Common-Size Balance Sheet: Assets
Quarterly Data
Chipotle Mexican Grill Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets exhibited some fluctuation over the observed periods. Initially increasing from 9.61% to a peak around 12.26% in late 2021, it subsequently declined to around 5.38% by late 2022. Afterwards, it steadily recovered, reaching near 9.11% in mid-2025. This suggests periodic shifts in liquidity management or cash reserves utilization.
- Accounts Receivable, Net
- The share of accounts receivable as a percentage of total assets remained relatively stable, generally fluctuating between approximately 0.8% and 1.6%. Notable minor variations occurred, but no significant upward or downward trend is evident, indicating consistent credit or receivable practices relative to asset size.
- Inventory
- Inventory levels as a percentage of total assets were quite stable, mostly ranging between 0.4% and 0.55%. This steadiness implies a consistent approach in managing inventory relative to total asset base, with only minor seasonal or operational variations.
- Prepaid Expenses and Other Current Assets
- These assets showed a mild increasing trend overall, starting around 0.9% and reaching up to 1.46% at various points. The increase and subsequent slight decreases suggest adjustments in prepaid expenses management or timing differences in expense recognition across quarters.
- Income Tax Receivable
- This item demonstrated higher volatility, with significant peaks and troughs. A notable spike occurred in late 2020 reaching as high as 4.73%, followed by a substantial decline afterward. This fluctuation might reflect timing of tax payments, reimbursements, or changes in tax strategy over the analyzed periods.
- Current Investments
- The proportion of current investments initially declined from around 7.32% to near 3.68% in 2022, followed by a pronounced upward trend reaching over 11% by mid-2023, before stabilizing near 7.5%-9% in later periods. This indicates varying investment activity or strategic reallocations within short-term financial assets.
- Current Assets
- Current assets as a percentage of total assets gradually declined from the mid-20% range in early 2020 to levels near 16%-17% towards the middle of the time frame, then fluctuated moderately around 18%-20% thereafter. This reflects shifts in asset composition moving between current and long-term classifications or operational changes.
- Leasehold Improvements, Property, and Equipment, Net
- This category remained relatively stable, typically hovering near 26%-28% of total assets throughout the periods, indicating a consistent investment or depreciation pattern in physical assets.
- Long-term Investments
- Beginning with low or no data, long-term investments increased significantly from 1.09% to nearly 10.9% by late 2023 and then declined gradually to around 3.75% by late 2025. This pattern suggests an initial phase of accumulation followed by partial liquidation or reclassification of long-term financial assets.
- Restricted Cash
- Restricted cash consistently represented a small fraction of total assets, about 0.3%-0.5%, with very little variance. This indicates limited changes in restricted liquidity or security deposits during the periods reviewed.
- Operating Lease Assets
- Operating lease assets comprised the largest single category, accounting for approximately 43%-50% of total assets throughout. The general trend was a mild decline from about 50% in early 2020 to slightly over 43% in 2024, followed by a recovery above 45% approaching 2025. This suggests shifts in lease asset capitalization or lease portfolio management.
- Other Assets
- Other assets increased steadily from under 0.5% to above 1.3% of total assets, indicating a gradual growth in miscellaneous asset components over the period.
- Goodwill
- Goodwill as a percentage of total assets showed a slow but consistent decline from about 0.42% to 0.24%. This steady decrease may reflect amortization, impairment, or divestiture of goodwill-related assets.
- Long-term Assets
- Long-term assets represented the majority of asset composition, generally increasing from around 76% to upwards of 84% before settling near 80% towards the end of the observed time frame. This dominance indicates a capital-intensive structure with a significant emphasis on non-current asset holdings.