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Chipotle Mexican Grill Inc. (NYSE:CMG)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Chipotle Mexican Grill Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Accounts payable 3.27 2.88 2.81 2.37 2.80 2.33 2.40 2.29 2.46 2.28 2.34 2.46 2.62 2.15 2.59 2.66 2.46 2.42 2.61 2.45 2.59 2.22 2.40
Accrued payroll and benefits 2.63 3.21 2.19 2.78 2.08 2.56 1.71 2.85 2.05 2.50 1.69 2.83 1.96 2.35 1.65 2.46 1.88 2.46 2.67 2.44 2.88 3.56 3.61
Accrued liabilities 2.47 2.47 2.63 2.03 2.12 2.00 2.05 1.95 2.01 1.90 2.04 1.84 1.91 1.87 2.27 2.13 2.29 2.27 2.11 2.60 2.31 2.27 2.37
Unearned revenue 2.37 2.47 2.36 2.67 2.23 2.23 2.25 2.59 2.00 2.04 2.23 2.61 1.98 2.10 2.24 2.64 1.95 2.02 2.05 2.35 1.82 1.79 1.79
Current operating lease liabilities 3.41 3.58 3.52 3.36 3.16 3.10 3.15 3.02 3.00 2.96 3.02 3.08 3.10 3.23 3.39 3.41 3.40 3.53 3.45 3.29 3.24 3.38 3.40
Income tax payable 1.19 0.23 0.55 0.00 0.00 0.00 0.51 0.00 0.00 0.00 0.53 0.00 2.18 1.30 0.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 15.34% 14.84% 14.06% 13.21% 12.39% 12.22% 12.07% 12.70% 11.52% 11.69% 11.86% 12.81% 13.75% 13.01% 12.68% 13.31% 12.00% 12.71% 12.89% 13.13% 12.84% 13.22% 13.56%
Long-term operating lease liabilities 55.95 57.56 56.07 53.07 50.50 48.48 48.08 46.31 46.75 45.01 46.41 47.28 47.69 48.25 50.08 50.45 51.30 51.84 51.51 49.63 49.41 49.59 49.44
Deferred income tax liabilities 1.79 1.84 1.63 1.40 1.51 0.39 0.43 0.50 0.88 0.93 1.00 1.11 1.40 1.41 1.39 1.42 1.95 1.93 1.98 2.13 2.24 2.11 2.21
Other liabilities 0.89 0.95 0.90 0.85 0.89 0.85 0.82 0.77 0.75 0.75 0.77 0.73 0.67 0.70 0.66 0.63 0.61 0.61 0.63 0.58 0.64 0.68 0.67
Long-term liabilities 58.64% 60.35% 58.59% 55.32% 52.90% 49.72% 49.33% 47.59% 48.38% 46.69% 48.18% 49.12% 49.77% 50.36% 52.14% 52.51% 53.86% 54.38% 54.11% 52.34% 52.29% 52.38% 52.33%
Total liabilities 73.97% 75.18% 72.65% 68.53% 65.29% 61.93% 61.40% 60.28% 59.90% 58.39% 60.04% 61.93% 63.52% 63.36% 64.82% 65.82% 65.86% 67.09% 67.00% 65.47% 65.13% 65.60% 65.89%
Common stock, $0.01 par value 0.13 0.14 0.15 0.15 0.14 0.14 0.15 0.15 0.15 0.15 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 24.36 25.53 25.39 24.51 23.46 23.27 23.42 22.58 22.53 22.69 23.72 24.32 24.24 24.90 26.22 26.41 26.52 27.23 27.11 25.99 25.51 26.17 26.13
Treasury stock, at cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -59.95 -61.47 -60.66 -60.50 -63.53 -61.81 -59.80 -60.64 -57.24 -50.45 -47.84 -48.53 -47.29
Accumulated other comprehensive loss -0.10 -0.10 -0.09 -0.08 -0.09 -0.08 -0.11 -0.11 -0.08 -0.10 -0.09 -0.08 -0.10 -0.09 -0.11 -0.11 -0.13 -0.10 -0.08 -0.08 -0.08 -0.07 -0.07
Retained earnings (accumulated deficit) 1.64 -0.76 1.90 6.89 11.19 14.73 15.14 17.10 17.51 18.87 76.28 75.29 72.99 72.32 72.59 69.70 67.54 66.42 63.20 59.06 57.27 56.82 55.35
Shareholders’ equity 26.03% 24.82% 27.35% 31.47% 34.71% 38.07% 38.60% 39.72% 40.10% 41.61% 39.96% 38.07% 36.48% 36.64% 35.18% 34.18% 34.14% 32.91% 33.00% 34.53% 34.87% 34.40% 34.11%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 over the observed period, characterized by a transition from equity-heavy financing toward increased reliance on liabilities, particularly in the latter half of the timeline.

Liability Trends and Composition
Total liabilities remained relatively stable between 60% and 67% from March 2021 through early 2024. However, a distinct upward trend emerged starting in 2025, with total liabilities peaking at 75.18% in June 2026. This increase is primarily driven by long-term operating lease liabilities, which are the most substantial component of the company's obligations. These lease liabilities rose from approximately 49% in 2021 to a peak of 57.56% in June 2026, indicating a growing proportion of the balance sheet tied to long-term contractual lease obligations.
Current liabilities exhibited lower volatility, generally fluctuating between 11% and 14% for most of the period. A gradual increase is noted toward the end of the series, reaching 15.34% by September 2026. Within this category, accounts payable and accrued payroll showed cyclical patterns, while unearned revenue remained consistently between 1.7% and 2.6%.
Shareholders' Equity Dynamics
Shareholders' equity displayed a contrasting trend to liabilities. After maintaining a range between 33% and 40% from 2021 through March 2024, equity began a steady decline, reaching a low of 24.82% in June 2026. This contraction in the equity base coincides with the expansion of total liabilities.
A critical inflection point occurred between March 2024 and June 2024. Retained earnings, which had grown steadily from 55.35% in March 2021 to a peak of 76.28% in March 2024, experienced a sharp decline to 18.87% in June 2024. This decline continued through June 2026, where retained earnings briefly entered negative territory at -0.76%.
Concurrent with the shift in retained earnings, treasury stock—which had represented a significant contra-equity account ranging from -47.29% to -63.53% up until March 2024—is no longer reported in the latter periods. This suggests a fundamental reorganization of equity accounts or a significant corporate action that restructured the capital base.
Other Financial Observations
Deferred income tax liabilities showed a long-term downward trajectory, decreasing from 2.21% in March 2021 to a low of 0.39% in June 2025, before rebounding to 1.79% by September 2026. Income tax payable appears sporadically, peaking at 2.18% in September 2023, suggesting seasonal or periodic tax settlement patterns.

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