying any cash dividends on our common stock in the foreseeable future.

While some of Chipotle’s retained earnings have been going toward share repurchases, the repurchase program was suspended on March 20, 2020, but has since been restarted. According to, stock buybacks equaled $57.23 million during Q1 of 2021.  The company had $115 million available to use under its repurchase program at the end of 2020. During Q1 of 2021, the Board of Directors approved up to an additional $100 million to be used for repurchases.

Will Chipotle Pay Dividends?

We project that Chipotle will not pay dividends for the foreseeable future. The primary focus of the company is on growth and the earnings will be used to help fuel this growth. Shareholders should only expect to receive a potential return through an increase in the stock price with potential help from the share buybacks. As the company matures through the years and growth slows down, a dividend may become more realistic.

Image Credit: Mike Mozart via flickr