CMG
Chipotle Mexican Grill, Inc.
Is CMG Halal?
Fast-casual restaurant activity remains doubtful because pork and generally non-halal-certified meat are core menu choices, even though the current financial ratios pass.
What You Should Know
Chipotle's March 31, 2026 Form 10-Q reports $8,803.219 million of total assets, no drawn interest-bearing debt, $246.636 million of cash, $644.237 million of identifiable interest-bearing securities, $94.934 million of net accounts receivable, $3,088.242 million of quarterly revenue and $8.742 million of interest and other income. ZakatInvest's current calculations are debt/assets 0.00%, liquidity 10.12%, receivables plus cash/assets 3.88% and a conservative interest-and-other-income upper bound of 0.28%; the examined asset-based financial ratios pass. The business screen remains incomplete because the filing does not quantify pork, non-halal-meat or alcohol revenue. The retained qualitative concern is material: carnitas is pork, the broader meat program is generally not halal-certified in the United States, and some locations serve alcohol. This is a current ZakatInvest calculation, not an index-membership claim.
⚠️ Concerns
- •Carnitas is pork and a featured menu choice; other major proteins are generally not halal-certified in the United States
- •The filing does not allocate revenue by protein, preparation, alcohol or restaurant, so no prohibited-menu revenue percentage is invented
- •Debt/assets of 0.00%, liquidity of 10.12% and receivables plus cash/assets of 3.88% pass the examined asset-based limits
- •Disclosed interest and other income is 0.28% of quarterly revenue on a conservative upper-bound treatment; purification remains scholar- and methodology-specific
- •Vegetarian options can be halal-friendly for customers, but shareholders participate in the consolidated mixed business
- •Menu sourcing, alcohol availability, food safety, labor, animal welfare and store-level practices require continuing qualitative review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
0 / 8,803.219
890.873 / 8,803.219
341.57 / 8,803.219
8.742 / 3,088.242
- Financial
- Pass
- Overall
- Incomplete
Debt/assets are 0.00%, liquidity is 10.12%, receivables plus cash are 3.88%, and the conservative interest-and-other-income upper bound is 0.28%, below the examined FTSE limits. The menu-category business numerator is not disclosed, so the overall screen remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity, receivables-plus-cash and the conservative income upper bound are below the examined MSCI total-assets limits. This is a calculation against the named method, not an index-membership claim; menu-category revenue remains unallocated.
- Financial
- Pass
- Overall
- Incomplete
The examined financial ratios pass the Malaysia SAC asset-based limits, but Chipotle does not disclose a prohibited-menu revenue numerator against the activity benchmark. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed historical market-cap series is not stored. A different denominator cannot resolve the unquantified pork, non-halal-meat and alcohol activity question.
Business-activity disclosure
Chipotle operates fast-casual restaurants. Restaurant service is a mixed activity here because the menu includes pork carnitas and meat that is not halal-certified in the United States and most markets; some locations also sell alcohol. The quantitative filing does not allocate those categories into a universal prohibited-revenue numerator, so the screen cannot publish a precise percentage.
Limitation: Chipotle reports one restaurant segment and food-and-beverage revenue, but not revenue by protein, preparation, alcohol or store. The qualitative issue is therefore retained without presenting an unsupported share of sales as a measured fact.
Purification
The filing provides a conservative upper bound for interest and other income, but does not quantify prohibited menu-category revenue or prescribe a scholar-approved purification percentage. Investors should follow the qualified guidance applicable to their chosen methodology.
Inputs, assumptions and primary sources
- Inputs use Chipotle's March 31, 2026 Form 10-Q; amounts are USD millions, and revenue and income are for the three-month period.
- No interest-bearing debt is entered: the filing reports operating lease liabilities and a $500 million undrawn revolving facility, but no drawn conventional debt balance. Operating lease liabilities are not silently treated as debt.
- Cash uses $246.636 million of cash and cash equivalents. Interest-bearing securities use $624.786 million of current investments plus $19.451 million of long-term corporate debt securities and notes receivable; equity investments are excluded.
- Receivables use $94.934 million of net accounts receivable. Total revenue is $3,088.242 million for the quarter.
- The filing reports $8.742 million of interest and other income, net. The full amount is treated as a conservative upper bound for potentially non-compliant investment income rather than asserted to be pure interest.
- The filing does not allocate revenue by pork, non-halal meat, alcohol or other menu category. No prohibited-revenue numerator is invented; the business screen remains incomplete alongside the retained qualitative concern.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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