Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Chipotle Mexican Grill Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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).
An analysis of the common-size balance sheet reveals a significant shift in the capital structure from March 2021 through March 2026. Total liabilities initially fluctuated between 58% and 67% of total liabilities and shareholders' equity but exhibited a sharp upward trajectory in the final period, reaching 72.65% by March 2026. Conversely, shareholders' equity, which reached a peak of 41.61% in June 2024, declined to 27.35% by the end of the analyzed timeframe.
- Liability Composition and Trends
- Long-term operating lease liabilities constitute the most substantial portion of the balance sheet. These obligations remained relatively stable between 45% and 52% for the majority of the period before increasing significantly to 56.07% by March 2026. Current liabilities demonstrated lower volatility, generally oscillating between 11% and 14%.
- Equity and Retained Earnings Dynamics
- A profound contraction in shareholders' equity is observed beginning in mid-2024. Retained earnings, which grew steadily from 55.35% in March 2021 to a peak of 76.28% in March 2023, experienced a precipitous decline to 1.90% by March 2026. This reduction is the primary driver of the overall decline in total equity during the latter half of the period.
- Short-term Operational Liabilities
- Accounts payable and accrued liabilities remained relatively consistent, typically staying below 3% of total liabilities and shareholders' equity. Unearned revenue showed a gradual upward trend, peaking at 2.67% in December 2025, suggesting a slight increase in prepaid obligations relative to the total balance sheet size.
- Tax Liability Trends
- Deferred income tax liabilities showed a general downward trend, decreasing from 2.21% in March 2021 to a low of 0.39% in June 2025, before slightly recovering to 1.63% by March 2026. Income tax payable appeared sporadically, peaking at 2.18% in September 2023.
The overall financial trajectory indicates a transition toward a more highly leveraged balance sheet. The dramatic depletion of retained earnings starting in 2024 suggests a period of aggressive capital return to shareholders or significant structural accounting adjustments, which fundamentally shifted the proportion of equity relative to total liabilities by 2026.