Common-Size Income Statement
Quarterly Data
Chipotle Mexican Grill Inc., common-size consolidated income statement (quarterly data)
Based on: 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 Trends
- The food and beverage revenue consistently accounted for the vast majority of total revenue, slightly increasing from approximately 99.39% in Q1 2020 to 99.46% by Q1 2025. Conversely, delivery service revenue showed a declining trend over the same period, dropping from 0.61% to 0.54%, indicating a gradual reduction in contribution from delivery services to overall revenue.
- Cost Structure Analysis
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- Food, Beverage, and Packaging Costs
- These costs as a percentage of revenue exhibited a general improvement (decrease) over time, moving from about -32.77% in Q1 2020 to around -29.16% by Q1 2025. The reduction illustrates enhanced cost efficiency in managing ingredients and packaging expenses.
- Labor Costs
- Labor costs as a percentage of revenue fluctuated slightly but showed an overall modest decrease, from -27.9% in Q1 2020 to approximately -24.98% by Q1 2025, suggesting improved labor cost discipline or productivity gains.
- Occupancy Costs
- Occupancy expenses relative to revenue decreased from about -6.75% at the beginning of 2020 to a range around -5.21% by the end of 2024 and early 2025, reflecting potentially more favorable lease terms or efficiencies in real estate management.
- Other Operating Costs
- These experienced variability, initially increasing sharply in mid-2020 to -19.23%, presumably due to pandemic-related expenses, then trending downward and stabilizing around -14.44% by Q1 2025. This suggests normalization and control of miscellaneous operating costs post-pandemic spike.
- Restaurant Operating Costs (excl. Depreciation & Amortization)
- The aggregate restaurant operating costs fluctuated, initially high at approximately -87.78% in mid-2020, trending downward to roughly -73.79% by early 2025, indicating an overall improvement in operational cost management.
- Profitability Metrics
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- Gross Profit Margin
- Gross profit margins showed significant variability, with a notable dip early in 2020 (12.22%), followed by a general upward trend reaching about 26.21% by Q1 2025. The improvement reflects better cost control and possibly pricing strategies.
- General and Administrative Expenses
- These expenses as a percentage of revenue fluctuated but demonstrated a decreasing tendency from about -7.55% in early 2020 to approximately -6.01% by Q1 2025, indicating enhanced overhead cost management.
- Depreciation and Amortization
- There was a gradual reduction in depreciation and amortization expenses relative to revenue, moving from roughly -4.14% to close to -3.03%, which might reflect changes in asset base or amortization schedules.
- Pre-opening Costs
- Pre-opening costs remained relatively stable, averaging near -0.3% to -0.4% of revenue with occasional spikes, suggesting consistent but controlled expansion spending.
- Impairment, Closure Costs, and Asset Disposals
- These costs generally remained low and stable, mostly below -0.5%, indicating minimal impact from closures or asset write-downs over the period.
- Operating Income
- Operating income demonstrated strong recovery and growth after an early slump in June 2020 (-0.36%), climbing steadily to reach 16.67% of revenue by Q1 2025. This upward trajectory highlights effective operational leverage and cost containment.
- Other Income and Net Profit
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- Interest and Other Income (Expense), Net
- This item showed variability but generally increased over time, going from a minor positive 0.19% to above 0.7%, contributing positively to overall profitability.
- Income Before Income Taxes
- There was a marked improvement from marginal negative levels to a high of 17.44% by Q1 2025, reflecting strong earnings growth before tax impact.
- Provision for Income Taxes
- The tax provision was inconsistent, with periods showing tax benefits and others showing higher tax expenses, but it trended generally negative around -4% in later periods, indicating a stable tax expense relative to revenue.
- Net Income
- Net income followed a positive trend despite volatility, improving from 5.41% initially to approximately 13.45% by Q1 2025, demonstrating significant profitability gains.