Chipotle Mexican Grill (CMG) Financials

$43.47 +0.56 (+1.31%)

As of 12:07 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	443	476	23	176	360	350	356	652	897	1,230	1,530
Consolidated Net Income / (Loss)	445	476	23	176	177	350	356	653	899	1,229	1,534
Net Income / (Loss) Continuing Operations	445	476	23	176	360	350	356	653	899	1,229	1,534
Total Pre-Tax Income	714	770	39	276	268	458	294	813	1,182	1,621	2,010
Total Operating Income	711	764	35	271	258	444	290	805	1,160	1,558	1,916
Total Gross Profit	1,783	1,174	498	756	3,264	3,738	4,052	1,707	2,062	2,586	3,018
Total Revenue	4,108	4,501	3,904	4,476	4,865	5,586	5,985	7,547	8,635	9,872	11,314
Operating Revenue	4,108	4,501	3,904	4,476	4,865	5,586	5,985	7,547	8,635	9,872	11,314
Total Cost of Revenue	2,325	3,327	3,406	3,720	1,601	1,848	1,933	5,840	6,573	7,286	8,296
Operating Cost of Revenue	2,325	3,327	3,406	3,720	1,601	1,848	1,933	5,840	6,573	7,286	8,296
Total Operating Expenses	1,072	411	464	485	3,006	3,294	3,762	902	902	1,028	1,101
Selling, General & Admin Expense	708	250	276	296	1,055	1,212	1,496	607	564	634	697
Depreciation Expense	110	130	146	163	202	213	239	255	287	319	335
Impairment Charge	6.98	13	24	13	67	23	31	19	21	38	27
Other Special Charges / (Income)	16	17	17	12	8.55	11	16	21	30	37	42
Total Other Income / (Expense), net	3.50	6.28	4.17	4.95	10	14	3.62	7.82	21	63	94
Other Income / (Expense), net	3.50	6.28	4.17	-	10	14	3.62	7.82	21	63	94
Income Tax Expense	269	294	16	99	92	108	-62	160	282	392	476
Basic Earnings per Share	$14.35	$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	31.04M	31.09M	29.27M	28.49M	27.82M	27.74M	27.92M	28.13M	1.39B	1.38B	1.37B
Diluted Earnings per Share	$14.13	$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	31.51M	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	31M	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	225	292	342	312	284	358	455	388	329	387	439
Consolidated Net Income / (Loss)	224	292	342	313	282	359	456	387	332	387	436
Net Income / (Loss) Continuing Operations	224	292	342	313	282	359	456	387	332	387	426
Total Pre-Tax Income	303	377	448	413	382	461	608	503	439	502	577
Total Operating Income	296	368	432	395	363	441	586	473	416	479	559
Total Gross Profit	-452	607	691	650	638	742	859	712	704	754	828
Total Revenue	2,181	2,369	2,515	2,472	2,516	2,702	2,973	2,794	2,845	2,875	3,063
Operating Revenue	2,181	2,369	2,515	2,472	2,516	2,702	2,973	2,794	2,845	2,875	3,063
Total Cost of Revenue	2,633	1,761	1,824	1,822	1,878	1,960	2,114	2,081	2,141	2,122	2,236
Operating Cost of Revenue	2,633	1,761	1,824	1,822	1,878	1,960	2,114	2,081	2,141	2,122	2,225
Total Operating Expenses	-748	239	259	255	275	301	273	239	289	274	279
Selling, General & Admin Expense	-196	148	156	160	169	205	175	127	191	173	172
Depreciation Expense	74	77	79	79	85	83	84	84	84	87	91
Impairment Charge	5.79	8.36	16	7.24	6.53	5.48	5.76	15	0.53	6.17	5.47
Other Special Charges / (Income)	11	6.20	7.54	9.61	14	7.21	9.00	13	13	8.21	11
Total Other Income / (Expense), net	7.06	8.95	16	18	19	19	22	29	23	22	18
Other Income / (Expense), net	7.06	8.95	16	18	19	19	22	29	23	22	18
Income Tax Expense	80	85	106	100	100	101	152	115	107	115	141
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	0.56	-	-	-	-2.51
Basic Earnings per Share	$0.16	$10.56	$0.25	$0.23	$0.21	$0.26	$0.33	$0.28	$0.24	$0.29	$0.32
Weighted Average Basic Shares Outstanding	1.39B	27.62M	1.38B	1.38B	1.38B	1.37B	1.37B	1.37B	1.37B	1.35B	1.34B
Diluted Earnings per Share	$0.16	$10.50	$0.25	$0.23	$0.21	$0.26	$0.33	$0.28	$0.24	$0.28	$0.32
Weighted Average Diluted Shares Outstanding	1.40B	27.79M	1.39B	1.38B	1.39B	1.38B	1.38B	1.37B	1.38B	1.36B	1.35B
Weighted Average Basic & Diluted Shares Outstanding	27.62M	27.59M	27.59M	27.44M	27.42M	27.47M	1.37B	1.36B	1.36B	1.35B	1.34B

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	96	-167	-154	98	66	228	127	210	-437	177	192
Net Cash From Operating Activities	682	758	355	468	622	722	664	1,282	1,323	1,783	2,105
Net Cash From Continuing Operating Activities	682	683	355	468	622	722	664	1,282	1,323	1,783	2,105
Net Income / (Loss) Continuing Operations	445	476	23	176	177	350	356	653	899	1,229	1,534
Consolidated Net Income / (Loss)	445	476	23	176	177	350	356	653	899	1,229	1,534
Depreciation Expense	110	130	146	163	202	213	239	255	287	319	335
Non-Cash Adjustments To Reconcile Net Income	82	105	131	87	156	139	172	240	162	225	267
Changes in Operating Assets and Liabilities, net	44	47	55	43	87	20	-102	134	-25	10	-31
Net Cash From Investing Activities	-519	-464	327	-87	-388	-292	-433	-522	-830	-946	-838
Net Cash From Continuing Investing Activities	-519	-464	327	-87	-388	-292	-433	-522	-830	-946	-838
Purchase of Property, Plant & Equipment	-253	-257	-259	-217	-287	-334	-373	-442	-479	-561	-594
Purchase of Investments	-521	-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	255	353	586	330	385	477	419	346	264	730	723
Net Cash From Financing Activities	-67	-461	-836	-286	-167	-202	-105	-549	-929	-661	-1,074
Net Cash From Continuing Financing Activities	-67	-461	-836	-286	-167	-202	-105	-549	-929	-661	-1,074
Repurchase of Common Equity	-88	-461	-837	-285	-161	-191	-54	-466	-830	-592	-1,002
Issuance of Debt	-0.07	-	-	0.03	-	-	-	-2.27	-0.29	-	2.09
Other Financing Activities, net	22	-	-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	281	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Net Change in Cash & Equivalents	11	26	95	98	-41	167	81	-108	52	-22	119
Net Cash From Operating Activities	402	455	583	480	265	569	563	446	527	557	561
Net Cash From Continuing Operating Activities	402	455	583	480	265	569	563	446	527	557	561
Net Income / (Loss) Continuing Operations	224	292	342	313	282	359	456	387	332	387	436
Consolidated Net Income / (Loss)	224	292	342	313	282	359	456	387	332	387	436
Depreciation Expense	74	77	79	79	85	83	84	84	84	87	91
Non-Cash Adjustments To Reconcile Net Income	84	11	56	41	117	35	73	37	122	29	75
Changes in Operating Assets and Liabilities, net	20	76	106	47	-219	92	-50	-62	-11	54	-41
Net Cash From Investing Activities	-184	-236	-392	-166	-152	-301	-336	-64	-136	6.08	1.99
Net Cash From Continuing Investing Activities	-184	-236	-392	-166	-152	-301	-336	-64	-136	6.08	1.99
Purchase of Property, Plant & Equipment	-144	-120	-137	-131	-172	-133	-140	-148	-173	-145	-161
Purchase of Investments	-101	-215	-376	-255	-269	-367	-372	-90	-158	-4.00	-2.50
Sale and/or Maturity of Investments	61	100	121	220	289	198	176	174	175	155	165
Net Cash From Financing Activities	-207	-194	-95	-216	-155	-100	-145	-490	-339	-585	-444
Net Cash From Continuing Financing Activities	-207	-194	-95	-216	-155	-100	-145	-490	-339	-585	-444
Repurchase of Common Equity	-200	-127	-95	-216	-155	-27	-145	-490	-339	-554	-443
Issuance of Debt	0.29	-	-	-	-	-	-	-	-	1.52	0.02
Other Financing Activities, net	-6.60	-67	-0.29	-1.14	-0.53	-73	-0.36	-0.34	-0.88	-33	-0.42
Other Net Changes in Cash	0.16	0.29	-0.03	-	-	-	-0.37	-0.37	-0.14	-0.24	-0.55
Cash Income Taxes Paid	48	-0.25	33	21	346	7.86	270	131	124	8.75	271

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	2,527	2,725	2,026	2,046	2,266	5,105	5,983	6,653	6,928	8,044	9,204
Total Current Assets	860	815	522	630	815	1,072	1,420	1,382	1,176	1,621	1,781
Cash & Equivalents	419	248	88	185	250	481	608	815	384	561	749
Short-Term Investments	339	415	330	324	427	400	344	261	515	735	674
Accounts Receivable	35	38	40	40	62	81	105	100	107	116	144
Inventories, net	15	15	15	20	22	26	26	33	36	39	49
Prepaid Expenses	35	40	44	51	54	57	55	79	86	117	98
Current Deferred & Refundable Income Taxes	16	58	5.11	9.35	0.00	28	283	94	48	53	67
Plant, Property, & Equipment, net	1,107	1,217	1,304	1,338	1,379	1,459	1,584	1,769	1,951	2,170	2,390
Total Noncurrent Assets	561	693	200	78	71	2,574	2,978	3,502	3,801	4,254	5,034
Long-Term Investments	496	623	125	-	-	0.00	102	274	388	564	868
Goodwill	22	22	22	22	22	22	22	22	22	22	22
Other Noncurrent Operating Assets	43	48	53	56	50	2,552	2,854	3,206	3,391	3,667	4,144
Total Liabilities & Shareholders' Equity	2,527	2,725	2,026	2,046	2,266	5,105	5,983	6,653	6,928	8,044	9,204
Total Liabilities	515	597	624	681	824	3,422	3,963	4,356	4,559	4,982	5,549
Total Current Liabilities	246	280	282	324	450	667	822	874	922	1,031	1,169
Accounts Payable	70	86	78	82	113	116	122	163	185	198	211
Accrued Expenses	102	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	74	65	76	83	113	127	203	162	170	228	262
Other Current Liabilities	-	-	-	-	0.00	173	205	219	236	248	278
Total Noncurrent Liabilities	269	317	342	357	374	2,755	3,141	3,482	3,638	3,952	4,380
Noncurrent Deferred & Payable Income Tax Liabilities	22	32	19	0.81	12	38	149	142	99	89	46
Other Noncurrent Operating Liabilities	28	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	2,012	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656
Total Preferred & Common Equity	2,012	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	0.00
Total Common Equity	2,012	2,128	1,402	1,364	1,441	1,683	2,020	2,297	2,368	3,062	3,656
Common Stock	1,039	1,173	1,239	1,305	1,375	1,466	1,550	1,730	1,830	1,957	2,092
Retained Earnings	1,722	2,198	2,221	2,397	2,574	2,921	3,276	3,929	4,828	6,057	1,574
Accumulated Other Comprehensive Income / (Loss)	-0.43	-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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Total Assets	6,928	7,053	7,552	7,911	8,044	8,411	8,920	9,012	9,204	9,044	9,269
Total Current Assets	1,176	1,261	1,556	1,669	1,621	1,646	1,786	1,680	1,781	1,662	1,869
Cash & Equivalents	384	410	505	602	561	727	807	699	749	726	845
Short-Term Investments	515	653	851	852	735	692	683	669	674	689	702
Accounts Receivable	107	66	61	71	116	90	98	93	144	102	105
Inventories, net	36	35	36	40	39	38	36	50	49	41	40
Prepaid Expenses	86	98	103	104	117	98	92	88	98	104	97
Current Deferred & Refundable Income Taxes	48	0.00	0.00	0.00	53	0.00	72	82	67	0.00	81
Plant, Property, & Equipment, net	1,951	1,981	2,022	2,093	2,170	2,203	2,266	2,320	2,390	2,437	2,503
Total Noncurrent Assets	3,801	3,811	3,974	4,149	4,254	4,563	4,868	5,011	5,034	4,946	4,896
Long-Term Investments	388	368	431	473	564	777	973	892	868	701	519
Goodwill	22	22	22	22	22	22	22	22	22	22	22
Other Noncurrent Operating Assets	3,391	3,421	3,521	3,654	3,667	3,764	3,873	4,097	4,144	4,223	4,356
Total Liabilities & Shareholders' Equity	6,928	7,053	7,552	7,911	8,044	8,411	8,920	9,012	9,204	9,044	9,269
Total Liabilities	4,559	4,572	4,786	5,025	4,982	5,050	5,208	5,398	5,549	5,553	5,741
Total Current Liabilities	922	894	982	1,088	1,031	997	1,043	1,038	1,169	1,092	1,132
Accounts Payable	185	183	162	208	198	197	203	221	211	217	216
Accrued Expenses	148	160	141	151	148	172	170	181	180	185	185
Current Deferred Revenue	183	158	159	156	210	187	182	180	239	204	207
Current Employee Benefit Liabilities	170	116	177	155	228	142	223	184	262	154	237
Other Current Liabilities	236	239	244	245	248	254	264	271	278	285	287
Total Noncurrent Liabilities	3,638	3,678	3,803	3,937	3,952	4,053	4,165	4,360	4,380	4,462	4,608
Noncurrent Deferred & Payable Income Tax Liabilities	99	98	106	111	89	84	83	80	46	39	36
Other Noncurrent Operating Liabilities	3,539	3,579	3,697	3,826	3,862	3,968	4,082	4,280	4,334	4,423	4,572
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	2,368	2,482	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491	3,528
Total Preferred & Common Equity	2,368	2,482	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491	3,528
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	2,368	2,482	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491	3,528
Common Stock	1,830	1,850	1,881	1,918	1,957	1,995	2,038	2,044	2,092	2,131	2,170
Retained Earnings	4,828	5,120	5,462	5,775	6,057	6,416	1,683	1,578	1,574	1,369	1,365
Accumulated Other Comprehensive Income / (Loss)	-7.89	-7.43	-6.95	-8.08	-6.66	-7.95	-8.51	-7.44	-10	-9.85	-7.34

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	27.80%	9.57%	-13.26%	14.65%	8.68%	14.83%	7.13%	26.11%	14.41%	14.33%	14.61%
EBITDA Growth	31.17%	9.15%	-79.44%	134.54%	8.36%	42.65%	-20.68%	100.52%	37.56%	32.11%	20.90%
EBIT Growth	34.09%	7.78%	-94.97%	599.02%	-0.87%	70.72%	-35.90%	176.66%	45.37%	37.15%	24.05%
NOPAT Growth	35.80%	6.44%	-95.66%	745.67%	-1.82%	99.62%	3.59%	84.04%	36.54%	33.77%	23.81%
Net Income Growth	36.02%	6.79%	-95.18%	668.39%	0.17%	98.33%	1.60%	83.54%	37.69%	36.66%	24.85%
EPS Growth	34.96%	6.86%	-94.90%	701.30%	2.27%	96.20%	1.13%	82.91%	37.69%	36.66%	24.72%
Operating Cash Flow Growth	20.26%	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	26.27%	17.17%	-99.34%	6,781.61%	47.13%	15.57%	-37.84%	255.43%	12.43%	41.50%	22.68%
Invested Capital Growth	17.32%	11.03%	2.13%	-0.49%	-10.63%	4.93%	20.44%	-2.01%	14.16%	11.24%	13.50%
Revenue Q/Q Growth	5.81%	-1.58%	0.96%	1.72%	2.42%	4.01%	2.88%	4.91%	2.61%	3.52%	3.00%
EBITDA Q/Q Growth	8.86%	-7.56%	-25.98%	8.19%	0.30%	-6.00%	5.38%	5.55%	10.84%	4.89%	2.41%
EBIT Q/Q Growth	9.55%	-9.20%	-64.01%	12.22%	-3.71%	18.91%	8.23%	6.53%	12.99%	5.12%	2.90%
NOPAT Q/Q Growth	10.27%	-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	10.31%	-10.09%	-69.35%	18.74%	-6.25%	13.04%	49.97%	-8.09%	11.16%	4.99%	3.35%
EPS Q/Q Growth	10.13%	-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	-5.72%	-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	-10.13%	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	14.32%	3.08%	3.43%	1.99%	-0.06%	-0.60%	30.76%	-13.93%	-1.82%	25.36%	0.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.40%	26.09%	12.76%	16.89%	67.10%	66.92%	67.70%	22.62%	23.88%	26.20%	26.67%
EBITDA Margin	20.08%	20.00%	4.74%	9.70%	9.67%	12.01%	8.89%	14.14%	17.01%	19.65%	20.73%
Operating Margin	17.30%	16.96%	0.89%	6.05%	5.31%	7.95%	4.85%	10.67%	13.44%	15.78%	16.94%
EBIT Margin	17.39%	17.10%	0.99%	6.05%	5.52%	8.20%	4.91%	10.77%	13.68%	16.42%	17.77%
Profit (Net Income) Margin	10.84%	10.57%	0.59%	3.94%	3.63%	6.27%	5.94%	8.65%	10.41%	12.45%	13.56%
Tax Burden Percent	62.35%	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%	100.00%	101.83%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	37.65%	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)	63.11%	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)	62.91%	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)	-38.03%	-35.99%	-1.11%	-7.44%	-8.39%	-20.89%	-20.53%	-37.36%	-48.56%	-58.22%	-68.27%
Return on Equity (ROE)	25.09%	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)	47.17%	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)	31.49%	29.32%	1.63%	13.30%	12.45%	12.44%	5.30%	12.86%	17.40%	21.65%	23.31%
Return on Assets (ROA)	19.63%	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)	25.09%	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)	0.00%	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)	443	472	20	173	170	339	351	647	883	1,181	1,462
NOPAT Margin	10.79%	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)	0.20%	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)	22.02%	-	-	-	-	-	-	-	37.29%	38.57%	40.01%
Cost of Revenue to Revenue	56.60%	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	17.24%	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%	0.00%
Operating Expenses to Revenue	26.10%	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)	714	770	39	271	268	458	294	813	1,182	1,621	2,010
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	825	900	185	434	470	671	532	1,067	1,468	1,940	2,345
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.55	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)	10.67	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)	5.17	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)	47.88	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%	0.00%
Earnings Yield	2.09%	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)	26.34	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)	4.86	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)	24.22	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)	27.96	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)	45.07	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)	29.29	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)	60.30	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	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	-0.60	-0.61	-0.52	-0.38	-0.42	-0.50	-0.52	-0.56	-0.57	-0.58	-0.62
Leverage Ratio	1.28	1.27	1.35	1.47	1.54	2.36	2.99	2.93	2.91	2.76	2.57
Compound Leverage Factor	1.28	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%	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	28.54	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%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.50	2.91	1.85	1.94	1.81	1.61	1.73	1.58	1.28	1.57	1.52
Quick Ratio	3.23	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)	331	388	2.58	177	261	302	187	666	749	1,060	1,300
Operating Cash Flow to CapEx	270.03%	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	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	1.81	1.71	1.64	2.20	2.26	1.52	1.08	1.19	1.27	1.32	1.31
Accounts Receivable Turnover	139.61	123.12	99.18	110.66	94.68	78.21	64.68	73.95	83.64	88.77	87.20
Inventory Turnover	163.90	219.06	226.61	213.32	77.30	77.56	73.57	197.06	191.92	194.34	188.01
Fixed Asset Turnover	3.97	3.87	3.10	3.39	3.58	3.94	3.93	4.50	4.64	4.79	4.96
Accounts Payable Turnover	36.16	42.84	41.52	46.39	16.41	16.15	16.26	40.96	37.80	38.12	40.63
Days Sales Outstanding (DSO)	2.61	2.96	3.68	3.30	3.86	4.67	5.64	4.94	4.36	4.11	4.19
Days Inventory Outstanding (DIO)	2.23	1.67	1.61	1.71	4.72	4.71	4.96	1.85	1.90	1.88	1.94
Days Payable Outstanding (DPO)	10.10	8.52	8.79	7.87	22.24	22.60	22.45	8.91	9.66	9.57	8.98
Cash Conversion Cycle (CCC)	-5.25	-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	758	842	860	855	765	802	966	947	1,081	1,202	1,365
Invested Capital Turnover	5.85	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	112	84	18	-4.23	-91	38	164	-19	134	121	162
Enterprise Value (EV)	19,974	13,679	10,380	7,651	11,321	22,387	37,747	47,837	37,176	60,905	79,873
Market Capitalization	21,228	14,965	10,923	8,160	11,998	23,268	38,801	49,188	38,463	62,765	82,164
Book Value per Share	$64.89	$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	$64.18	$67.53	$47.69	$47.55	$51.08	$59.76	$71.41	$80.87	$84.63	$110.78	$2.67
Total Capital	2,012	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	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	-1,254	-1,286	-543	-509	-677	-881	-1,054	-1,351	-1,287	-1,860	-2,291
Capital Expenditures (CapEx)	253	257	259	217	287	320	373	438	479	561	573
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-144	-128	-177	-203	-312	-475	-354	-568	-645	-705	-811
Debt-free Net Working Capital (DFNWC)	614	535	241	306	365	406	598	508	254	590	612
Net Working Capital (NWC)	614	535	241	306	365	406	598	508	254	590	612
Net Nonoperating Expense (NNE)	-2.18	-3.88	-2.47	-3.16	-6.62	-11	-4.38	-6.28	-16	-48	-72
Net Nonoperating Obligations (NNO)	-1,254	-1,286	-543	-509	-677	-881	-1,054	-1,351	-1,287	-1,860	-2,291
Total Depreciation and Amortization (D&A)	110	130	146	163	202	213	239	255	287	319	335
Debt-free, Cash-free Net Working Capital to Revenue	-3.51%	-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	14.94%	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	14.94%	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	$0.29	$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	1.55B	1.46B	1.42B	1.39B	1.39B	1.40B	1.41B	1.39B	1.38B	1.37B
Adjusted Diluted Earnings per Share	$0.28	$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	1.58B	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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.55B	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)	457	490	45	190	219	365	235	679	922	1,238	1,515
Normalized NOPAT Margin	11.13%	10.89%	1.15%	4.23%	4.51%	6.54%	3.93%	9.00%	10.67%	12.54%	13.39%
Pre Tax Income Margin	17.39%	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	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	19.83%	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.22%	17.23%	13.62%	11.34%	15.40%	14.07%	18.22%	13.01%	13.07%	6.42%	3.04%
EBITDA Growth	61.41%	73.17%	26.11%	19.57%	23.97%	20.03%	31.20%	19.32%	11.78%	8.24%	-3.34%
EBIT Growth	81.06%	98.18%	28.75%	21.58%	26.03%	22.33%	35.62%	21.59%	14.84%	8.87%	-5.02%
NOPAT Growth	73.30%	79.66%	30.63%	17.67%	22.70%	20.89%	33.42%	21.89%	17.15%	7.34%	-3.87%
Net Income Growth	67.62%	84.24%	31.49%	21.81%	26.08%	23.19%	33.32%	23.68%	17.61%	7.60%	-4.29%
EPS Growth	67.62%	87.84%	31.49%	21.81%	26.08%	23.90%	32.00%	21.74%	14.29%	7.69%	-3.03%
Operating Cash Flow Growth	-8.40%	60.85%	103.12%	36.53%	-33.90%	25.10%	-3.42%	-7.07%	98.44%	-2.14%	-0.22%
Free Cash Flow Firm Growth	-41.99%	25.47%	51.51%	74.07%	73.74%	29.37%	-55.46%	-106.88%	3.46%	-31.06%	22.68%
Invested Capital Growth	14.16%	11.27%	-5.09%	-12.88%	11.24%	10.81%	27.47%	41.20%	13.50%	18.07%	17.10%
Revenue Q/Q Growth	-1.78%	8.62%	6.17%	-1.70%	1.80%	7.37%	10.04%	-6.04%	1.85%	1.05%	6.54%
EBITDA Q/Q Growth	-8.26%	20.07%	16.31%	-6.67%	-4.89%	16.26%	27.13%	-15.12%	-10.89%	12.57%	13.53%
EBIT Q/Q Growth	-10.76%	24.12%	19.04%	-7.79%	-7.50%	20.48%	31.97%	-17.33%	-12.63%	14.21%	15.14%
NOPAT Q/Q Growth	-14.08%	30.29%	15.64%	-9.10%	-10.41%	28.36%	27.63%	-16.96%	-13.89%	17.62%	14.30%
Net Income Q/Q Growth	-12.99%	30.36%	17.19%	-8.36%	-9.94%	27.37%	26.83%	-14.99%	-14.36%	16.53%	12.81%
EPS Q/Q Growth	-12.99%	29.95%	17.19%	-8.36%	-9.94%	26.43%	-97.46%	-15.15%	-14.29%	16.67%	14.29%
Operating Cash Flow Q/Q Growth	14.11%	13.31%	28.01%	-17.52%	-44.75%	114.43%	-1.17%	-20.63%	17.98%	5.75%	0.76%
Free Cash Flow Firm Q/Q Growth	-66.68%	111.13%	114.18%	15.52%	-66.74%	57.20%	-26.27%	-117.84%	600.42%	4.76%	31.20%
Invested Capital Q/Q Growth	-1.82%	-2.75%	-6.75%	-2.15%	25.36%	-3.13%	7.27%	8.39%	0.77%	0.77%	6.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-20.73%	25.63%	27.47%	26.29%	25.37%	27.46%	28.91%	25.49%	24.75%	26.21%	27.02%
EBITDA Margin	17.31%	19.13%	20.96%	19.90%	18.59%	20.13%	23.26%	21.01%	18.38%	20.48%	21.82%
Operating Margin	13.59%	15.52%	17.17%	15.98%	14.44%	16.33%	19.71%	16.94%	14.61%	16.67%	18.25%
EBIT Margin	13.91%	15.90%	17.82%	16.72%	15.19%	17.05%	20.45%	17.99%	15.43%	17.44%	18.85%
Profit (Net Income) Margin	10.26%	12.31%	13.59%	12.67%	11.21%	13.30%	15.33%	13.87%	11.66%	13.45%	14.24%
Tax Burden Percent	73.74%	77.45%	76.25%	75.78%	73.78%	77.99%	74.96%	77.08%	75.56%	77.09%	75.53%
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	26.26%	22.55%	23.75%	24.22%	26.22%	22.01%	25.04%	22.92%	24.44%	22.91%	24.47%
Return on Invested Capital (ROIC)	85.35%	108.21%	120.78%	112.09%	92.15%	117.34%	141.34%	124.02%	97.32%	116.23%	117.67%
ROIC Less NNEP Spread (ROIC-NNEP)	84.96%	107.68%	119.92%	111.21%	91.26%	116.51%	140.56%	122.94%	96.47%	115.44%	117.06%
Return on Net Nonoperating Assets (RNNOA)	-48.04%	-61.12%	-70.87%	-67.27%	-52.89%	-72.33%	-92.19%	-79.19%	-59.61%	-72.65%	-73.21%
Return on Equity (ROE)	37.32%	47.09%	49.91%	44.82%	39.26%	45.01%	49.14%	44.83%	37.71%	43.58%	44.47%
Cash Return on Invested Capital (CROIC)	73.88%	90.51%	113.22%	123.65%	92.84%	101.75%	97.03%	88.30%	101.30%	100.58%	92.69%
Operating Return on Assets (OROA)	17.69%	21.12%	23.48%	21.65%	20.04%	22.50%	26.47%	23.35%	20.24%	22.96%	24.00%
Return on Assets (ROA)	13.05%	16.36%	17.90%	16.41%	14.78%	17.55%	19.84%	18.00%	15.30%	17.70%	18.12%
Return on Common Equity (ROCE)	37.32%	47.09%	49.91%	44.82%	39.26%	45.01%	49.14%	44.83%	37.71%	43.58%	44.47%
Return on Equity Simple (ROE_SIMPLE)	0.00%	41.60%	40.27%	40.55%	0.00%	38.57%	37.99%	41.08%	0.00%	44.73%	0.00%
Net Operating Profit after Tax (NOPAT)	219	285	329	299	268	344	439	365	314	369	422
NOPAT Margin	10.02%	12.02%	13.09%	12.11%	10.66%	12.74%	14.78%	13.06%	11.04%	12.85%	13.78%
Net Nonoperating Expense Percent (NNEP)	0.39%	0.53%	0.86%	0.88%	0.89%	0.83%	0.77%	1.08%	0.85%	0.80%	0.61%
Return On Investment Capital (ROIC_SIMPLE)	9.23%	-	-	-	8.76%	-	-	-	8.59%	10.58%	11.97%
Cost of Revenue to Revenue	120.73%	74.37%	72.53%	73.71%	74.63%	72.54%	71.09%	74.51%	75.25%	73.79%	72.98%
SG&A Expenses to Revenue	-8.97%	6.26%	6.22%	6.45%	6.73%	7.57%	5.89%	4.53%	6.72%	6.01%	5.62%
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	-34.32%	10.11%	10.30%	10.31%	10.92%	11.12%	9.19%	8.55%	10.14%	9.54%	9.11%
Earnings before Interest and Taxes (EBIT)	303	377	448	413	382	461	608	503	439	502	577
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	377	453	527	492	468	544	691	587	523	589	668
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.24	19.01	21.33	17.51	20.50	23.73	23.18	21.83	22.48	19.49	21.44
Price to Tangible Book Value (P/TBV)	16.39	19.18	21.50	17.64	20.64	23.89	23.32	21.97	22.61	19.62	21.58
Price to Revenue (P/Rev)	4.45	5.25	6.36	5.30	6.36	7.82	8.07	7.18	7.26	5.92	6.53
Price to Earnings (P/E)	42.90	45.80	52.97	43.14	51.03	61.56	61.08	53.13	53.69	43.64	49.03
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	2.33%	2.18%	1.89%	2.32%	1.96%	1.62%	1.64%	1.88%	1.86%	2.29%	2.04%
Enterprise Value to Invested Capital (EV/IC)	34.40	43.53	58.39	50.68	50.66	66.61	66.90	56.60	58.53	47.95	50.30
Enterprise Value to Revenue (EV/Rev)	4.31	5.09	6.16	5.10	6.17	7.60	7.84	6.98	7.06	5.74	6.36
Enterprise Value to EBITDA (EV/EBITDA)	25.32	27.57	32.35	26.28	31.40	38.20	38.07	33.47	34.06	27.59	31.09
Enterprise Value to EBIT (EV/EBIT)	31.46	33.45	38.98	31.53	37.58	45.51	44.83	39.24	39.73	32.15	36.42
Enterprise Value to NOPAT (EV/NOPAT)	42.10	45.32	52.65	42.95	51.56	62.52	61.87	54.11	54.62	44.32	50.04
Enterprise Value to Operating Cash Flow (EV/OCF)	28.10	30.60	31.95	25.32	34.15	40.88	44.51	41.57	37.94	31.50	35.18
Enterprise Value to Free Cash Flow (EV/FCFF)	49.64	50.66	50.23	38.17	57.47	68.82	77.27	75.05	61.44	51.62	58.54
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	-0.57	-0.57	-0.59	-0.60	-0.58	-0.62	-0.66	-0.64	-0.62	-0.63	-0.63
Leverage Ratio	2.91	2.93	2.86	2.83	2.76	2.65	2.54	2.60	2.57	2.55	2.51
Compound Leverage Factor	2.91	2.93	2.86	2.83	2.76	2.65	2.54	2.60	2.57	2.55	2.51
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	7.47	8.72	9.93	8.52	10.08	12.03	11.70	10.50	10.59	9.09	9.66
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	1.28	1.41	1.58	1.53	1.57	1.65	1.71	1.62	1.52	1.52	1.65
Quick Ratio	1.09	1.26	1.44	1.40	1.37	1.51	1.52	1.41	1.34	1.39	1.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	84	178	382	441	147	231	170	-30	152	159	209
Operating Cash Flow to CapEx	279.56%	378.03%	424.47%	366.21%	154.40%	428.95%	400.44%	302.66%	304.69%	384.69%	349.55%
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	1.27	1.33	1.32	1.29	1.32	1.32	1.29	1.30	1.31	1.32	1.27
Accounts Receivable Turnover	83.64	115.78	128.39	133.93	88.77	131.08	134.53	133.70	87.20	120.02	114.32
Inventory Turnover	191.92	239.16	240.63	217.51	194.34	206.33	217.26	178.46	188.01	213.22	225.90
Fixed Asset Turnover	4.64	4.78	4.84	4.81	4.79	4.88	4.97	4.98	4.96	4.95	4.86
Accounts Payable Turnover	37.80	43.85	49.13	42.84	38.12	39.44	42.54	37.46	40.63	40.83	40.87
Days Sales Outstanding (DSO)	4.36	3.15	2.84	2.73	4.11	2.78	2.71	2.73	4.19	3.04	3.19
Days Inventory Outstanding (DIO)	1.90	1.53	1.52	1.68	1.88	1.77	1.68	2.05	1.94	1.71	1.62
Days Payable Outstanding (DPO)	9.66	8.32	7.43	8.52	9.57	9.25	8.58	9.74	8.98	8.94	8.93
Cash Conversion Cycle (CCC)	-3.39	-3.65	-3.07	-4.12	-3.58	-4.70	-4.19	-4.97	-2.86	-4.19	-4.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,081	1,051	980	959	1,202	1,165	1,249	1,354	1,365	1,375	1,463
Invested Capital Turnover	8.52	9.00	9.23	9.26	8.65	9.21	9.57	9.50	8.82	9.05	8.54
Increase / (Decrease) in Invested Capital	134	106	-53	-142	121	114	269	395	162	210	214
Enterprise Value (EV)	37,176	45,756	57,228	48,609	60,905	77,579	83,578	76,649	79,873	65,936	73,589
Market Capitalization	38,463	47,186	59,015	50,536	62,765	79,775	86,040	78,909	82,164	68,051	75,654
Book Value per Share	$85.42	$89.85	$100.29	$104.62	$111.58	$122.48	$135.14	$2.64	$2.68	$2.58	$2.62
Tangible Book Value per Share	$84.63	$89.05	$99.49	$103.83	$110.78	$121.68	$134.34	$2.62	$2.67	$2.56	$2.60
Total Capital	2,368	2,482	2,767	2,886	3,062	3,361	3,712	3,614	3,656	3,491	3,528
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	-1,287	-1,431	-1,787	-1,927	-1,860	-2,197	-2,462	-2,260	-2,291	-2,116	-2,065
Capital Expenditures (CapEx)	144	120	137	131	172	133	140	148	173	145	161
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-645	-695	-782	-872	-705	-771	-747	-725	-811	-845	-810
Debt-free Net Working Capital (DFNWC)	254	367	574	582	590	648	743	642	612	570	737
Net Working Capital (NWC)	254	367	574	582	590	648	743	642	612	570	737
Net Nonoperating Expense (NNE)	-5.20	-6.93	-13	-14	-14	-15	-16	-23	-18	-17	-14
Net Nonoperating Obligations (NNO)	-1,287	-1,431	-1,787	-1,927	-1,860	-2,197	-2,462	-2,260	-2,291	-2,116	-2,065
Total Depreciation and Amortization (D&A)	74	77	79	79	85	83	84	84	84	87	91
Debt-free, Cash-free Net Working Capital to Revenue	-7.47%	-7.74%	-8.42%	-9.15%	-7.15%	-7.56%	-7.00%	-6.60%	-7.17%	-7.35%	-6.99%
Debt-free Net Working Capital to Revenue	2.94%	4.09%	6.18%	6.10%	5.98%	6.35%	6.97%	5.85%	5.41%	4.96%	6.36%
Net Working Capital to Revenue	2.94%	4.09%	6.18%	6.10%	5.98%	6.35%	6.97%	5.85%	5.41%	4.96%	6.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.21	$0.25	$0.23	$0.00	$0.26	$0.33	$0.28	$0.24	$0.29	$0.32
Adjusted Weighted Average Basic Shares Outstanding	69.63B	1.38B	1.38B	1.38B	68.89B	1.37B	1.37B	1.37B	1.37B	1.35B	1.34B
Adjusted Diluted Earnings per Share	$0.00	$0.21	$0.25	$0.23	$0.00	$0.26	$0.33	$0.28	$0.24	$0.28	$0.32
Adjusted Weighted Average Diluted Shares Outstanding	70.15B	1.39B	1.39B	1.38B	69.28B	1.38B	1.38B	1.37B	1.38B	1.36B	1.35B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.24	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.38B	1.38B	1.38B	1.37B	1.37B	1.37B	1.37B	1.36B	1.36B	1.35B	1.34B
Normalized Net Operating Profit after Tax (NOPAT)	231	296	347	312	283	354	450	386	324	381	434
Normalized NOPAT Margin	10.60%	12.50%	13.81%	12.62%	11.25%	13.11%	15.15%	13.83%	11.40%	13.23%	14.18%
Pre Tax Income Margin	13.91%	15.90%	17.82%	16.72%	15.19%	17.05%	20.45%	17.99%	15.43%	17.44%	18.85%
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	92.33%	67.17%	47.56%	54.48%	48.21%	38.00%	38.50%	55.08%	65.29%	97.88%	118.44%

Key Financial Trends

Chipotle Mexican Grill (NYSE:CMG) displayed robust financial performance through Q2 2025, with consistent growth trends and positive operational metrics over the past four years.

Key positive financial highlights:

Steady increase in operating revenue: From approximately $2.37 billion in Q1 2023 to $3.06 billion in Q2 2025, reflecting strong sales growth and market demand expansion.
Improving net income: Net income grew from $292 million in Q1 2023 to $436 million in Q2 2025, showing enhanced profitability.
Gross profit margin expansion: Gross profit consistently increased with the total gross profit reaching $828 million in Q2 2025, indicating effective cost control relative to revenue.
Operating efficiency improvements: Selling, General & Administrative (SG&A) expenses slightly decreased as a percentage of sales over time, with Q2 2025 SG&A at about $172 million compared to higher absolute amounts in previous years amid increased revenues.
Strong cash flow generation: Net cash from operating activities rose to $561 million in Q2 2025, supporting reinvestment and shareholder returns.
Substantial capital expenditures focused on growth: Continuous investments in property, plant, and equipment averaging above $140 million per quarter, underpinning expansion and infrastructure development.
Active share repurchases: Significant equity repurchases of $443 million in Q2 2025 indicate confidence in the business and create shareholder value by reducing shares outstanding.
Strong balance sheet with increased equity: Total common equity rose from approximately $2.48 billion in Q1 2023 to $3.53 billion in Q2 2025, strengthening financial stability.
High liquidity position: Combined cash & equivalents and investments increased to over $1.5 billion in Q2 2025, providing flexibility for operations and strategic initiatives.
Earnings per share (diluted) growth: Improved from around $0.26 in Q1 2023 to $0.32 in Q2 2025 reflecting profitable growth and effective capital management.

Neutral financial observations:

Fluctuations in net cash from investing activities due to variations in investment purchases and sales, reflecting active portfolio management.
Relatively stable depreciation expense, consistent with asset base expansion and typical wear and tear.
An occasional increase in other special charges and impairment charges which, while not extensive, should be monitored for operational impact.
Modest changes in long-term and short-term investments implying flexible investment strategy adjusted to market conditions.
Consistent tax payments at high levels – a natural result of elevated profitability and geographic tax obligations.

Negative financial points to watch:

Recognition of impairment charges and other special charges, with some quarters showing elevated levels that may pressure net income.
Increasing total liabilities: From approximately $4.57 billion in Q1 2023 to $5.74 billion in Q2 2025, mainly driven by higher noncurrent operating liabilities, which may impact leverage ratios.
Higher accrued expenses and employee benefit liabilities, which could reflect growing operational costs and long-term obligations.
Significant outflows in financing activities due to extended share repurchase programs, which, while positive for EPS, reduce cash reserves and could limit financial flexibility.

Summary: Chipotle Mexican Grill has demonstrated solid topline and bottom-line growth over the last four years, supported by effective revenue growth, disciplined cost control, and strong cash flow generation. The company maintains a strong balance sheet and liquidity position while investing continuously in expansion. However, investors should monitor liabilities growth and periodic charges that might affect profitability. Overall, the financial trends portray a growing and operationally efficient fast-casual restaurant chain with proactive capital allocation emphasizing shareholder returns.

08/22/25 09:06 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Chipotle Mexican Grill's Financials

When does Chipotle Mexican Grill's financial year end?

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

How has Chipotle Mexican Grill's net income changed over the last 10 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 $445.37 million in 2014. The previous period was $1.23 billion in 2023. See where experts think Chipotle Mexican Grill is headed by visiting Chipotle Mexican Grill's forecast page.

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 10 years?

Over the last 10 years, Chipotle Mexican Grill's total revenue changed from $4.11 billion in 2014 to $11.31 billion in 2024, a change of 175.4%.

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 977.6% increase since 2014.

How much cash does Chipotle Mexican Grill have?

In the past 10 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 10 years?

Over the last 10 years, Chipotle Mexican Grill's book value per share changed from 64.89 in 2014 to 2.68 in 2024, a change of -95.9%.

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This page (NYSE:CMG) was last updated on 8/22/2025 by MarketBeat.com Staff

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Chipotle Mexican Grill (CMG) Financials

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