Common-Size Income Statement
Quarterly Data
Chipotle Mexican Grill Inc., common-size consolidated income statement (quarterly data)
Based on: 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
- The proportion of food and beverage revenue consistently represented the majority of total revenue, gradually increasing from approximately 99.39% in early 2020 to around 99.49% by mid-2025. Conversely, delivery service revenue showed an initial rise from 0.61% in March 2020 to a peak of 1.47% in March 2021, before steadily declining to 0.51% by June 2025, indicating reduced reliance or demand for delivery over time.
- Cost Structure
- Food, beverage, and packaging expenses as a percentage of revenue showed a general downward trend, starting near -32.77% in Q1 2020 and fluctuating downward to about -28.92% by mid-2025, suggesting improving cost efficiency in this category.
- Labor costs showed variability but remained relatively stable, fluctuating mostly between -25.75% and -24.1%, indicating controlled labor expenses relative to revenue throughout the period.
- Occupancy costs exhibited minor fluctuations, trending slightly downward overall, declining from roughly -6.75% to near -5.04%, reflecting reduced fixed cost burdens or more efficient property management.
- Other operating costs experienced significant fluctuations, initially high at -19.23%, then trending downward to approximately -13.99% by mid-2025, reflecting efforts to curtail miscellaneous operating expenses.
- Overall restaurant operating costs (excluding depreciation and amortization) moved from a peak of around -87.78% in mid-2020 to a more moderate level near -72.64%, indicating substantial cost management improvement.
- Profitability Metrics
- Gross profit as a percentage of revenue demonstrated a positive trend, moving from a low of 12.22% in Q2 2020 to highs above 27% in several quarters thereafter, showing enhanced margin performance.
- General and administrative expenses as a percentage of revenue decreased from around -8.91% to about -5.62%, indicating effective administrative cost containment.
- Depreciation and amortization remained relatively steady around -3.0%, with slight reductions over time, showing consistent capital asset expense levels.
- Pre-opening costs fluctuated within a narrow band, averaging near -0.35% of revenue, reflecting moderate and stable new restaurant opening investments.
- Impairment, closure costs, and asset disposals were relatively minor percentages, typically below -0.5% and somewhat variable, impacting profitability sporadically.
- Operating Income and Net Income Trends
- Income from operations showed substantial improvement, turning positive after initial losses in mid-2020 and steadily rising to 18.25% by the end of 2024 and beyond, reflecting improved operational efficiency and cost control.
- Interest and other income (expense), net, although minor, showed a positive turn, increasing modestly from near zero or negative to positive contributions around 0.6%-1.05% of revenue, offering incremental support to profitability.
- Income before taxes followed the pattern of operating income with growth from slightly negative or low values in early 2020 to about 18.85% of revenue by mid-2025.
- Provision for income taxes fluctuated widely, including some negative (benefit) values but generally fluctuated around -4% to -5%, indicating variability in effective tax rates or tax strategies over the timeline.
- Net income exhibited significant improvement from a low of 0.6% in Q2 2020 to a range consistently above 11% and reaching nearly 14.24% by mid-2025, underscoring strong earnings growth and overall financial health enhancement.