Common-Size Income Statement
Quarterly Data
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Chipotle Mexican Grill Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Chipotle Mexican Grill Inc., common-size consolidated income statement (quarterly data)
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 overall financial trajectory is characterized by a significant expansion in profitability margins between 2021 and mid-2024, followed by a gradual normalization or contraction through early 2026. Net income as a percentage of revenue rose from a range of 6.8% to 10.5% in 2021 to a peak of 15.33% in June 2024, before trending downward to 9.81% by March 2026.
- Revenue Composition
- A consistent shift in the revenue mix is observed, where food and beverage revenue grew from 98.53% to 99.50% of total revenue. Conversely, delivery service revenue experienced a steady decline, falling from a high of 1.47% in March 2021 to 0.50% by March 2026.
- Direct Operating Costs
- Food, beverage, and packaging costs remained relatively stable, fluctuating primarily between 28.8% and 31.6%, with a slight improvement in cost efficiency observed in early 2024. Labor costs showed more volatility, generally oscillating between 24% and 26%, with a notable increase to 26.08% in the final quarter of the period, indicating rising personnel expenses. Occupancy costs remained the most stable expense category, consistently hovering between 4.6% and 5.8% of revenue.
- Operating Margin and Efficiency
- Gross profit margins exhibited a strong upward trend from 2021, peaking at 28.91% in June 2024 before receding to 23.28% by March 2026. This trend was mirrored in the income from operations, which climbed from 9.27% in March 2021 to a peak of 19.71% in June 2024. The improvement in operating margins was partially supported by a reduction in general and administrative expenses, which decreased from 8.91% to a low of 4.53% in September 2024, although these costs rose again to 6.60% by March 2026.
- Other Expenses and Net Profitability
- Depreciation and amortization remained constant as a percentage of revenue, averaging approximately 3.1%. Interest and other income provided a modest positive contribution to the bottom line, peaking at 1.05% in September 2024. The provision for income taxes varied significantly, reaching a peak of 5.12% in June 2024, which aligned with the period of highest pre-tax income. The resulting net income margin showed a bell-shaped curve over the five-year period, peaking in mid-2024 and returning to levels comparable to 2021 by the end of the observation period.