Common-Size Income Statement
Quarterly Data
Chipotle Mexican Grill Inc., common-size consolidated income statement (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 common-size income statement reveals a general trajectory of operational efficiency and margin expansion over the analyzed period. A consistent trend of improving operating margins is evident, driven primarily by the reduction of general and administrative expenses and the stabilization of core restaurant operating costs.
- Revenue Composition
- A gradual shift in the revenue mix is observed, with food and beverage revenue increasing from 98.53% in March 2021 to 99.53% by June 2026. Conversely, delivery service revenue as a percentage of total revenue has experienced a steady decline, falling from 1.47% to 0.47% over the same period, indicating a higher relative reliance on core food and beverage sales.
- Restaurant Operating Costs
- Food, beverage, and packaging costs have remained relatively stable, fluctuating between approximately 28.8% and 31.6% of revenue. Labor costs have similarly maintained a consistent range, generally oscillating between 24% and 26%. A notable improvement is seen in other operating costs, which trended downward from 16.92% in March 2021 to 14.92% in June 2026, contributing to a reduction in overall restaurant operating costs exclusive of depreciation.
- Operating Leverage and Administrative Efficiency
- Significant gains in operating leverage are indicated by the reduction in general and administrative expenses, which decreased from 8.91% of revenue in March 2021 to 5.69% in June 2026. This downward trend suggests that the organization has successfully scaled its corporate overhead relative to its revenue growth.
- Profitability Margins
- Gross profit margins showed a general increase, rising from 22.32% in the first quarter of 2021 to a peak of 28.91% in June 2024, before stabilizing around 25.22% by June 2026. Income from operations followed a similar upward trajectory, improving from 9.27% to 15.70%, reflecting stronger operational discipline. Net income margins have also expanded, moving from 7.30% in March 2021 to 12.05% in June 2026, despite an increase in the provision for income taxes as a percentage of revenue.
- Fixed Costs and Other Items
- Occupancy costs have trended slightly lower, moving from 5.84% to 5.20% of revenue. Depreciation and amortization have remained remarkably stable, hovering around 3% of revenue throughout the entire period, suggesting a consistent capital expenditure strategy relative to sales growth.
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