Stock Analysis on Net
Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Common-Size Balance Sheet: Assets
Quarterly Data

Chipotle Mexican Grill Inc., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 2.80 3.90 7.53 9.11 8.02 8.13 7.75 9.04 8.65 6.97 7.61 6.68 5.81 5.54 5.38 7.96 9.52 12.26 10.88 10.57 11.30
Accounts receivable, net 1.08 1.74 1.03 1.13 1.12 1.56 1.03 1.09 1.07 1.44 0.90 0.81 0.93 1.54 1.05 1.28 1.38 1.50 1.15 1.20 1.11
Inventory 0.51 0.55 0.50 0.44 0.46 0.53 0.55 0.40 0.45 0.49 0.51 0.48 0.49 0.51 0.50 0.45 0.46 0.49 0.43 0.40 0.40
Prepaid expenses and other current assets 1.43 1.34 1.08 1.04 1.15 1.06 0.98 1.03 1.17 1.46 1.32 1.37 1.39 1.25 1.12 1.13 1.09 1.18 1.10 1.13 1.00
Income tax receivable 0.00 1.02 1.18 0.87 0.00 0.73 0.91 0.80 0.00 0.66 0.00 0.00 0.00 0.69 1.64 1.50 0.78 1.41 4.81 4.50 3.97
Current investments 7.10 7.77 7.78 7.57 7.62 7.33 7.42 7.66 8.23 9.13 10.77 11.27 9.26 7.44 6.12 3.68 3.72 3.92 4.55 5.10 5.91
Current assets 12.92% 16.31% 19.11% 20.17% 18.37% 19.35% 18.65% 20.03% 19.57% 20.15% 21.10% 20.61% 17.88% 16.97% 15.80% 15.99% 16.95% 20.77% 22.91% 22.91% 23.69%
Leasehold improvements, property and equipment, net 31.43 29.79 27.95 27.01 26.94 25.97 25.75 25.40 26.19 26.98 26.46 26.77 28.09 28.17 27.45 27.70 27.52 26.59 25.94 26.36 26.24
Long-term investments 1.10 2.19 3.75 5.60 7.75 9.43 9.90 10.90 9.24 7.02 5.98 5.70 5.22 5.60 6.49 5.50 5.15 4.12 2.84 2.39 1.80
Restricted cash 0.41 0.39 0.33 0.33 0.34 0.32 0.31 0.31 0.31 0.32 0.32 0.33 0.36 0.36 0.45 0.47 0.48 0.46 0.42 0.44 0.45
Operating lease assets 52.42 49.62 47.24 45.36 45.07 43.46 43.88 42.28 43.64 44.49 44.94 45.47 47.27 47.67 48.54 49.04 48.66 46.87 46.68 46.61 46.48
Other assets 1.48 1.45 1.38 1.30 1.29 1.24 1.26 0.84 0.79 0.78 0.92 0.83 0.87 0.91 0.94 0.96 0.90 0.85 0.87 0.95 0.97
Goodwill 0.25 0.24 0.24 0.24 0.24 0.24 0.24 0.25 0.26 0.27 0.28 0.29 0.31 0.32 0.32 0.34 0.34 0.33 0.33 0.35 0.36
Long-term assets 87.08% 83.69% 80.89% 79.83% 81.63% 80.65% 81.35% 79.97% 80.43% 79.85% 78.90% 79.39% 82.12% 83.03% 84.20% 84.01% 83.05% 79.23% 77.09% 77.09% 76.31%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The asset composition reveals a significant structural shift toward long-term capital allocation between March 2021 and March 2026. There is a clear trend of declining liquidity as a percentage of total assets, mirrored by a substantial increase in the weight of non-current assets.

Liquidity and Current Asset Trends
A consistent downward trajectory is observed in the proportion of current assets, which decreased from 23.69% in March 2021 to 12.92% by March 2026. This decline is primarily driven by a sharp reduction in cash and cash equivalents, which fell from 11.30% to 2.80%. Current investments showed higher volatility, peaking at 11.27% in June 2023 before settling at 7.10% in March 2026. Other current assets, including inventory and accounts receivable, remained relatively stable and marginal throughout the period.
Long-Term Asset Expansion
Long-term assets grew from 76.31% to 87.08% of the total asset base. The primary drivers of this increase are operating lease assets and leasehold improvements. Operating lease assets expanded from 46.48% to 52.42%, maintaining their position as the most significant asset category. Similarly, leasehold improvements, property and equipment, net, rose from 26.24% to 31.43%. This pattern indicates a strategic shift toward expanding the physical footprint and increasing investment in fixed infrastructure.
Investment and Other Asset Fluctuations
Long-term investments exhibited a prominent cycle of growth and contraction, rising from 1.80% in March 2021 to a peak of 10.90% in June 2024, before plummeting to 1.10% by March 2026. Restricted cash and goodwill remained negligible and stable, while other assets showed a slight upward trend from 0.97% to 1.48% over the analyzed timeframe.

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