Common-Size Income Statement
Quarterly Data
Chipotle Mexican Grill Inc., common-size consolidated income statement (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).
- Revenue Composition
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Food and beverage revenue consistently represents the vast majority of total revenue, maintaining levels above 98.5% throughout the periods. Delivery service revenue exhibits a declining trend after peaking near mid-2021, dropping from over 1.4% to below 0.5% by the end of the latest periods, indicating a reduced reliance or shift in channel mix.
- Cost Structure
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The cost of food, beverage and packaging as a percentage of revenue generally trends downward from around 33% in early 2020 to an average closer to 29–30% more recently, suggesting improvements in cost efficiency or pricing. Labor costs demonstrate fluctuations, ranging mostly between 24% and 28%, with a modest general decrease post-2020 but some variability quarter to quarter.
Occupancy costs gradually decline from nearly 7% to closer to 5%, indicating better management of facility-related expenses relative to revenue. Other operating costs show some volatility but a mild decrease overall, from highs near 19% in early 2020 to roughly 13–15% in later periods.
Collectively, restaurant operating costs exclusive of depreciation and amortization decline from over 82% in 2020 to levels near 73–75% from 2023 onward, illustrating an improvement in operational cost control.
- Profitability Measures
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Gross profit margin experiences a notable recovery and growth after a dip in the early quarters of 2020, rising from approximately 12% to consistently above 25% in recent quarters, peaking near 28–29%. This improvement signals strengthened margin management and cost efficiencies.
General and administrative expenses as a percentage of revenue show some reduction over time, declining from around 7.5–8.5% early on to below 5% at times, though occasional increases appear in some quarters. Depreciation and amortization remain relatively stable between 2.8% and 4%, indicating steady capital asset utilization.
Pre-opening costs and impairment-related costs maintain low but variable impacts, generally under 1% of revenue.
- Operating Income and Net Income
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Income from operations, after experiencing a negative quarter early in 2020, recovers significantly to levels consistently above 15% post-2021, peaking near 19–20% in some quarters. This demonstrates an effective recovery and operational leverage gains over time.
Net income margins improve from modest levels around 0.6% in the early pandemic period to a more stable range between 11% and 15% in subsequent years, with peaks exceeding 15% in multiple recent quarters. Fluctuations in tax provisions impact net income variability but generally maintain positive net profitability.
- Other Financial Aspects
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Interest and other income or expense net positions fluctuate but generally provide a small positive contribution to overall income, increasing in recent quarters as high as 1.05%, contributing modestly to pre-tax income.
- Summary Insight
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The financial data reflects a strong recovery from the early 2020 downturn, characterized by enhanced cost management, improved gross margins, and increased operating and net profitability. The gradual reduction in delivery service revenue share and stable to improving cost ratios indicate strategic operational adjustments. Overall, the trends suggest enhanced efficiency and profitability with some persistence of seasonal and quarterly volatility.