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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)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 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 6.72 2.57 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 1.06 1.13 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 0.52 0.53 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 1.28 1.31 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 0.00 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 2.84 5.07 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 12.43% 10.61% 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 32.21 32.34 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 1.06 1.10 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 0.38 0.40 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 52.25 53.79 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 1.44 1.51 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 0.23 0.25 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 87.57% 89.39% 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% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 of the balance sheet reveals a strategic shift from high liquidity toward increased long-term infrastructure and fixed asset investment over the analyzed period. Total current assets decreased from 23.69% of total assets in March 2021 to 12.43% by September 2026, while long-term assets rose from 76.31% to 87.57% over the same timeframe.

Liquidity and Short-Term Asset Trends
Cash and cash equivalents exhibited a general downward trajectory, starting at 11.30% in early 2021 and reaching a nadir of 2.57% in March 2026, before recovering to 6.72% in September 2026. Current investments showed significant volatility, peaking at 11.27% in June 2023 before declining sharply to 2.84% by the end of the period. This suggests a systematic reduction in liquid reserves to fund other operational requirements.
Fixed Asset and Leasehold Expansion
Investment in physical infrastructure grew steadily. Leasehold improvements, property, and equipment increased from 26.24% of total assets in March 2021 to 32.21% in September 2026. Simultaneously, operating lease assets, the largest single component of the balance sheet, rose from 46.48% to 52.25%, peaking at 53.79% in June 2026. This pattern indicates an aggressive expansion of the physical store footprint and a higher reliance on leased assets.
Investment Asset Reallocation
Long-term investments experienced a period of expansion, climbing from 1.80% in March 2021 to a peak of 10.90% in June 2024. However, this trend reversed abruptly in 2025 and 2026, falling to 1.06% by September 2026. This reversal, coupled with the increase in fixed assets, suggests a reallocation of capital from financial investments toward core operational capacity.
Working Capital Stability
Operational assets remained remarkably stable and represent a small fraction of the total asset base. Accounts receivable fluctuated narrowly between 0.81% and 1.56%, while inventory remained consistently low, ranging between 0.40% and 0.55%. This reflects a high-velocity business model with minimal capital tied up in unpaid receivables or unsold stock.

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