Chipotle Mexican Grill (NYSE:CMG) climbed 2.5% on Monday after disclosing that its Board of Directors approved another $1.8 billion for share repurchases.
According to the company’s SEC filing, the authorization—approved on December 4—brings Chipotle’s total remaining buyback capacity to roughly $1.85 billion as of December 5.
The move signals a shift in Chipotle’s capital-return strategy. Rather than adding smaller buyback pools each quarter, the company now plans to authorize larger sums designed to span multiple quarters.
Chipotle also reported that it has repurchased about $2.3 billion worth of shares year to date through December 5. The company has operated a share repurchase program since 2008.
The filing emphasized that the program has no expiration date and can be modified, paused, or terminated at the company’s discretion.
Share repurchases generally support stock prices by shrinking the outstanding share count, which can lift earnings per share and return capital to investors.