Common-Size Income Statement
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Chipotle Mexican Grill Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The common-size income statement reveals several noteworthy trends over the five-year period. Revenue composition is shifting, with a slight decrease in the proportion derived from delivery services and a corresponding increase in that from food and beverage sales. Significant improvements are observed in profitability metrics, driven by both revenue mix and cost management. Operating performance demonstrates consistent strengthening, although recent periods show some moderation in these gains.
- Revenue Composition
- The percentage of revenue attributable to food and beverage consistently increased from 98.81% in 2021 to 99.50% in 2025. Conversely, delivery service revenue decreased from 1.19% to 0.50% over the same period, indicating a strategic focus, or potentially a shift in consumer behavior, towards in-restaurant dining or alternative fulfillment methods.
- Cost of Goods Sold & Operating Expenses
- Restaurant operating costs, excluding depreciation and amortization, demonstrated a decreasing trend as a percentage of revenue, falling from 77.38% in 2021 to 73.33% in 2024, before increasing slightly to 74.62% in 2025. This suggests improved operational efficiency or economies of scale. Individual cost components, such as food, beverage, and packaging, and labor, also decreased as a percentage of revenue, contributing to this overall improvement. General and administrative expenses also showed a consistent decline as a percentage of revenue, from 8.04% to 5.47%.
- Profitability
- Gross profit as a percentage of revenue increased substantially, from 22.62% in 2021 to a peak of 26.67% in 2024, before decreasing slightly to 25.38% in 2025. Income from operations exhibited a similar pattern, rising from 10.67% to 16.94% in 2024, then declining to 16.23% in 2025. Net income improved significantly, increasing from 8.65% to 13.56% in 2024, and remaining relatively stable at 12.88% in 2025. This indicates a strong ability to convert revenue into profit.
- Other Income & Taxes
- Interest and other income, net, increased as a percentage of revenue from 0.10% in 2021 to 0.83% in 2024, before decreasing to 0.62% in 2025. The provision for income taxes increased as a percentage of revenue, from 2.12% in 2021 to 4.21% in 2024, and remained at 3.97% in 2025, likely reflecting increased profitability and a stable tax rate.
Overall, the financial performance demonstrated positive trends in revenue composition, cost control, and profitability. While the rate of improvement slowed in the most recent year, the company maintained a strong financial position as evidenced by the common-size income statement.