Common-Size Balance Sheet: Assets
Quarterly Data
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Chipotle Mexican Grill Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 reveals a significant structural shift toward long-term investments in physical infrastructure and leasehold interests, accompanied by a contraction in liquid asset holdings. Over the analyzed period, the proportion of total assets held as current assets declined from 23.69% to 10.61%, while long-term assets grew from 76.31% to 89.39%.
- Liquidity and Short-Term Asset Trends
- Cash and cash equivalents exhibited substantial volatility, starting at 11.30% and ending at a period low of 2.57%. Current investments showed a mid-term increase, peaking at 11.27% in June 2023, before retreating to 5.07% by June 2026. This overall reduction in the current asset ratio suggests a strategic deployment of liquid capital into fixed growth initiatives.
- Fixed Asset and Infrastructure Expansion
- Leasehold improvements, property, and equipment showed a consistent upward trajectory, rising from 26.24% to 32.34% of total assets. Operating lease assets, the largest single component of the balance sheet, increased from 46.48% to 53.79%. These trends indicate an aggressive expansion of the physical footprint and a heavier reliance on leased operating spaces.
- Investment Portfolio Shifts
- Long-term investments experienced a marked increase during the first half of the period, reaching a peak of 10.90% in June 2022. However, this position was systematically reduced to 1.10% by June 2026, suggesting a liquidation of long-term securities to fund operational expansion or other capital expenditures.
- Working Capital Stability
- Inventory and accounts receivable remained remarkably stable and represented a negligible portion of total assets throughout the period. Inventory consistently hovered around 0.40% to 0.55%, and net accounts receivable fluctuated minimally between 0.81% and 1.56%, reflecting a business model with high inventory turnover and immediate cash collection.
The overall trajectory indicates a transition from a liquidity-heavy balance sheet to one dominated by long-term operating assets. The simultaneous increase in operating lease assets and property and equipment, paired with the depletion of cash and investment reserves, points to a capital allocation strategy focused on scaling physical capacity.