Stock Analysis on Net
Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Chipotle Mexican Grill Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable 2.37 2.29 2.46 2.66 2.45
Workers’ compensation liability 0.49 0.38 0.38 0.40 0.41
Accrued payroll, bonuses and taxes 1.97 2.13 2.12 1.71 1.62
Other accrued payroll and benefits 0.32 0.34 0.33 0.35 0.41
Accrued payroll and benefits 2.78% 2.85% 2.83% 2.46% 2.44%
Sales and use tax payable 0.53 0.51 0.52 0.51 0.48
General, product and automobile insurance reserves 0.44 0.37 0.38 0.43 0.72
Other accrued liabilities 1.06 1.07 0.94 1.19 1.40
Accrued liabilities 2.03% 1.95% 1.84% 2.13% 2.60%
Unearned revenue 2.67 2.59 2.61 2.64 2.35
Current operating lease liabilities 3.36 3.02 3.08 3.41 3.29
Current liabilities 13.21% 12.70% 12.81% 13.31% 13.13%
Long-term operating lease liabilities 53.07 46.31 47.28 50.45 49.63
Deferred income tax liabilities 1.40 0.50 1.11 1.42 2.13
Other liabilities 0.85 0.77 0.73 0.63 0.58
Long-term liabilities 55.32% 47.59% 49.12% 52.51% 52.34%
Total liabilities 68.53% 60.28% 61.93% 65.82% 65.47%
Common stock, $0.01 par value 0.15 0.15 0.00 0.01 0.01
Additional paid-in capital 24.51 22.58 24.32 26.41 25.99
Treasury stock, at cost 0.00 0.00 -61.47 -61.81 -50.45
Accumulated other comprehensive loss -0.08 -0.11 -0.08 -0.11 -0.08
Retained earnings 6.89 17.10 75.29 69.70 59.06
Shareholders’ equity 31.47% 39.72% 38.07% 34.18% 34.53%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of liabilities and stockholders’ equity exhibited notable shifts between 2021 and 2025. Overall, total liabilities as a percentage of the total increased from 65.47% to 68.53%, while stockholders’ equity decreased from 34.53% to 31.47%. A significant portion of this change is attributable to fluctuations in retained earnings and treasury stock.

Current Liabilities
Current liabilities remained relatively stable as a percentage of the total, fluctuating between 12.70% and 13.31% over the period. Within this category, accrued payroll and benefits showed an increase from 2.44% in 2021 to 2.83% in 2022, before decreasing to 2.78% in 2025. Accounts payable and sales and use tax payable remained consistently around 2.5% and 0.5%, respectively, throughout the period. A slight decrease is observed in general, product and automobile insurance reserves, moving from 0.72% to 0.44%.
Long-Term Liabilities
Long-term liabilities demonstrated a more pronounced trend. Initially comprising 52.34% of the total in 2021, they decreased to 47.59% in 2024 before rising to 55.32% in 2025. This movement was largely driven by changes in long-term operating lease liabilities, which increased from 49.63% in 2021 to 53.07% in 2025. Deferred income tax liabilities decreased significantly from 2.13% to 0.50% between 2021 and 2024, then increased to 1.40% in 2025.
Stockholders’ Equity
Stockholders’ equity experienced substantial changes. Retained earnings increased significantly from 59.06% in 2021 to a peak of 75.29% in 2023, but then decreased dramatically to 6.89% in 2025. This decrease coincides with a substantial increase in treasury stock, which moved from -50.45% in 2021 to -61.81% in 2022 and -61.47% in 2023. The value for treasury stock is not available for 2024 and 2025. Common stock and additional paid-in capital remained relatively stable as percentages of the total, although additional paid-in capital decreased from 25.99% to 24.51% over the period. Accumulated other comprehensive loss remained consistently negative, around -0.1%.

The increase in total liabilities, coupled with the decrease in stockholders’ equity, particularly the sharp decline in retained earnings and the significant presence of treasury stock, suggests a shift in the company’s capital structure. The growing proportion of long-term operating lease liabilities indicates an increasing reliance on lease financing. The fluctuations in retained earnings warrant further investigation to understand the underlying factors driving these changes, such as dividend payouts, share repurchases, or profitability trends.