Chipotle Mexican Grill (CMG) Financials

$42.53 -0.35 (-0.82%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$42.56 +0.02 (+0.06%)

As of 08/1/2025 07:59 PM Eastern

Annual Income Statements for Chipotle Mexican Grill

This table shows Chipotle Mexican Grill's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	476	23	176	360	350	356	652	897	1,230	1,530
Consolidated Net Income / (Loss)	476	23	176	177	350	356	653	899	1,229	1,534
Net Income / (Loss) Continuing Operations	476	23	176	360	350	356	653	899	1,229	1,534
Total Pre-Tax Income	770	39	276	268	458	294	813	1,182	1,621	2,010
Total Operating Income	764	35	271	258	444	290	805	1,160	1,558	1,916
Total Gross Profit	1,174	498	756	3,264	3,738	4,052	1,707	2,062	2,586	3,018
Total Revenue	4,501	3,904	4,476	4,865	5,586	5,985	7,547	8,635	9,872	11,314
Operating Revenue	4,501	3,904	4,476	4,865	5,586	5,985	7,547	8,635	9,872	11,314
Total Cost of Revenue	3,327	3,406	3,720	1,601	1,848	1,933	5,840	6,573	7,286	8,296
Operating Cost of Revenue	3,327	3,406	3,720	1,601	1,848	1,933	5,840	6,573	7,286	8,296
Total Operating Expenses	411	464	485	3,006	3,294	3,762	902	902	1,028	1,101
Selling, General & Admin Expense	250	276	296	1,055	1,212	1,496	607	564	634	697
Depreciation Expense	130	146	163	202	213	239	255	287	319	335
Impairment Charge	13	24	13	67	23	31	19	21	38	27
Other Special Charges / (Income)	17	17	12	8.55	11	16	21	30	37	42
Total Other Income / (Expense), net	6.28	4.17	4.95	10	14	3.62	7.82	21	63	94
Other Income / (Expense), net	6.28	4.17	-	10	14	3.62	7.82	21	63	94
Income Tax Expense	294	16	99	92	108	-62	160	282	392	476
Basic Earnings per Share	$15.30	$0.78	$6.19	$6.35	$12.62	$12.74	$23.21	$0.65	$0.89	$1.12
Weighted Average Basic Shares Outstanding	31.09M	29.27M	28.49M	27.82M	27.74M	27.92M	28.13M	1.39B	1.38B	1.37B
Diluted Earnings per Share	$15.10	$0.77	$6.17	$6.31	$12.38	$12.52	$22.90	$0.64	$0.89	$1.11
Weighted Average Diluted Shares Outstanding	31.49M	29.77M	28.56M	27.96M	28.30M	28.42M	28.51M	1.40B	1.39B	1.38B
Weighted Average Basic & Diluted Shares Outstanding	28.77M	29.40M	28.50M	27.80M	27.77M	28.14M	28.03M	27.62M	27.42M	1.36B

This table shows Chipotle Mexican Grill's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	255	225	292	342	312	284	358	455	388	329	387
Consolidated Net Income / (Loss)	257	224	292	342	313	282	359	456	387	332	387
Net Income / (Loss) Continuing Operations	257	224	292	342	313	282	359	456	387	332	387
Total Pre-Tax Income	340	303	377	448	413	382	461	608	503	439	502
Total Operating Income	336	296	368	432	395	363	441	586	473	416	479
Total Gross Profit	563	-452	607	691	650	638	742	859	712	704	754
Total Revenue	2,220	2,181	2,369	2,515	2,472	2,516	2,702	2,973	2,794	2,845	2,875
Operating Revenue	2,220	2,181	2,369	2,515	2,472	2,516	2,702	2,973	2,794	2,845	2,875
Total Cost of Revenue	1,658	2,633	1,761	1,824	1,822	1,878	1,960	2,114	2,081	2,141	2,122
Operating Cost of Revenue	1,658	2,633	1,761	1,824	1,822	1,878	1,960	2,114	2,081	2,141	2,122
Total Operating Expenses	226	-748	239	259	255	275	301	273	239	289	274
Selling, General & Admin Expense	141	-196	148	156	160	169	205	175	127	191	173
Depreciation Expense	71	74	77	79	79	85	83	84	84	84	87
Impairment Charge	6.36	5.79	8.36	16	7.24	6.53	5.48	5.76	15	0.53	6.17
Other Special Charges / (Income)	7.62	11	6.20	7.54	9.61	14	7.21	9.00	13	13	8.21
Total Other Income / (Expense), net	3.71	7.06	8.95	16	18	19	19	22	29	23	22
Other Income / (Expense), net	3.71	7.06	8.95	16	18	19	19	22	29	23	22
Income Tax Expense	83	80	85	106	100	100	101	152	115	107	115
Basic Earnings per Share	$9.26	$0.16	$10.56	$0.25	$0.23	$0.21	$13.09	$0.33	$0.28	$0.24	$0.29
Weighted Average Basic Shares Outstanding	27.77M	1.39B	27.62M	1.38B	1.38B	1.38B	27.44M	1.37B	1.37B	1.37B	1.35B
Diluted Earnings per Share	$9.20	$0.16	$10.50	$0.25	$0.23	$0.21	$13.01	$0.33	$0.28	$0.24	$0.28
Weighted Average Diluted Shares Outstanding	27.96M	1.40B	27.79M	1.39B	1.38B	1.39B	27.62M	1.38B	1.37B	1.38B	1.36B
Weighted Average Basic & Diluted Shares Outstanding	27.72M	27.62M	27.59M	27.59M	27.44M	27.42M	27.47M	1.37B	1.36B	1.36B	1.35B

This table details how cash moves in and out of Chipotle Mexican Grill's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-167	-154	98	66	228	127	210	-437	177	192
Net Cash From Operating Activities	758	355	468	622	722	664	1,282	1,323	1,783	2,105
Net Cash From Continuing Operating Activities	683	355	468	622	722	664	1,282	1,323	1,783	2,105
Net Income / (Loss) Continuing Operations	476	23	176	177	350	356	653	899	1,229	1,534
Consolidated Net Income / (Loss)	476	23	176	177	350	356	653	899	1,229	1,534
Depreciation Expense	130	146	163	202	213	239	255	287	319	335
Non-Cash Adjustments To Reconcile Net Income	105	131	87	156	139	172	240	162	225	267
Changes in Operating Assets and Liabilities, net	47	55	43	87	20	-102	134	-25	10	-31
Net Cash From Investing Activities	-464	327	-87	-388	-292	-433	-522	-830	-946	-838
Net Cash From Continuing Investing Activities	-464	327	-87	-388	-292	-433	-522	-830	-946	-838
Purchase of Property, Plant & Equipment	-257	-259	-217	-287	-334	-373	-442	-479	-561	-594
Purchase of Investments	-559	0.00	-200	-485	-449	-468	-429	-614	-1,115	-987
Sale of Property, Plant & Equipment	-	-	0.00	0.00	14	0.00	4.04	0.00	0.00	20
Sale and/or Maturity of Investments	353	586	330	385	477	419	346	264	730	723
Net Cash From Financing Activities	-461	-836	-286	-167	-202	-105	-549	-929	-661	-1,074
Net Cash From Continuing Financing Activities	-461	-836	-286	-167	-202	-105	-549	-929	-661	-1,074
Repurchase of Common Equity	-461	-837	-285	-161	-191	-54	-466	-830	-592	-1,002
Issuance of Debt	-	-	0.03	-	-	-	-2.27	-0.29	-	2.09
Other Financing Activities, net	-	-0.90	-0.70	-5.41	-10	-49	-80	-99	-69	-74
Other Net Changes in Cash	-	0.11	2.06	-1.46	0.41	-	-1.04	-1.01	0.38	-1.64
Cash Income Taxes Paid	249	24	120	67	110	85	0.00	276	400	533

This table details how cash moves in and out of Chipotle Mexican Grill's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-154	11	26	95	98	-41	167	81	-108	52	-22
Net Cash From Operating Activities	352	402	455	583	480	265	569	563	446	527	557
Net Cash From Continuing Operating Activities	352	402	455	583	480	265	569	563	446	527	557
Net Income / (Loss) Continuing Operations	257	224	292	342	313	282	359	456	387	332	387
Consolidated Net Income / (Loss)	257	224	292	342	313	282	359	456	387	332	387
Depreciation Expense	71	74	77	79	79	85	83	84	84	84	87
Non-Cash Adjustments To Reconcile Net Income	38	84	11	56	41	117	35	73	37	122	29
Changes in Operating Assets and Liabilities, net	-15	20	76	106	47	-219	92	-50	-62	-11	54
Net Cash From Investing Activities	-397	-184	-236	-392	-166	-152	-301	-336	-64	-136	6.08
Net Cash From Continuing Investing Activities	-397	-184	-236	-392	-166	-152	-301	-336	-64	-136	6.08
Purchase of Property, Plant & Equipment	-139	-144	-120	-137	-131	-172	-133	-140	-148	-173	-145
Purchase of Investments	-319	-101	-215	-376	-255	-269	-367	-372	-90	-158	-4.00
Sale and/or Maturity of Investments	60	61	100	121	220	289	198	176	174	175	155
Net Cash From Financing Activities	-108	-207	-194	-95	-216	-155	-100	-145	-490	-339	-585
Net Cash From Continuing Financing Activities	-108	-207	-194	-95	-216	-155	-100	-145	-490	-339	-585
Repurchase of Common Equity	-108	-200	-127	-95	-216	-155	-27	-145	-490	-339	-554
Issuance of Debt	0.00	0.29	-	-	-	-	-	-	-	-	1.52
Other Financing Activities, net	-0.47	-6.60	-67	-0.29	-1.14	-0.53	-73	-0.36	-0.34	-0.88	-33
Other Net Changes in Cash	-0.68	0.16	0.29	-0.03	-	-	-0.75	-0.37	-0.37	-0.14	-0.24
Cash Income Taxes Paid	88	48	-0.25	33	21	346	7.86	270	131	124	8.75

This table presents Chipotle Mexican Grill's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,725	2,026	2,046	2,266	5,105	5,983	6,653	6,928	8,044	9,204
Total Current Assets	815	522	630	815	1,072	1,420	1,382	1,176	1,621	1,781
Cash & Equivalents	248	88	185	250	481	608	815	384	561	749
Short-Term Investments	415	330	324	427	400	344	261	515	735	674
Accounts Receivable	38	40	40	62	81	105	100	107	116	144
Inventories, net	15	15	20	22	26	26	33	36	39	49
Prepaid Expenses	40	44	51	54	57	55	79	86	117	98
Current Deferred & Refundable Income Taxes	58	5.11	9.35	0.00	28	283	94	48	53	67
Plant, Property, & Equipment, net	1,217	1,304	1,338	1,379	1,459	1,584	1,769	1,951	2,170	2,390
Total Noncurrent Assets	693	200	78	71	2,574	2,978	3,502	3,801	4,254	5,034
Long-Term Investments	623	125	-	-	0.00	102	274	388	564	868
Goodwill	22	22	22	22	22	22	22	22	22	22
Other Noncurrent Operating Assets	48	53	56	50	2,552	2,854	3,206	3,391	3,667	4,144
Total Liabilities & Shareholders' Equity	2,725	2,026	2,046	2,266	5,105	5,983	6,653	6,928	8,044	9,204
Total Liabilities	597	624	681	824	3,422	3,963	4,356	4,559	4,982	5,549
Total Current Liabilities	280	282	324	450	667	822	874	922	1,031	1,169
Accounts Payable	86	78	82	113	116	122	163	185	198	211
Accrued Expenses	129	127	96	148	156	165	173	148	148	180
Current Deferred Revenue	-	-	64	70	95	128	156	183	210	239
Current Employee Benefit Liabilities	65	76	83	113	127	203	162	170	228	262
Other Current Liabilities	-	-	-	0.00	173	205	219	236	248	278
Total Noncurrent Liabilities	317	342	357	374	2,755	3,141	3,482	3,638	3,952	4,380
Noncurrent Deferred & Payable Income Tax Liabilities	32	19	0.81	12	38	149	142	99	89	46
Other Noncurrent Operating Liabilities	33	34	40	32	2,717	2,991	3,340	3,539	3,862	4,334
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656
Total Preferred & Common Equity	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656
Common Stock	1,173	1,239	1,305	1,375	1,466	1,550	1,730	1,830	1,957	2,092
Retained Earnings	2,198	2,221	2,397	2,574	2,921	3,276	3,929	4,828	6,057	1,574
Treasury Stock	-1,235	-2,049	-2,334	-2,501	-2,699	-2,802	-3,356	-4,282	-4,945	0.00
Accumulated Other Comprehensive Income / (Loss)	-8.27	-8.16	-3.66	-6.24	-5.36	-4.23	-5.35	-7.89	-6.66	-10

This table presents Chipotle Mexican Grill's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	6,817	6,928	7,053	7,552	7,911	8,044	8,411	8,920	9,012	9,204	9,044
Total Current Assets	1,077	1,176	1,261	1,556	1,669	1,621	1,646	1,786	1,680	1,781	1,662
Cash & Equivalents	367	384	410	505	602	561	727	807	699	749	726
Short-Term Investments	417	515	653	851	852	735	692	683	669	674	689
Accounts Receivable	71	107	66	61	71	116	90	98	93	144	102
Inventories, net	34	36	35	36	40	39	38	36	50	49	41
Prepaid Expenses	76	86	98	103	104	117	98	92	88	98	104
Current Deferred & Refundable Income Taxes	112	48	0.00	0.00	0.00	53	0.00	72	82	67	0.00
Plant, Property, & Equipment, net	1,872	1,951	1,981	2,022	2,093	2,170	2,203	2,266	2,320	2,390	2,437
Total Noncurrent Assets	3,868	3,801	3,811	3,974	4,149	4,254	4,563	4,868	5,011	5,034	4,946
Long-Term Investments	443	388	368	431	473	564	777	973	892	868	701
Goodwill	22	22	22	22	22	22	22	22	22	22	22
Other Noncurrent Operating Assets	3,404	3,391	3,421	3,521	3,654	3,667	3,764	3,873	4,097	4,144	4,223
Total Liabilities & Shareholders' Equity	6,817	6,928	7,053	7,552	7,911	8,044	8,411	8,920	9,012	9,204	9,044
Total Liabilities	4,490	4,559	4,572	4,786	5,025	4,982	5,050	5,208	5,398	5,549	5,553
Total Current Liabilities	818	922	894	982	1,088	1,031	997	1,043	1,038	1,169	1,092
Accounts Payable	168	185	183	162	208	198	197	203	221	211	217
Accrued Expenses	156	148	160	141	151	148	172	170	181	180	185
Current Deferred Revenue	133	183	158	159	156	210	187	182	180	239	204
Current Deferred & Payable Income Tax Liabilities	-	-	38	98	173	-	45	-	-	-	46
Current Employee Benefit Liabilities	128	170	116	177	155	228	142	223	184	262	154
Other Current Liabilities	232	236	239	244	245	248	254	264	271	278	285
Total Noncurrent Liabilities	3,672	3,638	3,678	3,803	3,937	3,952	4,053	4,165	4,360	4,380	4,462
Noncurrent Deferred & Payable Income Tax Liabilities	133	99	98	106	111	89	84	83	80	46	39
Other Noncurrent Operating Liabilities	3,539	3,539	3,579	3,697	3,826	3,862	3,968	4,082	4,280	4,334	4,423
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,327	2,368	2,482	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491
Total Preferred & Common Equity	2,327	2,368	2,482	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,327	2,368	2,482	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491
Common Stock	1,808	1,830	1,850	1,881	1,918	1,957	1,995	2,038	2,044	2,092	2,131
Retained Earnings	4,605	4,828	5,120	5,462	5,775	6,057	6,416	1,683	1,578	1,574	1,369
Accumulated Other Comprehensive Income / (Loss)	-8.90	-7.89	-7.43	-6.95	-8.08	-6.66	-7.95	-8.51	-7.44	-10	-9.85

This table displays calculated financial ratios and metrics derived from Chipotle Mexican Grill's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.57%	-13.26%	14.65%	8.68%	14.83%	7.13%	26.11%	14.41%	14.33%	14.61%
EBITDA Growth	9.15%	-79.44%	134.54%	8.36%	42.65%	-20.68%	100.52%	37.56%	32.11%	20.90%
EBIT Growth	7.78%	-94.97%	599.02%	-0.87%	70.72%	-35.90%	176.66%	45.37%	37.15%	24.05%
NOPAT Growth	6.44%	-95.66%	745.67%	-1.82%	99.62%	3.59%	84.04%	36.54%	33.77%	23.81%
Net Income Growth	6.79%	-95.18%	668.39%	0.17%	98.33%	1.60%	83.54%	37.69%	36.66%	24.85%
EPS Growth	6.86%	-94.90%	701.30%	2.27%	96.20%	1.13%	82.91%	37.69%	36.66%	24.72%
Operating Cash Flow Growth	11.10%	-53.13%	31.83%	32.75%	16.10%	-8.01%	93.13%	3.21%	34.79%	18.03%
Free Cash Flow Firm Growth	17.17%	-99.34%	6,781.61%	47.13%	15.57%	-37.84%	255.43%	12.43%	41.50%	22.68%
Invested Capital Growth	11.03%	2.13%	-0.49%	-10.63%	4.93%	20.44%	-2.01%	14.16%	11.24%	13.50%
Revenue Q/Q Growth	-1.58%	0.96%	1.72%	2.42%	4.01%	2.88%	4.91%	2.61%	3.52%	3.00%
EBITDA Q/Q Growth	-7.56%	-25.98%	8.19%	0.30%	-6.00%	5.38%	5.55%	10.84%	4.89%	2.41%
EBIT Q/Q Growth	-9.20%	-64.01%	12.22%	-3.71%	18.91%	8.23%	6.53%	12.99%	5.12%	2.90%
NOPAT Q/Q Growth	-10.26%	-71.28%	18.59%	-7.29%	13.87%	51.19%	-9.05%	11.66%	4.37%	3.25%
Net Income Q/Q Growth	-10.09%	-69.35%	18.74%	-6.25%	13.04%	49.97%	-8.09%	11.16%	4.99%	3.35%
EPS Q/Q Growth	-9.90%	-68.44%	20.51%	-6.24%	12.96%	49.58%	-9.27%	11.16%	4.99%	1.83%
Operating Cash Flow Q/Q Growth	-3.19%	-5.39%	3.27%	6.91%	8.66%	-9.72%	33.72%	-2.71%	-7.09%	14.17%
Free Cash Flow Firm Q/Q Growth	4.27%	-95.46%	28.12%	1.49%	17.85%	-37.65%	90.33%	-5.18%	-16.79%	27.30%
Invested Capital Q/Q Growth	3.08%	3.43%	1.99%	-0.06%	-0.60%	30.76%	-13.93%	-1.82%	25.36%	0.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.09%	12.76%	16.89%	67.10%	66.92%	67.70%	22.62%	23.88%	26.20%	26.67%
EBITDA Margin	20.00%	4.74%	9.70%	9.67%	12.01%	8.89%	14.14%	17.01%	19.65%	20.73%
Operating Margin	16.96%	0.89%	6.05%	5.31%	7.95%	4.85%	10.67%	13.44%	15.78%	16.94%
EBIT Margin	17.10%	0.99%	6.05%	5.52%	8.20%	4.91%	10.77%	13.68%	16.42%	17.77%
Profit (Net Income) Margin	10.57%	0.59%	3.94%	3.63%	6.27%	5.94%	8.65%	10.41%	12.45%	13.56%
Tax Burden Percent	61.78%	59.21%	63.92%	65.77%	76.41%	121.10%	80.34%	76.10%	75.82%	76.32%
Interest Burden Percent	100.00%	100.00%	101.83%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	38.22%	40.79%	36.08%	34.23%	23.59%	-21.10%	19.66%	23.90%	24.18%	23.68%
Return on Invested Capital (ROIC)	58.96%	2.41%	20.18%	20.98%	43.30%	39.74%	67.61%	87.10%	103.47%	113.95%
ROIC Less NNEP Spread (ROIC-NNEP)	58.66%	2.14%	19.58%	19.86%	41.89%	39.29%	67.09%	85.88%	100.45%	110.50%
Return on Net Nonoperating Assets (RNNOA)	-35.99%	-1.11%	-7.44%	-8.39%	-20.89%	-20.53%	-37.36%	-48.56%	-58.22%	-68.27%
Return on Equity (ROE)	22.97%	1.30%	12.74%	12.58%	22.41%	19.21%	30.25%	38.54%	45.26%	45.67%
Cash Return on Invested Capital (CROIC)	48.51%	0.30%	20.68%	32.21%	38.49%	21.20%	69.65%	73.88%	92.84%	101.30%
Operating Return on Assets (OROA)	29.32%	1.63%	13.30%	12.45%	12.44%	5.30%	12.86%	17.40%	21.65%	23.31%
Return on Assets (ROA)	18.11%	0.97%	8.66%	8.19%	9.50%	6.42%	10.34%	13.24%	16.41%	17.79%
Return on Common Equity (ROCE)	22.97%	1.30%	12.74%	12.58%	22.41%	19.21%	30.25%	38.54%	45.26%	45.67%
Return on Equity Simple (ROE_SIMPLE)	22.35%	1.64%	12.92%	12.25%	20.81%	17.61%	28.42%	37.97%	40.13%	41.97%
Net Operating Profit after Tax (NOPAT)	472	20	173	170	339	351	647	883	1,181	1,462
NOPAT Margin	10.48%	0.52%	3.87%	3.49%	6.07%	5.87%	8.57%	10.23%	11.97%	12.93%
Net Nonoperating Expense Percent (NNEP)	0.31%	0.27%	0.60%	1.12%	1.41%	0.45%	0.52%	1.22%	3.02%	3.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	37.29%	38.57%	40.01%
Cost of Revenue to Revenue	73.91%	87.24%	83.11%	32.90%	33.08%	32.30%	77.38%	76.12%	73.80%	73.33%
SG&A Expenses to Revenue	5.56%	7.08%	6.62%	21.70%	21.70%	25.00%	8.04%	6.53%	6.42%	6.16%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.12%	11.88%	10.84%	61.79%	58.97%	62.86%	11.95%	10.44%	10.42%	9.73%
Earnings before Interest and Taxes (EBIT)	770	39	271	268	458	294	813	1,182	1,621	2,010
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	900	185	434	470	671	532	1,067	1,468	1,940	2,345
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.03	7.79	5.98	8.32	13.82	19.21	21.41	16.24	20.50	22.48
Price to Tangible Book Value (P/TBV)	7.11	7.91	6.08	8.45	14.01	19.42	21.62	16.39	20.64	22.61
Price to Revenue (P/Rev)	3.32	2.80	1.82	2.47	4.17	6.48	6.52	4.45	6.36	7.26
Price to Earnings (P/E)	31.47	476.20	46.30	33.30	66.45	109.06	75.46	42.90	51.03	53.69
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.18%	0.21%	2.16%	3.00%	1.50%	0.92%	1.33%	2.33%	1.96%	1.86%
Enterprise Value to Invested Capital (EV/IC)	16.25	12.07	8.94	14.81	27.91	39.07	50.53	34.40	50.66	58.53
Enterprise Value to Revenue (EV/Rev)	3.04	2.66	1.71	2.33	4.01	6.31	6.34	4.31	6.17	7.06
Enterprise Value to EBITDA (EV/EBITDA)	15.20	56.08	17.62	24.07	33.36	70.91	44.82	25.32	31.40	34.06
Enterprise Value to EBIT (EV/EBIT)	17.77	267.96	28.25	42.18	48.85	128.49	58.86	31.46	37.58	39.73
Enterprise Value to NOPAT (EV/NOPAT)	29.00	507.16	44.20	66.62	66.00	107.42	73.97	42.10	51.56	54.62
Enterprise Value to Operating Cash Flow (EV/OCF)	18.05	29.23	16.34	18.21	31.02	56.86	37.31	28.10	34.15	37.94
Enterprise Value to Free Cash Flow (EV/FCFF)	35.25	4,028.55	43.15	43.40	74.25	201.40	71.81	49.64	57.47	61.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.61	-0.52	-0.38	-0.42	-0.50	-0.52	-0.56	-0.57	-0.58	-0.62
Leverage Ratio	1.27	1.35	1.47	1.54	2.36	2.99	2.93	2.91	2.76	2.57
Compound Leverage Factor	1.27	1.35	1.50	1.54	2.36	2.99	2.93	2.91	2.76	2.57
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	18.99	14.18	11.63	13.06	6.37	7.92	9.23	7.89	10.59	11.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.91	1.85	1.94	1.81	1.61	1.73	1.58	1.28	1.57	1.52
Quick Ratio	2.51	1.63	1.70	1.64	1.44	1.28	1.35	1.09	1.37	1.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	388	2.58	177	261	302	187	666	749	1,060	1,300
Operating Cash Flow to CapEx	294.37%	137.21%	215.99%	216.27%	225.55%	177.81%	292.42%	276.14%	318.06%	367.06%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.71	1.64	2.20	2.26	1.52	1.08	1.19	1.27	1.32	1.31
Accounts Receivable Turnover	123.12	99.18	110.66	94.68	78.21	64.68	73.95	83.64	88.77	87.20
Inventory Turnover	219.06	226.61	213.32	77.30	77.56	73.57	197.06	191.92	194.34	188.01
Fixed Asset Turnover	3.87	3.10	3.39	3.58	3.94	3.93	4.50	4.64	4.79	4.96
Accounts Payable Turnover	42.84	41.52	46.39	16.41	16.15	16.26	40.96	37.80	38.12	40.63
Days Sales Outstanding (DSO)	2.96	3.68	3.30	3.86	4.67	5.64	4.94	4.36	4.11	4.19
Days Inventory Outstanding (DIO)	1.67	1.61	1.71	4.72	4.71	4.96	1.85	1.90	1.88	1.94
Days Payable Outstanding (DPO)	8.52	8.79	7.87	22.24	22.60	22.45	8.91	9.66	9.57	8.98
Cash Conversion Cycle (CCC)	-3.89	-3.50	-2.86	-13.67	-13.23	-11.85	-2.12	-3.39	-3.58	-2.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	842	860	855	765	802	966	947	1,081	1,202	1,365
Invested Capital Turnover	5.63	4.59	5.22	6.01	7.13	6.77	7.89	8.52	8.65	8.82
Increase / (Decrease) in Invested Capital	84	18	-4.23	-91	38	164	-19	134	121	162
Enterprise Value (EV)	13,679	10,380	7,651	11,321	22,387	37,747	47,837	37,176	60,905	79,873
Market Capitalization	14,965	10,923	8,160	11,998	23,268	38,801	49,188	38,463	62,765	82,164
Book Value per Share	$68.23	$48.45	$48.33	$51.87	$60.55	$72.20	$81.65	$85.42	$111.58	$2.68
Tangible Book Value per Share	$67.53	$47.69	$47.55	$51.08	$59.76	$71.41	$80.87	$84.63	$110.78	$2.67
Total Capital	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,286	-543	-509	-677	-881	-1,054	-1,351	-1,287	-1,860	-2,291
Capital Expenditures (CapEx)	257	259	217	287	320	373	438	479	561	573
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-128	-177	-203	-312	-475	-354	-568	-645	-705	-811
Debt-free Net Working Capital (DFNWC)	535	241	306	365	406	598	508	254	590	612
Net Working Capital (NWC)	535	241	306	365	406	598	508	254	590	612
Net Nonoperating Expense (NNE)	-3.88	-2.47	-3.16	-6.62	-11	-4.38	-6.28	-16	-48	-72
Net Nonoperating Obligations (NNO)	-1,286	-543	-509	-677	-881	-1,054	-1,351	-1,287	-1,860	-2,291
Total Depreciation and Amortization (D&A)	130	146	163	202	213	239	255	287	319	335
Debt-free, Cash-free Net Working Capital to Revenue	-2.85%	-4.54%	-4.54%	-6.41%	-8.51%	-5.91%	-7.53%	-7.47%	-7.15%	-7.17%
Debt-free Net Working Capital to Revenue	11.88%	6.16%	6.83%	7.50%	7.26%	9.99%	6.73%	2.94%	5.98%	5.41%
Net Working Capital to Revenue	11.88%	6.16%	6.83%	7.50%	7.26%	9.99%	6.73%	2.94%	5.98%	5.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.02	$0.12	$0.13	$0.25	$0.25	$0.46	$0.65	$0.89	$1.12
Adjusted Weighted Average Basic Shares Outstanding	1.55B	1.46B	1.42B	1.39B	1.39B	1.40B	1.41B	1.39B	1.38B	1.37B
Adjusted Diluted Earnings per Share	$0.30	$0.02	$0.12	$0.13	$0.25	$0.25	$0.46	$0.64	$0.89	$1.11
Adjusted Weighted Average Diluted Shares Outstanding	1.57B	1.49B	1.43B	1.40B	1.41B	1.42B	1.43B	1.40B	1.39B	1.38B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.50B	1.44B	1.40B	1.38B	1.39B	1.41B	1.40B	1.38B	1.37B	1.36B
Normalized Net Operating Profit after Tax (NOPAT)	490	45	190	219	365	235	679	922	1,238	1,515
Normalized NOPAT Margin	10.89%	1.15%	4.23%	4.51%	6.54%	3.93%	9.00%	10.67%	12.54%	13.39%
Pre Tax Income Margin	17.10%	0.99%	6.16%	5.52%	8.20%	4.91%	10.77%	13.68%	16.42%	17.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	96.86%	3,647.92%	161.82%	91.16%	54.44%	15.29%	71.44%	92.33%	48.21%	65.29%

This table displays calculated financial ratios and metrics derived from Chipotle Mexican Grill's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.72%	11.22%	17.23%	13.62%	11.34%	15.40%	14.07%	18.22%	13.01%	13.07%	6.42%
EBITDA Growth	35.88%	61.41%	73.17%	26.11%	19.57%	23.97%	20.03%	31.20%	19.32%	11.78%	8.24%
EBIT Growth	41.92%	81.06%	98.18%	28.75%	21.58%	26.03%	22.33%	35.62%	21.59%	14.84%	8.87%
NOPAT Growth	24.34%	73.30%	79.66%	30.63%	17.67%	22.70%	20.89%	33.42%	21.89%	17.15%	7.34%
Net Income Growth	25.78%	67.62%	84.24%	31.49%	21.81%	26.08%	23.19%	33.32%	23.68%	17.61%	7.60%
EPS Growth	28.13%	67.62%	87.84%	31.49%	21.81%	26.08%	23.90%	32.00%	21.74%	14.29%	7.69%
Operating Cash Flow Growth	25.33%	-8.40%	60.85%	103.12%	36.53%	-33.90%	25.10%	-3.42%	-7.07%	98.44%	-2.14%
Free Cash Flow Firm Growth	261.92%	-41.99%	25.47%	51.51%	74.07%	73.74%	29.37%	-55.46%	-106.88%	3.46%	-31.06%
Invested Capital Growth	0.09%	14.16%	11.27%	-5.09%	-12.88%	11.24%	10.81%	27.47%	41.20%	13.50%	18.07%
Revenue Q/Q Growth	0.31%	-1.78%	8.62%	6.17%	-1.70%	1.80%	7.37%	10.04%	-6.04%	1.85%	1.05%
EBITDA Q/Q Growth	-1.56%	-8.26%	20.07%	16.31%	-6.67%	-4.89%	16.26%	27.13%	-15.12%	-10.89%	12.57%
EBIT Q/Q Growth	-2.36%	-10.76%	24.12%	19.04%	-7.79%	-7.50%	20.48%	31.97%	-17.33%	-12.63%	14.21%
NOPAT Q/Q Growth	0.91%	-14.08%	30.29%	15.64%	-9.10%	-10.41%	28.36%	27.63%	-16.96%	-13.89%	17.62%
Net Income Q/Q Growth	-1.08%	-12.99%	30.36%	17.19%	-8.36%	-9.94%	27.37%	26.83%	-14.99%	-14.36%	16.53%
EPS Q/Q Growth	-0.54%	-12.99%	29.95%	17.19%	-8.36%	-9.94%	26.43%	-97.46%	-15.15%	-14.29%	16.67%
Operating Cash Flow Q/Q Growth	22.71%	14.11%	13.31%	28.01%	-17.52%	-44.75%	114.43%	-1.17%	-20.63%	17.98%	5.75%
Free Cash Flow Firm Q/Q Growth	0.55%	-66.68%	111.13%	114.18%	15.52%	-66.74%	57.20%	-26.27%	-117.84%	600.42%	4.76%
Invested Capital Q/Q Growth	6.60%	-1.82%	-2.75%	-6.75%	-2.15%	25.36%	-3.13%	7.27%	8.39%	0.77%	0.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.34%	-20.73%	25.63%	27.47%	26.29%	25.37%	27.46%	28.91%	25.49%	24.75%	26.21%
EBITDA Margin	18.53%	17.31%	19.13%	20.96%	19.90%	18.59%	20.13%	23.26%	21.01%	18.38%	20.48%
Operating Margin	15.15%	13.59%	15.52%	17.17%	15.98%	14.44%	16.33%	19.71%	16.94%	14.61%	16.67%
EBIT Margin	15.31%	13.91%	15.90%	17.82%	16.72%	15.19%	17.05%	20.45%	17.99%	15.43%	17.44%
Profit (Net Income) Margin	11.58%	10.26%	12.31%	13.59%	12.67%	11.21%	13.30%	15.33%	13.87%	11.66%	13.45%
Tax Burden Percent	75.64%	73.74%	77.45%	76.25%	75.78%	73.78%	77.99%	74.96%	77.08%	75.56%	77.09%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.36%	26.26%	22.55%	23.75%	24.22%	26.22%	22.01%	25.04%	22.92%	24.44%	22.91%
Return on Invested Capital (ROIC)	87.60%	85.35%	108.21%	120.78%	112.09%	92.15%	117.34%	141.34%	124.02%	97.32%	116.23%
ROIC Less NNEP Spread (ROIC-NNEP)	87.37%	84.96%	107.68%	119.92%	111.21%	91.26%	116.51%	140.56%	122.94%	96.47%	115.44%
Return on Net Nonoperating Assets (RNNOA)	-45.91%	-48.04%	-61.12%	-70.87%	-67.27%	-52.89%	-72.33%	-92.19%	-79.19%	-59.61%	-72.65%
Return on Equity (ROE)	41.69%	37.32%	47.09%	49.91%	44.82%	39.26%	45.01%	49.14%	44.83%	37.71%	43.58%
Cash Return on Invested Capital (CROIC)	71.78%	73.88%	90.51%	113.22%	123.65%	92.84%	101.75%	97.03%	88.30%	101.30%	100.58%
Operating Return on Assets (OROA)	19.17%	17.69%	21.12%	23.48%	21.65%	20.04%	22.50%	26.47%	23.35%	20.24%	22.96%
Return on Assets (ROA)	14.50%	13.05%	16.36%	17.90%	16.41%	14.78%	17.55%	19.84%	18.00%	15.30%	17.70%
Return on Common Equity (ROCE)	41.69%	37.32%	47.09%	49.91%	44.82%	39.26%	45.01%	49.14%	44.83%	37.71%	43.58%
Return on Equity Simple (ROE_SIMPLE)	34.75%	0.00%	41.60%	40.27%	40.55%	0.00%	38.57%	37.99%	41.08%	0.00%	44.73%
Net Operating Profit after Tax (NOPAT)	254	219	285	329	299	268	344	439	365	314	369
NOPAT Margin	11.46%	10.02%	12.02%	13.09%	12.11%	10.66%	12.74%	14.78%	13.06%	11.04%	12.85%
Net Nonoperating Expense Percent (NNEP)	0.23%	0.39%	0.53%	0.86%	0.88%	0.89%	0.83%	0.77%	1.08%	0.85%	0.80%
Return On Investment Capital (ROIC_SIMPLE)	-	9.23%	-	-	-	8.76%	-	-	-	8.59%	10.58%
Cost of Revenue to Revenue	74.66%	120.73%	74.37%	72.53%	73.71%	74.63%	72.54%	71.09%	74.51%	75.25%	73.79%
SG&A Expenses to Revenue	6.35%	-8.97%	6.26%	6.22%	6.45%	6.73%	7.57%	5.89%	4.53%	6.72%	6.01%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.19%	-34.32%	10.11%	10.30%	10.31%	10.92%	11.12%	9.19%	8.55%	10.14%	9.54%
Earnings before Interest and Taxes (EBIT)	340	303	377	448	413	382	461	608	503	439	502
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	411	377	453	527	492	468	544	691	587	523	589
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	17.93	16.24	19.01	21.33	17.51	20.50	23.73	23.18	21.83	22.48	19.49
Price to Tangible Book Value (P/TBV)	18.10	16.39	19.18	21.50	17.64	20.64	23.89	23.32	21.97	22.61	19.62
Price to Revenue (P/Rev)	4.96	4.45	5.25	6.36	5.30	6.36	7.82	8.07	7.18	7.26	5.92
Price to Earnings (P/E)	51.90	42.90	45.80	52.97	43.14	51.03	61.56	61.08	53.13	53.69	43.64
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.93%	2.33%	2.18%	1.89%	2.32%	1.96%	1.62%	1.64%	1.88%	1.86%	2.29%
Enterprise Value to Invested Capital (EV/IC)	36.79	34.40	43.53	58.39	50.68	50.66	66.61	66.90	56.60	58.53	47.95
Enterprise Value to Revenue (EV/Rev)	4.81	4.31	5.09	6.16	5.10	6.17	7.60	7.84	6.98	7.06	5.74
Enterprise Value to EBITDA (EV/EBITDA)	30.57	25.32	27.57	32.35	26.28	31.40	38.20	38.07	33.47	34.06	27.59
Enterprise Value to EBIT (EV/EBIT)	38.73	31.46	33.45	38.98	31.53	37.58	45.51	44.83	39.24	39.73	32.15
Enterprise Value to NOPAT (EV/NOPAT)	51.21	42.10	45.32	52.65	42.95	51.56	62.52	61.87	54.11	54.62	44.32
Enterprise Value to Operating Cash Flow (EV/OCF)	29.78	28.10	30.60	31.95	25.32	34.15	40.88	44.51	41.57	37.94	31.50
Enterprise Value to Free Cash Flow (EV/FCFF)	51.27	49.64	50.66	50.23	38.17	57.47	68.82	77.27	75.05	61.44	51.62
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.53	-0.57	-0.57	-0.59	-0.60	-0.58	-0.62	-0.66	-0.64	-0.62	-0.63
Leverage Ratio	2.90	2.91	2.93	2.86	2.83	2.76	2.65	2.54	2.60	2.57	2.55
Compound Leverage Factor	2.90	2.91	2.93	2.86	2.83	2.76	2.65	2.54	2.60	2.57	2.55
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	7.97	7.47	8.72	9.93	8.52	10.08	12.03	11.70	10.50	10.59	9.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.32	1.28	1.41	1.58	1.53	1.57	1.65	1.71	1.62	1.52	1.52
Quick Ratio	1.05	1.09	1.26	1.44	1.40	1.37	1.51	1.52	1.41	1.34	1.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	253	84	178	382	441	147	231	170	-30	152	159
Operating Cash Flow to CapEx	253.14%	279.56%	378.03%	424.47%	366.21%	154.40%	428.95%	400.44%	302.66%	304.69%	384.69%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.25	1.27	1.33	1.32	1.29	1.32	1.32	1.29	1.30	1.31	1.32
Accounts Receivable Turnover	114.19	83.64	115.78	128.39	133.93	88.77	131.08	134.53	133.70	87.20	120.02
Inventory Turnover	260.16	191.92	239.16	240.63	217.51	194.34	206.33	217.26	178.46	188.01	213.22
Fixed Asset Turnover	4.69	4.64	4.78	4.84	4.81	4.79	4.88	4.97	4.98	4.96	4.95
Accounts Payable Turnover	47.66	37.80	43.85	49.13	42.84	38.12	39.44	42.54	37.46	40.63	40.83
Days Sales Outstanding (DSO)	3.20	4.36	3.15	2.84	2.73	4.11	2.78	2.71	2.73	4.19	3.04
Days Inventory Outstanding (DIO)	1.40	1.90	1.53	1.52	1.68	1.88	1.77	1.68	2.05	1.94	1.71
Days Payable Outstanding (DPO)	7.66	9.66	8.32	7.43	8.52	9.57	9.25	8.58	9.74	8.98	8.94
Cash Conversion Cycle (CCC)	-3.06	-3.39	-3.65	-3.07	-4.12	-3.58	-4.70	-4.19	-4.97	-2.86	-4.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,101	1,081	1,051	980	959	1,202	1,165	1,249	1,354	1,365	1,375
Invested Capital Turnover	7.65	8.52	9.00	9.23	9.26	8.65	9.21	9.57	9.50	8.82	9.05
Increase / (Decrease) in Invested Capital	0.94	134	106	-53	-142	121	114	269	395	162	210
Enterprise Value (EV)	40,497	37,176	45,756	57,228	48,609	60,905	77,579	83,578	76,649	79,873	65,936
Market Capitalization	41,724	38,463	47,186	59,015	50,536	62,765	79,775	86,040	78,909	82,164	68,051
Book Value per Share	$83.83	$85.42	$89.85	$100.29	$104.62	$111.58	$122.48	$135.14	$2.64	$2.68	$2.58
Tangible Book Value per Share	$83.04	$84.63	$89.05	$99.49	$103.83	$110.78	$121.68	$134.34	$2.62	$2.67	$2.56
Total Capital	2,327	2,368	2,482	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,227	-1,287	-1,431	-1,787	-1,927	-1,860	-2,197	-2,462	-2,260	-2,291	-2,116
Capital Expenditures (CapEx)	139	144	120	137	131	172	133	140	148	173	145
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-524	-645	-695	-782	-872	-705	-771	-747	-725	-811	-845
Debt-free Net Working Capital (DFNWC)	260	254	367	574	582	590	648	743	642	612	570
Net Working Capital (NWC)	260	254	367	574	582	590	648	743	642	612	570
Net Nonoperating Expense (NNE)	-2.81	-5.20	-6.93	-13	-14	-14	-15	-16	-23	-18	-17
Net Nonoperating Obligations (NNO)	-1,227	-1,287	-1,431	-1,787	-1,927	-1,860	-2,197	-2,462	-2,260	-2,291	-2,116
Total Depreciation and Amortization (D&A)	71	74	77	79	79	85	83	84	84	84	87
Debt-free, Cash-free Net Working Capital to Revenue	-6.23%	-7.47%	-7.74%	-8.42%	-9.15%	-7.15%	-7.56%	-7.00%	-6.60%	-7.17%	-7.35%
Debt-free Net Working Capital to Revenue	3.08%	2.94%	4.09%	6.18%	6.10%	5.98%	6.35%	6.97%	5.85%	5.41%	4.96%
Net Working Capital to Revenue	3.08%	2.94%	4.09%	6.18%	6.10%	5.98%	6.35%	6.97%	5.85%	5.41%	4.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.19	$0.00	$0.21	$0.25	$0.23	$0.00	$0.26	$0.33	$0.28	$0.24	$0.29
Adjusted Weighted Average Basic Shares Outstanding	1.39B	69.63B	1.38B	1.38B	1.38B	68.89B	1.37B	1.37B	1.37B	1.37B	1.35B
Adjusted Diluted Earnings per Share	$0.18	$0.00	$0.21	$0.25	$0.23	$0.00	$0.26	$0.33	$0.28	$0.24	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	1.40B	70.15B	1.39B	1.39B	1.38B	69.28B	1.38B	1.38B	1.37B	1.38B	1.36B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.24	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.39B	1.38B	1.38B	1.38B	1.37B	1.37B	1.37B	1.37B	1.36B	1.36B	1.35B
Normalized Net Operating Profit after Tax (NOPAT)	265	231	296	347	312	283	354	450	386	324	381
Normalized NOPAT Margin	11.93%	10.60%	12.50%	13.81%	12.62%	11.25%	13.11%	15.15%	13.83%	11.40%	13.23%
Pre Tax Income Margin	15.31%	13.91%	15.90%	17.82%	16.72%	15.19%	17.05%	20.45%	17.99%	15.43%	17.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	98.35%	92.33%	67.17%	47.56%	54.48%	48.21%	38.00%	38.50%	55.08%	65.29%	97.88%

Key Financial Trends

Chipotle Mexican Grill (NYSE: CMG) has shown steadily growing revenue and profitability over the past four years, with continued improvements visible in the quarterly trends through Q1 2025.

Revenue and Profitability:

Operating revenue grew from approximately $2.37 billion in Q1 2023 to $2.88 billion in Q1 2025, representing solid top-line growth.
Gross profit increased from about $607 million in Q1 2023 to $754 million in Q1 2025, reflecting good control over cost of revenue relative to sales growth.
Net income rose from $292 million in Q1 2023 to $387 million in Q1 2025, showing a consistent increase in profitability.
Basic earnings per share improved from $10.56 in Q1 2023 to $0.29 in Q1 2025; note the difference in share count scale, but overall EPS remains healthy.
Operating income advanced from $368 million in Q1 2023 to $479 million in Q1 2025, supporting operational strength.
Income tax expense fluctuated but overall represented a consistent portion of pre-tax income, indicating stable tax management.

Cash Flow and Investments:

Operating cash flow strengthened from around $455 million in Q1 2023 to $557 million in Q1 2025, indicating robust cash generation from core operations.
Capital expenditures increased with property, plant, and equipment purchases totaling about $145 million in Q1 2025, up from $120 million in Q1 2023, reflecting ongoing investment needs.
Chipotle repurchased common equity significantly, with $554 million spent in Q1 2025 compared to $127 million in Q1 2023, which reduces cash reserves.
Investments in and sales of short and long-term investments vary each quarter, showing active management of marketable securities but not significantly impacting net liquidity.

Balance Sheet Strength:

Total assets grew from $7.05 billion in Q1 2023 to $9.04 billion in Q1 2025, with increases in both current and noncurrent assets supporting expansion.
Cash and equivalents increased over time, from approximately $410 million in Q1 2023 to $726 million in Q1 2025, indicating strong liquidity.
Common equity increased from $2.48 billion in Q1 2023 to $3.49 billion in Q1 2025, reflecting retained earnings growth and capital retention.
Total liabilities also increased but remain well-covered by equity, suggesting manageable leverage though liabilities need monitoring.
Accumulated other comprehensive loss remains modest and stable, with minimal impact on equity fluctuations.

Summary: Chipotle Mexican Grill has demonstrated consistent growth in revenue, profitability, and operating cash flow over the last several years. The company continues to invest heavily in property, plant, and equipment to support its expansion and brand growth. Share repurchase activity has increased, which returns value to shareholders but also reduces cash on hand. The balance sheet remains strong with growing equity and good liquidity. Risks include increased capital expenditures and equity repurchases which may impact cash reserves, plus steadily rising liabilities requiring ongoing management. Overall, the financial trends suggest a healthy and growing company that is managing its resources effectively.

08/02/25 02:01 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Chipotle Mexican Grill's Financials

When does Chipotle Mexican Grill's fiscal year end?

According to the most recent income statement we have on file, Chipotle Mexican Grill's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Chipotle Mexican Grill's net income changed over the last 9 years?

Chipotle Mexican Grill's net income appears to be on an upward trend, with a most recent value of $1.53 billion in 2024, rising from $475.60 million in 2015. The previous period was $1.23 billion in 2023. See Chipotle Mexican Grill's forecast for analyst expectations on what’s next for the company.

What is Chipotle Mexican Grill's operating income?

Chipotle Mexican Grill's total operating income in 2024 was $1.92 billion, based on the following breakdown:

Total Gross Profit: $3.02 billion
Total Operating Expenses: $1.10 billion

How has Chipotle Mexican Grill's revenue changed over the last 9 years?

Over the last 9 years, Chipotle Mexican Grill's total revenue changed from $4.50 billion in 2015 to $11.31 billion in 2024, a change of 151.4%.

How much debt does Chipotle Mexican Grill have?

Chipotle Mexican Grill's total liabilities were at $5.55 billion at the end of 2024, a 11.4% increase from 2023, and a 829.3% increase since 2015.

How much cash does Chipotle Mexican Grill have?

In the past 9 years, Chipotle Mexican Grill's cash and equivalents has ranged from $87.88 million in 2016 to $815.37 million in 2021, and is currently $748.54 million as of their latest financial filing in 2024.

How has Chipotle Mexican Grill's book value per share changed over the last 9 years?

Over the last 9 years, Chipotle Mexican Grill's book value per share changed from 68.23 in 2015 to 2.68 in 2024, a change of -96.1%.

Related Companies

This page (NYSE:CMG) was last updated on 8/2/2025 by MarketBeat.com Staff

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Chipotle Mexican Grill (CMG) Financials

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Chipotle Mexican Grill (CMG) Financials

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