Common-Size Income Statement
Quarterly Data
Chipotle Mexican Grill Inc., common-size consolidated income statement (quarterly data)
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 company exhibits a general trend of margin expansion and improved operational efficiency over the analyzed period, characterized by a significant reduction in administrative overhead and a stabilization of core operating costs relative to revenue.
- Revenue Mix Analysis
- A consistent shift in the revenue composition is observed, with food and beverage revenue increasing its share of total revenue from 98.53% in March 2021 to 99.54% by September 2026. Conversely, delivery service revenue has undergone a steady decline, falling from 1.47% to 0.46% over the same timeframe, indicating a higher reliance on core product sales over delivery-specific revenue streams.
- Direct Operating Cost Trends
- Food, beverage, and packaging costs have remained relatively stable, generally fluctuating between 28.8% and 31.6% of revenue. Labor costs have shown similar consistency, typically oscillating between 24% and 26%. Occupancy costs have trended slightly downward, moving from 5.84% in early 2021 to a range between 4.6% and 5.5% in subsequent years, suggesting improved rental efficiency or scale.
- Operating Leverage and Efficiency
- A notable improvement in operating leverage is evident through the reduction of general and administrative expenses, which decreased from 8.91% of revenue in March 2021 to 5.62% by September 2026. This reduction in overhead, combined with the management of other operating costs, contributed to an expansion of the income from operations margin, which rose from 9.27% to a peak of 19.71% in June 2024 before settling between 13% and 16%.
- Bottom-Line Profitability
- Net income as a percentage of revenue reflects an overall upward trajectory, increasing from 7.30% in March 2021 to 10.32% in September 2026. The profitability profile reached a peak of 15.33% in June 2024, illustrating a period of maximum operational efficiency before moderating in the final quarters of the analyzed period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?